Deon Gouws October 2024 Currency
A new online publication called Currency was recently launched in South Africa. It focuses mainly on the business and financial world and the team producing it includes former staffers at the Financial Mail, Bloomberg and Business Day.
Credo’s Chief Investment Officer, Deon Gouws, will be responsible for an occasional column in Currency under the banner: “The glass is half full” – this is his first contribution.
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Jason Spilkin October 2024
Progressive Corporation (“PGR”) has always danced to its own tune. Its seemingly insular culture and differentiated strategy have driven extraordinary long-term results. In many ways, the company is run more like a family business than a Fortune 500 corporation. PGR was founded by Jack Green and Joe Lewis as a...
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Archie Mayer October 2024
September provided mixed returns for global equity markets. The S&P 500 and Euro STOXX 50 were both up 2.1% and 0.9% respectively while the FTSE 100 lagged behind, falling 1.5% fuelled by poor corporate earnings and, persistent uncertainty over interest rates. It was a stellar month for Asia Pacific markets with the Hang Seng and the Shenzhen CSI 300 increasing 18.3% and 21.1% respectively driven primarily by a significant stimulus package including interest rate cuts introduced by the People’s Bank of China, which created positive sentiment across Asian markets. In fixed income markets, US 10-year bond yields were down 12 basis points due to the Federal Reserve Bank’s 50 basis point rate cut, while UK 10-year bond yields remained stable. Commodities had a positive month overall with gold prices increasing 5.7% buoyed by a weaker US dollar. Copper prices increased 8.6% spurred by supply constraints and increased industrial activity. Brent Crude oil prices fell 5.6% due to floundering Chinese demand and news of Saudi Arabia preparing to increase production from December 2024. The pound had a bumper month appreciating 1.9% against the US dollar and 1.1% against the Euro.
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Deon Gouws September 2024 Financial Mail
With a new Labour government in place, everyone is expecting some hikes in taxes when details of the autumn budget are announced at the end of October.
In his latest column for leading South African publication Financial Mail, Deon Gouws (Chief Investment Officer at Credo) provides perspective.
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Damian Yeomans September 2024 Citywire Wealth Manager
Credo has been shortlisted in two categories in the Citywire Wealth Manager Investment Performance Awards 2024. The annual awards, which are held in association with Asset Risk Consultants, recognise the companies that have delivered the best risk-adjusted returns for their clients over the three years to the end of June. The awards cover seven categories, with individual performance awards for Cautious, Balanced, Growth and Aggressive portfolios, as well as awards recognising the best small, medium and large private client investment management firms. The winners will be announced on 17 October.
Credo is shortlisted in the following categories:
- Best Balanced Portfolio: Credo Multi-Asset Portfolio 60/40
- Best Medium Firm: Credo
Full details of the awards are available via the Citywire Wealth Manager website.
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Billy Pain September 2024
August was a positive month for global equity markets. The S&P 500, FTSE 100, and Euro STOXX 50 were up 2.4%, 0.8%, and 1.8%, respectively and measured in their local currencies. The Nikkei 225 fell 1.1% due to overreaction following the Bank of Japan’s interest rate hike coupled with concerning US jobs data which sent shockwaves market wide. This was swiftly quelled at the prospect of lower interest rates in the US and a flurry of positive earnings results. In fixed income markets, 10-year bond yields were mixed in the US and UK, falling 13 basis points and rising 4 basis points, respectively. Brent Crude Oil prices dropped 3.7% amid Middle East tensions and weak demand in the US and China. Gold rose 2.6% on potential US rate cuts and its use as a hedge against economic instability. The pound gained 2.1% on the US dollar driven by strong UK economic data particularly in the manufacturing sector coupled with fears of a US recession.
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Kirsten McGregor September 2024
Thank you to The Collaborative Exchange for the fantastic International Investment Symposium. As always, Kevin Hinton and his team ran the day smoothly allowing the topical discussions to be the sole focus. Credo’s CEO, Charles van der Merwe, shared the stage with some of the greatest offshore minds in South Africa, unpacking the pros, challenges and features of international investment platforms and structures. We look forward to engaging with all attendees who would like to find out more about our offering.
Jason Spilkin August 2024
In economics, the so-called “network effect” describes a phenomenon whereby the marginal value of a service increases as the userbase grows. By way of example, the more payment cards banks issue on Visa’s network, the more incentivised merchants...
