View from the Thames

  Deon Gouws   July 2024   Financial Mail


View from the Thames

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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@DeonGouws_Credo

Equities - June in review

  Billy Pain   July 2024


Equities - June in review

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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May in review

  Billy Pain   June 2024


May in review

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.

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
Beneath the bonnet

  Jason Spilkin   June 2024


Beneath the bonnet

CredoNews #

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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View from the Thames

  Deon Gouws   June 2024   Financial Mail


View from the Thames

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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@DeonGouws_Credo

April in review

  Billy Pain   May 2024


April in review

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.

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
Bruce Whitfield interviews Deon Gouws

  Deon Gouws   May 2024   Radio 702


Bruce Whitfield interviews Deon Gouws

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.

@DeonGouws_Credo

View from the Thames

  Deon Gouws   May 2024   Financial Mail


View from the Thames

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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@DeonGouws_Credo

Bruce Whitfield interviews Deon Gouws

  Deon Gouws   May 2024   Radio 702


Bruce Whitfield interviews Deon Gouws

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.

@DeonGouws_Credo

Developments in obesity drugs

  Jarrod Cahn   May 2024


Developments in obesity drugs

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.

March in review

  Billy Pain   April 2024


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
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
Credo Dynamic Fund wins at 2024 LSEG Lipper Fund Awards

  Damian Yeomans   April 2024


Credo Dynamic Fund wins at 2024 LSEG Lipper Fund Awards

CredoNews #

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”.

Chugging Along

  Jason Spilkin   April 2024


Chugging Along

CredoNews #

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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Bruce Whitfield interviews Deon Gouws

  Deon Gouws   April 2024   Radio 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”.

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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.

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@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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