Financial analysts, brokers and journalists have more confidence in ApexHi, a high-risk loan-stock company, than in blue-chip listed funds such as Grayprop, Martprop, Sycom and Hyprop. This is according to a survey by researchers Campbell & Belman, which canvassed 200 respondents on the financial, IT, industrial and property sectors.

ApexHi, launched last year by Corpcapital Bank, is a R1,6bn collection of inner-city and other secondary properties. Its B shares yield about 20% forward against a sector average of 14% and Sycom's 12,8%.

ApexHi comes top because it communicates better than other funds, says Mike Aitken, a director of fifth-placed Sycom. 'ApexHi must be given credit for the way it has informed the financial community. Second-placed Martprop also makes sure commentators are kept up to date.'

Aitken says the survey indicates a change in the mood of respondents, and this has favoured ApexHi. A high level of disclosure has become the most desired characteristic of a company since the last survey in June. It has pushed strong cash flow into third place; second place goes to clearly defined objectives. Good management and executives who are paid on performance are also more important this time round.

Corpcapital's Marc Wainer supports Aitken: 'We have been complacent about our blue-chip fund, Hyprop, and have not been promoting it. It came seventh, while Redefine, our income fund, which we are promoting, came fourth.'

But property analyst James Templeton of broker Barnard Jacobs Mellet complains that too few financial pundits cover the property sector. 'This can be the only reason that PR is more important than the quality of the portfolio.'

He questions the survey's validity. 'I would like to know how many of the respondents answered the property section.' Researcher Steve Templeton says 20 answered the property section against 80 who answered the financial one. 'But that number is statistically valid.'