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Billy Pain August 2024
Global equity markets saw mixed returns in July. In the US, the DJIA and S&P 500 posted positive returns of 4.5% and 1.2% respectively, supported by softer than expected inflation and labour market data. Conversely, the NASDAQ recorded a negative return of -0.7% as four of the Magnificent Seven stocks published underwhelming earnings reports. In Europe, the UK experienced stronger than expected economic growth with the FTSE 100 posting a positive return of 2.5% over the month. The Euro STOXX 50 posted a negative return of -0.3% amidst continued uncertainty around the French snap election. In fixed income markets, yields on US and UK 10-year bonds declined by 37 and 20 basis points, respectively, reflecting shifts in investor expectations on future interest rate cuts. In the UK, the Bank of England’s monetary policy committee agreed to an interest rate cut of 0.25% in August. Brent Crude oil fell by -3.3% due to weaker demand from China. The pound rose 1.7% and 0.6% against the US dollar and euro, respectively.
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Deon Gouws August 2024 Financial Mail
At the beginning of August, volatility in global markets reached levels last seen at the time of the global financial crisis in 2008.
In his latest column for leading South African publication Financial Mail, Deon Gouws (Chief Investment Officer at Credo) finds difficulty in justifying such an extreme level of volatility, given current market conditions.
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Billy Pain July 2024
Following a strong May, global equity markets saw mixed returns in June. In the US, the DJIA, S&P 500 and NASDAQ all recorded positive returns of 1.2%, 3.6% and 6.0% respectively and measured in their local currencies. This was driven by a strong earnings season for US technology companies. Whereas in Europe, financial markets responded negatively to the announcement of a snap election in France by French President Emmanel Macron. The Euro STOXX 50, CAC 40 and FTSE 100 all recorded negative returns of -1.7%, -6.2% and -1.0% respectively and measured in their local currencies. In fixed income markets, yields on US, UK and German 10-year bonds declined by 10.2, 14.6 and 16.4 basis points. The European Central Bank (ECB) became the latest developed market central bank to cut interest rates and the Bank of England (BoE) and Federal Reserve (Fed) are both expected to cut rates by the end of the year. The pound was down 0.8% and 1.2% against the US dollar and euro, respectively.
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Damian Yeomans July 2024
We are delighted to announce that the Credo Multi-Asset Portfolios (MAP Core) have received strong recognition at the inaugural 2024 Defaqto MPS Comparator Awards. In the Cautious Comparator sector, Credo MAP Core 45/55 was named Overall Winner, with Credo MAP Core 60/40 also being named one of 4 Highly Commended Winners in the same category. In the Balanced Comparator Sector, Credo MAP Core 70/30 was named as one of the 4 Highly Commended Winners.
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Deon Gouws July 2024 Financial Mail
With the Wimbledon Championships in full swing, it’s interesting to note that there are some notable analogies between tennis and investing.
In his latest column for leading South African publication Financial Mail, Deon Gouws (Chief Investment Officer at Credo) elaborates on this in the context of loss aversion.
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Billy Pain June 2024
Following a challenging April, global equity markets rebounded strongly in May, fuelled by renewed investor optimism about expected rate cuts later in the year. Over the month, the DJIA, S&P 500, NASDAQ, Euro STOXX 50 and FTSE 100 all recorded positive returns of 2.6%, 5.0%, 7.0%, 2.4% and 2.0%, respectively and measured in their local currencies. In fixed income markets, yields on US and UK 10-year bonds declined by 18.1 and 2.9 basis points, respectively driven by the markets continued anticipation around the timing and pace of interest rate cuts. In commodities, Brent Crude oil was down 4.7% over the month, after peaking in April, due to OPEC+’s plans to phase out voluntary production cuts later in the year. The pound was up 1.9% and 1.6% against the US dollar and euro, respectively.
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Jason Spilkin June 2024
The retail and distribution of automotive aftermarket parts seems to be a dull and mature industry from the outside. However, when you look “beneath the bonnet”, there is a long run, profitable consolidation story, which is veritably exciting...
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Deon Gouws June 2024 Financial Mail
With the upcoming general election in the UK, prime minister Rishi Sunak has announced plans to institute national service for 18-year olds.
In his latest column for leading South African publication Financial Mail, Deon Gouws (Chief Investment Officer at Credo) shares some thoughts in the context of the South African system of national service many years ago.
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Billy Pain May 2024
April proved to be a challenging month for global equity markets following persistent inflation data and shifts in interest rate expectations. Over the month, the DJIA, S&P 500, NASDAQ and Euro STOXX 50 all recorded negative returns of -4.9%, -4.1%, -4.4% and -2.2%, respectively and measured in their local currencies. In contrast, the UK’s FTSE 100 was up 2.7% over the month supported by the high allocation to energy and commodity companies in the index. In fixed income markets, yields on US, UK and German 10-year bonds rose by 48.0, 41.4 and 28.6 basis points, respectively driven by shifts in investor expectations around the timing and pace of changes to interest rates with central banks backpedalling on rate cut projections for this year. In commodities, Brent Crude oil was up 0.7% over the month due to the ongoing conflict in the Middle East. The pound was down 0.9% and 1.0% against the US dollar and euro, respectively.
