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Boutique investment managers – what is all the hype about?

09 March 2015 | Asset Management

South Africa has seen an explosion of boutique investment managers in the past decade, following a similar trend in developed financial markets worldwide. To further investigate this world-wide trend, emphasising the South African context, it is important to establish the characteristics that define a boutique investment manager, albeit from a subjective basis.

A contrarian case for Brazil

09 March 2015 | General

Many investors in Brazil, including us, have been a little frustrated over the past couple of years with its lack of growth and progress. Gross domestic product (GDP) in Brazil grew a mere 0.2% in 2014 (estimated), a far cry from the 7.5% it saw in 2010. However, we believe Brazil has all the elements in place to achieve much higher rates of growth if the political will is there.

The trend is no longer the investor’s friend

05 March 2015 | General

Investors have definitely benefited from the equity bull market that has prevailed for the last five years, but we believe the trend may no longer be the investor’s friend. In the current environment, it is crucial to place a greater emphasis on capital preservation.

Understanding a high P/E world

05 March 2015 | General

Recently, South African investors who are accustomed to using price/earnings ratios (P/E) as an indication of a share’s value have had to wrap their minds around higher-than-normal P/E ratios and whether they are sustainable. Fairtree Capital believes some digging is needed to understand how these high P/Es came to be, and what other metrics an investor can use to find the true value of a company.

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The strongest deterrent against FSP compliance missteps is or should be:

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A criminal conviction Debarment Fine or penalty Any of the above can work

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