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News Archive: 2020

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30 November 2020

Netcare fears medical aid cancellations – The Sunday Times

The financial duress consumers are under raises the risk that they could cancel medical aid membership, putting the likes of hospital group Netcare under increased pressure. Article by Nick Wilson with insight by Sarah le Roux – investment analyst for Kagiso Asset Management.
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30 November 2020

Trust deficit – Financial Mail

The company’s recent AGM was a long, grim affair, with difficult questions raised about excessive executive pay, climate change and the infamous Lake Charles project. But CEO Fleetwood Grobler remains upbeat about the future if the petrochemicals company. Article by Lisa Steyn with commentary from Abdul Davids – portfolio manager at Kagiso Asset Management.
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25 November 2020

Sasol to sell its Gemini stake for $404m to its US partner – Business Day

Chemicals and energy group Sasol has agreed to sell its 50% stake in US-based polythene business Gemini for $404m (R6.2bn), the latest disposal as the group seeks to cut debt and avoid tapping shareholders. Article by Karl Gernetzky and Lisa Steyn with commentary from Abdul Davids – portfolio manager at Kagiso Asset Management.
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25 November 2020

Omnia gets its chemistry right in hard lockdown – Business Day

Chemicals, fertiliser and explosives group Omnia is upbeat about SA’s agricultural prospects, expecting sustained demand for inputs as favourable weather and prices underpin the sector. Article by Alastair Anderson with commentary by Aslam Dalvi – portfolio manager at Kagiso Asset Management.
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3 November 2020

Sasol to sell part of Lake Charles project as it mulls rights issue – Business Live

Chemicals and energy group Sasol has entered into a $2bn (R33bn) agreement to sell part of its Lake Charles business to multinational chemicals group LyondellBasell. By Karl Gernetzky and Allan Seccombe with insights from Abdul Davids – portfolio manager at Kagiso Asset Management.
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3 November 2020

Mondi’s earnings slip despite cost cuts – Business Live

Analysts, however, are positive about the paper and packaging group, saying it is well run, cash flow generative and resilient. Article by Karl Gernetzky with commentary by Dirk van Vlaanderen – portfolio manager for Kagiso Asset Management.
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2 November 2020

Boutiques are better…right – Blue Chip

The debate about whether it is better to invest in a boutique manager or a larger more established manager has been argued for years. It joins the list of value vs. growth, onshore vs. offshore, small cap vs. large cap, flat fee vs. performance fee and many other hotly contested comparisons. James Downie addresses the great boutique debate for the Blue Chip Journal.
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25 September 2020

Options amid the rubble – Financial Mail

There were some surprising names among the stocks that slunk to new 12-month lows this week. One might have thought that pretty much all the bad news was already priced in at cement maker PPC, food counter RCL and packaging stalwart Nampak. Not quite, it seems.
Written by Marc Hassenfuss.
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15 September 2020

Platinums new sweeter spot elicits multiplicity of optimist analyst views – Mining Weekly

The new sweeter spot that platinum group metals (PGMs) has entered drew a multiplicity of mainly optimistic viewpoints from analysts attending the virtual PGM Industry Day. Chaired by business development manager Rand Merchant Bank Henk de Hoop, the viewpoints were provided by Standard Chartered Bank executive director precious metals research Suki Cooper, Prudential portfolio manager Simon Kendall, Bank of America Europe, Middle East and Africa metals and mining research analyst Patrick Mann and Kagiso Asset Management portfolio manager Mandi Dungwa.
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7 September 2020

Conditions are ripe for investors taking a contrarian approach – Business Day

It’s time to diversify with a strategy that swims against the prevailing market tide.
Not many fund managers call themselves value managers any more, other than a few diehards such as John Biccard at Ninety One, where his franchise has a place as one of the more exotic dishes — a hot vindaloo perhaps — in CEO Hendrik du Toit’s smorgasbord of investment options. Article by Stephen Cranston with insights from Gavin Wood – CIO for Kagiso Asset Management.
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3 September 2020

Huge divergences in share prices mean you need to know your manager – Business Live

Where the market is overly optimistic returns are borrowed from the future while areas where there is pessimism can deliver good future returns. By Laura du Preez with commentary from Gavin Wood – CIO for Kagiso Asset Management.
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19 August 2020

Numbers of choice for stock pickers – Personal Finance

They say numbers don’t lie, and the numbers on a company’s financial statements can reveal whether or not it really is a worthwhile investment. Mark Bechard asked asset managers
which numbers they use most when assessing a share. Compiled by Mark Bechard with commentary by Abdul Davids – head of research for Kagiso Asset Management.
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19 August 2020

South Africa’s platinum industry forced by virus to look into the abyss – Moneyweb

South Africa’s gold industry has been dying slowly for years. As the coronavirus undercuts the already fragile case for investment, its platinum mines my be next. Felix Njini and Elena Mazneva report, with commentary from Mandi Dungwa – portfolio manager for Kagiso Asset Management.
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19 August 2020

