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by
Annie Yates
Sandisile Dlamini
Fungai Tarirah
Passion. Independence. Rigour.
Passion. Independence. Rigour.
Source: Jantoo Cartoons
4
Passion. Independence. Rigour.
External stresses…
9
Passion. Independence. Rigour.
The stress test…
9
Passion. Independence. Rigour.
Internal stresses…
9
You lost…
…You gotta go…
Passion. Independence. Rigour.
The stress test…
9
…the score card…
Passion. Independence. Rigour. 7
Passion. Independence. Rigour.
Resilient informal markets kept economies going
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Passion. Independence. Rigour.
Nimble management teams adjusted
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Passion. Independence. Rigour.
The stress test…
9
Though rising, public debt
remains manageable, unlike
EM, DM
Median <55%, mostly in local
currency
Show in resilient GDP numbersGDP growth bottomed at 1.4%
pa, expected to rise c4% in
3yrs. SA below 2.5% pa
Growing, resourceful, undersupplied populace
Commitment to improve infrastructure
Improving institutions and
governance structures
Zero tolerance of corruption,
focus on improving conditions
for doing business
Oil importers continue to
enjoy reprieve
Reduction in inflation in East
Africa Community, removal of
subsidies in Morocco, Egypt
Passion. Independence. Rigour.
The stress test…
9
Passion. Independence. Rigour.
Sentiment is turning positive
10
Passion. Independence. Rigour.
Quicker than you can say “tourists are flocking to Egypt”
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Passion. Independence. Rigour.
& quicker than you can say “Buhari is back in London”
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Passion. Independence. Rigour.
Buy orders are back and strong
9
It gonna be a 10-bagger
Get me stock before quarter end!
Current portfolio positioning
Passion. Independence. Rigour. 16
…selected by an experienced fund management team…
Passion. Independence. Rigour. 17
…spending time on the ground
Passion. Independence. Rigour.
• 216 interactions last year, 208 the year before. 65 in the year to date
• Meeting with people on the ground remains a key ingredient of our process
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Passion. Independence. Rigour.
Rudiarius
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Passion. Independence. Rigour. 20
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