10
November 2022
Welcome to the latest edition of the Angles & Perspectives
Anet Ahern, Chief Executive Officer: PSG Asset Management
Asset Management
In this edition, we evaluate the impact of unwinding global imbalances on our assessment of risk, and unpack the opportunities we see in an environment that looks appreciably different to that of the past. In the first article, Head of Research Kevin Cousins argues that under-owned old economy and emerging market assets are well suited to today’s economic fundamentals with low ‘true risk’ despite historically higher price volatility. Fund Manager Ané Craig then argues that the importance of price risk should not be underestimated when searching for a safer bet amongst South African fixed income assets. Lastly, Fund Manager Lyle Sankar provides insights into how we navigate the inflation inflection point for investors in the PSG Diversified Income Fund.
Angles & Perspectives Q3 2022
In this edition, we evaluate the impact of unwinding global imbalances on our assessment of risk, and unpack the opportunities we see in an environment that looks appreciably different to that of the past. In the first article, Head of Research Kevin Cousins argues that under-owned old economy and emerging market assets are well suited to today’s economic fundamentals with low ‘true risk’ despite historically higher price volatility. Fund Manager Ané Craig then argues that the importance of price risk should not be underestimated when searching for a safer bet amongst South African fixed income assets. Lastly, Fund Manager Lyle Sankar provides insights into how we navigate the inflation inflection point for investors in the PSG Diversified Income Fund.
Introduction
Anet Ahern
CEO, PSG Asset Management
The new emerging markets?
Kevin Cousins
The safer bet amongst South African fixed income assets
Ané Craig
Navigating the inflation inflection point:
How the PSG Diversified Income Fund rises to the challenge
Lyle Sankar
Portfolio holdings as at 30 September 2022
Click here to view the portfolio holdings of the funds to 30 September 2022
Performance to 30 September 2022
Click here to view the performance of the funds to 30 September 2022
Unit trust summary
Click here to view a summary of the unit trusts
Recommended news
Introduction - Angles & Perspectives Q3 2022
Markets have seen some extremes for the year to date, and there is no sign that the current market volatility will abate soon. While we anticipated that global imbalances would have to unwind at some point in time, there can be little doubt that the current upheaval is causing much discomfort for investors in the short term.
Read moreThe new emerging markets? - Angles & Perspectives Q3 2022
Investors need to be careful of backward-looking risk measures in an environment of long-cycle inflection, and avoid ‘long duration’ assets. Under-owned old economy and emerging market assets are well suited to today’s economic fundamentals with low ‘true risk’ despite historically higher price volatility.
Read moreThe safer bet amongst South African fixed income assets - Angles & Perspectives Q3 2022
Despite the market upheaval of the past year, there are still opportunities for fixed income investors. However, investors should be careful when evaluating opportunities in the fixed income market, as focusing on only one consideration, such as volatility, may lead to misleading conclusions.
Read moreNavigating the inflation inflection point: How the PSG Diversified Income Fund rises to the challenge - Angles & Perspectives Q3 2022
Inflation is undoubtedly hastening the unwinding of the global imbalances that have become characteristic of markets over the past decade. Despite the significant disruption we have seen in markets to date, we believe there is still some way to go towards normalisation. How are fixed income investors to navigate the inevitable market uncertainty we see ahead, as capital is reallocated to areas more suited to the new environment, while still targeting high levels of capital preservation?
Read more
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