Sanlam Private Investments
MTN: It’s one of only a few South African listed companies offering exposure to Middle Eastern and African markets. The group continues to surprise on the upside in terms of mobile telephone penetration in Nigeria. Penetration levels in Iran are very low and most people don’t have cellphones as yet, providing huge potential for future growth. Management has a record of demonstrating a rigorous approach in evaluating opportunities and possible acquisitions. STANDARD BANK: The group has a long and consistent record of providing above average returns on shareholders’ capital. Between the retail, corporate and investment banking and insurance businesses its income stream is very well diversified. With Jacko Maree at the helm, shareholders are in the hands of a highly regarded CE, along with a solid management team. A quality company with quality management. TIGER BRANDS: This company is among SA’s foremost consumer goods and pharmaceuticals companies – with brands including All Gold, Koo, Oros, Beacon, Panado and Myprodol that enable the group to exercise above average pricing power compared to competitor products in the market, earning high returns on shareholders’ equity. We believe their good performance will continue into the future. REMGRO: It’s an investment company with a high quality portfolio of SA businesses and international exposure through their investment in British American Tobacco. Local investments include FirstRand, Implats, Medi-Clinic and Distell. Remgro has a long history of growing its earnings and dividends faster than the market and we believe that the quality of its businesses will ensure the continuation of that track record over the next five to 10 years. BHP BILLITON: We believe this well-diversified group will continue riding the commodity wave beyond 2010. With China striving to uplift the major section of its population out of poverty, much of Asia will remain hungry for resources. We don’t expect a downturn in Asia’s demand for commodities – that will fuel commodity prices.