03
August 2023
Angles & Perspectives - Second Quarter 2023
PSG Asset Management
Anet Ahern, Chief Executive Officer: PSG Asset Management
Asset Management
Kevin Cousins, Head of Research
PSG Asset Management
Ané Craig, Assistant Fund Manager
PSG Asset Management
Shaun le Roux, Fund Manager
Asset Management
In this edition, Head of Research Kevin Cousins considers how a misunderstanding of the nature of inflation during the 1970s and 1980s may be contributing to an incorrect policy response currently. Assistant Fund Manager Ané Craig elaborates on how investors should think about navigating the investment environment when it is clear that conditions are far from ideal. Lastly, Fund Manager Shaun le Roux argues that in the current environment, the benefits for patient investors who can stay the course are amplified even more than usual.
Angles & Perspectives Q2 2023
In this edition, Head of Research Kevin Cousins considers how a misunderstanding of the nature of inflation during the 1970s and 1980s may be contributing to an incorrect policy response currently. Assistant Fund Manager Ané Craig elaborates on how investors should think about navigating the investment environment when it is clear that conditions are far from ideal. Lastly, Fund Manager Shaun le Roux argues that in the current environment, the benefits for patient investors who can stay the course are amplified even more than usual.
Introduction
Anet Ahern
CEO, PSG Asset Management
Arthur Burns, William Miller and learning the right lessons from history
Kevin Cousins
Focus on the right factors when navigating a stormy investment environment
Ané Craig
There has seldom been a better time to extend your investing time horizon
Shaun le Roux
Portfolio holdings as at 30 June 2023
Click here to view the portfolio holdings of the funds to 30 June 2023
Performance to 30 June 2023
Click here to view the performance of the funds to 30 June 2023
Unit trust summary
Click here to view a summary of the unit trusts
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Introduction - Angles & Perspectives Q2 2023
The current investment environment provides ample support for our view that a ‘big unwind’ is in progress. We believe that a fundamental shift is underway in markets, one which is likely to have a deep impact on the returns investors can expect from asset classes in the decade ahead. Unfortunately, many market participants remain oblivious to the changes that are underway. Prevailing narratives still tend to see the post-Global Financial Crisis (GFC) environment characterised by low interest and inflation rates as ‘normal’, as these narratives are often eager to advocate a return to the economic and macro conditions that prevailed before.
Read moreArthur Burns, William Miller and learning the right lessons from history - Angles & Perspectives Q2 2023
Head of Research Kevin Cousins argues in the first article Arthur Burns, William Miller and learning the right lessons from history, a misunderstanding of the nature of inflation during the 1970s and 1980s may be contributing to an incorrect policy response currently.
Read moreFocus on the right factors when navigating a stormy investment environment - Angles & Perspectives Q2 2023
Assistant Fund Manager Ané Craig argues that sovereign debt represents a sizable portion of the investable universe for local fixed income investors. Therefore, it should not be surprising that debates about the South African fixed income sector can be considered a reflection on SA as an investment destination as a whole. In this article, Ané uses South African government bonds (which are often seen as a proxy for ‘Investment SA’) as an example of how we navigate stormy investment markets and which factors we prioritise in our thinking when the environment becomes noisy.
Read moreThere has seldom been a better time to extend your investing time horizon - Angles & Perspectives Q2 2023
Fund Manager Shaun le Roux elaborates on why we believe our unique 3M investment approach gives us an edge in navigating the current market environment.
Read more
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