South African investors have moved large amounts of money into balanced unit trusts over the past decade. The assets in aggressive allocation funds have grown from R72.3 billion in 2010 to R419.6 billion by the end of 2019. For the first half of this period, this strategy was rewarded with excellent returns from these strategies. Over the last five years, however, the average aggressive balanced fund in South Africa has delivered just 5.1% per annum. With comment by Gavin Wood – Kagiso Asset Management’s chief investment officer.