To qualify for a Raging Bull Award or a certificate, or for the PlexCrown ratings, a fund must:

  • Be open to retail investors
  • In the case of an award made on the basis of straight performance, be in a domestic unit trust sub-category (including South African-domiciled foreign funds) that has at least five actively managed funds with histories of three years or more
  • In the case of an award made to a foreign-domiciled (non-rand-denominated) fund on the basis of straight performance, be in a sub-category that has at least six actively managed funds with histories of three years or more
  • In the case of an award made on the basis of risk-adjusted returns, be in a major asset allocation sub-category, or in one of the other larger sub-categories. Sub-categories that have at least five actively managed funds with histories of five years or more are included in the awards
  • Not be a passive or index-tracker fund
  • Not be a money market fund
  • Not be a Fundisa fund
  • Not be in a varied specialist sub-category or in the domestic asset allocation targeted absolute and real return sub-category where mandates differ widely
  • Not have changed sub-categories during the past year
  • In the case of offshore funds, have been registered with the Financial Services Board for at least three years

The following funds do not qualify for a PlexCrown Fund Rating:

  • Unclassified funds;
  • Gold and precious metal funds;
  • Funds in a sub-category that consists of less than five funds;
  • Funds with a performance history of less than five years;
  • Pure index-tracking funds; and
  • Money market funds.

Note

  • Funds in the South African equity general and the South African equity general large-cap sub-categories that track indices but make use of investment methodologies to enhance performance are rated with other funds in their sub-categories.
  • Funds in the Financial Services Board-approved global asset allocation prudential and flexible sub-categories are included in the broader global asset allocation category for the purposes of the award for the global asset allocation fund and the offshore manager of the year awards.
  • Where a fund has more than one class, the returns of the higher-cost A-class fund are used to measure its performance.
  • Funds in the non-multi-asset and the interest-bearing variable-term sub-categories are ranked on a percentile basis over five- and three-year periods according to the Sharpe Ratio, Alpha, Treynor Ratio, Sortino Ratio and Omega. Funds in the multi-asset sub-categories (excluding multi-asset income) are ranked over five- and three-year periods according to the Sharpe Ratio, Alpha, Sortino Ratio and Omega.Funds in the multi-asset income and the interest-bearing short-term sub-categories are ranked over five- and three-year periods according to the Sharpe Ratio, Alpha and Sortino Ratio.The funds’ percentile rankings per measure over three and five years are time-weighted by applying weights of 40 percent and 60 percent respectively. The total percentile rankings of funds in the non-multi-asset and the interest-bearing variable-term sub-categories are then calculated by applying a weight of 20 percent to each fund’s percentile rankings per measure.
    In the multi-asset sub-categories (excluding multi-asset income), a weighting of 25 percent is given to the four performance measures: the Sharpe Ratio, the Sortino Ratio, Alpha and Omega. In the multi-asset income and the interest-bearing short-term sub-categories, a weighting of 33.33 percent is given to the three performance measures: the Sharpe Ratio, the Sortino Ratio and Alpha.The fund with the highest weighted percentile ranking is therefore the winner in its sub-category.