Manager Research
all members of our manager research team have over ten years of investment experience.
Counterpoint Asset Management and RECM merged in early 2020 and have been operating under the Counterpoint brand since then. We wrote about the change here. Following a 'settling down' period for the newly combined entity there have been a number of changes made to the funds offered by the group.
There are two old RECM funds which have been merged into existing Counterpoint Funds. These funds will be managed by the combined Counterpoint team. We outline these funds below:
| RECM Fund | Merged Into |
Portfolio Managers |
| RECM Balanced Fund | Counterpoint SCI Balanced Plus Fund | Sam Houlie, Piet Viljoen |
| RECM Equity Fund | Counterpoint SCI Value Fund | Sam Houlie, Piet Viljoen, Raymond Shapiro |
There have been two new funds launched under the Counterpoint brand which mimic the RECM funds which they replace. These funds will follow the same mandate and objectives as the legacy RECM offerings.
| RECM Fund | Merged Into |
Portfolio Managers |
| RECM Money Market Fund | Counterpoint SCI Money Market Fund | Sam Houlie, Piet Viljoen |
| RECM Global Flexible Fund | Counterpoint SCI Worldwide Flexible Fund | Sam Houlie, Piet Viljoen |
These four funds form part of a broader range of local offerings from Counterpoint. We list these below.
| Fund Name |
Portfolio Managers |
| Counterpoint SCI Enhanced Income Fund | Melville Du Plessis[1] |
| Counterpoint SCI Cautious Fund | Sam Houlie, Piet Viljoen |
| Counterpoint SCI Moderate Fund | Sam Houlie, Piet Viljoen |
| Counterpoint SCI Dividend Equity Fund | Sam Houlie, Piet Viljoen, Raymond Shapiro |
The RECM Global Fund has continued to operate with its original RECM branding. While it will be retained as a separate fund for the time being it is already managed by the same portfolio managers who are accountable for the Counterpoint Global Equity Fund[2]. The two funds are managed to the same mandate and are almost identical in their portfolio positioning.
Counterpoint are in the process of changing the RECM Global Fund to become a USD denominated Feeder Fund which invests directly into the Counterpoint Global Equity Fund (the Master Fund). The Fund will then hold only cash or units in the Master Fund. The reason they are doing this rather than amalgamating the two funds, is that the Counterpoint Fund is domiciled in Ireland and the RECM fund is domiciled in Guernsey. If they merged the two funds, the advice they have been given is that the change in tax jurisdiction would trigger a tax event for existing investors. So instead, they will convert it into the feeder fund structure described above.
Given these changes to the RECM fund range we will be withdrawing all existing ratings relating to the funds.
[1] The investment management of this fund is outsourced to SIM. Melville is portfolio manager of both the SIM Enhanced Yield Fund and SIM Active Income Fund.
[2] The fund managers are Sam Houlie, Piet Viljoen and Raymond Shapiro
Update on RECM Fund Range Post-Counterpoint Merger
4 Feb 2021