Videos

Afrimat

Umthombo Wealth’s Alex Duys takes a look at the past week’s market activity and answers your stock related questions.

Pepkor and Bidcorp

Tackling your questions tonight are Deryck Janse van Rensburg from Anchor Capital and Alex Duys from Umthombo Wealth

Naspers/Prsosus and Anglo American

Tackling your questions tonight are Alex Duys from Umthombo Wealth and Roy Mutooni from Sanlam Investments.

ABSA & Afrimat

Tackling your questions tonight are Alex Duys from Umthombo Wealth and Nick Crail from FNB Wealth & Investments

ABSA

Tackling your questions tonight are Alex Duys from Umthombo Wealth and Graeme Körner from Körner Perspective.

Mustek and Microsoft?

Tackling your questions tonight is Jonathan Fisher from PSG Wealth Sandton Grayston and Alex Duys from Umthombo Wealth

MAS Real Estate & Anheuser-Busch Inbev

Tackling your questions tonight is Alex Duys from Umthombo Wealth and Mark Du Toit from Oyster Catcher Investments

Growthpoint and Attacq

Tackling your questions tonight is Alex Duys from Umthombo Wealth and Sanelisiwe Tofile from All Weather Capital

Mustek and Octodec

Tackling your questions tonight is Drikus Combrinck from Capicraft and Alex Duys from Umthombo Wealth

British American Tobacco & Caxton

Tackling your questions tonight is Jonathan Fisher from PSG Wealth Sandton Grayston and Alex Duys and Umthombo Wealth

GRINDROD & ASHMORE PLC

Astral & Capitec

Tackling your questions tonight is Grant Nader from Benguela Fund Managers and Alex Duys from Umthombo Wealth

Vukile & TFG

Reunert & Spur

Tackling your questions tonight is Devin Shutte from The Robert Group and Alex Duys from Umthombo Wealth

Spar & Sibanye Stillwater

Capital Appreciation & Amazon

Tackling your questions tonight is Gary Booysen from Rand Swiss and Alex Duys from Umthombo Wealth

Reinet and Grindrod

Tackling your questions tonight is Alex Duys from Umthombo Wealth and Rowan Williams from Nitrogen Fund Managers

Attacq Limited & City Lodge

British American Tobacco & Combined Motor Holdings

Caxton CTP

CIO, Alex Duys joins Stock Watch to discuss a green trading day yesterday and what drove the market movements.

iShares US Aerospace & Defense ETF & Ninety One

Growthpoint Properties & General Electric Company

CIO, Alex Duys joins Stock Watch to discuss a green trading day yesterday and what drove the market movements.

Distell & Sanlam

Tackling your questions tonight is Rowan Williams from Nitrogen Fund Managers and Alex Duys from Umthombo Wealth

The Foschini Group & MTN

Tackling your questions with  Alex Duys from Umthombo Wealth and Graeme Körner from Körner Perspective.

Pepkor Holdings and Combined Motor Holdings Limited

Tackling your questions in this episode of Stock Watch is Alex Duys from Umthombo Wealth

REMGRO AND ALTRIA

 Tackling your questions in this episode of Stock Watch is Alex Duys from Umthombo Wealth and Ricus Reeders from PSG Wealth Sandton

Prosus Calgro m3 & investec ltd

Tackling your questions in this episode of Stock Watch is Alex Duys from Umthombo Wealth and Chantal Marx from FNB Wealth & Investments

Prosus & City Lodge

Tackling your questions in this episode of Stock Watch is Alex Duys from Umthombo Wealth and Independent Analyst Chris Gilmour

Remgro and Northam Platinum

Tackling your questions tonight are Nick Kunze from Sanlam Private Wealths and Alex Duys from Umthombo Wealth

Raubex and Famous Brands

Tackling your questions tonight are Ricus Reeders from PSG Wealth Sandton and Alex Duys from Umthombo Wealth

Netcare & Prosus

Tackling your questions tonight are Meryl Pick from Old Mutual Investments and Alex Duys from Umthombo Wealth

