Episodes

  • The impact of Asisa’s new equity fund classifications on DFMs and asset managers

    The impact of Asisa’s new equity fund classifications on DFMs and asset managers
    Feb 4 2025
    In this episode of Money, Markets & Masterminds, we continue our Mind Over Markets series in partnership with Morningstar South Africa. I sat down with Michael Dodd, senior fund analyst at Morningstar, to discuss a major shift in South Africa’s equity fund landscape - the reclassification of unit trust categories.

    The Association for Savings and Investment South Africa (Asisa) has introduced a classification change, separating SA-only equity funds from general equity funds that include offshore allocations. This development is set to enhance transparency, improve fund comparability, and influence how discretionary fund managers (DFMs) and asset managers structure their portfolios.

    Dodd explained why Asisa introduced these category changes and what they mean for fund selection and how increased offshore limits (up to 45%) have influenced fund performance.

    Listen to our conversation on how fund managers, DFMs, and retail investors should navigate these changes and what trends will shape SA equity funds going forward.
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    12 mins
  • Lessons from the frontlines with Trevor Garvin - Two decades of money management

    Lessons from the frontlines with Trevor Garvin - Two decades of money management
    Jan 31 2025
    In this episode of Money, Markets, and Masterminds, Citywire South Africa sits down with Trevor Garvin, head of multi-management at Nedgroup Investments, to discuss two decades of insights from managing fund of funds unit trusts.

    From strategic asset allocation and the rise of passive investing to the impact of liquidity crises and cost-conscious portfolio construction, Garvin has seen it all.

    Listen to our conversation where he shares hard-earned lessons on navigating the evolving investment landscape.
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    32 mins
  • Market Outlook 2025 – The Perils of Prediction and the Principles of Investing

    Market Outlook 2025 – The Perils of Prediction and the Principles of Investing
    Jan 22 2025
    This week, we explore the challenges of market prediction and investment strategies in its latest episode of the new underlying series called the Long Game with Adrian Saville – economist, investor, and academic. The discussion highlights why financial markets resist simple forecasts due to their dynamic and interconnected nature. In this instance, two works are considered by Saville.

    The first piece of work comes from Bloomberg’s John Authers. At the end of each year, he writes an article for his imagined investment firm, Hindsight Capital, which makes fantastically astute decisions because they know – with the benefit of hindsight – what to buy and what to avoid. The fantasy shows just how hard it is to imagine what each year delivers. The second piece of work comes from Cliff Asness, co-founder of AQR Capital Management, who, in a recent article leaps forward a decade, imagining the errors that will become evident in hindsight by 2035.

    Drawing on these two works, the episode tackles the futility of prediction and the importance of building resilient investment portfolios from the get-go.
    The conversation also delves into current market trends, including risks in the US equity rally, debt challenges with US Treasuries, and China’s economic slowdown and potential parallels with Japan..

    Emphasising discipline and preparation, the podcast offers actionable insights to help investors align portfolios with their long-term goals.
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    28 mins
  • Is it the year 20 twenty ‘thrive’ or 20 twenty ‘survive’?

    Is it the year 20 twenty ‘thrive’ or 20 twenty ‘survive’?
    Jan 10 2025
    Welcome to a brand-new year and the latest episode of ‘Money, Markets, and Masterminds’, the Citywire South Africa podcast that unpacks the intricate world of finance and investments.

    In this episode – our first for 2025 and the eighth in partnership with Morningstar South Africa – I’m joined by Sean Neethling , Morningstar’s head of investments, to gaze into the crystal ball for the year ahead.

    As we leave 2024 behind, with its surprises, market highs and political shifts, we tackle pressing questions:

    • Will US equities sustain their stellar performance, or is caution warranted?
    • How will global interest rates and inflation shape developed and emerging markets?
    • Can South Africa build on the positive momentum from last year’s elections?

    Whether you’re a financial adviser, fund selector, or institutional investor, this episode delivers actionable insights, expert analysis and strategic tips to help you navigate the uncertainties of 2025.
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    18 mins
  • Are umbrella funds truly delivering on their promises, or are they falling short of providing the value members deser

    Are umbrella funds truly delivering on their promises, or are they falling short of providing the value members deser
    Dec 6 2024
    For many employers, umbrella funds promise simplicity, cost-effectiveness and the benefits of scale. But beneath the surface, there are pressing concerns.
    Critics have pointed out issues ranging from hidden costs to limited transparency. Employers often focus solely on administration fees, overlooking other significant expenses like investment fees, which can leave their staff worse off financially.

    There’s also the question of who truly benefits from economies of scale. Is it the member, or is it the fund sponsor and service providers? And, as the market grows more complex, advisers and consultants face challenges in being able to see through the marketing to provide sound, impartial advice.

    To help us unpack these issues, we’re joined by Andrew Crawford, CEO of Seshego Benefit Consulting, an expert in retirement fund solutions and a thought leader who’s been very vocal about the need for greater transparency and accountability in the umbrella fund space.
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    28 mins
  • How Trump-proof is your portfolio?

    How Trump-proof is your portfolio?
    Nov 29 2024
    This episode serves as a year-end analysis, providing insights into how investors can navigate the uncertainties ahead.
    As markets reacted positively to Donald Trump’s presidential win, with both equity futures and the US dollar rising significantly, questions arise about the sustainability of these trends.
    Joined again by Sean Neethling, head of investments at Morningstar South Africa, we delve into asset allocation strategies in a changing political landscape, identifying sectors that may benefit from ‘Trumponomics’ while also considering potential risks. We also highlight the importance of understanding trade policies and their impact on international relations, particularly with China, as well as the implications for South Africa amid its own political challenges.
    Listen to the conversation below to find out how these developments influence investment decisions and portfolio construction.
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    18 mins
  • Developments in emerging markets

    Developments in emerging markets
    Nov 4 2024
    For most of the last three years US markets, led by large-cap growth companies, have surged while other developed and emerging markets have struggled to keep up. As a grouping, emerging markets seem to have lost their lustre and global investors appear more willing to rotate allocations within the US, as opposed to allocating capital outside its borders.

    The result is that the valuation gap between the US and emerging markets is widening, as broader developing regions haven’t seen the level of flows to support sustained investment performance.

    Some of the big questions looming are whether investors will continue to shun emerging markets, or if lower valuations and recent stimulus measures introduced by China will see these markets rally? Are there other countries or regions that we should be looking at? And do these locations have a place in investor portfolios?

    We had Sean Neethling – the head of investments at Morningstar SA – back in the studio to provide us with some of the answers to these questions.
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    20 mins
  • Decoding the Top 50 Advisers list and how advisers made the cut

    Decoding the Top 50 Advisers list and how advisers made the cut
    Oct 31 2024
    In this episode of Money, Markets, and Masterminds we unpack the thinking behind Citywire South Africa’s inaugural Top 50 Adviser list that was released this week.

    Joining me in studio is Tracy Benjamin, Citywire South Africa’s audience development relationship manager, who shared her insights into the selection process of advisers included in the report. She also discussed how this recognition can enhance the careers of advisers across the country.

    We also touched on what was included in the questionnaire and some of the overarching themes that emerged from advisers’ submissions.
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    10 mins