10
May 2022
Welcome to the latest edition of the Angles & Perspectives
Anet Ahern, Chief Executive Officer: PSG Asset Management
Asset Management
As bottom-up investors we steer clear of macro forecasts. However, stock pickers risk short-changing their investors if they do not take cognisance of the environment within which companies are operating.
Angles & Perspectives Q1 2022
As bottom-up investors we steer clear of macro forecasts. However, stock pickers risk short-changing their investors if they do not take cognisance of the environment within which companies are operating. While the reasoning used to justify the low growth, low inflation environment may have been compelling at the time, there is growing evidence that these market conditions could have been an anomaly, rather than the new normal many had envisaged. In this edition, we explore the many implications for investors if this is the case. In the first article, Kevin Cousins explores the prevailing narrative and weighs the arguments in favour of a contrary view. In the second article, Shaun le Roux reviews how long-held views have influenced portfolio positioning for most managers, and the dangers inherent in extrapolating them. In the final article, Justin Floor and Dirk Jooste unpack how we have implemented differentiated views in our portfolios, and how we believe this positions us to deliver future growth for investors.
Introduction
Anet Ahern
CEO, PSG Asset Management
What if secular growth, and not stagnation, is the new normal?
Kevin Cousins
Challenging the seven narratives embedded in current portfolios
Shaun le Roux
How our market views translate in our portfolios
Justin Floor and Dirk Jooste
Portfolio holdings as at 31 March 2021
Click here to view the portfolio holdings of the funds to 31 March 2022
Performance to 31 March 2021
Click here to view the performance of the funds to 31 March 2022
Unit trust summary
Click here to view a summary of the unit trusts
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In the final article of this edition, we unpack how our differentiated views have been implemented in our portfolios, and how we believe this positions us to deliver future growth. They argue that our 3M investment philosophy leads us to hunt for underappreciated quality at a favourable price, and that the current market environment is offering an above-average number of opportunities, many of which are unlikely to be found in more mainstream portfolios.
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