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

    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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  • Richard Court

    Low Expectations

    Richard Court - March 2019

    In the latest edition of REFOCUS, portfolio manager and analyst Richard Court argues that much like happiness, investment outcomes depend not on how well things are going, but on whether things are going better or worse than expected. To explain this further, he outlines two recent additions to RECM funds where negative sentiment and low expectations have created investment opportunities in two very different sectors.

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  • Piet Viljoen

    A brief history of RECM

    Piet Viljoen - January 2019

    In the latest edition of REFOCUS, portfolio manager Piet Viljoen discusses how RECM’s investment process has come full circle back to the original process that served RECM investors well in its first 10 years. He talks about mistakes made and consequent lessons learned along the journey. He concludes with why he believes RECM is set to continue generating good returns for its investors – as it did so in the first 10 years of its existence, and as it has done so again over the past 3 years.

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