My first analyst job was part of a team of a dozen or so 20 to 30 years of age “generalists” who covered multiple sectors. The sole outlier was the Financials guy, who was much older, wiser and sat in the corner of the office - detached from the rest of us. This depiction is not unusual. A recent colleague came from a similar setup - all generalists but for...
October witnessed a turnaround in global equity markets, alleviating some of the negative sentiment from prior months. Although the economic outlook across the globe remains pessimistic, the current resilience of labour markets has been a point of encouragement for investors. The S&P 500, Euro STOXX 50 and FTSE 100 all finished the month up by 8.1%, 9.1% and 3.0%, respectively in their local currencies. Most notably, the Dow Jones Industrial Average Index finished the month up by 14.1%, which is its best month since 1976. In fixed income markets, prospects of further rate hikes pushed yields higher on US and German 10-year bonds by 22 and 3 basis points, respectively, whereas the reinstated fiscal budget in the UK led to a fall in the yield on UK 10-year bonds by 58 basis points. The pound gained 2.7% on the US dollar and 0.9% against the euro.
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Please join Deon Gouws, Chief Investment Officer at Credo, as he finds inspiration in a famous quote by advertising legend David Ogilvy, when commenting on recent political developments in the UK & the resulting economic fallout.
He will conclude by shifting focus to the strength of the USA, illustrating how this forms the backbone of Credo's top-performing Global Equity Fund.
Date: Tuesday, 6 December 2022
Time: 10:00 AM (UK) | 12:00 PM (SA)
Duration: 45 Minutes
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There has been a lot of political turbulence in the UK over the past few years, ultimately contributing to higher borrowing costs and deteriorating economic conditions.
In his latest column for leading South African publication Financial Mail, Deon Gouws (Chief Investment Officer at Credo) provides perspective.
Credo's new Senior Equity Analyst, Douw Steenekamp, is featured in the latest issue of South African investment magazine MoneyMarketing.
We are currently in the Atlantic hurricane season which runs from June to November each year. In late September 2022, Hurricane Ian struck the US state of Florida and the narrative in the media became somewhat hysterical as a result. President Biden, facing mid-term elections in November, warned that it may be Florida’s deadliest storm ever. Coincidentally, the state...
September continued in the footsteps of the previous month, with global equities and bonds selling off steeply. Negative sentiment increased and the prospect of a soft landing diminished further, as central banks reaffirmed their hawkish stances on inflation. The S&P 500, Euro STOXX 50 and FTSE 100 all finished the month down by 9.2%, 5.5% and 5.2%, respectively. Brent Crude oil fell by 10.2% to its lowest price in the last six months, providing some much-needed relief to consumers. In fixed income markets, following the prospects of further rate hikes, yields on US, UK and German 10-year bonds all increased by 64, 129 and 57 basis points, respectively. Over the course of the month, the pound reached an all-time-low against the US dollar, weakening by 3.9% and 2.5% against the euro at month end.
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Deon Gouws, Chief Investment Officer at Credo, was interviewed by leading South African journalist Fifi Peters on Moneyweb Radio earlier this week. He shared some thoughts about the current political turmoil in the UK as well as the implications for markets.
Has any UK Chancellor of the Exchequer had a worse tenure than Kwasi Kwarteng, who was recently fired after barely a month in the job?
In his latest column for leading South African publication Financial Mail, Deon Gouws (Chief Investment Officer at Credo) provides context and links it to the former Chancellor’s Ph.D. thesis which focused on Great Recoinage of 1696.
Rupert Silver, lead manager of Credo Dynamic Fund, was recently featured in The Times, where he discussed the Fund’s increased exposure to corporate bonds and how best to access the asset class to benefit from the higher yields now available.
