Exposure to SA Taxi and two other issuers has taken the shine off the recent performance of the R19.2bn Futuregrowth Infrastructure & Development Bond Composite.
‘The likes of SA Taxi have resulted in some pain. The exposures weren’t crazy,’ Futuregrowth Asset Management portfolio manager Jason Lightfoot told Citywire South Africa.
Over the year ended February 2024, the fund gained 7.6%, which matched the return of its benchmark, the All Bond index (Albi). However, the fund has beaten its benchmark over key longer time frames.