ROADTEST

Goldman Sachs JBWere Leaders Fund

Performance

It’s a sign of the times that, in losing 32.11% in 2008 (on Morningstar Research’s numbers), this fund actually had a relatively great year. Out of 137 funds or variations Morningstar tracks in this category – Australian large cap growth equities – only four did better than that. And over the longer term, the fund is still up a healthy 8.63% annually over the last five years.

Holdings

Invests in the bigger Australian listed stocks, but generally not listed property trusts. At least 80% of the fund has to be in shares at all times. Few surprises in the top holdings, with BHP at the top, but strong overweights were being held in QBE, Westpac and CBA when last disclosed on September 30.

Experience

The fund has been running for over 20 years now.

Fees

Estimated indirect cost ratio is 1.8%; minimum entry level is A$5000, or $2000 with a savings plan.

Gripes

Steering clear of property trusts has served the fund well in the last 12 months but if that’s where the biggest bounce comes, it will miss out

Verdict

Nobody’s singing about 30% losses but in a tough environment the managers are more than holding their own

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