Manager Research

We received confirmation from Sanlam Investment Management (“SIM”) last Friday morning that Philip Liebenberg, portfolio manager of the SIM Active Income and SIM Inflation Plus funds, has resigned. In addition to his role as portfolio manager of the two funds, Philip also served as the head of the absolute return team at SIM.

SIM have indicated that portfolio management responsibilities of the SIM Active Income fund will pass to Melville du Plessis, the current portfolio manager of the SIM Enhanced Yield fund. Natasha Narsingh will take over portfolio management responsibilities on the Inflation Plus fund. She has been working with Philip on this mandate since 2009 and will be supported by the broader asset allocation team, which includes Fred White of the SIM Balanced fund. Additionally, Philip will remain with SIM for the next few months to ensure a smooth handover.

We rate Philip very highly as a portfolio manager, and consider his approach to investing and risk a perfect fit for these mandates. In our opinion, his resignation therefore has a material impact on the funds. Both funds were rated Tier 1, but as a result of this significant change, we have placed the ratings under review for the time being. We will be spending time with the new portfolio managers over the next few weeks before finalising the ratings.