BP and Calgro M3

Tackling your questions tonight are Nick Crail from Ashburton Investments and Alex Duys from Umthombo Wealth

Aveng and Uranium

Tackling your questions in this episode of Stock Watch is Drikus Combrinck from Capicraft and Alex Duys from Umthombo Wealth

Firstrand & AVI

Neelash Hansjee from Old Mutual Investments chose Firstrand as his stock pick of the day and Alex Duys from Umthombo Wealth chose AVI

Growthpoint & PPC

Alex Duys from Umthombo Wealth chose Growthpoint as his stock pick of the day and Nesan Nair from Sasfin Securities chose PPC

Sibanye Stillwater & MTN​

Alex Duys from Umthombo Wealth chose Sibanye Stillwater as his stock pick of the day and Nesan Nair from Sasfin Securities chose MTN​

City Lodge & Mustek​

Independent Analyst Chris Gilmour chose City Lodge as his stock pick of the day and Alex Duys from Umthombo Wealth chose Mustek​

Mediclinic & Nedbank

Gerbrand Smit from N-e-F-G Fund Managers chose Mediclinic as his stock pick of the day and Alex Duys from Umthombo Wealth chose Nedbank

Stock Watch – 17 Aug 2021

Tackling your questions tonight are Alex Duys from Umthombo Wealth and Jean Pierre Verster from Protea Capital Management

Stock picks — BAT and Alibaba

Alex Duys from Umthombo Wealth and Gary Booysen from Rand Swiss talk to Business Day TV.

Stock picks — Groupe Bruxelles Lambert and Raubex​

Rowan Williams from Nitrogen Fund Managers and Alex Duys from Umthombo Wealth talk to Business Day TV.

Stock picks — Growthpoint and PPC

Alex Duys from Umthombo Wealth and Nesan Nair from Sasfin Securities talk to Business Day TV.

Stock picks — FirstRand and AVI

Neelash Hansjee from Old Mutual Investments and Alex Duys from Umthombo Wealth talk to Business Day TV.

Stock picks — Sibanye-Stillwater and MTN

Alex Duys from Umthombo Wealth and Nesan Nair from Sasfin Securities talk to Business Day TV.

Stock picks — Mediclinic and Nedbank

Gerbrand Smit from N-e-F-G Fund Managers and Alex Duys from Umthombo Wealth talk to Business Day TV.

Stock picks — Mediclinic and Nedbank

Gerbrand Smit from N-e-F-G Fund Managers and Alex Duys from Umthombo Wealth talk to Business Day TV.

Stock picks — Aspen and Impala Platinum

Karl Gevers from Benguela Global Fund Managers and Alex Duys from Umthombo Wealth talk to Business Day TV.

Stock picks — cash and gold

Alex Duys from Umthombo Wealth and Drikus Combrinck from Capicraft talk to Business Day TV.

Stock picks — Long4Life and cash

Alex Duys from Umthombo Wealth and independent analyst Chris Gilmour talk to Business Day TV.

Stock pick — cash and Metrofile

Alex Duys from Umthombo Wealth and Jean Pierre Verster from Protea Capital Management talk to Business Day TV.

Stock picks — gold ETF and BAT

Alex Duys from Umthombo Wealth and Joseph Busha from JM Busha Investments talk to Business Day TV.

Stock pick — silver and Remgro

Alex Duys from Umthombo Wealth and Ricus Reeders from PSG Wealth Sandton talk to Business Day TV.

Stock picks — Shoprite and iShares MSCI Global Silver

Nick Kunze from Sanlam Private Wealth and Alex Duys from Umthombo Wealth talk to Business Day TV.

Stock picks — Boston Scientific and BAT

Deryck Janse van Rensburg from Anchor and Alex Duys from Umthombo Wealth talk to Business Day TV.

Stock picks — Afrimat and Growthpoint

Independent analyst Chris Gilmour chose Afrimat as his stock pick of the day and Alex Duys from Umthombo Wealth chose Growthpoint.

