A tweet from Deborah Fuhr when she was in Johannesburg really caught our attention. Over one year 89% of local fund managers under-performed a SP Dow Jones Index. Frankly a shocking number that gets worse with time as 93% under performing over three years and 97% over five years! It turns out ETF performance trumps active funds.

The image is reproduced below and I embedded a Periscope on the issue.

ETF performance vs actively managed funds

You can read their methodology and latest scorecard (for end 2014) here.