Metropolitan Flexible Managed comment - Sep 2002 - Fund Manager Comment15 Oct 2002
The fund's (-3.4%) performance was better than the All Share index (-10.1%), for the quarter ending September. The fund benefited from a high weighting in cash (37%) and foreign assets which had a better relative performance (-1.2%). The main detractor was equity (42%). The equity component (-8.8%) was slightly better than the performance of the ALSI (-10.1%), with information technology (-33.4%) and cyclical consumer goods (-21.5%) being the biggest detractors. The weak performers overall were Dimension Data, CS Holdings, Harmony, Datatec, Richemont and Johnnic.
Metropolitan Flexible Managed comment - June 2002 - Fund Manager Comment23 Jul 2002
The fund's (-2.7%) performance matched the All Share index (-2.7%), for the quarter ending June. The fund benefited from a high weighting in cash (31%). The detractors were foreign assets (-7.3%) and a higher weighting (50%) in equity which underperformed. The equity component (-3.1%) was lower than the performance of the ALSI (-2.7%), with resources (-11.1%) and cyclical consumer goods (-13.0%) being the biggest detractors. Financials had a strong performance(+12.3%), benefiting from stock picking. The weak performers overall were Dimension Data, Angloplats, Billiton, Richemont and Sasol.
Metropolitan Flexible Managed comment - March 2002 - Fund Manager Comment16 May 2002
The fund's (+2.7%) performance was below the All Share index (+5.6%), for the quarter to March. This was mainly as a result of the weaker performance from foreign assets and a high weighting (26%) in cash. After strong contributions from foreign assets over the last quarter of 2001, the performance was lower (-5.2%) as a result of an appreciation of the Rand and an overall flat performance from developed markets. The equity component (+5.8%) was slightly better than the performance of the ALSI (+5.6%), with resources (+19.8%) benefiting from exposure to gold, and financials (-14.7%) being the biggest detractor.
The fund was a net buyer of equities, with the equity weighting increasing to 54%.
Metropolitan Flexible Managed comment - Dec 01 - Fund Manager Comment23 Jan 2002
The Metropolitan Flexible Managed Fund returned 17.8% for the quarter to end December 2001 while the All Share index returned 29.5% for the same period. The underperformance was largely due to the overweight cash position and an underweight equities position. The depreciation of the Rand helped foreign assets to make a pleasing contribution of 37.7%.