Stunning returns from unit trusts and ETFs

It comes as no surprise that collective investment schemes with exposure to gold and platinum shares did very well during the first nine months of 2025. The gold price increased by 46% and platinum by 85%, boosting profit margins for gold and platinum miners.

This resulted in stellar gains in their share prices – AngloGold Ashanti increased by a massive 225% over the nine months, and Gold Fields by 177%. Impala Platinum ran 137%, and Valterra Platinum gained 105%.

Read: Digging into the best unit trusts halfway through 2025

A large portion of the Old Mutual Gold Fund (some 60% of it) was invested in AngloGold Ashanti and Gold Fields years ago, and delivered huge returns for investors – nearly 150% in the last nine months alone.

The five unit trusts and exchange-traded funds (ETFs) that achieved the best performance since January were all gold or other commodity funds with large exposure to gold and platinum.

Among the 10 best-performing trusts, seven were gold and commodity funds.

The other big gainers also had significant exposure to gold and platinum, in particular Gold Fields and AngloGold Ashanti.

Note: Funds ranked based on the absolute return of the total return index (NAV to NAV with dividends reinvested on the ex-div date) representing a lump sum of R1 000 invested from 1 January 2025 to 30 September 2025.

Source: ProfileData

The Satrix Shari’ah Top 40 ETF was the best-performing fund that isn’t a pure commodities fund. It achieved a return of 71%, just below Sanlam Investment Management’s SCI Resources Fund at 76%.

However, the Satrix Shari’ah Top 40 fund has high exposure to gold shares. The latest fact sheets shows that Gold Fields comprises nearly 22% of its portfolio, while AngloGold Ashanti accounts for nearly 15%.

Read: Gold and platinum shares steal the show as JSE cracks new high

It also holds Anglo American, Harmony Gold Mining, Impala Platinum, and Valterra Platinum.

One of its non-mining shares that attributed nicely to the performance is MTN Group, which increased by 58% since January.

Interestingly, the Mianzo Islamic Domestic Equity 27Four Fund also holds many of these shares and chalked up a very decent return of 52%.

Different

The SaltLight Worldwide Flexible FR Fund did things differently.

One of the good performers every quarter of 2025, it achieved a return of 51% without sizeable exposure to the mining sector.

Fund manager David Eborall said in the latest available quarterly overview that returns were driven by positive contributions from gaming company Roblox Corporation as well as Nvidia and Blue Label Telecoms.

Older fact sheets show that around 6.5% of the fund was invested in Blue Label at the beginning of the year, and the share then ran more than 150%.

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SaltLight says that it seeks to invest in shares where durable growth is underestimated, potential is misunderstood, or technical complexity deters generalist investors. However, the fund managers warn that the SaltLight FR Worldwide Flexible Fund may not be right for every investor due to its higher volatility compared to other funds.

Also high on the list of the best performers is the Satrix Rafi 40 ETF, tracking the FTSE/JSE Rafi 40 Index. The Research Affiliates Fundamental Indexation index is designed to include companies ranked according to fundamental factors, such as sales, cash flow, book value, and dividends.

This results in a fund that tends to have a ‘value strategy’ as it identifies shares which offer value. This value investing has delivered 40% in the last nine months.

Narrow rally

Jaco-Chris Koorts, portfolio manager at Sanlam Investments Multi-Manager and Glacier Invest, says the first three quarters of 2025 serve as a striking reminder of how concentrated market rallies can be, and how wide dispersions in returns can challenge even the most seasoned investors.

“While headline numbers may suggest a strong year for equities, a deeper look reveals a more nuanced story – one that underscores the importance of diversification, discipline, and long-term thinking.”

He adds: “The JSE All Share Index surged by an impressive 29% over the first nine months of the year. However, this rally was far from broad-based.

“The resources sector led the charge with a staggering 98% return, largely driven by a 45% increase in the gold price. In stark contrast, financials shares eked out a modest 5.8%, highlighting the narrowness of the rally and the risks of concentrated exposure.”

Read: Gold, or gold shares?

Things changed around from a global perspective as well.

“Globally, returns were muted,” says Koorts. “The MSCI World Index, when measured in rands, returned just 5.19%, weighed down by an 8% weakening of the dollar against the rand.

“Emerging markets outperformed their developed-market counterparts, with the MSCI Emerging Markets Index delivering 14.53% in rand terms.”

Big differences

While the broader market delivered strong headline returns, the performance of different unit trusts varied significantly, even those in the same category.

Koorts says this “dispersion” highlights the importance of careful fund selection and portfolio construction.

He lists a few statistics from the Association for Savings and Investment South Africa (Asisa) to illustrate his opinion:

• In the Asisa Equity General category, the best-performing fund delivered a return of 52.02%, while the worst-performing fund declined, returning a negative 3.3%.
• The newly introduced Asisa SA Equity General category showed a similar spread, with fund returns ranging from a negative 2% to 40%.
• Style-based investing also produced divergent outcomes. Within the SA market, momentum-style funds outperformed, with an average return of 39%, while value funds lagged, on average, with returns of around 17%.
• Offshore, the dispersion was equally notable. Quality-style funds struggled, as reflected in the MSCI World Quality Index, which returned close to zero in rand terms. In contrast, momentum funds led with a return of 7%.

Even the returns from multi-asset funds differed significantly. Asisa figures show that returns in the multi-asset flexible category ranged from negative 2.5% to gains of more than 36%.

The Asisa Multi-Asset High Equity category, which includes traditional balanced funds, saw an even broader dispersion, with fund returns spanning from negative 17% to around 26%.

Read: Are gold shares overdone, or is this just the start of a bull market?

“These figures underscore the reality that not all funds – even within the same category – respond equally to market conditions,” says Koorts.

The figures prove this clearly. The worst funds on the list lost as much 10% since January. These included US bond and income funds as well as global property funds.

Staying the course

Koorts says times like these reinforce a few timeless investment truths.

“Unit trusts are long-term investments. Short-term volatility and dispersion are inevitable, but over time, disciplined investing and compounding can deliver meaningful results.

“Sticking to your strategy matters. Chasing performance often leads to disappointment. A well-constructed, diversified portfolio aligned with your goals is more likely to succeed over the long term.

Read: Share picks by top unit trusts

“Regular investing builds wealth. Consistency, even in uncertain times, allows investors to benefit from rand-cost averaging and the power of compounding,” he adds.

“Lastly, multi-managers add value. In a market where outcomes vary widely, having a multi-manager partner can help financial intermediaries construct resilient, diversified portfolios.”

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