South Africa - Institutional
Investment views
An attractive company in a resilient sectorThe case for Dis-Chem
January 2025 · 5 min read
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How Interactive Brokers, LPL Financial and Charles Schwab are capitalising on emerging trends
‘Keep your eye on how much the government is spending, because that is the true tax’ – Milton Freidman, economist
We discuss the proverbial “picks and shovels” companies in the AI ecosystem, like infrastructure and hardware providers, as well as key players and technological advancements driving AI forward.
Navigating investment opportunities in the wake of recent policy measures aimed at economic recovery
In a structurally growing market Quilter offers an attractive investment opportunity
"The Fed’s actions reverberate across every corner of the global financial system."— Ben Bernanke, Former Chairman of the Federal Reserve
How economic reforms and the global race for resources are reshaping the continent’s future
"The railway is one of the most potent factors in modern civilization, and its history is the history of human development." – John Moody, founder of Moody’s Investor Service
A focus on BYD Auto
When South Africa's offshore allowance for pension funds increased to 45%, our seasoned global investment team was well-prepared to seize the best opportunities for our clients.
We discuss the outlook for loadshedding for the next two years. With new capacity coming online, when can we expect loadshedding to end?
We explore the reasons for the sustained streak without loadshedding and discuss what we can expect heading into winter.
Newest domestic IPO set to drive sustainable growth and performance.
The series concludes with a case study on Brazil, a discussion on what sets South Africa apart from the countries discussed in this series and broad guidelines for investors on asset allocation in so-called “worst-case scenarios”.
In episode two, we ask if domestic equities will always preserve value in cases of severe countrywide decline and major macroeconomic instability.
Our first episode features the fascinating series of events that unfolded in Argentina, Lebanon and Venezuela respectively.
“The relationship between commitment and doubt is by no means an antagonistic one. Commitment is healthiest when it is not without doubt, but in spite of doubt.” Rollo May, The Courage to Create
The global energy mix is changing and presenting investment opportunities.
Global bond rout puts local bonds under pressure amidst a deteriorating fundamental backdrop.
Mapping the way forward.
No margin for error
Experiences are trumping consumerism.
What just happened?
Our portfolio managers unpack the burning issues impacting the investment landscape today.
Hope must make way for action.
Moving away from being just another petrostate.
Identifying the future winners in aviation presents attractive investment opportunities.
While we are cognisant of the risks, we believe a handful of carefully chosen businesses in China currently offer compelling returns for long-term investors.
SA bonds continue to hold their worth for investors
Listed infrastructure is a key beneficiary of rising inflation.
A low-risk, value-creating allocation of capital
At our recent Talking Investments with Coronation conference, our investment team gave their views on portfolio positioning and regulatory changes.
Central bank action has had a profound effect on risk sentiment, we take a look at how global bond markets have responded.
A polycrisis has sent global markets sharply down; and there is opportunity to be found.
The case for (only the best) long duration technology businesses.
Taking money offshore may be popular, but, at present, South African opportunities are still more attractive.
While the uncertainty has increased and the range of outcomes is greater, the long-term opportunity remains, with Netflix still being the clear market leader in an industry with strong structural tailwinds.
While economic recovery challenges still abound, the likelihood of South Africa tumbling into a debt trap within the next five years has, thankfully, diminished.
Netflix’s scale, ongoing product innovation and strong execution set the company up well for sustained leadership in an industry that continues to shift online at accelerating pace.
‘In the midst of every crisis, lies great opportunity.’ - Albert Einstein
A disciplined approach delivers over the long term
But SAGBs might still fare better than expected
Long-term thinking and rigorous research needed to spot opportunities.
An attractive, growing sector in both Eastern and Western Europe.
An attractive new add to our portfolios.
It’s not just about Tencent, games and China
Understanding the risks and return opportunities remains crucial
Global Frontier Markets
Finding value in complexity
Cheap insurance at a time of heightened risk
“Your perception may not be my reality.” – Aporva Kala, author and philosopher
Promising long-term growth seen in emerging equity markets
A growth opportunity in the lacklustre retail space
Growth potential at MMH undervalued
Good intentions and a renewed commitment to growth are not enough to make government's financial position sustainable
Bloated merchant acquirers face disruption in the Brazilian market spac
Bloated merchant acquirers face disruption in the Brazilian market spac
“When the world is running down, you make the best of what’s still around.” – Musician and actor, Gordon Sumner (aka Sting)
South African investor heaven or hell?
“The margin of safety is always dependent on the price paid. It will be large at one price, small at some higher price, nonexistent at some still higher price.” – Benjamin Graham, The Intelligent Investor
A chance to add good quality domestic businesses to your portfolio
Revisiting the investment case
A butterfly flaps its wings in Wuhan, China
What did this programme really achieve?
A gem within the small- and mid-cap space
IPO learnings from frontier markets
Inverted yield curves, negative bond yields, liquidity everywhere and not a drop to drink
But depressed growth and further Eskom support weigh heavily on government
A weighty issue?
Cable operators leading US broadband internet momentum
The price is right (or at least it feels that way)
“Invest for the long haul. Don’t get too greedy and don’t get too scared.” – Shelby M.C. Davis
How sports content (and fast cars) became frontrunners in the media content race
When desirability becomes necessity
Offshore acquisitions by domestic companies
Only deep, proprietary research sharpens analysis, providing the necessary focus to look through the noise
Where the frontiers of consumer need, technical innovation and pragmatic regulation meet
"Speculation … allows you to put your emotions first, whereas investment gets emotions out of the picture.” – John C. Bogle
But overcoming deeply rooted economic problems remains challenging
But South African bonds still offer a bulwark against global policy normalisation
Reaping the rewards of pension reform
China’s competitive education system drives strong growth
How companies avoid obsolescence through innovation
Despite new vehicle technology, global car sales still drive demand
Spotify and Apple Music lead the revival of the recorded music industry
The value of proprietary, deep-dive research
A homegrown success story
But after riding the wave of optimism, we are now cautious of South African bonds at current levels
What you see is not always what you get
How worried should investors be?
Earning its stripes
Thriving in a highly regulated industry
What now that the kings are gone?
Valuations are high and uncertainty is increasing
Renewed optimism and contained inflation could benefit government bonds
The next generation of big bets
Well positioned in an evolving environment
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