Stock picks — Nepi Rockcastle and Partners Group

Alex Duys from Umthombo Wealth and Jean Pierre Verster from Protea Capital Management talk to Business Day TV.

Stock picks — Lewis and Naspers

Alex Duys from Umthombo Wealth and Nick Crail from Ashburton Investments talk to Business Day TV.

Stock picks — Afrimat and Sasol

Sekgabo Molelekoa from Umthombo Wealth and Mark du Toit from OysterCatcher Investments talk to Business Day TV.

Stock picks — Massmart and Remgro

Alex Duys from Umthombo Wealth and Graeme Körner from Körner Perspective talk to Business Day TV.

Stock picks — Microsoft and Distell

Nesan Nair from Sasfin Securities chose Microsoft as his stock pick of the day and Sekgabo Molelekoa from Umthombo Wealth chose Distell Group.

Stock Picks — Tencent and Anglo American

Alex Duys from Umthombo Wealth chose Tencent as his stock pick of the day and Joseph Busha from JM Busha Investments Group chose Anglo American.

Blog

20 Mar: MAS

MAS PLC a publicly traded real estate investor listed in both the Netherlands and South Africa, with a focus on income-generating commercial properties across Central and Eastern Europe (CEE).

07 Mar: How green is green

According to The Independent, Britons can expect to save £630 (approximately R14,490) a year using solar panels, equivalent to around 210 cups of coffee in London. That’s a considerable saving in a country renowned for having little sun!

05 Mar: Goldfields

Gold Fields Limited, headquartered in Johannesburg, South Africa, is among the world’s largest gold mining companies. Its origins date back to 1887 when Cecil Rhodes founded Gold Fields of South Africa Limited.

28 Feb: Argent

The Argent Group describes its operations as a collection of investments within the manufacturing and commodity trading industries, with operations spread across South Africa, the United Kingdom, and the United States of America.

Articles and Podcasts

City Lodge needs margin expansion

26 FEB 2024 |  SIMON BROWN

Alex Duys of Umthombo Wealth shares insights on how the market reacted differently to City Lodge’s results, which were not well-received, compared to the positive response to the Dis-Chem update

Pick n Pay’s Summers has tough road ahead to right loss-making retailer

10 OCT 2023 |  DIEKESTENG MALEKE

Umthombo Wealth’s Assisitant Portfolio Manager Nomtha Ngumbela provides commentary on the latest set of Pick n pay results

QSR stock battle: Famous Brands vs Spur

11 OCT 2023 | SIMON BROWN

Analysis of Famous Brands trading update and a look at where investors should be looking for long-term returns.

Manufacturing sector keeps fighting the fight

03 OCT 2023 | SIMON BROWN

A look at the top local and offshore stocks for investors and analysis of the latest PMI data.

Umthombo Wealth’s CIO Alex Duys gives his buy and sell recommendations

25 May 2023 | Business Day

Alex Duys, portfolio manager at Umthombo Wealth, on what the smart money is doing.

ALEX DUYS OF UMTHOMBO WEALTH ON MONEYWEB NOW

05 MAY 2023 | SIMON BROWN

Alex Duys of Umthombo Wealth on the PnP results and Aspen update

Nedbank’s CEO Mike Brown calls for urgent and decisive SA leadership

08 March 2023 | DIEKESTENG MALEKE

Umthombo Wealth’s CIO Alexander Duys provides commentary on the latest set of Nedbank results.

Spur is back in the saddle

02 MARCH 2023 | ADELE SHEVEL

Umthombo Wealth’s CIO Alexander Duys’ commentary  on the latest Spur results is quoted

Sasol’s shares tumble as earnings guidance falls below market expectations

08 February  2023 | Dieketseng Maleke

Portfolio Manager Matthew Zunckel provides commentary on Sasol’s latest trading update.

