Last Updated on 09/05/2025 by Carl-Peter Lehmann
What Are the Best Performing Global Equity Unit Trust Funds in 2025?
With 2025 well underway, it’s an ideal time to reassess the performance of unit trusts in the Global Equity General category. Have the rankings shifted? And how are global equity funds holding up against an increasingly competitive local market?
Over the past decade, global equities have consistently outperformed — helped by long-term Rand depreciation, as well as the exceptional growth of sectors like U.S. technology. But more recently, South African equities have shown signs of life, buoyed by commodity demand, a stronger Rand, and renewed interest in local value stocks. Even so, global markets remain a vital source of long-term growth, offering broader sector exposure, diversification, and access to some of the world’s most innovative companies.
For South African investors, the ASISA Global Equity General category continues to offer one of the most effective ways to access offshore opportunities within a regulated, unitised structure. With that in mind, let’s take a closer look at the best-performing funds in this space — and what they might offer in today’s ever-changing global investment landscape.
Why Offshore Equities for South African Investors?
While the JSE has its merits, it represents a small slice of the global economic pie. Offshore equities offer diversification not just in terms of geography but also sectors, giving you access to industries and technologies that may be under-represented locally like AI. Investing globally can act as a hedge against local economic uncertainties, political instability, and the devaluation of the Rand.
1. Ease of Investment
One of the advantages of Global Equity Unit Trusts is that they provide a straightforward gateway to international markets without the complexities of moving money offshore (although that remains our preferred strategy once your income level and/or wealth warrants it). Investing in these unit trusts is as simple as investing in any South African-based unit trust, eliminating the need for tax clearance from SARS (once you go above your R1 million annual discretionary allowance) or complicated tax reporting (even though these days it’s not that complicated and we help our clients with that).
2. Devaluation of the Rand
The Rand has historically been a volatile currency, subject to long-term depreciation. 10 years ago the USD/ZAR exchange rate was about 10.50. As of today, it hovers between 18.00-19.00. You do the maths and what that means to your global purchasing power, ability to travel and achieve or maintain real financial security? Investing in global equities offers a hedge against this currency risk. While your offshore investments may appreciate in value, you could also benefit from any weakening of the Rand, as your global assets would then be worth more in local currency terms.
3. Tax Basics - 'Direct' Offshore vs Feeder Fund
One of the reasons why we prefer direct offshore exposure whenever possible for our clients (aside from the security of having your money outside local borders) – is the impact of currency fluctuations on your investment returns and the consequent tax implications. Returns calculated in hard currency (e.g., USD when your money is actually offshore) – are not subject to exchange rate fluctuations. In other words, if your USD investment appreciates or depreciates by 10% – that is your gain or loss and makes the tax calculation simple. If investing offshore in ZAR – a 10% gain in USD terms could be boosted or dampened by Rand volatility. If the Rand say depreciates by 5% during the same time frame, your gain is suddenly 15%. If the Rand strengthens by 5%, your gain is now only 5%. Not the end of the world, but not ideal either.
Further Reading: Offshore Investing 101 and How to Go About It Properly
4. Unveiling Great Investment Opportunities
Global Equity unit trusts offer South African investors a ticket to participate in the growth stories of powerhouse companies like Nvidia, Microsoft, Eli Lilly, and Crowdstrike — entities not listed on the JSE. This allows you to tap into disruptive technologies and trends that are shaping the future, from clean energy and electric vehicles to AI, cybersecurity and cloud computing.
Consider Reading: Our Top Global Share and Stock Investment Ideas for 2025
How We Identify the ‘Best Performing’ Unit Trusts in the Global Equity Fund Category
Choosing the best performing unit trusts in the global equity category requires a nuanced approach. It’s not just about raw returns – risk, quality considerations, and asset manager capabilities all play a role. In this article, we focus on long-term annualized returns to assess which funds and asset managers have consistently delivered strong results, outperforming their peers.
That said, this is not an investment recommendation. Performance alone doesn’t determine whether a fund is the right fit for an investor’s portfolio, and there may be funds on this list we wouldn’t necessarily recommend clients commit capital to. Instead, this is a fun and insightful exercise meant to spark ideas and inspire further research.
Performance figures are sourced from Morningstar (as at 28/04/2025), with retail fund prices used.
A Few Key Considerations
Some of the most highly regarded foreign asset managers – including Fundsmith, T. Rowe Price, Sands Capital, and Lindsell Train – have only fairlyly recently introduced feeder funds for South African investors. As a result, their longer-term performance stats aren’t yet reflected in Morningstar’s historical rankings.
Many funds listed under local asset management brands are actually managed by foreign firms. For example, the Old Mutual Global Equity Fund is managed by Jupiter Asset Management.
