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PSG Angles & Perspectives Q3 2017

27 October 2017

PSG Angles & Perspectives Q3 2017

The quarterly publication of PSG Asset Management which contains regular communications from our fund managers and about our funds.

In this publication we communicate to our investors those thoughts and ideas we believe are important and valuable.

Introduction

In our final edition for 2017, we reiterate our discomfort with market levels in general. However, we remain encouraged by the opportunities our investment approach and process have enabled us to uncover, despite prevailing overvaluation at index levels. ... Read more


Market overview

Despite new market highs, domestic counters on the JSE remain weak. Many global stock markets (including those in the US and South Africa) have been reaching fresh highs in recent weeks. Eight-and-a-half years after the bull market in the S&P 500 began, it is now the second-longest and third-highest on record. ... Read more


How patient, bottom-up investing capitalises on big market cycles

Despite regular academic assurances that economic and market cycles can be mitigated, managed or will even stop happening 'from here on out', the world is still beset by major financial panics. ... Read more


The dollar cycle and the disappearing opportunity in South African fixed income

We believe that by understanding the inevitability of market and economic cycles, the patient investor is rewarded with the best opportunities. Over long periods, these cycles invariably run their usual course, but low points in the investment cycle are only obvious with hindsight and never observable at the time. ... Read more


Accounting: not as black-and-white or as boring as you think

Accounting is a nuanced business language that can reveal important clues. The foundation of our investment process is research. Not just any research, but our own proprietary work, using companies’ audited financial statements as our main source of data. ... Read more


The PSG Stable Fund: Risk-conscious real returns

The PSG Stable Fund seeks to outperform inflation by 3% over rolling three-year periods. As a multi-asset fund, it targets these returns by investing across asset classes – equities, bonds, property and cash. ... Read more

Portfolio Holdings as at 30 September 2017

  • Click here to view the portfolio holdings of the funds as at 30 September 2017

Performance to 30 September 2017

  • Click here to view the performance of the funds to 30 September 2017

Unit trust summary

  • Click here to view the unit trust summary of the funds as at 30 September 2017

PSG Angles and Perspectives: Q3 2017 (pdf)

  • Click here to view the full document in PDF

Archive of previous editions

  • Click here to view previous editions

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