August proved to be another challenging month for global equity and bond markets, undoing much of the relief from the prior month. Negative sentiment intensified with no end to the Russia-Ukraine war in sight, accompanied by central banks' unremitting hawkish stance against inflation. The S&P 500, Euro STOXX 50 and FTSE 100 all finished the month down by 4.1%, 5.1% and 1.1%, respectively. After months of soaring oil prices in the first half of the year, Brent Crude oil continued its gradual decline and finished the month down by 5.5%. In fixed income markets, yields on US, UK and German 10-year bonds all increased by 54, 94 and 72 basis points, respectively. The pound continued its downward trajectory against the US dollar, weakening by 4.5% and 2.9% against the euro.
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In 1924, Adolf Dassler started a shoe manufacturing business in his mother's scullery in Herzogenaurach, Germany. Later that year his brother, Rudolph, joined the business which became 'Dassler Brothers Shoe Factory' (in German). The Dassler shoes quickly developed a reputation amongst sportsmen for their craftsmanship, quality, performance and innovation. They were the first to develop lighter canvas and...
It is a well-known cliché in the world of investing that people should sell in May and go away. There is however also a second part to this saying which is somewhat less well known, namely that one should come back on St Leger's day.
In his latest column for leading South African publication Financial Mail, Deon Gouws (Chief Investment Officer at Credo) explains the background to this piece of investment advice, and qualifies it in the context of what has been happening this year.
Credo has hired Andile Mncube as a new relationship manager based in Johannesburg. Andile has over 15 years of experience in the financial services sector.
The story goes that when Sir David Tweedie was chairman of the International Accounting Standards Board (IASB), he joked that his lifelong ambition was to fly in an aircraft that actually existed on the airline's balance sheet. Lease contracts are not straightforward. There has long been debate amongst the accounting standard setters about how...
July provided some much-needed relief for investors across global markets, following on from a particularly pessimistic end to the second quarter of 2022. Amongst continued discouraging inflation data and another base rate hike from the Federal Reserve, the US officially entered a 'technical recession' following two consecutive months of GDP decline. However, with much of the macroeconomic challenges already priced in, second quarter earnings were surprisingly encouraging. The S&P 500, Euro STOXX 50 and FTSE 100 all finished the month up by 9.2%, 7.5% and 3.7%, respectively. For its second consecutive month of decline, Brent Crude oil finished the month down by 0.9%. In fixed income markets, yields on US, UK and German 10-year bonds all fell by 36, 37 and 52 basis points, respectively. The pound finished the month flat against the US dollar and strengthened by 2.6% against the euro.
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Working from home became the new normal when lockdowns forced it upon us a couple of years ago, but a significant number of companies now want employees to return to city centre offices once more.
In his latest column for leading South African publication Financial Mail, Deon Gouws (Chief Investment Officer at Credo) discusses some of the pros and cons of a hybrid working model.
Jarrod Cahn recently participated in a lively discussion on equities that was hosted by AssetTV.
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Rupert Silver, lead manager of Credo Dynamic, recently discussed the Fund's strong 5-year performance with Citywire. He also outlined the current positioning and explained the rationale for increasing corporate bond exposure.
Jarrod Cahn, portfolio manager for the Credo Global Equity Fund, was recently interviewed by Chloe Mulder of Asset TV South Africa.
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With Credo Dynamic recently reaching its 5-year anniversary, lead manager Rupert Silver recently shared his thoughts on the Fund's progress to date. He also discussed the strong performance, portfolio positioning and the current outlook amidst challenging market conditions.
Credo has hired Douw Steenekamp as a new investment team member. Douw has more than 30 years of experience as a portfolio manager and equity analyst.
After May's relatively flat month, negative sentiment resumed in the markets throughout June, with the S&P 500 officially slipping into a bear market. The month concluded as the worst first half to a year for developed market equities, in over 50 years. This has largely emanated from severe and persistent inflationary pressures and the subsequent rate hikes, recession fears and the continued Russia-Ukraine conflict. The S&P 500, Euro STOXX 50 and FTSE 100 all finished the month down by 8.3%, 8.7% and 5.5%, respectively. Following months of price appreciation, Brent Crude oil finished the month down by 3.0%. The yields on US, UK and German 10-year bonds all increased by 17, 13 and 21 basis points, respectively. The pound fell 3.5% against the US dollar and fell 2.3% against the euro.