How to make money off load shedding

16 January  2023 | SIMON BROWN

A look at investment opportunities that could stem from load shedding, trends in hospitality and analysis of listed property opportunities

Nampak capital raise to also fund increased bevcan demand

06 December   2022 |  SIMON BROWN

Analysis of results from Alexforbes, Oceana and Nampak and a look at Tharisa’s expansion plans.

Local healthcare groups report disappointing numbers

18 November  2022 | SIMON BROWN

Alex Duys of Umthombo Wealth on Life Healthcare’s FY results. CEO Kobus Gertenbach explains the Premier Group business ahead of its 8 December listing.

Astral’s weak H2 worries the market

28 October  2022 |  SIMON BROWN

Alex Duys Umthombo Wealth talks Anheuser-Busch InBev’s strong update and Astral’s trading update which held no surprises but spooked the market.

Pan African Resources declares bumper dividend

15 September  2022 | JIMMY MOYAHA

This morning CIO Alexander Duys CFA, CAIA joined  Simon Brown to unpack updates from Growthpoint and Sibanye- StillWater

Capitec shares slump after earnings update disappoints

08 September  2022 |  KARL GERNETZKY

Umthombo’s CIO Alexander Duys gives comments to Fin 24 on Capitec’s (disappointing)  earnings update

Mondi gets a great deal in Russian exit

15 August 2022 | SIMON BROWN

Alex Duys from Umthombo Wealth on Mondi exiting Russia and Spar’s Poland update.

British American Tobacco offers a strong hedge for a resilient portfolio

06 July 2022 | SIMON BROWN

Alex Duys of Umthombo Wealth on markets as Naspers and Prosus have another strong day and Nampak gets a debt extension

Buy Mr Price and Sell Vodacom – Expert Insights

16 June2022

Assistant Portfolio Manager, Nomtha Ngumbela, provides commentary on the latest update released by Pick n Pay.

Telkom’s shares slide as its annual revenue dips amid global supply constraints

15 June 2022 | DIEKETSENG MALEKE

Assistant Portfolio Manager, Nomtha Ngumbela, provides commentary on the latest update released by Telkom.

ALEX DUYS OF UMTHOMBO WEALTH ON MONEYWEB NOW

11 May 2022 |  SIMON BROWN

Alex Duys of Umthombo Wealth on the Kaap Agri results and a green day in the markets.

Sasol declares force majeure on export of some chemicals

26 APRIL 2022 | DIEKETSENG MALEKE

Portfolio Manager, Matthew Zunckel, provides commentary on the latest update released by Sasol.

Pick n Pay’s Boone launches aggressive plan to claw back market share

18 MAY 2022 | DIEKETSENG MALEKE

Assistant Portfolio Manager, Nomtha Ngumbela, provides commentary on the latest update released by Pick n Pay.

Alex Duys of Umthombo Wealth on Moneyweb now

14 APRIL 2022 |  SIMON BROWN

Alex Duys Umthombo Wealth on EOH results and Mr Price acquisition.

Alex Duys of Umthombo Wealth on Moneyweb now

25 MARCH 2022 | SIMON BROWN

Alex Duys of Umthombo Wealth on the Clicks and Remgro’s trading updates.

mtn in solid annual results as it deleverages its balance sheet

10 MARCH 2022 |  DIEKETSENG MALEKE

Assistant Portfolio Manager, Nomtha Ngumbela, provides insights into MTN Group’s latest results presentation and the progress in the fintech opportunity.

Foshini group to buy tapestry for R2.4 billion  as it expands into homeware territory 

08 MARCH 2022 |  DIEKETSENG MALEKE

Assistant Portfolio Manager, Nomtha Ngumbela, provides insights into The Foschini Group’s latest acquisition

Equity MIning firms in the country set for profit windfall as Russian-Ukraine conflict rages

07 MARCH 2022 |  DIEKETSENG MALEKE

Equity and ESG Analyst, Sandile Magagula, provides commentary on the impact of the Russia-Ukraine crisis on PGMs

coal constraints take the shine off sasol results

22 FEBRUARY 2022 |  DIEKETSENG MALEKE

Portfolio Manager, Matthew Zunckel, provides commentary on the latest results released by Sasol.

