24
January 2022
Welcome to the latest edition of the Angles & Perspectives
Anet Ahern, Chief Executive Officer: PSG Asset Management
Asset Management
In this edition, we debate why it is important that fund managers differentiate themselves, and then explore how our funds deliver on this imperative. In the first article, Fund Manager John Gilchrist outlines how our 3M philosophy empowers us to deliver long-term outperformance to our clients. Next, Fund Manager Justin Floor finds validation for our views in the recent flurry of interest in mid-cap companies on the JSE. Lastly, Fund Manager Philipp Wörz argues that despite the perception of global markets being expensive, opportunities remain for selective investors using a differentiated approach.
Angles & Perspectives Q4 2021
In this edition, we debate why it is important that fund managers differentiate themselves, and then explore how our funds deliver on this imperative. In the first article, Fund Manager John Gilchrist outlines how our 3M philosophy empowers us to deliver long-term outperformance to our clients. Next, Fund Manager Justin Floor finds validation for our views in the recent flurry of interest in mid-cap companies on the JSE. Lastly, Fund Manager Philipp Wörz argues that despite the perception of global markets being expensive, opportunities remain for selective investors using a differentiated approach.
Welcome to the latest edition of the Angles & Perspectives
Introduction
Anet Ahern
CEO, PSG Asset Management
Only the start of an anticipated outperformance cycle from our differentiated approach
John Gilchrist
Barbarians at the gate:
JSE mid-caps on the shopping list
Justin Floor
Global equities – Beware the rearview mirror
Philipp Wörz
Portfolio holdings as at 31 December 2021
Click here to view the portfolio holdings of the funds to 31 December 2021
Performance to 31 December 2021
Click here to view the performance of the funds to 31 December 2021
Unit trust summary
Click here to view a summary of the unit trusts
PSG Asset Management is a wholly owned subsidiary of PSG Konsult Group.
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Introduction - Angles & Perspectives Q4 2021
Investors often resort to mental shortcuts and rules of thumb to speed up decision-making, and tend to extrapolate the recent environment into the future. This encourages a binary outlook (value vs growth, e-commerce vs bricks and mortar) and, as investors pile into what has worked in the past, markets can be driven to extremes. Taking a view that is different from the consensus outlook can be challenging and may seem foolhardy, especially if anomalous market behaviour persists longer than expected. However, this behaviour also creates opportunities for patient investors who are willing to look beyond such oversimplifications and question prevailing narratives. We would also argue that this approach is essential to assuring long-term outperformance.
Read moreOnly the start of an anticipated outperformance cycle from our differentiated approach - Angles & Perspectives
Fund managers need to approach the world differently from competitors to deliver outperformance in the highly competitive world of investing – they need to both think and act in a differentiated manner. Behavioural biases and business pressures make truly independent thinking and positioning in portfolios extremely rare.
Read moreBarbarians at the gate: JSE mid-caps on the shopping list - Angles & Perspectives
It is becoming increasingly apparent that there is something valuable hidden on the JSE. The last while has seen a notable surge in activity from private buyers signalling that they see opportunity in JSE-listed mid-cap companies. Private equity, industry players (particularly foreign companies) and even some management teams are taking listed companies off public markets. This zeal and optimism contrasts with the prevailing sentiment we are still observing on the JSE: many smaller, domestic-oriented companies trade below their reasonable fundamental value and pessimism and disinterest continue to prevail.
Read moreGlobal equities – Beware the rearview mirror - Angles & Perspectives
A globally integrated investment process – different by design. At PSG Asset Management, we have been investing in global equities since 2006. Our global process serves the offshore component of our local funds and our stand-alone global funds. Constructing a portfolio of one’s best ideas can be a challenging task, even in the relatively small local market such as the JSE, and even more so globally.
Read more
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