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Death and taxes are life's only certainties according to Benjamin Franklin. Car insurance might as well be added to that list. If you drive a car in America, you are legally required to have insurance in 49 out of 50 States. New Hampshire, the only exception, has a population representing only about 0.4% of the country. In the European Union, third-party car insurance is...
Credo's Head of Equities, Jarrod Cahn, recently spoke to Citywire about the success of the Credo Global Equity Fund following its 5th year Anniversary. Cahn discusses the investment methodology and style of the fund, and its key to success through all business cycles.
Over the last decade or two, the CFA designation has effectively become a necessary (if not sufficient) prerequisite for a career in investments.
In his latest column for leading South African publication Financial Mail, Deon Gouws (Chief Investment Officer at Credo) questions this against a background of fewer people than before entering for the qualification.
Credo is celebrating the 5 year anniversary of its UCITS fund range. This recent communication provides further information and details the strong performance of the funds.
After April's sell-off, markets were broadly flat at the end of May which provided some much-needed relief for investors. Volatility remained high with negative sentiment persisting due to the ongoing Russia-Ukraine conflict, tightening monetary policy by central banks, and coronavirus restrictions continuing in China. The S&P 500, Euro STOXX 50 and FTSE 100 all finished the month up by 0.2%, 1.3% and 1.1% respectively. In the UK, the Bank of England raised the base rate to 1.0% as an attempt to tackle spiralling inflation which has been made worse by Russia's war in Ukraine. Brent crude oil finished the month up by 8.3% as prices surged after EU leaders reached an agreement to ban 90% of Russian oil by the end of the year. The yields on both UK and German 10-year bonds increased by 20 and 18 basis points respectively, whereas the US 10-year bond decreased by 9 basis points. The pound was up by 0.2% against the US dollar and down by 1.6% against the euro.
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The UK celebrated Queen Elizabeth's Platinum Jubilee recently.
In his latest column for leading South African publication Financial Mail, Deon Gouws (Chief Investment Officer at Credo) looks into the performance of listed companies that have been around for eveb longer than Her Majesty.
The United Kingdom announced last month that it would impose a 'temporary levy' on 'extraordinary profits' of oil and gas producers, to help ease the burden of soaring energy prices on consumers. The extraordinary measures were more appropriately dubbed a 'windfall tax', by the UK press and political establishment, to help ease the so called 'cost of living crisis'. The Conservative government was at pains to add that they will phase out the...
The most recent Collective Insight supplement to Financial Mail magazine in South Africa focused on the topic of Death & Taxes; it included a contribution by Credo Chief Investment Officer, Deon Gouws.
Justin Newdigate is an experienced coach and consultant to the asset management industry who interviews experienced professionals in his 'Investment Community' podcast series. In the latest instalment, he chats to Deon Gouws, Chief Investment Officer at Credo.
Participating on a panel of global equity fund managers, Jarrod Cahn speaks about the outlook for Value and what signs point towards a Value recovery.
Jarrod Cahn is the portfolio manager for the Credo Global Equity Fund.
April followed a similar narrative to the previous quarter, with negative sentiment persisting from the Russia-Ukraine conflict, inflation standing at highest levels in decades, and concerns over increasingly hawkish monetary policy from central banks. The S&P 500 and Euro STOXX 50 finished the month down by 8.7% and 2.0% respectively, whereas the FTSE 100 finished the month up by 0.7%. The FTSE 100 has been a relative outperformer, aided by strong performance in its energy and materials constituents off the back of the inflationary and rising interest rate environment, whereas the S&P 500 continues to be pulled down by its heavy technology weighting. In fixed income markets, yields on US, UK and German 10-year bonds increased by 60, 30 and 39 basis points respectively. The pound fell by 4.3% against the US dollar and 4.7% against the euro.
