Our core objective is to build long-term wealth for our clients.
Our consistent approach has created value for investors over time.

We compare the gross return of the share carve-out of our Global Balanced mandate to the total return of the FTSE/JSE All Share Index.

Our approach to investing is simple

We look closely at businesses. We buy shares we think are undervalued and sell them when we think they have reached their worth, regardless of popular opinion.

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  • Explore the opportunity set

    Our analysts and portfolio managers monitor the markets to identify attractive investment opportunities.

  • Identify a subset of interest

    Mindful of the prevailing economic and investment environment, we focus our attention on those opportunities that offer potential value. To ensure a comprehensive view of the market, we examine opportunities beyond those that appear obviously cheap.

  • Allocate the opportunities

    Each investment opportunity is allocated to an analyst. Our analysts are generalists and may be assigned shares from any sector.

  • Focus on fundamental research

    The analyst conducts rigorous fundamental research on the allocated share as a core focus over a period of six to 12 weeks.

  • Research the business

    We perform our own in-depth analysis. We spend time understanding the business model, interrogating the financials, and assessing environmental, social and governance risks to form our own view.

  • Research the environment

    We also evaluate a range of external factors, including competitive dynamics, the level of commodity prices, potential regulatory changes and the impact of macroeconomic developments on the business.

  • Compile a report

    The analyst’s research culminates in an estimate of the intrinsic value of the business based on a long-term view. This forms the basis of the investment case, which is then captured in a detailed report.

  • Recommend a rating

    The analyst’s report contains a ‘buy’ or ‘sell’ recommendation, reflecting their view on the attractiveness of the share.

  • Review

    The analyst then presents the report and recommendation to the rest of the investment team. The team scrutinises, challenges and debates the case to ensure that the investment thesis is sound.

  • Vote

    Following the robust review, each member of the investment team submits a ‘buy’ or ‘sell’ vote, as well as a risk rating that limits the exposure to the investment in a portfolio.

  • Finalise the rating

    Members’ votes are weighted based on seniority, and a final ‘buy’ or ‘sell’ status is formalised. Securities from other asset classes are assessed through a similar process.

  • Portfolio management

    Each portfolio manager is responsible for managing a portion of the overall portfolio. We do not have a house view and portfolio managers are given wide discretion in managing their slice of the portfolio. Once a share has been voted onto our ‘buy list’, the portfolio managers decide whether or not to include the share in their individual portfolios.

  • Portfolio construction

    The individual manager portfolios are combined to create a single client mandate, giving clients exposure to a range of investment views. We believe this approach results in greater focus and accountability on the part of portfolio managers, while ensuring that client portfolios are sufficiently diversified.

Our investment team

We have great faith in the power of the individual to make an impact and encourage our people to be independent minded and accountable for their decisions. We have a strong, internally developed investment team with a wealth of investment expertise and experience. Guided by our rigorous investment process and philosophy, the team is focused solely on delivering the best long-term outcomes for our clients.

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