Refocus

REFOCUS

REFOCUS describes the thinking behind selected recent management actions and provides context to current positions against the backdrop of a global investment opportunity set.

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  • Piet Viljoen

    A Review of 2019

    Piet Viljoen - February 2020

    In the latest edition of REFOCUS, portfolio manager Piet Viljoen reviews the performance of the RECM funds both locally and globally during 2019, looks back on the big trends that defined markets and talks to why value underperformed with this as a backdrop. Piet explains the rationale behind our positioning and outlines the conditions necessary for our investment style and funds to outperform going forwards. He also highlights the merger between RECM and Counterpoint Asset Management, and talks to the benefits of this merger for our investors.

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  • Piet Viljoen

    Should South African investors run for the hills?

    Piet Viljoen - October 2019

    In the latest edition of REFOCUS, portfolio manager Piet Viljoen discusses how many financial commentators are warning of an imminent financial tsunami for South African investors, given prospects of a credit downgrade to junk status. While RECM does not disagree with many of the prevailing views on the state of the economy, where we do differ is on the investment implications thereof. In coming to this, Piet looks at various other markets’ responses to credit downgrades and what this might imply for South Africa. He also considers whether Regulation 28 funds should be written off, and concludes with how one might structure a well-balanced portfolio given the current South African context.

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  • Piet Viljoen

    In space no one can hear you scream

    Piet Viljoen - July 2019

    In the latest edition of REFOCUS, portfolio manager Piet Viljoen explains how the stock market is a hive of risk and uncertainty, where investment decisions are made in an environment which does not adhere to a fixed set of rules, and where surprising things happen all the time. He discusses how our need for more certainty often drives investors to call for increased regulation. While this may reduce uncertainty, it also stifles the incentives to innovate – ultimately leading to worse outcomes for the economy, consumers and investors. Instead of increased regulation he suggests what he believes to be two far more useful tools to manage uncertainty and risk.

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  • Linda Eedes

    All Funds Great and Small - Investors Need Them All

    Linda Eedes - June 2019

    In the latest edition of REFOCUS, Managing Director Linda Eedes explains how investing exclusively with large managers can reduce an investor’s opportunity set by up to two thirds, lead to high levels of concentration risk and result in a portfolio of funds that are highly correlated to each other and the market at precisely the time investors need diversification – in market downturns.

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