21 February 2023
Kevin Lings from STANLIB said the US inflation and interest rates are less of a factor to the global economic outlook, rather, how much damage they caused to economic growth and company earnings, is more of a concern.
Markets, earnings and returns in 2023
A panel comprising Rob Spanjaard of Rezco Asset Management, Louis Niemand of Ninety One and Omri Thomas of Abax Investments, and facilitated by Wade Witbooi, CIPM®, CAIA®, of Glacier Invest, discussed their view of the world, and what they expect for markets, earnings and returns in 2023.
Rob Spanjaard-Rezco Asset Management.pdf
Louis Niemand-Ninety One.pdf
Omri Thomas-Abax Investments.pdf
Multi-asset funds and saving for retirement
A second panel including Nico Katzke of Satrix Investments, Tim Acker of Allan Gray and Bastian Teichgreeber of Prescient Investment Management, and hosted by Dean de Nysschen, CFA, of Glacier Invest, explored whether multi-asset funds are the correct vehicle to save for retirement. The answer remains yes. Regulation relaxing offshore constraints was seen as positive, bottom-up fundamental research vs. indexation and data science were debated, and the importance of having more comprehensive tool sets to tactically allocate correctly, were considered important. The team also discussed combining balanced funds and the importance of including hedge funds in portfolios.
Nico Katzke-Satrix Investments.pdf
Tim Acker-Allan Gray.pdf
Bastian Teichgreeber-Prescient Investment Management.pdf
Flexible funds or equity funds?
Wade Witbooi of Glacier Invest also hosted a panel with Warren Riley CFA of Bateleur Capital, Murray Winckler of Laurium Capital and Iain Power of Truffle Asset Management. The panel explored whether flexible funds are better than equity funds for long-term investors. They argued that the nature of flexible funds and the 'no handcuffs' nature allowed for expected returns to be higher and risks lower, with lower volatility and a focus on downside protection.
Warren Riley CFA-Bateleur Capital.pdf
Murray Winckler-Laurium Capital.pdf
Iain Power of Truffle Asset Management.pdf
Opportunities in global markets
Madalet Sessions of Denker Capital, Deon Gouws of Credo and Mark Lovett of Stanlib participated in a panel discussion facilitated by Dean de Nysschen, CFA, of Glacier Invest, on where we are likely to find opportunities in global markets in the future, for those who want offshore exposure. Over the short term, macro trends dominate global investment outcomes, while over the long term, company fundamentals play a more important role in performance. For investors looking to identify global opportunities, it is important to start with a clear investment horizon and to manage risk by investing in global that complement their South African . There are still great opportunities, according to the panel, and it is important to choose opportunities that offer diversification within various asset classes and within various geographies.
Madalet Sessions-Denker Capital.pdf
Deon Gouws-Credo.pdf
Mark Lovett-Stanlib.pdf
Making sense of fixed interest markets
The last panel for the day, hosted by Wade Witbooi of Glacier Invest, took on the challenge of making sense of fixed interest markets. Panel members included Melville du Plessis of Sanlam Investments, Melanie Stockigt of Laurium Capital and Erik Nel of Terebinth Capital. Factors impacting the fixed-interest market and yields include loadshedding – with the panel stressing the need for energy security – the R/$ exchange rate, the supply of bonds, the quality of liquid credit in portfolios and sticky inflation. The panel felt that fundamentals are better this year and that asset managers should trust their processes.
Melville du Plessis-Sanlam Investments.pdf
Melanie Stockigt-Laurium Capital.pdf
Erik Nel-Terebinth Capital.pdf
Back to Glacier Investment Summit Gauteng 2023 wrap-up page