Aveng,murray & roberts disappoint markets

23 FEBRUARY 2022 | SIMON BROWN

Alex Duys of Umthombo Wealth talks markets and the Murray & Roberts trading update

DRDGold details tailing facility setback as it posts its interims

17 FEBRUARY 2022 |  DIEKETSENG MALEKE

Umthombo Wealth Equity and ESG analyst Sandile Magagula provides insights into the latest update from DRDGold.

Amplats, the world’s biggest PLATINUM producer

22 FEBRUARY 2022 |  DIEKETSENG MALEKE

Chief Investment Officer, Alex Duys, provides commentary on the latest results released by Anglo American Platinum.

PGM miners set for another strong year

24 JANUARY 2022 |  SIMON BROWN

Alex Duys of Umthombo Wealth chats the latest updates from TFG and Mr Price. Bruce Williamson of Integral Asset Management talks PGMs:

the world of alternatives is far larger. than just section12j

10 NOVEMBER 2021 |  SIMON BROWN

Alternative investments generally are unlisted, illiquid, portfolio diversifiers … often with ‘a bit of an asymmetric return’ relative to risk: Dino Zuccollo of Westbrooke Alternative Asset Management.

Alex Duys of Umthombo Wealth on Implats’s follow-up offer for RBPlats.

30 NOVEMBER 2021 |  SIMON BROWN

Alex Duys of Umthombo Wealth on Implats’s followup offer for RBPlats. Andrew Skudder, RIB CCS CEO, on how the construction industry can benefit SA.

Umthombo Wealth’s Alex Duys on company news.

22 OCTOBER 2021 |  SIMON BROWN

Umthombo Wealth’s Alex Duys on company news; Dr Adrian Saville on inflation expectations; and Simon Brown on the new Satrix All Share ETF.

Nomtha Ngumbela of Umthombo Wealth provides
commentary on City Lodge Hotels

16 SEPTEMBER 2021 | BRUCE WHITFIELD

City Lodge is either the ultimate
Covid recovery play or a value trap, full of failed promise

Alex Duys of Umthombo Wealth talks market volatility

30 SEPTEMBER 2021 |  SIMON BROWN

Alex Duys of Umthombo Wealth talks market volatility. Tim Holden, MD of Caxton, on the group’s new foray into packaging. Andrew Bahlmann of Deal Leaders International on whether corporate governance is still intact.

Alex Duys of Umthombo Wealth on Sibanye-Stillwater’s
lithium mine investment and FirstRand results

17 SEPTEMBER 2021 | SIMON BROWN

Sibanye-Stillwater moving into lithium mining

Alex Duys of Umthombo Wealth talks
Mediclinic results and its Spire Health exit

27 MAY 2021 | SIMON BROWN

Alex Duys of Umthombo Wealth
talks Mediclinic results and its Spire Health exit.

Potential for value to be unlocked at LibstaR

12 SEPTEMBER 2019 | SEKGABO MOLELEKOA

Packaged goods retailer should continue to pay dividends.

Stadio could be a good bet

27 SEPTEMBER 2019 | SEKGABO MOLELEKOA

Private tertiary institutions will be in great demand for years to come.

New healthcare firm ‘has potential’

12 JULY 2017 | MICHELLE GUMEDE

RH Bophelo is targeting South Africans who cannot afford exorbitant private healthcare costs but are willing to pay for affordable quality care.

Sasol’s Lake Charles project is proving to be painful for investors

30 AUGUST 2019 | SEKGABO MOLELEKOA

A delay in releasing results due to an independent review of the project’s execution and technical issues is the latest bad news.

Recycling has a crucial role in uplifting the economy

07 NOVEMBER 2019

PET Plastic Recycling Company estimates recycling of plastic bottles created thousands of income opportunities last year and has saved more than 4.3-million cubic metres of landfill.