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HCA Healthcare is the largest 'for-profit' hospital owner in the United States and we have owned the share since 2015. The company operates hospital and outpatient centres offering a full range of services, including general surgery, cardiology, neurosurgery, oncology, orthopaedics, obstetrics, diagnostics, and the like. After releasing Q1 earnings in April this year, HCA's share price dropped as much as...
When markets are volatile, investors tend to consider repositioning their portfolios in response.
In his latest column for leading South African publication Financial Mail, Deon Gouws (Chief Investment Officer at Credo) explains why the best approach often boils down to doing nothing at all in the circumstances.
Exactly twelve months ago, we last wrote about the defence sector. At the time, we saw an attractive opportunity, with the sector trading at the lowest absolute valuation in many years and the lowest relative valuation in decades. Out of favour areas of the market can often provide opportunities if the risks are priced in. Low valuations provide...
March witnessed a small pull back in developed equity markets from the previous month, however the combination of heightened geo-political risk and hawkish monetary policy continued to fuel market volatility. The S&P 500 and FTSE 100 gained 3.7% and 1.4% respectively, whereas the Euro STOXX 50 finished the month down by 0.4%. The Russia-Ukraine conflict continued to apply upward pressure on energy and commodity prices, with brent crude oil peaking above $120 per barrel and finishing the month up by 12.1%. These price surges continued to contribute to inflation figures and raised concerns over economic slowdowns, particularly in export-dependent areas. In fixed income markets, the yields on US, UK and German 10-year bonds increased by 51, 20 and 41 basis points respectively. The pound fell 2.1% against the US dollar and 0.7% against the euro.
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The war in Ukraine has led to widespread sanctions of businesses linked to Russia.
In his latest column for leading South African publication Financial Mail, Deon Gouws (Chief Investment Officer at Credo) looks into the UK's confused relationship with Russians and their money.
We recently took the decision to sell Crown Resorts from the Best Ideas Portfolio and Dividend Growth Portfolio as well as the Credo Global Equity Fund. On the 14th of February 2022, it was announced that Crown had entered into an implementation agreement with Blackstone, whereby Crown shareholders would get to vote on accepting a...
February was a challenging month concerning geopolitics and global monetary policy. The S&P 500 and the Euro STOXX 50 both finished the month down by 3.0% and 5.9% respectively, while the FTSE 100 gained 0.3%. The Bank of England raised the UK base rate by 25 basis points to begin reigning in inflation, which currently sits at 5.5%. Investor confidence weakened, with growing market expectations of increased rate hikes from the US Federal Reserve and the European Central Bank. Later in the month, fears were realised as Russia invaded Ukraine. This invasion built on existing negative sentiment in global equity markets and, with a large portion of the supply of commodities in question, the price of oil rose by 11.5%. Yields on US, UK and German 10-year bonds increased by 5, 11 and 12 basis points respectively. The pound ended the month relatively flat against both the US dollar and euro.
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The war in Ukraine has been dominating headlines over the past few weeks.
In his latest column for leading South African publication Financial Mail, Deon Gouws (Chief Investment Officer at Credo) offers perspective.
Credo's Head of Equities, Jarrod Cahn, recently spoke to Citywire about investing in the Defence sector. He discusses the outlook for the sector, the recent re-rating and the effects of ESG investing.
At this distressing juncture, knowing one's risk is vital. Economic loss is one of these risks and, as your partner, Credo has only minimal exposure to Russia in its discretionary solutions.
Jarrod Cahn, Head of Equities at Credo, recently met up with Citywire Wealth Manager to discuss Credo's investment philosophy, the current market rotation from Growth to Value and his career to date.
Earlier this week, Deon Gouws (Chief Investment Officer) and Jarrod Cahn (Head of Equities) participated in an discussion about Russia, Ukraine and the impact ongoing events may have on investments.
