Matthew Zunckel

10 Mar: Portfolio insights

A major theme of the first quarter has been a significant spike in volatility in global markets, particularly the US. This has naturally fed into the entire financial eco
system, driven by Trump assuming office and implementing a barrage of executive orders from the get-go. The US, as a result, is undergoing massive
changes which will lead to structural change in the
US economy.

07 Mar: PGM sector

The platinum group metals sector got off to a very strong start in Q1, following a weak 2024. Given that PGM stocks were beaten up heading into 2025, it did not take much positive news to get PGM stock prices going. In this case, the Rhodium
price spiked unexpectedly.

05 Mar: Pan African resources

We recently initiated a position in Pan African, which is a smaller and more geographically concentrated gold miner relative to its larger peers, Harmony, Goldfields and AngloGold. We also believe there are interesting elements of the
investment case where management will be able to extract value from the operations even if the gold price pulls back moderately.

13 Jan: Nampak

Nampak, the leading manufacturer of beverage cans in South Africa, embarked on a remarkable turnaround story in 2024, led by renowned turnaround specialist Phil Roux.

12 Jan: Afrimat

We have been long term holders in Afrimat and have observed the business as management has navigated several different cycles and repositioned the business to continually capitalise on growth opportunities.

03 Jan: Astral

2023 marked the toughest year for the poultry industry on record. Multiple calamities struck, with the worst being the unprecedented level of loadshedding.

02 May: South 32

South32 is a global diversified mining company that was spun off from BHP Billiton in 2015. The company operates in several commodities including alumina, aluminium, manganese, nickel, silver, zinc, and metallurgical coal.

26 Jun: Barloworld

Barloworld released a very satisfactory set of interim results for FY22. On the one hand, the group is coming out of the low Covid base while on the other, BAW also contended with an operating environment which included continued supply chain restraints.