Manager Research

We provide detailed institutional-quality global investment manager research and fund ratings. Based in South Africa and the UK,
all members of our manager research team have over ten years of investment experience.

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Research Comments

Update on our concerns around the local credit risks within Income funds
24 Apr 2020
Over the past two years we have raised various concerns around risks within the credit sector (ie corporate debt) which forms a significant part of many local income and multi-asset funds. These concerns related to a few specific risks: Credit markets generally have a low level of liquidity outsi...
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Electus Fund Managers to close
31 Mar 2020
Electus sent out a formal communication today that the shareholders have decided to close the business, effective the 30th of June 2020. Electus is one of Nedgroup’s “best of breed” managers, responsible for the management of the Nedgroup Investments Growth Fund.   Electus w...
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Investec Asset Management Name Change
9 Mar 2020
Following regulatory and shareholder approval to demerge from the Investec Group, Investec Asset Management will list independently on the Johannesburg and London stock exchanges on the 16th of March. You can read more about this in our prior commentary on the demerger here. Part of this arrangement...
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Change to the Fundsmith Equity rating
18 Feb 2020
We have decided to downgrade this fund’s rating to Tier 2. Our concerns are centred around a set of behaviours which seem to be symptomatic of overconfidence, and a business culture that appears to suppress criticism and constructive feedback. Although we will continue to recommend this fund, ...
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Prescient Investment Management Rating Updates
12 Feb 2020
Following our recent review of Prescient's investment capability, we have retained the majority of the ratings on the funds as before. However, there are two funds which have been upgraded to Tier 2 following the review.   Prescient have displayed concerted effort to simplify, organise and al...
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Changes to Prudential Ratings
10 Feb 2020
We have completed a review of Prudential’s funds and have updated several of the ratings across their fund range:    Fund Old Rating New Rating Prudential Enhanced Income Fund Tier 1 Tier 2 Prudential Inflation Plus Fund Tier 1 Tier 2 Prudential Balanced ...
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Nedgroup Property Fund Review
10 Feb 2020
The Nedgroup Investments Property fund was initially rated as a Tier 1 offering in June 2014. This positive rating was predicated upon an experienced portfolio manager implementing a differentiated strategy in a simple and largely homogenous sector. This strategy was supported by a business for whic...
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New Fund Rated: Old Mutual Income Fund
31 Jan 2020
Associated local fund ratings
Orbis Fee Changes
31 Jan 2020
The Orbis fee structure has been widely debated over time as investors have weighed up what appears to be an expensive fee, with what has in practice been a significant level of value add, totaling almost 6%[1] additional return per year for 30 years.  Where alternative funds have charged signi...
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RECM merges with Counterpoint Asset Management
10 Jan 2020
RECM and Counterpoint Asset Management have announced that the two businesses will be merging in 2020. The rationale behind the transaction is to build a stronger and more scalable business in an industry facing increasing regulatory and margin pressures. The transaction is still subject to regulat...
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