05
August 2022
Welcome to the latest edition of the Angles & Perspectives
Anet Ahern, Chief Executive Officer: PSG Asset Management
Asset Management
In this edition, we passionately position our case in favour of differentiated investment management and share insights into how these views are reflected in the portfolios. Despite the challenging investment environment ahead, we believe we are in the process of seeing some great investment prospects unfolding for patient long-term investors. In the first article, Fund Manager Shaun le Roux argues the unwinding of distortions will have a dramatic impact on fund returns in the year ahead. Nonetheless, there are some appealing prospects for differentiated thinkers. Fund Manager Philipp Wörz and CIO Greg Hopkins highlight the concentration we have seen in fund positioning, and offer compelling arguments why differentiated managers bring benefits as part of a diversified portfolio. Lastly, Fund Managers Philipp Wörz and Shaun le Roux unpack how the abundance of opportunities we see are incorporated into our portfolios.
Angles & Perspectives Q2 2022
In this edition, we passionately position our case in favour of differentiated investment management and share insights into how these views are reflected in the portfolios. Despite the challenging investment environment ahead, we believe we are in the process of seeing some great investment prospects unfolding for patient long-term investors. In the first article, Fund Manager Shaun le Roux argues the unwinding of distortions will have a dramatic impact on fund returns in the year ahead. Nonetheless, there are some appealing prospects for differentiated thinkers. Fund Manager Philipp Wörz and CIO Greg Hopkins highlight the concentration we have seen in fund positioning, and offer compelling arguments why differentiated managers bring benefits as part of a diversified portfolio. Lastly, Fund Managers Philipp Wörz and Shaun le Roux unpack how the abundance of opportunities we see are incorporated into our portfolios.
Introduction
Anet Ahern
CEO, PSG Asset Management
Capitalising on the ‘big unwind’ – picking stocks that are fit for the future
Shaun le Roux
Why global investors need to consciously seek out differentiation during the ‘big unwind’
Philipp Wörz and Greg Hopkins
Growing capital during the ‘big unwind’ – positioning for growth
Philipp Wörz and Shaun le Roux
Portfolio holdings as at 30 June 2022
Click here to view the portfolio holdings of the funds to 30 June 2022
Performance to 30 June 2022
Click here to view the performance of the funds to 30 June 2022
Unit trust summary
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Introduction - Angles & Perspectives Q2 2022
The world is slowly waking up from a decade of excesses fuelled by easy money and low interest rates. The pending unwind is bound to be both protracted and painful. Despite the challenging investment environment ahead, we believe we are in the process of seeing some great investment prospects unfolding for patient long-term investors.
Read moreCapitalising on the ‘big unwind’ – picking stocks that are fit for the future - Angles & Perspectives
The unwinding of market distortions of this magnitude will have a dramatic impact on future market returns. However, there will be beneficiaries of this process and we believe differentiated managers in particular are well-positioned to exploit them. We see clear opportunity for multi-year gains from some of the areas we highlight in this edition.
Read moreGrowing capital during the big 'unwind' – positioning for growth - Angles & Perspectives
To grow one’s capital in the years ahead, investors will have to look through the noise and adopt a long-term perspective. In this article our fund managers share how the abundance of opportunities we identify as part of our 3M process informs our fund positioning.
Read moreWhy global investors need to consciously seek out differentiation during the ‘big unwind’ - Angles & Perspectives
Our research has highlighted a high degree of concentration in fund positioning, even as it becomes clear that continuing to favour strategies that have worked in the past is likely to come at the expense of future portfolio growth. Given the environment we see ahead, we believe differentiated managers bring important benefits as part of a diversified portfolio.
Read more
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