Spring in Lewis’s mattress

03 JUNE 2021 | KATHARINE CHILD

The retailer, still an ethics pariah to many, is nevertheless back on investor radar screens after a stellar year.

Look for firms that can ride out the Covid-19 storm

26 MARCH 2020 | BUSINESS DAY TV

Alex Duys from Umthombo Wealth and Graeme Körner from Körner Perspective talk to Business Day TV.

Quarterly Reports

First Quarter 2024 by Umthombo Wealth


There is a saying, or perhaps merely an economic fact, that the market does not equal the economy. As economists differentiate the two: the real economy comprises the actual exchange of goods and services, while the financial economy, manages money assets, and investments within a society.

The US benchmark S&P 500 Index declined 3% over the quarter, but nonetheless is still up 13% year-to-date. Ordinarily, there would be nothing alarming about these figures, but when you consider that seven stocks (Apple, Microsoft, Tesla, Meta, etc.) out of 503 are responsible for most of the index’s year-to-date return,one might do a double take. To put things in another perspective, if you had owned these seven stocks,

Umthombo Active Bond  Report April 2024

Third Quarter 2023 by Umthombo Wealth


The global economy continued to recover from COVID-19, Russia’s invasion of Ukraine and last year’s energy crisis. Stronger growth is being throttled by the lingering impact of the pandemic, the Ukraine war and increasing fragmentation, along with rising interest rates, extreme weather events and shrinking fiscal support, the IMF said.

 

ECB raised interest rates 50 bps this quarter as inflation still hovers more than double the 2% target. President Christine Lagarde signaled a shift in tone that could mean the peak in interest rate has been reached, but the probability of rate cuts is a distant prospect.

 

Umthombo Active Bond  Report December 2023

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Umthombo Wealth Equity Report for Quarter December 2023

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Second Quarter 2023 by Umthombo Wealth


If you’ve visited a South African grocery store recently, you know very well that prices have been on the rise. Similarly, South Africans with mortgages can attest to the fact that interest rates have also climbed. Inflation and interest rates are no strangers to South Africans

 

The implied required return discount rate for the JSE All Share is two standard deviations above the mean over the measured period (1995/06/30 to 2023/06/30). The high implied required return underscores the prevailing negative sentiment, risks, and uncertainty surrounding the South African market.

 

Umthombo Moderate Equity Report June 2023

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Umthombo Active Bond  Report June 2023

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First Quarter 2023 by Umthombo Wealth


The persistence of global economic risks, particularly those associated with the ongoing conflict in Ukraine, poses a significant threat to growth prospects, potentially impeding progress towards recovery in the short-term and hindering long-term sustainable development.

Household expenditure and investment both declined, but government spending and trade helped offset these drops. Germany, the largest economy in the continent, shrank by 0.4%, while Ireland’s growth was significantly less than initially reported. The Eurozone’s GDP increased by 1.8% YoY in 2022.

 

Umthombo Moderate Equity Report March 2023

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Umthombo Active Bond  Report March 2023

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Fourth Quarter 2022 by Umthombo Wealth


Our local market performed better on a relative basis and managed to eke out a return in ZAR terms. The fourth quarter return of the Capped SWIX of 12% brought the calendar year 2023 return to 4.41%. This was almost entirely comprised of dividends though, in price terms the Capped SWIX was flat for the year.

Despite the slight underperformance, all our fund offerings ended the year in good stead, with substantial alpha generated for the calendar year. This adds to the strong long term track record of the funds.

Umthombo Moderate Equity Report December 2022

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Umthombo Active Bond  Report December 2022

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Third Quarter 2022 by Umthombo Wealth


The global economy is at risk of a recession. Slowing growth, rising inflation and higher borrowing costs have put emerging market’s debt and exchange rates under further stress.This quarter, foreign flows into SAGBs lost momentum, amid the broad-based risk-off mood.

Although monetary policy globally and locally has turned more hawkish, foreigners’ sales of SAGBs were counteracted by banks’ 0.8% increased holdings.

