06
August 2021
Welcome to the latest edition of the Angles & Perspectives
Anet Ahern, Chief Executive Officer: PSG Asset Management
Asset Management
In this edition, we continue to look beyond the surface to find opportunities for our clients. Research and critical inquiry are part and parcel to our research process, and inform our differentiated positioning. We consider the macro views that form a backdrop to our fund positioning, unpack what ESG investing could mean for the current commodity run, and expand on our unique approach to the opportunities in the SA Inc. space.
Angles & Perspectives Q2 2021
In this edition, we continue to look beyond the surface to find opportunities for our clients. Research and critical inquiry are part and parcel to our research process, and inform our differentiated positioning. We consider the macro views that form a backdrop to our fund positioning, unpack what ESG investing could mean for the current commodity run, and expand on our unique approach to the opportunities in the SA Inc. space.
Introduction
Anet Ahern
CEO, PSG Asset Management
Our current views on the macro environment
Shaun le Roux, Greg Hopkins and Philipp Wörz
Weighing up the investment case for commodity stocks
John Gilchrist, Mikhail Motala and Gavin Rabbolini
A differentiated approach to investing in SA equities in turbulent times
Shaun le Roux and Justin Floor
Portfolio holdings as at 30 June 2021
Click here to view the portfolio holdings of the funds to 30 June 2021
Performance to 30 June 2021
Click here to view the performance of the funds to 30 June 2021
Unit trust summary
Click here to view a summary of the unit trusts
Recommended news
Introduction - Angles & Perspectives Q2 2021
Our value proposition to investors is to seek out great companies that are underappreciated by the market. We believe that if we buy such companies at a discount to their intrinsic value, they are likely to appreciate significantly in value in the long run. But markets, economies and companies are not static: conditions evolve on a daily basis, and what seems like a simple endeavour in theory, becomes a complex one in practice.
Read moreOur current views on the macro environment - Angles & Perspectives
Our panel of fund managers address some key issues around our macro views and how they feed into our portfolio construction process. Our CIO Greg Hopkins addresses the extreme market conditions and the perceived riskiness of our funds, Fund Manager Shaun le Roux explains why our cash holdings are low despite markets being at all-time highs, and Fund Manager Philipp Wörz delves into the global landscape and the resurgence of value as an investment style.
Read moreWeighing up the investment case for commodity stocks - Angles & Perspectives
In this article, we weigh up the investment case for commodities given current market conditions. Commodity companies are prone to boom-and bust cycles, and there is currently much debate around the sustainability of the current run-up in commodity prices. The team weighs in on how factors like decarbonisation, the environmental, social and governance (ESG) investing phenomenon and a renewed focus on capital discipline are impacting the commodity cycle.
Read moreA differentiated approach to investing in SA equities in turbulent times - Angles & Perspectives
While many investment managers are coming around to our long-held view on the potential of the local market, we are in a unique position to exploit opportunities around SA Inc. shares. Fund Managers Shaun le Roux and Justin Floor unpack our approach to ensuring broader exposure to SA Inc. shares.
Read more
Stay Informed
Sign up for our newsletters and receive information on finance.