Exxaro braces for uncertainty – Business Day

Diversified miner Exxarro Resources, Eskom’s largest coal supplier, expects export sales to fall in the second half of 2020 after weathering the Covid-19 storm remarkably well in the first six months of the year. Article by Lisa Steyn with comments by Mandi Dungwa – portfolio manager for Kagiso Asset Management.
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31 July 2020

Sasol shares jump as investors celebrate asset sale – Business Live

Shares in Sasol logged their biggest one-day gain in more than seven weeks as investors cheered news of a deal that will net the debt-laden petrochemical group R8.5bn, which might persuade the company to scrap a potentially dilutive rights issue. Written by Lisa Steyn with commentary from Abdul Davids – head of research for Kagiso Asset Management.
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24 July 2020

Gold price gets bullish – The Citizen

Last week gold futures rose above $1 800 per ounce. This is the first time they have passed that figure since 2011. The price of the precious metal is up over 17% this year in dollar terms. It is therefore not surprising that five of the six best-performing stocks on the JSE for the first six months of 2020 were gold stocks. Written by Patrick Cairns with insights from Mandi Dungwa – portfolio manager for Kagiso Asset Management.
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24 July 2020

SA’s ferrochrome retreat points to steady erosion of competitiveness – Mining Weekly

The local chromium industry is ostensibly being cut out of global ferrochrome production, owing to its eroding competitiveness and the comparatively ‘low-hanging fruit’ of supplying chromite. While it is seemingly economically expedient at present, the continued decline in local ferrochrome production capacity is rather concerning for the mineral processing industry. Moreover, South Africa continuing, and possibly increasing, its dependence on commodity exports can have adverse implications for the economy. Article by Nadine James with commentary Mandi Dungwa – portfolio manager for Kagiso Asset Management.
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7 July 2020

Is this rising gold price merely a self-fulfilling prophecy? – Citywire

And even if it does, does it matter? Last week gold futures rose above $1,800 per ounce. This is the first time they have passed that figure since 2011.
The price of the precious metal is up over 17.0% this year in dollar terms. It is therefore not surprising that five of the six best-performing stocks on the JSE for the first six months of 2020 were gold stocks – DRDGold, Pan African Resources, Goldfields, AngloGold Ashanti and Harmony. Article by Patrick Cairns with commentary Mandi Dungwa – portfolio manager for Kagiso Asset Management.
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9 June 2020

Has value vs growth become old economy vs new economy? – Citywire

Has there been a structural change in economies and markets that means that old valuation methods are losing their relevance? In a recent Citywire Global CEO Summit, Baillie Gifford’s joint senior partner Andrew Telfer spoke about the ongoing relative under-performance of value versus growth. It was notable that this theme had persisted even through the market volatility of the first few months of this year. Article by Patrick Cairns with commentary by Gavin Wood – chief investment officer for Kagiso Asset Management.
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9 June 2020

Central energy fund in talks to buy Sasol petrol stations – Business Day

The Central Energy Fund (CEF), the state-owned company whose main asset is oil and gas firm PetroSA, is in talks with Sasol to buy petrol stations as the embattled chemicals and synthetic fuels group scrambles to raise cash to pay down debt. Lisa Steyn writes with contribution by Abdul Davids – head of research for Kagiso Asset Management.
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9 June 2020

PSG keeps promise and offloads 28.1% of its stake in Capitec – IOL

Investment giant PSG Group has kept its promise to reconsider its exposure to Capitec, announcing on Tuesday that it had decided to spin off 28.1 percent of its stake in the country’s second biggest retail bank to unlock value for its shareholders. Article by Dineo Faku with commentary by Abdul Davids – head of research for Kagiso Asset Management.
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20 April 2020

Sasol stock surges on oil hedges – Business Day

Sasol shares jumped after the synthetic fuel and chemicals producer said it has used hedges to lock in oil prices until end June and that its operations are continuing in the wake of the Covid-19 pandemic and the state-imposed lockdown. The company, which has lost about 90% of its market value in 2020 so far, said the hedging programme, which will reduce its exposure to any further oil price slides until June, will be set at about $32 (R568) per barrel. Article by Lisa Steyn with commentary by Abdul Davids – head of research for Kagiso Asset Management.
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20 April 2020

A tricky balance – Moneyweb

South African investors have moved large amounts of money into balanced unit trusts over the past decade. The assets in aggressive allocation funds have grown from R72.3 billion in 2010 to R419.6 billion by the end of 2019. For the first half of this period, this strategy was rewarded with excellent returns from these strategies. Over the last five years, however, the average aggressive balanced fund in South Africa has delivered just 5.1% per annum. With comment by Gavin Wood – Kagiso Asset Management’s chief investment officer.
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20 April 2020

