Newsletter May 2018

Much of what makes investing in the stock market so attractive is the chance of earning returns far greater than one could attain elsewhere. History has rewarded patient investors handsomely, but recent market returns have been trying, to say the least. Not only does one have to contend with politicians affecting our investments,

Newsletter March 2018

The whirlwind of news over the past three months has been nothing short of spectacular, much of which has been more positive than we have become accustomed to, but sometimes leaving us thinking, ‘what has Cyril got up his sleeve?’

Newsletter January 2018

The election of Cyril Ramaphosa as the President of the ANC in December 2017 was seen as a massive positive for not only our domestic economy but it brings about a change of the guard in our political establishment.

Newsletter September 2017

Aspen has transformed its business over the last 5 years, making over R42bn in acquisitions during the period. The journey hasn’t been smooth-sailing, recent results however provided some much-needed clarity on the Aspen of today – “Aspen 2.0.”

Newsletter September 2017

A little over a year ago, Bidvest announced that it would be unbundling its Food Service division, BidCorp, the internationally focused food business. Below the graph that we included in our note last year detailing the transaction, highlighting the immediate value unlock for shareholders around the time of the unbundling – shareholders got a 14% kicker in their combined holding on the day.

Newsletter July 2017

Weakening economic fundamentals, high unemployment and politics that reads like a story book – how is it that the Rand has managed to shrug off what seems like constant negative news – and more importantly, does this continue?

Newsletter June 2017

“It’s not about timing the market, but about time in the market!” This is an old cliché that rings so true today, particularly when we talk about long term investing. After having experienced more than two years of what feels like the rockiest of market movements, we are still sitting at levels that we were at back then.

Newsletter May 2017

The month of April has been a good one for Mediclinic, with the Group announcing a positive outcome in a vote on healthcare reform in Switzerland, its largest market, followed by its trading update for the year ended March 2017, and although very much in line with what had been expected, still highlighted the strength of its diverse operating platforms.

Newsletter April 2017

he firing of Finance Minister Pravin Gordhan and his deputy, Mcebisi Jonas, in the early hours of Thursday morning,
was, in the words of Yogi Berra, “… like deja vu all over again”. The rand spiked to R13.50 / USD following the
announcement from R12.80 / USD earlier in the day, with ‘SA Inc’ shares falling significantly over the next two days.

Newsletter January 2017

2017 has started with somewhat of a bang in markets with many companies reporting Christmas trading results. For some, these represented a great start to the new year while others not so great. Richemont, an important part of your portfolios, has had a difficult two years, with what can only be described as the perfect storm – we dig a little deeper into their most recent trading update, which were comfortably ahead of market expectations and saw one of the biggest positive share price moves in close on a decade.

Newsletter December 2016

As our last newsletter of 2016, we thought we’d include more graphs and pictures – far easier to take in at this time of the year. We discuss below the impact of the stronger Rand on our market, particularly those favoured Rand hedge stocks in your portfolio, .

Newsletter November 2016

Before we deliver our last newsletter of the year, to come in December, we thought we’d touch base about recent developments in markets as a result of last weeks’ US Presidential election and the volatility that has accompanied it. We also look into the listing of Dis-Chem and provide a snapshot of two recent movers in your portfolios, being Richemont and Mediclinic.

Newsletter October 2016

In our previous edition of the newsletter, we got right into the heart of your investment portfolio, discussing how the
core of the portfolio works together in generating a return – not all shares doing well together but rather by ensuring
that those that outperform, outperform by more than the underperformers underperform.

Newsletter July 2016

In our last newsletter, we got right into the heart of one of our core holdings in British American Tobacco. Given the
latest market volatility, both on the up and downside, following the vote by Britain to leave the European Union, we
thought it would be a great opportunity to expand on this discussion and talk about the importance of the core in your

Newsletter May 2016

It hasn’t been long since our last newsletter on currency moves and whether the markets or politics would dominate
the direction in which the Rand moves next. With all the volatility in markets that we’ve seen recently, we thought
we’d touch base and provide some insight into a stock that we hold in the bulk of your portfolios – British American

Newsletter April 2016

January 2016 saw what is believed to be one of the worst starts to global markets in recorded history with heightened fears that China is headed for a hard landing and red flags being raised around their credit growth. The result was a capital flight out of emerging markets and into safe haven assets such as the US Dollar and Gold.

Newsletter February 2016

Rather than writing a lengthy newsletter at this time of year, we decided to keep it brief and include a few charts to show just what a volatile year it has been, and how much newsflow equity markets have needed to absorb.

Newsletter December 2015

Rather than writing a lengthy newsletter at this time of year, we decided to keep it brief and include a few charts to show just what a volatile year it has been, and how much newsflow equity markets have needed to absorb.