Willem Jonker

Allan Gray is an active and value-oriented manager which aims to deliver superior long-term performance at lower levels of risk by making investment decisions based upon proprietary, fundamental research. The firm seeks to buy shares that are undervalued and sell them when the firm thinks they have reached their worth, regardless of popular opinion. They invest in a range of equity, fixed interest and multi-asset mandates across Africa.

MetAM is an active, value-oriented manager which believes that pricing anomalies exist where the expected growth in future earnings is not reflected in the current price. They make investment decisions based on a combination of top-down and bottom-up analyses. The firm's strategy team drives the top-down process with inputs from the macroeconomic team, fixed-interest team and the equity team. Analysts, responsible for covering shares allocated to them on a sector basis, perform the bottom-up research. They conduct fundamental research, modeling their companies using the macro input variables from the strategy team, their knowledge of a particular industry and their knowledge about a company. Portfolio managers and focus area heads select stocks. MetAM believes that the interest rate cycle is the most important driver of bond returns in South Africa. Their fixed-income approach is primarily top-down with a core focus on understanding the macro-economic fundamentals which may affect South African interest rates. Fundamental research determines their view of the future shape and level of the yield curve and subsequently provides them with an indication of whether the market is over- or undervalued relative to their view. The firm's fair value regression model incorporates all the macro drivers which flow into fair value calculation and implied return forecasts. Once they have established the future level and shape of the yield curve, they decide how to set up parameters so that the preferred portfolio characteristics are achieved. When constructing the portfolio, they decide on the size and deviation of the model portfolio relative to the All Bond Index for certain parameters. The variables can be neutral, overweight or underweight relative to the All Bond Index and are all potential sources of return. They conduct technical analysis to determine the timing of their purchases and sales.

The investment approach at Interneuron is a blend of fundamental, quantitative and behavioral analysis, with a focus on absolute returns and the reduction of risk, or 'avoidance of loss.' The firm has a bottom-up investment style and rejects the relative-return mindset of the asset management industry. Their philosophy is to invest aggressively, allocating up to 10% of total assets in a particular share. They will avoid unnecessary trades and are not afraid to hold onto depressed shares with attractive long-term fundamentals.

Develops and commercializes CBD based products