Strategy

Our core investment philosophy can be described as “macrovalue”, which combines a traditional value approach to allocating capital with macroeconomic or industry thematic analysis. This approach allows us to identify companies that are not only undervalued relative to their estimated intrinsic value but also stand to benefit from an expected favourable shift in macroeconomic or industry fundamentals. This analysis helps us isolate companies with profit margins below our estimate of their long-run potential and that are about to enter a cyclical period of superior earnings growth relative to the broader market. This approach typically helps realise value from our investments sooner than may be the case with a standard “bottom-up” value approach, therefore improving our capital allocation over time. These long trades are supplemented with CTA-like positions as well as an equity short book and select event-driven opportunities that combine to generate a return profile uncorrelated with traditional equity benchmarks or long-only equity funds.

Strategy: Single manager, multi-strategy
AUM: R217 million
Currency: ZAR
Domicile: South Africa
Listing exchange: None
Inception date: 1 May 2011