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Deon Gouws May 2024 Radio 702
Deon Gouws, Chief Investment Officer at Credo, made another appearance in the Investment School feature on Radio 702’s Money Show with Bruce Whitfield in South Africa earlier this week, this time focusing on the topic of investment risk.
Deon Gouws May 2024 Financial Mail
BHP’s proposed takeover of Anglo American has been interpreted by some as a motion of no-confidence in South Africa and it’s stock market.
In his latest column for leading South African publication Financial Mail, Deon Gouws (Chief Investment Officer at Credo) points out that similar arguments apply from a British perspective, given that Anglo American’s primary listing is in fact on the London Stock Exchange.
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Deon Gouws May 2024 Radio 702
Following Apple’s latest results update and their announcement that iPhone sales were falling in most parts of the world, Deon Gouws, Chief Investment Officer at Credo, was interviewed by Bruce Whitfield on Radio 702’s Money Show to discuss the company’s prospects.
Jarrod Cahn May 2024
Jarrod Cahn, Lead Manager of Credo Global Equity Fund, recently discussed the subject of obesity drugs. He assessed their effect on the investment landscape, not only on the companies producing them but on other sectors and stocks that may be affected.
Billy Pain April 2024
Global equity markets remained positive in March amidst resilient economic data and Growth stocks continuing to show strength. Over the month, the DJIA, S&P 500, NASDAQ, Euro STOXX 50 and FTSE 100 all experienced positive returns of 2.2%, 3.2%, 1.8%, 4.4% and 4.8%, respectively and measured in their local currencies. The S&P 500 continued to set all-time highs, driven by returns from four of the so called “Magnificent 7” stocks, being Nvidia, Microsoft, Meta Platforms, and Amazon, as their gains accounted for 47% of the S&P 500 total return for the year to the end of March. In fixed income markets, yields on US, UK and German 10-year bonds fell by 5.0, 19.1, and 11.3 basis points, driven by shifts in investor expectations around the timing and pace of changes to interest rates. Brent Crude oil was up 7.1% over the month due to the ongoing conflict in the Middle East. The pound was flat against the US dollar and up by 0.1% against the euro.
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Damian Yeomans April 2024
We are proud to announce that the Credo Dynamic Fund has been honoured with the prestigious title of “2024 UK Best Mixed Asset GBP Flexible Fund Over 5 Years” at the LSEG Lipper Fund Awards. For more than 30 years and in over 17 countries worldwide, these highly respected awards have honoured funds and fund management firms that have excelled in providing consistently strong risk-adjusted performance relative to their peers.
The Dynamic Fund has successfully delivered a unique approach to a diverse portfolio of equities, fixed income and listed alternatives. The key to the success of the strategy is the flexible allocation between asset classes and finding unique opportunities within each. This approach has enabled the fund to achieve outperformance of more than 18% over the past five years versus the peer group average (as of 31 December 2023, the fund's five-year performance stood at 49.6%, surpassing the IA Mixed Investment 40-85% Shares Sector return of 31.5%, Source: FE fundinfo).
Rupert Silver, Lead Fund Manager of the Dynamic Fund and a Director of Credo commented: “We are delighted to receive this award from LSEG Lipper. Since the fund's inception in 2017, we've successfully navigated through a diverse array of market challenges, from historically low interest rates, complexities of Brexit and the unprecedented times of Covid lockdowns, to the recent surge in inflation and geopolitical tensions. The adaptability of the Dynamic Fund has been paramount, enabling us to secure attractive returns for investors whilst limiting volatility during the tough times”.
Jason Spilkin April 2024
It’s no exaggeration that the humble railway line enabled settlement in the western United States, which has few navigable rivers and is surrounded by deserts and mountain ranges. In the early 1800s, most of the population lived along the east coast near existing ports and infrastructure. Back then, crossing from the Atlantic to Pacific coast took many weeks by wagon. The advent of railways...
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Deon Gouws April 2024 Radio 702
Following the death of renowned psychologist and behavioural finance expert Daniel Kahneman last week, Deon Gouws, Chief Investment Officer at Credo, was interviewed by Bruce Whitfield on Radio 702’s Money Show to discuss Kahneman’s contribution to the world of investing.
Rupert Silver April 2024 Portfolio Adviser
Portfolio Adviser magazine recently highlighted our Dynamic Fund as a great performer versus competitors, despite generally being smaller in size. The article noted that with Rupert Silver and Ben Newton at the helm since launch in 2017, the Fund had produced returns of over 47% and outperformed the sector average by “a fair distance”.
