【出版时间及名称】：2010年4月南非证券市场投资策略报告
        【作者】：摩根大通
        【文件格式】：pdf
        【页数】：40
        【目录或简介】：
Table of Contents
Summary...................................................................................3
Investment comparisons .........................................................4
Purpose ........................................................................................................................4
Presentation of the data................................................................................................4
Introduction to the study ..............................................................................................5
Long-term comparisons ..........................................................6
A 50-year study............................................................................................................6
Return and risk.............................................................................................................6
Reinvesting the income..............................................................................................10
Equity performance generators ..................................................................................15
Tax implications ........................................................................................................17
Summary of the 50-year performance record ............................................................18
The 20-year broad-range study .............................................19
Introduction................................................................................................................19
Krugerrands ...............................................................................................................19
Property Unit Trusts...................................................................................................19
Participation Mortgage Bonds ...................................................................................20
Own mortgage repayment..........................................................................................20
Investment in your home ...........................................................................................21
Summary of returns ...................................................................................................24
The impact of tax .......................................................................................................25
Summary....................................................................................................................28
International experience ........................................................29
Offshore markets in rand terms..................................................................................30
Appendices
Appendix I: Return tables ......................................................31
Appendix II: Invest consistently!...........................................34
We acknowledge the contribution of Adele Fermoyle to this report

Summary
• Equities remain the top-performing asset class over all time periods, on an
after-tax basis. Equities have outperformed all other asset classes in South Africa.
Although the gap has narrowed between first and second position over the long
term, the gap has increased slightly over the five-year period.
• Property Unit Trusts hold onto second position after equities over the 10-
year period. Property Unit Trust performance lags equities by a narrow margin
over the past 10 years and remains in third place over the longer term.
• Home mortgage repayments consistently rank second over the 15 and 20-
year periods. After-tax, own mortgage repayments remain the second best
investment over the past 15 and 20 years. Mortgage repayments regain third place
over the 10-year period and stay in fourth place over the five-year period.
• Bond returns have lagged over most time periods. Bonds have remained in
fourth position over the past 15 and 20 years. But the recent poor bond
performance makes this the worst-performing asset class over the five-year
period.
• Krugerrands move into second place in the short term. The strong
performance from Krugerrands over the past five years moves it up into second
position from third over the five-year period.
• Cash has been the worst-performing asset class over most periods. Cash
returns have been eroded by tax, which has dragged performance down to levels
below inflation.
• History suggests that individuals should continue to favour Equities,
Mortgage Repayments and Property Unit Trusts over other asset classes for
their medium to long-term investment funds.
• Diversification is crucial. The medium-term changes in relative performance
from the various asset classes highlights the importance of diversification in
portfolios.