While we acknowledge that commodity price forecasting is inherently uncertain, we believe that factors within management’s control point to a stronger FY26, with the potential for operational recovery and renewed investor confidence.
Alexander Duys
We have recently initiated a position in African Rainbow Minerals (ARM), as it is
currently trading at a significant discount to our estimate of fair value.
Our Moderate equity offering is currently overweight in the industrial sector, which has benefitted our performance over the
last six months. The fund has no exposure to pharmaceuticals, chemicals, or paper, and only selective exposure to telecoms.
We remain cautious about Famous Brands’ strategy to invest significantly in the SADC and AME markets. We would prefer a more focused approach, strictly on a franchise basis rather than corporate stores. A recovery in the AME (Africa, Middle East) division could also drive earnings growth, but we have not yet factored that into our expectations.
We remain cautious about Famous Brands’ strategy to invest significantly in the SADC and AME markets. We would prefer a more focused approach, strictly on a franchise basis rather than corporate stores. A recovery in the AME (Africa, Middle East) division could also drive earnings growth, but we have not yet factored that into our expectations.
Sirius produced 1H FY23 results, which were materially better from an operational and financial perspective compared to market expectations.
Funds from operations (FFO) were strong due to accretion from the BizSpace acquisition, but also from strong rent roll growth from Germany and UK.
Famous Brands who owns several well-known brands (Steers; Wimpy and Mugg n Bean) is a vertically integrated company with more than 2800 stores with operations in three continents. Famous Brands operates a franchised, master licence and company owned stores model which is supported by manufacturing, and logistics.