Investment Strategy
Welcome to the latest edition of the Angles & Perspectives - Q4 2025
In this edition, we discuss how our process leads us to construct portfolios that are able to do well in a variety of market conditions. Head of Research Kevin Cousins discusses the shortcomings of forecasts, and our preference when navigating an uncertain macro environment. Chief Investment Officer John Gilchrist shares how our stock selection positions our portfolios to excel in a variety of scenarios, while Fund Manager Marc Beckenstrater asks whether large, global managers are really best positioned to deliver performance to investors. Finally, Fund Manager Duayne le Roux highlights that despite a softening interest rate environment, inflation-linked bonds can make an attractive addition to fixed income portfolios.
PSG Asset Management is a bottom-up manager – but we are macro aware, meaning that we use macro thinking as part of our portfolio construction toolkit to ensure our portfolios are resilient and can deliver for clients in a variety of market conditions.
In the first article – Boom or bust in 2026? That is the wrong macro question! – Head of Research Kevin Cousins highlights the limitations of macro forecasts and shares how our approach to portfolio construction helps us to ensure our client portfolios are resilient.
Next, in Finding opportunities that will reward investors in most environments, Chief Investment Officer John Gilchrist shares deeper insights into our stock selection process and explains how our preference for opportunities in typically overlooked areas of the market delivers returns for our clients.
Fund Manager Marc Beckenstrater then lifts the lid on The myth of size, scale and location in active asset management. He shares our analysis on this topic, and makes the case that the ability to deliver long-term outperformance is not dependent on manager size.
Finally, Fund Manager Duayne le Roux explains Why inflation-linked bonds make sense even when inflation is low. Although inflation expectations have trended down and South Africa has moved to a lower inflation target, as a small, open economy, the country remains vulnerable to potential inflation shocks.
We trust that you will find these articles insightful, and their guidance valuable in these turbulent times.
Performance to 31 December 2025
Click here to view the performance of the funds to 31 December 2025
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
Share
