Manager Research

We have recently completed our review of the Fairtree Equity Prescient Fund and have maintained our Tier 2 rating. As a reminder, a Tier 2 rating is a positive rating where we have some minor concerns we are monitoring.

We previously reviewed this fund in 2023 after one of the fund’s longstanding portfolio managers, Stephen Brown stepped back from portfolio management responsibilities and went on a sabbatical. At the time, the fund’s other longstanding portfolio manager, Cor Booysen, was appointed as sole lead portfolio manager on the fund and three senior analysts (Chantelle Baptiste, Deon Botha and Donald Curtayne) were appointed as co-portfolio managers.

Although we felt that the new structure was well considered, it was yet to be tested, and we wanted to see how it faired over a reasonable period of time.

Since then, the portfolio management structure has changed and now Cor, Donald and Deon each manage a slice of the portfolio through a multi-counsellor approach. Chantelle has been promoted to Head of Equity Research and does not manage a slice of the portfolio. Stephen has returned to the business as an Equity Strategist and does not currently have any portfolio management responsibilities.

One of the unique attributes that has contributed to this fund’s success historically has been Stephen and Cor’s working relationship and co-portfolio management of the fund. We continue to rate Cor and have had strong interactions with Deon and Donald. However, we would like to see how the multi-counsellor approach to the management of this fund works over a longer period of time.

For that reason, we feel a Tier 2 rating is still appropriate.