Investment Strategy
Welcome to the latest edition of the Angles & Perspectives - Q2 2026
In this edition, we discuss our investment views in the context of a changing landscape. In the first article, Fund Manager Shaun le Roux highlights the changes we have seen in markets since we introduced our ideas around ‘the big unwind’ four years ago. Fund Manager Mikhail Motala outlines our shifting views on investment in SA Inc., while Fund Manager Marc Beckenstrater highlights the changes in the fixed income landscape that led us to launch a global diversified income fund.
The investment landscape is always shifting, which means that new opportunities are always waiting to be found. As price-sensitive investors, we adjust our views as market conditions evolve, patiently applying our 3M investment process with the aim of finding mispriced, quality assets. This process is grounded in our in-depth research, and augmented by our independent thinking, which allows us to find opportunities wherever they may reside.
We believe a deep-seated recalibration is on the way in markets, and that this will have a deep impact on the returns of various asset classes. For us, as responsible custodians of our clients’ capital, this has a number of implications. The first is that portfolio construction must be sufficiently robust and take a holistic approach, equipping portfolios to successfully navigate a range of possible outcomes. The second is that we must ensure our offering remains relevant to our clients, in helping them meet their investment objectives. This edition highlights how our thinking evolves against the backdrop of an evolving investment landscape.
In the first article, Revisiting the ‘big unwind’ and how to build future-fit portfolios, Fund Manager Shaun le Roux revisits some of our conjectures around the unwinding of distortions in the global economy. We believe this adjustment will have a material impact on asset returns, and that it is important that portfolios are future-fit.
Our positioning in SA Inc. shares has changed since the formation of the Government of National Unity (GNU). While we still see opportunities in the local market, we have become more selective as some parts of the market have repriced sharply, while signs of reform have stagnated. Fund Manager Mikhail Motala highlights how this thinking aligns with our 3M investment process in SA Inc. – All that glitters is not gold.
In our final article, Fund Manager Marc Beckenstrater provides an overview of changes in the fixed income landscape that have led us to believe it was an opportune time to launch the PSG Global Diversified Income Fund. In Why now? Marc outlines our thinking, and highlights why this fund is suited to the current environment.
We trust that you will find these articles insightful, and their guidance valuable in these turbulent times.
Performance to 30 June 2026
Click here to view the performance of the funds to 30 June 2026
Local unit trust summary
Click here to view a summary of the local unit trusts
Global unit trust summary
Click here to view a summary of the global unit trusts
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