Equities - March in review

  Billy Pain   April 2024


Equities - March in review

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.

Click below for the latest factsheets.

Best Ideas Portfolio Dividend Growth Portfolio
Bruce Whitfield interviews Deon Gouws

  Deon Gouws   April 2024   702


Bruce Whitfield interviews Deon Gouws

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.

@DeonGouws_Credo

Credo Dynamic Fund selected as a “hidden gem”

  Rupert Silver   April 2024   Portfolio Adviser


Credo Dynamic Fund selected as a “hidden gem”

CredoNews #

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”.

Read the article Read the full publication
View from the Thames

  Deon Gouws   March 2024   Financial Mail


View from the Thames

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.

Read the (paywalled) article Read the PDF

@DeonGouws_Credo

February in review

  Billy Pain   March 2024


February in review

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.

Click below for the latest factsheets.

Best Ideas Portfolio Dividend Growth Portfolio
Multi-Asset Portfolio Core 20/80 Multi-Asset Portfolio Core 45/55 Multi-Asset Portfolio Core 60/40 Multi-Asset Portfolio Core 70/30
Multi-Asset Portfolio ESG 20/80 Multi-Asset Portfolio ESG 45/55 Multi-Asset Portfolio ESG 60/40 Multi-Asset Portfolio ESG 70/30
View from the Thames

  Deon Gouws   March 2024   Financial Mail


View from the Thames

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.

Read the (paywalled) article Read the PDF

@DeonGouws_Credo

The glass is half full

  Jason Spilkin   February 2024


The glass is half full

CredoNews #

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...

Read the full Spotlight
January in review

  Billy Pain   February 2024


January in review

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.

Click below for the latest factsheets.

Best Ideas Portfolio Dividend Growth Portfolio
Multi-Asset Portfolio Core 20/80 Multi-Asset Portfolio Core 45/55 Multi-Asset Portfolio Core 60/40 Multi-Asset Portfolio Core 70/30
Multi-Asset Portfolio ESG 20/80 Multi-Asset Portfolio ESG 45/55 Multi-Asset Portfolio ESG 60/40 Multi-Asset Portfolio ESG 70/30
View from the Thames

  Deon Gouws   February 2024   Financial Mail


View from the Thames

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.

Read the (paywalled) article Read the PDF

@DeonGouws_Credo

December in review

  Billy Pain   January 2024


December in review

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.

Click below for the latest factsheets.

Best Ideas Portfolio Dividend Growth Portfolio
Multi-Asset Portfolio Core 20/80 Multi-Asset Portfolio Core 45/55 Multi-Asset Portfolio Core 60/40 Multi-Asset Portfolio Core 70/30
Multi-Asset Portfolio ESG 20/80 Multi-Asset Portfolio ESG 45/55 Multi-Asset Portfolio ESG 60/40 Multi-Asset Portfolio ESG 70/30
Ben Newton looks back on 2023

  Ben Newton   January 2024   Citywire Wealth Manager


Ben Newton looks back on 2023

CredoNews #

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.

Read the article
View from the Thames

  Deon Gouws   January 2024   Financial Mail


View from the Thames

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.

Read the (paywalled) article Read the PDF

@DeonGouws_Credo

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