This online panel was organised by Boutique Collective Investments, host of the BCI Credo Global Equity Feeder Fund in South Africa.
The recent article by Credo CIO, Deon Gouws, about the Russia-Ukraine conflict and its impact on the financial world, was featured on leading South African financial news website Moneyweb.
For the better part of the last two years, we have largely divided stocks into two categories: those stocks which have benefited from the pandemic, the 'Stay-at-Home' stocks and those stocks which were severely negatively impacted during the pandemic and would benefit from economies 'Opening-Up'. And, as we have battled through the...
The war in Ukraine has officially started and financial markets are falling in response. Deon Gouws, Chief Investment Officer at Credo, offers perspective.
Two years ago, the Credo Global Equity Fund was made available to South African investors (in local currency) in the form of the BCI Credo Global Equity Feeder Fund, hosted by Boutique Collective Investments (BCI).
Earlier this week, BCI hosted a virtual conference which was attended by an audience of some 300 advisors and investors. Deon Gouws, Chief Investment Officer at Credo, shared perspectives about global markets and the prospects for value investors against a backdrop of high valuations and increases in both inflation and interest rates.
Following a strong year for equity markets in 2021, January witnessed a tough start to 2022. The US Federal Reserve acknowledged that inflation is unlikely to be transitory and they expect to raise interest rates multiple times throughout the year. Additionally, geopolitical tensions surrounding Eastern Europe added to uncertainty and market dislocation. Growth stocks saw the most volatility in the month, especially 'Work from Home' stocks which benefited from changing consumer patterns evident during the pandemic. The S&P 500 and Euro STOXX 50 both finished the month down by 5.2% and 2.7% respectively, whereas the FTSE 100 gained 1.1%. In fixed income markets, the yields on US, UK and German 10-year bonds increased by 27, 33 and 19 basis points respectively. The pound fell 0.6% against the US dollar and rose 0.7% against the euro.
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The press is always awash with investment strategists sharing their views about prospects for financial markets.
In his latest column for leading South African publication Financial Mail, Deon Gouws (Chief Investment Officer at Credo) revisits the folly of forecasting.
In a recent interview with Citywire South Africa, Credo's CIO and Global Equity Fund manager discuss Credo's recent strong fund performance in context of changing market conditions.
Ainsley To, Credo's Head of Multi Asset, recently spoke to Citywire about his background in investment management. He discusses the experiences that have shaped his thinking as well as challenges & opportunities for young people entering the industry today.
'Inflation targeting' is the bedrock of modern monetary policy. Central bankers specify an inflation target and tweak interest rates accordingly as inflation breaches the target It has been hard to ignore the topic of late. Inflation rates in the US have soared to close to 40-year highs of over 7%, driven by a combination of...
After a volatile end to the previous month following the emergence of the Omicron variant, markets quickly recovered as data from South Africa and the UK indicated a lessened risk of severe disease. With higher vaccination rates, particularly in Asia, the global economy is expected to be less vulnerable with the prospect of potential earnings growth in 2022 outweighing rising hospitalisations. The S&P 500 crossed an all-time high and finished 4.5% up from the previous months' close. The Euro STOXX 50 and FTSE 100 finished the month up by 5.8% and 4.8% respectively. UK inflation rose to 5.1% along with increasing labour market tightness and accordingly the Bank of England raised the base rate to 0.25%. In fixed income markets, the yields on US, UK and German 10-year bonds increased by 7, 16 and 17 basis points respectively. With disruptions to oil production, Brent Crude oil rose by 12.9% over the month. The pound was up against the US dollar and euro by 1.8% and 1.4% respectively.
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Over the past few weeks, UK Prime Minister Boris Johnson has been fighting for his political life after a number of cover-ups under his watch had come to light.
In his latest column for leading South African publication Financial Mail, Deon Gouws (Chief Investment Officer at Credo) compares the dishonesty of some politicians to scandals in the business world and questions the value of interviewing management as part of the investment process.
