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Please take note that the site you are about to access is intended for international institutional investors only and is not permitted for retail investors nor any South African institutional investors. The information contained on the site is for information purposes only and does not constitute or form part of any offer to issue or sell, or any solicitation of any offer to subscribe for or purchase any particular investment. This website is expressly not intended for persons who, due to their nationality or place of residence, are not permitted access to such information under applicable law.

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OUR PHILOSOPHY

We combine "top-down" macroeconomic research with rigorous "bottom-up" fundamental analysis to inform our buy and sell decisions, as well as to determine our level of conviction.

Macro-Solutions

Top down

Using customised tools and our extensive historic performance databases, we analyse macroeconomic data to identify prevailing and future "themes" and how they are likely to play out in world markets. This "big picture" perspective informs our medium- to long-term asset allocation decisions, and assists us in identifying attractive investment opportunities and potential risks.

Bottom up

Rigorous research and analysis yield fundamental valuations to identify whether an asset, such as a particular share, is trading at an attractive price or if it has become too expensive.

An integrated view

We combine the results of these approaches and, if an attractively priced investment has a correspondingly strong theme, it falls in the "buy lots" quadrant in the diagram above.

Active management

Because markets are cyclical and dynamic by nature, we monitor all our positions carefully. As the price of an investment of which we "bought lots" becomes expensive, we start to reduce exposure and take profits. Similarly, if we see a theme deteriorate, we will "Sell All", to lock in profit and avoid risk. To buy an asset that is not supported by a theme, the fundamentals have to be compelling and the investment must offer exceptional value. Such a security will be in the "Buy Some" quadrant.