Steinhoff – A fall from grace

Mila Mafanya bw2017 will undoubtedly be remembered as the year the Steinhoff saga unravelled; taking the shine off what was an otherwise impressive year for investor returns. Up to the end of November 2017, SA equity investors had been rewarded with mid-to-high teen returns for 2017 which was welcome reprieve from the lacklustre returns of the previous two years when the SA equity market had tracked sideways.

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Market Commentary – January 2018

commentaryFor the first time since the Global Financial Crisis (2008), the global economy is exhibiting synchronous and above trend growth. Economic momentum in advanced economies is extremely encouraging, indicating continued acceleration in growth. Extremely accommodative, coordinated monetary policy from central banks has been a key driver of this trend. The absence of inflation in this cycle has allowed policy makers to remain supportive...

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Stock pickers at CORE

coreAfena Capital relaunched its Core Equity offering on 1 October 2016. On the occasion of its 1st anniversary it would be useful to reflect on the past year’s performance and learnings and look forward to the opportunities presented. Core equity is the lowest risk of Afena’s 3 equity strategies, the others being Afena Moderate Equity and Afena Unconstrained Equity. While lower risk in nature, it need not be the lowest on a risk adjusted return basis, as we will seek to explain below...

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