Romeo Makhubela

SAM offers a depth of expertise across investment disciplines – from absolute return and fixed income to listed property, balanced, equity and alternatives; spanning active and passive management, single and multi-manager offerings.

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.

Functions as a College/University

Operates as a real estate investment trust which invests in office, retail and industrial properties

VFM’s investment philosophy is based on inference and an understanding of the fundamental drivers of risk and return across all product groups. The firm has a strong capability in the areas of domestic and global equity, fixed interest, property income, passive and multi-asset class funds.

Functions as a College/University

Provides investment consulting services

Functions as a College/University

Operates as an infrastructure investment company