Perpetua Quarter 1 2017 Commentary Report

By Perpetua Investment Managers

In our commentary this quarter, Bongiwe Beja, client services manager provides the usual performance and market review as well as summary of our proxy voting for the quarter (also always available on our website).

From an investment commentary, portfolio manager Patrick Ntshalintshali opens with our thoughts about the credit downgrade and the impact this has on our portfolios and portfolio positioning– given this is topical.

From a fundamentally-focused standpoint, portfolio manager, Lonwabo Maqubela together with analyst, Mahomed Ibrahim have done some interesting research into earnings of South African companies over the long and medium term.  This is an important component of the expected returns for equities.

This quarter, sectorally, we have focused on the life insurance sector – where we are finding quite compelling value.  Lonwabo, Mahomed and analyst, Glen Heinrich have provided our readers with our perspective on how we at Perpetua value insurance companies and why we see mispricing in selected counters.

Analyst, Phomolo Rabana attended the Consumer Analysts Group of Europe (CAGE) conference in London during the quarter.  At this event he listened to several global consumer companies and his article shares some of the key themes emanating from the event.

The telecommunications industry remains one of the most dynamic in our country and global landscape.  Analyst, Bjorn Samuels takes a deeper dive at some of the key local trends we need to be aware of as investors and consumers.

Finally, our closing piece is about one of the newer investments into our portfolio over the past year (while certainly not a new company), namely Woolworths.  Analyst, Kanyisa Ntontela has put together a summary of elements of our investment case and why we have now chosen to invest in the share.

We hope this commentary gives you a varied and interesting viewpoint about some of Perpetua’s thinking.

Read the full report here

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