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PSG Angles and Perspectives Q4: 2015

29 January 2016

PSG Angles and Perspectives Q4: 2015

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.


Anet Ahern

As investors look back on 2015, particularly the tail end of the year, most of us will still have our ears ringing with the shrill cries of volatile markets and a currency that was under attack. There was little left of the complacency investors experienced as the bull market matured over the past six years. ..... Read more

After a challenging 2015 for contrarian value investors, we are optimistic

Shaun le Roux

2015 was a very challenging for value investors. This was a global phenomenon: the MSCI World Value Index lagged its growth equivalent by more than 9%. The only times when growth has beaten value by more in a single year over the past two decades were 1998, 1999 and 2007. It is therefore no wonder that value investing is getting such a bad rap. ..... Read more

Masayoshi Son and Softbank: how great management can assist us as stewards of capital

Kevin Cousins

Why our focus on management? The PSG Asset Management team has an extensive local network and many decades of collective experience investing both on the JSE and internationally. When investing in global companies, the emphasis our process puts on a company's management is one way to broaden our network offshore. ..... Read more

Why we're not getting too comfortable in our fixed income risk assessment

Lyle Sankar

Placing risk first is fundamental to our investment process. At PSG Asset Management, we place a lot of emphasis on the continuous development, refinement and consistent application of our investment process. Our fixed income process places risk first as we aim to decrease the probability ofpermanent capital losses for our clients. .... Read more

Big picture investing: taking everything into account

Anet Ahern

'A revolution in the science of emotion has emerged in recent decades, with the potential to create a paradigm shift in decision theories. The research reveals that emotions constitute potent, pervasive, predictable, sometimes harmful and sometimes beneficial drivers of decision-making'. ... Read more

Our new television advert - the power of being bigger picture thinkers

Tracy Hirst

PSG recently launched our new television advert. it tells the story of the 1955 Mille Miglia motor race and the record win by Sir Stirling Moss and his navigator, Denis Jenkinson....... Read more

Portfolio Holdings as at 31 December 2015

  • Click here to view the portfolio holdings

Performance to 31 December 2015

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Unit trust summary

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PSG Angles and Perspectives: Q4 2015 (pdf)

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Archive of previous editions

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