Umthombo Moderate Equity Report September 2022

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Umthombo Active Bond Report September 2022

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Second  Quarter 2022 by Umthombo Wealth


The second quarter saw local markets give back all their gains and more from quarter one. The Capped SWIX declined 11% for the quarter, bringing year-to-date performance to -5%. This was followed by Grindrod, which was up 33%, benefitting from an unlocking of value through corporate actions to streamline the portfolio. Prosus (+33%), Hosken (+31%), Mediclinic (+30%), Thungela (+26%) and Astral Foods (+24%) made up the rest of the quarter winners. Our funds all outperformed for the quarter, with the moderate portfolio generating 118bps of alpha. Our funds exhibited defensive characteristics, declining less than the overall index. 

Umthombo Moderate Equity Fund Report June 2022

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Umthombo Active Bond Report June 2022

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First  Quarter 2022 by Umthombo Wealth


Local markets started 2022 on the front foot, enjoying strong absolute and relative performance. The Capped SWIX, the primary benchmark for our funds, increased 6.72% in the first quarter.  Although market sentiment globally was dominated by interest rate talk, and indeed we have seen the commencement of a global interest rate hiking cycle. Despite the unpredictable nature of events that drove markets in quarter one, our funds were able to outperform their benchmarks.

Umthombo Moderate Equity Fund Report March  2022

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Umthombo Active Bond Report March 2022

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Fourth Quarter 2021 by Umthombo Wealth


Market volatility remained elevated in Q4 2021. The global economy heads into 2022 with hopes for a return to normality and fears that will – once again – be delayed. The combination of a more hawkish MPC and improved fiscal outlook will likely raise short-end yields and reduce long-end bond yields to offer a flattening bias to the yield curve in the near term. The fund returned 9.18% on a year-to-date period ending 31 December 2021, outperforming the benchmark by 0.78% as we continue to lock in alpha (intra month). 

Umthombo Moderate Equity Fund Report December  2021

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Umthombo Active Bond Report December  2021

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Third Quarter 2021 by Umthombo Wealth


Market volatility to remain elevated. In Q3 2021, global market sentiment continued to be driven by increased risks with the virus resurgence, China Evergrande Group’s debt crisis and an impending reduction in the Fed’s asset purchases being the most dominant.  Despite these market jitters, considerable uncertainty remains over the trajectory of global growth in the coming quarters. Year-to-date alpha remains positive as the fund outperformed (1.20%) the ALBI that managed a 1.09% return. The Active Bond Fund delivered an active return (alpha) of 0.26% for Q2 2021 and a quarterly decrease to 0.54% (0.86%) over three years annualised. 

Umthombo Moderate Equity Report September 2021

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Umthombo Active Bond Report September  2021

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Second Quarter 2021 by Umthombo Wealth


Local markets put in a more measured performance for quarter 2, compared with previous quarters. The SWIX returned -1.8%, and the Capped SWIX returned 0.6%. Market returns were substantially higher for the quarter as at end of May, however a very weak June more than offset the positive start, with the SWIX and Capped SWIX down 2.8% and 3.0% respectively for the month. Our funds benefitted from holdings in many of the top 10 performers for the quarter, with stocks like Tsogo Sun Hotels (+33%), Vukile (+33%), Afrimat (+28%) and Investec (+26%) contributing to alpha generation in the portfolios.

Umthombo Moderate Equity Fund Report June 2021

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Umthombo Active Bond Report June 2021

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First Quarter 2021 by Umthombo Wealth


Markets continued strong gains in the first quarter of 2021. Market participants seem to have now largely disregarded any further risks from the COVID pandemic and are content with focusing on broader economic recovery and continued monetary stimulus. Our local market posted exceptional gains, with the Capped SWIX returning 13% for the quarter, which was one of the top equity markets returns across global markets. Surprisingly, the top performing share in the benchmark was Steinhoff, up 125%, although this share remains well off its pre-scandal highs at just R2.34 a share.

Umthombo Moderate Equity Fund Report March 2021

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Umthombo Active Bond Report March 2021

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