Understanding the Impact of Currency Volatility on Offshore Fund Performance
When evaluating the performance of Rand-denominated offshore funds, it’s important to consider the outsized impact of currency movements on returns. So far in 2025, the Rand has held up relatively well against the U.S. dollar — supported by stronger commodity prices and a degree of renewed investor interest in emerging markets. As a result, the currency tailwind that previously boosted global equity returns for South African investors has faded somewhat, with offshore fund performance now reflecting more of the underlying market returns rather than being amplified by Rand weakness.
In fact, over the year-to-date and 1-year time frames, we’ve seen local SA equity funds outperform their global counterparts, reversing the trend that dominated much of the previous decade. This shift reinforces why investors must view global equity performance through both a market and currency lens, particularly when investing in Rand-denominated offshore funds.
With that context in mind, let’s explore the top-performing global equity unit trusts over the 3-, 5-, and 10-year periods — and see which managers have consistently delivered despite the changing macro and currency landscape.
Best Performing Unit Trusts - Global Equity Fund Performance over 3 Years in ZAR
Top-Performing Global Equity Unit Trusts (3-Year Returns to End-April 2025)
There are currently 95 funds in the ASISA Global Equity General category with a minimum 3-year track record. The peer group average return over this period is 13.59% p.a.
Despite a slightly firmer Rand in 2025, top-performing global equity funds have continued to generate strong results — particularly those with exposure to U.S. tech and AI-driven sectors. Here are the current leaders:
| Fund | 3-Year Return (p.a.) |
|---|---|
| Sygnia FANG.AI Equity Fund | 36.16% |
| Ranmore Global Value Equity FF | 28.89% |
| Mazi Global Equity FF | 20.25% |
| Old Mutual Global Equity Fund | 18.32% |
| MI-PLAN IP Global AI Opportunity | 18.13% |
🔹 AI & Tech Powerhouse: Sygnia FANG.AI Equity Fund (despite being down c. 9% YTD at this point) continues to dominate the rankings, delivering a phenomenal 36.16% p.a. over 3 years. Its concentrated exposure to leading U.S. tech and AI firms has turbocharged returns during a period of rapid innovation and investor enthusiasm.
🔹 Value is Holding Its Own: Ranmore Global Value Equity FF has posted an impressive 28.89% p.a., showing that a contrarian, fundamentals-based approach still has relevance — especially in sectors that benefitted from global economic recovery and rotation out of growth.
🔹 Locally Managed, Globally Competitive: Both Mazi and Old Mutual’s global equity offerings continue to deliver, proving that local asset managers can build competitive global strategies — often with greater risk oversight and more active currency management.
🔹 Passive Isn’t Everything: While passive funds like S&P 500 trackers still perform well, the top five are dominated by actively managed, high-conviction strategies that have captured structural growth themes and sector rotations more effectively.
🔹 Wide Gap vs Peers: All five funds outpaced the category average of 13.59% p.a. by a meaningful margin, reinforcing the importance of manager selection in the global equity space.
Best Performing Global Equity Unit Trust Funds Over 5 Years in ZAR
Best-Performing Global Equity Unit Trusts (5-Year Returns to End-April 2025)
There are 68 funds in the ASISA Global Equity General category with a minimum 5-year track record. The peer group average return over this period is 10.95% p.a.
Despite increased volatility in global markets and shifting interest rate expectations, a number of actively managed global equity funds have continued to deliver strong long-term returns — especially those with exposure to high-growth sectors like tech and AI.
| Fund | 5-Year Return (p.a.) |
|---|---|
| Sygnia FANG.AI Equity | 22.02% |
| Ranmore Global Value Equity FF | 20.12% |
| PSG Global Equity FF | 17.82% |
| Discovery Global Value Equity FF (managed by Investec) | 17.44% |
| Old Mutual Global Equity | 15.24% |
🔹 Tech Still in the Lead, But More Contained: Sygnia FANG.AI Equity Fund remains the top performer with a 5-year return of 22.02% p.a., though the gap to other funds has narrowed. Its concentrated exposure to mega-cap U.S. tech stocks and AI leaders continues to drive outperformance.
🔹 Value Strategies Hold Up Well: Ranmore and the Discovery Global Value Fund both show that a disciplined value approach can compete — and even thrive — over the long term, especially when valuation becomes a bigger driver in uncertain markets.
🔹 Local Managers Showing Global Skill: Funds like PSG Global Equity FF and Old Mutual Global Equity illustrate that South African-based teams can build globally competitive strategies that consistently deliver over extended periods.
