Manager Research

Nedgroup Core Income (Taquanta) Fund Research Update

In 2025, we reviewed the Nedgroup Investments Core Range and downgraded the Core Income Fund from Tier 1 to Tier 3, alongside downgrades to the Core Guarded, Diversified and Accelerated Funds. The primary driver of these rating changes was concern regarding business and team stability at Taquanta Asset Management.

We noted that while there had been no immediate changes to the team directly managing the Nedgroup funds, broader developments within the business introduced uncertainty that warranted a more cautious rating view, particularly for strategies where Taquanta plays a primary decision-making role.

Recent Development: Taquanta Cash Team

We have subsequently been notified, in May 2026, that Sharika Salie has resigned from her position as Co-Head of Cash Solutions at Taquanta, with her departure effective 12 June 2026.

Sharika has been a long-standing member of the Taquanta business, with approximately 18 years of experience at the firm, and has played a meaningful role in shaping and embedding the investment philosophy and process within the cash team. Until recently, Sharika led the cash capability, having been handed team leadership by Taquanta founder Ray Wallace. It was only in April 2026 that the co-head structure was introduced, with Keorapetse Leballo joining alongside her. As such, Keo’s tenure in the co-head role is relatively short, suggesting a limited period in which he has been embedded in the existing process in a leadership capacity.

Following Sharika’s resignation, Keo assumes responsibility as Head of Cash Solutions. While he brings prior experience at Taquanta and broader industry experience across banking, fixed income and portfolio management, this introduces a change in leadership at the head of the team, despite his historical association with the business.

Rating View: Core Income Fund

The Core Income Fund remains particularly exposed to Taquanta’s investment team, given that it is an actively managed strategy where Taquanta is responsible for both strategy and implementation.

In our 2025 review, we highlighted that organisational disruption and turnover within the broader team could be a source of risk, even in cases where there had been no immediate changes to the portfolio management team directly responsible for the funds. The departure of a senior and long-tenured member of the cash team reinforces our earlier concerns about team and business stability. While Taquanta has emphasised the team-based nature of its investment process and the depth of the broader team, this development supports a cautious assessment of stability within the business.

Summary

Our original downgrade of the Core Income Fund to Tier 3 was driven by concerns around team stability and organisational disruption at Taquanta. The recent resignation of the Co-Head of Cash Solutions is consistent with those concerns.

We therefore maintain our Tier 3 rating on the Nedgroup Investments Core Income Fund.

We will continue to engage with both Nedgroup Investments and Taquanta, monitor developments within the investment team, and reassess our rating view as we gain more clarity on team stability and continuity.