Videos
Tackling your questions tonight is Mark Du Toit from Oyster Catcher Investment and Alex Duys from Umthombo Wealth
With the tittle Talya Ginsberg Joins Natassia Arendse on CNC Africa’s closing bell to discuss Spar’s latest update
Tackling your questions tonight is Mark Du Toit from Oyster Catcher Investment and Alex Duys from Umthombo Wealth
Tackling your questions tonight is Mark Du Toit from Oyster Catcher Investment and Alex Duys from Umthombo Wealth
Tackling your questions tonight are Alex Duys from Umthombo Wealth and Jean Pierre Verster from Protea Capital Management
Reinet and Microsoft
Tackling your questions tonight are Alex Duys from Umthombo Wealth and Zwelakhe Mnguni from Benguela Global Fund Managers
Naspers and African Rainbow Capital
Tackling your questions tonight are Graeme Körner from Körner Perspective and Alex Duys from Umthombo Wealth
Momentum and Spar
South Africa is looking to close the so-called ‘de minimis’ loophole that is said to have fueled the rapid growth of ultra-fast fashion online retailers like Shein and Temu. Business Day TV spoke to Michael Kransdorff, founder of the Institute for International Tax and Finance for more detail.
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
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.
For those in the know, Hudaco is ideal for preserving and growing capital. This perception might seem counterintuitive given Hudaco’s prominent position in South Africa’s industrial sector—a sector that has been experiencing deindustrialisation for years.
Mr. Sean Summers was previously the CEO of Pick ‘n Pay for 11 years after joining the company as a trainee in the 70s.
Bytes Technology Group, following its IPO (and unbundling from Altron) on the London Stock Exchange, 2020 marked a significant milestone in its evolution as a key player in the UK’s technology sector.
Articles and Podcasts
Capitec: Everything , all at once
04 October 2024 | TJ Strydom
The bank sells more than a quarter of all electricity in South Africa and nearly a third of all data. Besides banking, its push into value-added services gives it some 2.5-trillion data points to mine.
Italtile gets Sasol LNG reprieve until 2027
27 AUGUST 2024 | Simon Brown
AdvTech vs Stadio and a look at the Balanced Foundation ETF.
Mustek offers great value
21 August 2024 | STAFF WRITER
Jean Pierre Verster said Mustek offers a good investment opportunity because it has good fundamentals, decent cash generation, is cheap, and is an acquisition target.
South African tech stock jumped 50% in two weeks
29 JULY 2024 | STAFF WRITER
The company’s share price increased by 50% between 16 July and 29 July.
Rainbow listing today amid expected earnings volatility
26 JUN 2024 | SIMON BROWN
A look at forecourt retail and what the local residential rental market is doing.
Tharisa sees a structural increase in chrome demand
28 MAY 2024 | SIMON BROWN
Analysis of results from Tiger Brands and a look ahead to this week’s MPC rate decision.
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 |
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 |
Alex Duys of Umthombo Wealth
talks Mediclinic results and its Spire Health exit.
Potential for value to be unlocked at LibstaR
12 SEPTEMBER 2019 |
Packaged goods retailer should continue to pay dividends.
Stadio could be a good bet
27 SEPTEMBER 2019 |
Private tertiary institutions will be in great demand for years to come.
New healthcare firm ‘has potential’
12 JULY 2017 |
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 |
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 |
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 |
Alex Duys from Umthombo Wealth and Graeme Körner from Körner Perspective talk to Business Day TV.
Quarterly Reports
Second Quarter 2024 by Umthombo Wealth
There’s a piece of folk wisdom floating around that suggests 70% of the things we worry about won’t happen; some sources even quote 85% or 90%. The exact number is irrelevant, as the figure is more illustrative than based on empirical research. This nugget of wisdom comes to mind when considering the results of South Africa’s election.
Euro-Zone inflation came in at 2.5% during the quarter, adding to evidence that price pressures are gradually moving toward the European Central Bank’s 2% target. Lower food and non-energy industry goods prices contributed to the slowdown in EU inflation, while higher energy prices helped prop up inflation in the region.
Umthombo Active Bond Report June 2024
Umthombo Wealth Equity Report for Quarter June 2024
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
Umthombo Wealth Equity Report for Quarter March 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
Umthombo Wealth Equity Report for Quarter December 2023
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
Umthombo Active Bond Report June 2023
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
Umthombo Active Bond Report March 2023
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
Umthombo Active Bond Report December 2022
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
Umthombo Active Bond Report September 2022
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
Umthombo Active Bond Report June 2022
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
Umthombo Active Bond Report March 2022
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
Umthombo Active Bond Report December 2021
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
Umthombo Active Bond Report September 2021
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
Umthombo Active Bond Report June 2021
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
Umthombo Active Bond Report March 2021
