Investec Managed Fund
Gail Daniel, portfolio manager:
The Investec Managed Fund’s philosophy has always been to invest in growth shares or to buy shares with positive earnings revisions and sell shares with negative earnings revisions. We are valuation cognisant, but not obsessed. We have always believed that macroeconomics matters. The Investec Managed Fund blends both top-down and bottom-up ideas. The drivers in the stock market change over time and the fund is therefore flexible and turnover Fund is high. Ultimately, it is about how the shares within the portfolio are combined that produces good riskadjusted returns.
Looking ahead, risks abound!
I believe the local market is underestimating the risk in Eastern Europe, while Trump is going to give stock-pickers like us a lot of work to do. Locally, political risk remains high. However, market returns have been anaemic for a while now and companies with positive earnings revisions should do well. There are always opportunities.