In September 2022, the average prudential balanced portfolio returned -2.3% (August 2022: 0.0%). The top performer is Allan Gray Balanced Fund with -0.9%, while NAM Coronation Balanced Plus Fund with -4.3% takes the bottom spot. For the 3-months Hangala Prescient Absolute Balanced Fund takes the top spot, outperforming the 'average' by roughly 1.5%. Momentum Namibia Growth Fund underperformed the 'average' by 1.6% on the other end of the scale. Note that these returns are before (gross of) asset management fees.
The Monthly Review of Portfolio Performance to 30 September 2022 provides a full review of portfolio performances and other insightful analyses.
The Benchmark Default portfolio – ideal for the average pension fund member!
A well-known investment adviser once remarked, "in a hurricane, even turkeys can fly"! He was talking about investment managers' performance. Since the Covid crisis struck share markets in March 2020, they experienced a hurricane worldwide until the end of 2021. The S&P 500 grew 42%, and the SA Allshare 33% (annualised)! Over this period, the average prudential balanced portfolio produced a return of 21.5%, and the Default portfolio 19.9% (annualized). Table 6.1 reflects the prudential balanced portfolios' point-in-time returns over various periods until December 2021. Over each but one period, the Default portfolio produced worse returns than the average portfolio! Many Default portfolio investors were disappointed and dissatisfied with its performance; one can understand why.
Table 6
| Period | SA ALSI % | Best % p.a. | Worst % p.a. | Average % p.a. | Default % p.a |
| 1 month | 4.6 | 3.3 | 2.2 | 2.7 | 2.4 |
| 3 months | 14.7 | 8.2 | 5.0 | 6.8 | 4.9 |
| 6 months | 11.3 | 12.5 | 7.3 | 9.6 | 8.0 |
| YTD | 24.1 | 21.8 | 13.2 | 18.1 | 14.6 |
| 1 year | 24.1 | 21.8 | 13.2 | 18.1 | 14.6 |
| 3 years | 11.8 | 14.9 | 8.0 | 11.3 | 9.5 |
| 5 years | 7.8 | 10.6 | 8.0 | 9.4 | 8.1 |
| 10 years | 8.7 | 12.3 | 11.3 | 11.2 | 11.0 |
| 15 years | 7.5 | 11.5 | 10.1 | 10.2 | 10.4 |
| 20 years | 10.3 | 14.5 | 12.2 | 12.5 | 10.8 |
The Monthly Review of Portfolio Performance to 30 September 2022 provides a full review of portfolio performances and other insightful analyses.