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Deon Gouws March 2024 Financial Mail
Two weeks after referring to Markus Jooste in a column outlining some of the pitfalls of investors meeting with company management, the former CEO of Steinhoff took his own life.
In his latest column for leading South African publication Financial Mail, Deon Gouws (Chief Investment Officer at Credo) shares some memories about the man.
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Billy Pain March 2024
February was largely a positive month for global equity markets amidst resilient economic indicators and robust earnings reports. Over the month, the DJIA, S&P 500, NASDAQ, Euro STOXX 50 and FTSE 100 all experienced positive returns of 2.5%, 5.3%, 6.2%, 5.1% and 0.4%, respectively and measured in their local currencies. The S&P 500 continued to set all-time highs with the vast majority of companies exceeding analyst expectations in their earnings reports. In the UK, the release of fourth quarter GDP data showed that the UK fell into a technical recession last year. In fixed income markets, yields on US, UK and German 10-year bonds rose by 33.8, 33.0, and 24.5 basis points, respectively, with a reduction in market expectations of potential rate cuts in 2024. Brent Crude oil was up 2.5% over the month due to the ongoing conflict in the Middle East. The pound fell by 0.8% against the US dollar and by 0.3% against the euro.
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Deon Gouws March 2024 Financial Mail
Many investors believe that meeting company management is an important part of the equity research process.
In his latest column for leading South African publication Financial Mail, Deon Gouws (Chief Investment Officer at Credo) sets out some potential pitfalls of such interactions.
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Jason Spilkin February 2024
You might have heard the theory about a butterfly flapping its wings in the calm today, which can stoke a storm elsewhere tomorrow. A real-world analogy is the so-called “bullwhip effect”, which describes a supply chain phenomenon whereby an initial demand shock gets amplified as resultant ripples reverberate, due to the inventory response from...
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Billy Pain February 2024
Following a strong end to 2023 global markets delivered mixed performances for January. Over the month, the DJIA, S&P 500, NASDAQ and Euro STOXX 50 all experienced positive returns of 1.3%, 1.7%, 1.0% and 3.0%, respectively and measured in their local currencies. The S&P 500 reached all-time highs as positive economic data and receding inflation supported investor optimism. In contrast, the FTSE 100 posted a negative return of -1.3% due to weaker economic data. In fixed income markets, yields on US, UK and German 10-year bonds rose by 3.3, 25.7, and 14.2 basis points, respectively, and mainly driven by central banks striking a less dovish tone in respect of rate cuts expected in 2024. Brent Crude oil was up 5.4% over the month as the ongoing conflict in the Middle East caused disruptions in the Suez Canal. The pound fell by 0.1% against the US dollar and rose by 1.6% against the euro.
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Deon Gouws February 2024 Financial Mail
A few weeks ago, Microsoft published a results update which was well ahead of market expectations.
In his latest column for leading South African publication Financial Mail, Deon Gouws (Chief Investment Officer at Credo) comments on the company’s prospects, specifically in light of artificial intelligence initiatives.
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Billy Pain January 2024
Global equity markets ended the year strongly, driven by investor optimism about easing inflation and expectations for more stable rates including potential cuts in 2024. Over the month, the DJIA, S&P 500, NASDAQ, Euro STOXX 50, and FTSE 100 all experienced positive returns of 4.9%, 4.5%, 5.6%, 3.2% and 3.9%, respectively and measured in their local currencies. In fixed income markets, yields on US, UK and German 10-year bonds fell by 45, 64, and 42 basis points, respectively mainly driven by central banks softening their language and acknowledging a remarkable fall in inflation. Brent Crude oil declined by a further 4.0% from the previous month despite the ongoing conflict in the Middle East and OPEC+ members implementing further production cuts. The pound rose by 0.9% against the US dollar and fell by 0.5% against the euro.
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Ben Newton January 2024 Citywire Wealth Manager
AA Citywire rated Ben Newton, Co-Manager of the Credo Dynamic Fund, recently discussed his best investment calls of 2023. He highlighted the shift to longer dated bonds that have subsequently shown strong capital gains as interest rates are expected to moderate in 2024. He also mentioned the rare opportunity in equity investment trusts, which were trading at their widest discounts since 2008 and have since shown signs of positive momentum, providing additional returns for investors.
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Deon Gouws January 2024 Financial Mail
2023 proved to be another strong year for global equity markets.
In his latest column for leading South African publication Financial Mail, Deon Gouws (Chief Investment Officer at Credo) explains how just seven stocks (all of which are likely to benefit from developments in artificial intelligence) were responsible for the bulk of this performance.
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Charles van der Merwe January 2024 Money Marketing
Charles van der Merwe, Credo CEO, is joined by Peter Armitage, Anchor's CEO, to discuss their strategic merger with MoneyMarketing.
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