Covid-19 impact on business is ‘devastating’ – Voice of the Cape

The reality of Covid-19 on South Africa’s weak economy is devastating. So says Abdul Aziz Davids, head of research at Kagiso Asset Management, commenting on the financial pinch being felt on small and medium businesses in the wake of the coronavirus. Currently, South Africa has 402 confirmed cases of Covid-19 – an increase of 128 since yesterday. President Cyril Ramaphosa is set to address the nation later today on measures to be undertaken to curb the impact of Covid-19. However, Davids said the real economic impact will only show one month or even two months down the line. Commentary by Abdul Davids – head of research at Kagiso Asset Management.
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20 April 2020

Morningstar announces 2020 South African fund award winners – FANews

Independent investment research company Morningstar Research (Pty) Limited, a subsidiary of Morningstar, Inc. (NASDAQ: MORN) has named the winners of its 2020 South Africa Fund Awards.
Kagiso won two awards – for Best Aggressive Allocation Fund and Best South Africa Equity Fund – while Investec scooped Best Fund House: Larger Fund Range award and Fairtree won Best Fund House: Smaller Fund Range.
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20 April 2020

Searching for the value in local equities – Moneyweb

Between the start of 2014 and the end of 2019, the FTSE/JSE All Share Index returned just 6% per annum. This is significantly below its long-term average of around 14%, and only barely higher than inflation. The first few months of 2020 have only compounded the bad news for local investors. Given global fears around the coronavirus, the JSE has been extremely volatile, falling back to 2013 levels. This has been an extremely difficult environment for local equity funds. But it has also been one in which skilled managers have demonstrated their worth.
Article by Patrick Cairns with insight by Gavin Wood – chief investment officer for Kagiso Asset Management.
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17 February 2020

Strong stock selection behind outperformance – Weekend Argus, Personal Finance

Raging Bull Award for the Best South African Multi-asset Equity Fund on a risk-adjusted basis over five years to December 31, 2019. Certificate for the Best South African Multi-asset Medium Equity Fund on a risk-adjusted basis over five years to December 31, 2019.
The Kagiso Protector Fund is aimed at investors who want to protect their capital yet be moderately exposed to higher-risk assets to achieve above-inflation growth. Article by Martin Hesse with insight by Simon Anderssen – portfolio manager for Kagiso Asset Management.
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17 February 2020

Choosing the right inexpensive shares pays off – The Independent, Personal Finance

Raging Bull Award for the Best South African Equity General Fund on straight performance over three years to December 31, 2019.
The Kagiso Equity Alpha Fund, which was launched in 2004, has more than R698 million in assets under management, according to the fund’s minimum disclosure document of December last year. Article by Mark Bechard with insight by Gavin Wood – chief investment officer for Kagiso Asset Management.
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17 February 2020

Change in significant holding of Alexander Forbes shares – Moneyweb

In accordance with the JSE Limited Listing Requirements and Section 122 of the Companies Act 71 of 2008 (the Act). Shareholders are advised that Kagiso Asset Management Proprietary Limited has formally notified the company that its total interest in the ordinary shares of the company has increased to 5.07%.
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17 February 2020

There is a clear favourite among equity unit trust managers in South Africa – Business Insider

A report by Kagiso Asset Management shows that Naspers was the biggest holding in seven of the ten biggest equity funds as at end-December 2019.
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17 February 2020

MiPlan and Kagiso the big winners at the Raging Bulls – Moneyweb

This year’s Raging Bull Awards held in Cape Town, were a clear confirmation of how the South African unit trust market is taking on a new character. The accolades were dominated by smaller managers, with boutique house MiPlan emerging as the South African manager of the year. Equally noteworthy was that another boutique firm – Kagiso Asset Management – took home the most fund awards on the night. In total, its funds won in six categories. Investec Asset Management had the second highest tally with four.
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17 February 2020

Here are the 2020 Raging Bull winners – IOL

The event recognises superior performance by unit trust fund managers in selecting investments for their portfolios, taking into account consistency and aversion to risk. The manager of the year awards are based on the risk-adjusted performance of a manager’s suite of qualifying unit trust funds, as determined by the PlexCrown Fund Ratings system, over a five-year period, in this instance to the end of 2019.
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17 February 2020

Raging Bull Awards: all the nominated funds – IOL

The annual Raging Bull Awards ceremony, a highlight on the South African investment industry calendar, recognises the top-performing actively managed unit trust funds and their managers. This year’s event, hosted by Personal Finance and sponsored by Investment Fund Africa and the JSE, will be held at the Cape Town International Convention Centre on Tuesday, January 28.
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17 February 2020

SA beleggers kry darem troos in 2019 ná maer jare – Rapport

Suid-Afrikaanse beleggers het nie so ‘n rampspoedige 2019 gehad soos wat ekonomiese hoofopskrifte dit will hê nie. Trouens, alle hoofstrrom-bateklasse behalwe plaas genoteerde eiendom het inflasie geklop.
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