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PSG Angles & Perspectives Q1 2018

02 May 2018

PSG Angles & Perspectives Q1 2018

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

In this edition, we consider the power of perception and the importance of maintaining perspective. We distinguish between a market that is generally overvalued and the availability of investment opportunities; examine the habit of South Africans to expect the worst; and take a closer look at the common perception that the rand is overvalued..

Introduction

Sometimes it takes a fresh perspective to see opportunity amid concern and noise. A new political landscape is unfolding in South Africa and the year is progressing with the underpin of improved confidence and a better outlook. this gives us room to reflect on the influence that perspectives and perceptions can have on our decisions. ... Read more

The value investor's perspective: value is abundant in expensive markets

Many argue that global equity markets are currently expensive, trading at levels only reached in times of irrational exuberance. Others reference strong economic conditions, fast growth in corporate profits, and low interest rates as evidence that the bull market is sustainable. Who is right? Well, it depends on your perspective.. ... Read more

‘Perils of perception’ – and keeping clear sightlines


Acting on perception can be a costly mistake, but acting on the back of others' miscperceptions can get the odds in your favour. To place our clients on the right side of this dynamic, our process focuses us on the facts. ... Read more


'An overvalued rand'- a closer look at the common perception

A broad review of the market commentary and portfolio positioning clearly shows a consensual view among local asset managers that the rand has overshot as a result of 'Ramaphoria' and finds itself overvalued. However, a review of purchasing power parity may offer an alternative perspective. ... Read more

The PSG Money Market Fund: preserving capital and providing a steady income

The fund aims to provide capital security, easy access to your money and a steady income. The key objectives of the the PSG Money Market Fund are preserving capital, maintaining sufficient liquidity to meet all investor requirements, and delivering attractive returns within the confines of its mandate. ... Read more

Portfolio Holdings as at 31 March 2018

  • Click here to view the portfolio holdings of the funds as at 31 March 2018

Performance to 31 March 2018

  • Click here to view the performance of the funds to 31 March 2018

Unit trust summary

  • Click here to view the unit trust summary of the funds as at 31 March 2018

PSG Angles and Perspectives: Q1 2018 (pdf)

  • Click here to view the full document in PDF

Archive of previous editions

  • Click here to view previous editions

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