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PSG Angles & Perspectives Q4 2017

26 January 2018

PSG Angles & Perspectives Q4 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 this edition, which wraps up what proved to be an eventful year for South Africans, we examine one of our 3 Ms: Management. Where you pick shares, it is generally understood that evaluating the management of a business is very important. ... Read more

Custodians of capital: why company management matters

Every day a company’s management team makes decisions to allocate capital and resources to specific projects, divisions and expenses – and by default, not to others. This critical decision-making process – which is at management’s sole discretion (with oversight by boards of directors) – carves out a company’s future business path and subsequent cash flows. ... Read more

Evaluating management: A bondholder's perspective

Across our funds, the various asset classes and all securities we consider for inclusion in our portfolios, our investment process is guided by our 3 Ms. ... Read more

The hidden force that creates the world's greatest teams

We have previously written about The Outsiders, a book by William Thorndike. He details the results of a comprehensive analysis of companies that provided shareholders with truly exceptional total returns over extended periods.. ... Read more

The PSG Flexible Fund: Equity-like returns at lower levels of risk

The fund aims to deliver real (after-inflation) capital growth at low levels of risk. The PSG Flexible Fund has the primary objective of delivering equity-like returns at lower levels of risk. ... Read more

Portfolio Holdings as at 31 December 2017

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

Performance to 31 December 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: Q4 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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