disagree entirely with your statement that they are a proxy to the market. I bought Peregrine in Aug 2013, and it is up over 200% - one helluva market proxy if you ask me. Coronation, since 2009, is a 20 bagger )being up almost 2000% (pity I only bought in 2013 too). One helluva proxy! In reality, while performance fees are what gets them their money - it is the rate at which they grow their funds which really drives them. The more money that gets pumped into the JSE, and the more market share they get to consume, the larger their assets under management. Even modest performance fees can equate to a massive increase in earnings if they grow their assets under management
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