🔹 Sector and Style Allocation Matter: The variance between top and median performers (22.02% vs 10.95%) highlights how fund strategy and positioning — whether growth or value, concentrated or diversified — can meaningfully shape outcomes over time.
Now Read: Henceforwards Role in Providing Global Investment Advisor Services
Top Global Equity Fund Performers over 10 Years - Rand Denominated
Best-Performing Global Equity Unit Trusts (10-Year Returns to End-April 2025)
There are 31 funds in the ASISA Global Equity General category with a full 10-year track record. The peer group average return over this period is 11.07% p.a.
The funds listed below have consistently outperformed over a full market cycle — which includes the post-COVID boom, inflation spike, interest rate shifts, and more recently, heightened geopolitical and tech-driven developments.
| Fund | 10-Year Return (p.a.) |
|---|---|
| Old Mutual Global Equity | 14.30% |
| BlueAlpha Global Equity | 13.68% |
| PSG Wealth Global Creator FF | 13.23% |
| Satrix MSCI World Index | 13.23% |
| Stanlib Global Equity FF | 12.79% |
🔹 Old Mutual Leads the Decade: Old Mutual Global Equity takes the top spot over 10 years with a return of 14.30% p.a., standing well above the peer average and demonstrating the value of consistent global allocation with disciplined management.
🔹 Index Funds Remain Competitive: The Satrix MSCI World Index delivered 13.23% p.a., tied with PSG Wealth Global Creator. Its inclusion underscores the effectiveness of broad, low-cost index exposure — especially in developed markets dominated by large-cap tech and consumer stocks.
🔹 Local Managers Can Deliver: Funds like BlueAlpha and PSG show that local teams can run globally diversified portfolios that consistently perform — even relative to large offshore peers and passive benchmarks.
🔹 Outperformance Is Narrow: While the top five funds exceeded the peer group median of 11.07%, the gap is narrower than in shorter time frames, suggesting that over the long haul, manager skill must be sustained to remain ahead — particularly after fees.
🔹 The Active vs Passive Debate Continues: With one index fund among the top five and the others being active, the 10-year results support a blended approach for many investors: combining low-cost passive exposure with select active funds that have proven themselves through multiple cycles.
Consider Reading: Some of the Best Performing Hedge Funds in South Africa and How They Compare
How We Approach Global Investing for Clients
Investing in global equity unit trusts is as straightforward as making a local investment – whether through a lump sum or a monthly contribution, the process is typically hassle-free. However, simply picking funds based on past performance is a recipe for disaster. The best-performing global equity funds over the next decade will likely look very different from those topping the charts today.
That’s why our approach to global investing is strategic and tailored to each client’s unique financial plan. Where it makes sense and is possible, we invest directly offshore, giving clients access to a broader range of opportunities, lower-cost structures, and institutional-level investment options. However, we also recognize the value of Rand-based offshore strategies, which provide global diversification while maintaining liquidity and simplicity within local investment structures.
Another key element of our strategy is the balance between active and passive investing. While passive strategies – such as index funds and ETFs – offer cost efficiency and broad market exposure, active management can add value through tactical asset allocation, sector tilts, and downside risk management. The best results often come from blending both approaches, ensuring a cost-effective, globally diversified portfolio tailored to long-term investor outcomes.
Ultimately, understanding your lifestyle, financial needs, and long-term goals is far more important than chasing past performance. A well-structured portfolio should be built with purpose and discipline, ensuring it remains resilient across different market cycles and currency fluctuations.
Now Read: Our Guide on Offshore Investing and Some of the Best Direct Offshore Funds Available Currently
Closing Thoughts on the Best PerformingUnit Trusts in the Global Equity Fund Space
For South African investors, global equity unit trusts offer far more than just diversification. They act as a hedge against local economic and currency risks while providing access to global industries, innovations, and opportunities that are difficult to tap into through domestic markets alone. Investing globally has never been easier, but with an ever-expanding range of funds and strategies, navigating this space requires careful consideration.
At Henceforward, we take a deliberate, structured approach to global investing – helping clients blend active and passive strategies, balance direct offshore and Rand-based offshore solutions, and most importantly, align their portfolios with their long-term goals, values, and risk tolerance. The right investment strategy is never just about chasing past performance – it’s about building a portfolio designed to stand the test of time.
Disclaimer: This article is for information purposes only and should not be construed as financial advice. Never invest in a fund solely based on past performance. Always consider your personal financial situation and seek professional advice before making investment decisions.
Carl-Peter Lehmann
Carl-Peter is a Certified Financial Planner (CFP®) and Director at Henceforward, with over 20 years of experience in wealth management and offshore investing. Having worked in global financial centers, he specializes in helping South African investors navigate international markets and build globally diversified portfolios.
