In­vestec Man­aged Fund

Gail Daniel, port­fo­lio man­ager:

Finweek English Edition - - FUND FOCUS -

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.

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