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Westbrooke now SA’s largest Section 12J manager

06 December 2017 | Asset Management

Westbrooke Alternative Asset Management is now South Africa’s largest Section 12J manager, looking after almost half of the capital invested in S12J funds in the country. Westbrooke has raised approximately R885m in the last two years and according to statistics released by the South African Venture Capital Association, the size of the market is approximately R1.8 billion. There are over 60 registered S12J companies in SA.

Capitalising on cash

05 December 2017 | General

While cash is often minimised in portfolios given its lower returns when compared to other asset classes, it is in fact possible to outperform the ALSI while carrying as much as 30% cash. This is highlighted by the outperformance of the PSG Flexible Fund, which despite this larger-than-conventional cash weighting, returned 13.5% per year after fees over the past decade (to end October) – 4% better than the equity market and well ahead of inflation.

Biggest maize crop on record yields GDP surprise

05 December 2017 | Economy

This year might just turn out better than most people expected. Numbers released today of GDP growth showed that the South African economy rebounded by 2% in the third quarter (quarter-on-quarter annualised). This brings growth for the past year to 0.8% and year to date to 1% - which is already higher than the current consensus number for 2017, including recent numbers published by the South African Reserve Bank and the National Treasury.

A November to remember

05 December 2017 | General

Global equity returns are on track for a strong year. The MSCI All Countries World Index (Acwi), a broad index of developed and emerging market stocks, returned 1.98% in November to end the month at a record high level. With one month to go, the 2017 return is at 22.6% in US dollars. The index has returned 250% (or 15% annualised) from the lowest point of the global financial crisis in March 2009. Although investing in global equities over this period has been profitable, it hasn’t been a straight line. There was a bear market (according to the traditional definition of a 20% loss) between April and October 2011, while the 18% loss from May 2015 to January 2016 came close. Worries about the eight-year length of the rally are therefore somewhat misguided. At 16.2, the forward price earnings ratio of the Acwi is slightly above the long-term average of 15.7.

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