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To Download the Newsletter Q1 2019 NewsletterGLOBAL WEALTH IN THIS EDITION 2019: Reversal of fortunes? Sasfin Wealth launches SWIP South African Budget Day 2019 A State of Inertia – Is Silence Golden? BACK TO CONTENTS PAGE 01 Contents 23 South African Budget 2019 – tough position but no real surprises. 03 Letter from the Editor 13 National Treasury – 28 A State of Inertia – Shaping South Africa’s Is silence golden? 04 A message from the CEO retirement future 29 Infrastructure: The 06 News in brief: 15 Growing in omni- building blocks of your • Sasfin Asset Managers channel investing: portfolio unearths high-yielding Sasfin Wealth launches opportunities SWIP 32 Begin with the end • Roland Sassoon retires in mind • SA Cricket Legends 17 The sun rises in the East showcase young talent and sets in the West 34 Book reviews at Sasfin Cape Town 21 Q&A with Philip Bradford Sixes • Sasfin Asset Managers 23 South Africa Budget achieves B-BBEE Day - 2019 Level 1 status 24 South African Budget 09 2019: Reversal of 2019 – tough position fortunes? but no real surprises @Sasf in Sasf in BACK TO CONTENTS PAGE 02 LETTER FROM THE EDITOR Bryan Silke - Investor Relations and Board Liaison Manager, Sasfin Holdings The Dark before the Dawn? ith the local General not staying invested, even in tough We are grateful to all those readers Elections fast market conditions. When investors who entered our competition W approaching, professional sell in downturns, they are potentially in the last newsletter to win and lay investors alike are under selling at a lower price and could 1 of 3 Rocketbook notebooks. pressure to hedge their portfolios realise absolute losses.” Congratulations to: Lawson Cairns, against any number of scenarios that Manjula Naidoo and Leon Christiaan could arise. The JSE All Share Index We also introduce readers to the Krynauw, who provided the correct lost 11.4% in 2018 – a devastating recently-launched Sasfin Wealth answer of Sirius Real Estate. Your indictment on the local equity Investment Platform (SWIP). As Sasfin Rocketbooks will be delivered to market, as well as the local economy. Wealth’s Head of Digital Solutions, you shortly. Although we are global investors, Cobus du Preez articulates, a one cannot at best underplay, or at global study by EY concluded On a final note, we bid farewell to worst ignore, the local equity, bond that the majority (59%) of wealth Roland Sassoon, after nearly five and money markets in constructing a clients state that digital will be their decades of service to Sasfin. We will truly diverse portfolio. pay further tribute to Roland in our forthcoming second quarter edition. Our regular Q&A feature in this edition showcases Philip Bradford, Enjoy the read. SW Manager of the Sasfin BCI Flexible Income Fund, whereby he unpacks the various asset allocation strategies [ during a that were employed in delivering the period of low award-winning returns to the growth and low Fund’s investors. returns ]“it is Finance Minister, Tito Mboweni, critical to stay delivered a highly sobering Budget invested.” speech in February. With Eskom having reached its nadir and the associated energy and fuel prices approaching all time highs, South preferred channel for receiving African consumers are under greater advice in the coming years. The pressure, arguably, than ever before. launch of SWIP, a technology-driven This edition addresses some of these solution with online retirement challenges and speaks out some of savings and investment portfolio the implications for investors in our tools, calculators and products, regular Global Macro Review feature, strategically positions Sasfin together with a piece from Veenesh Wealth in this burgeoning market. Dhayalam, Sasfin Wealth’s Head of Sean Young, one of our Cape Asset Manager Research. Veenesh Town-based Portfolio Managers, argues that during a period of low writes on the opportunities that growth and low returns (also referred exist globally in the infrastructure to as a ‘low growth environment’), sector and argues cogently for the it is critical to stay invested. Says need to consider the inclusion of Veenesh: “Investors must carefully infrastructure – the asset class – contemplate the opportunity cost of in balanced, multi-asset strategy. BACK TO CONTENTS PAGE 03 A MESSAGE FROM THE CEO Erol Zeki - Chief Executive Officer, Sasf in Wealth A long-term Sasfin Wealth that have won Raging long-term investment goals Bull awards over the years across of an investor. cheap lunch multiple categories, including Errol Shear, David Shapiro and Over the last three to five years, he Sasfin BCI Flexible Johan Gouws. overall investment markets have Income Fund managed by been exceptionally challenging. TPhilip Bradford, the Chief As a provider of wealth and Uncertainty, corporate scandals Investment Officer at Sasfin Asset investment solutions, we are first and politics, among others, have Managers, won two awards at the and foremost a people business in driven material sell-offs across Raging Bull Awards in January. The terms of the nature of the services local equities and listed property. Fund received awards for the top and solutions we provide, as well Offshore developed market equities, performing Fund in the Best South as the calibre of professionals we where Sasfin manages a significant African Interest-Bearing Fund and amount of money on behalf of employ to deliver these solutions. the Best South African Multi-Asset clients, has certainly been better We take great pride in the depth Income Fund categories. Since but not without its own challenges, and breadth of professional talent inception and net of fees, the Fund with 2018 being the worst year for in our business. has returned an annualised 10.1% US stocks since 2008. against the benchmark, the SteFI Composite Index return of 7.3%. It’s not all about Unusually, over five years, fixed This is a remarkable achievement performance income instruments like bonds, have and testament to Philip’s disciplined significantly outperformed what the process and skill. Over the three While we celebrate these accolades industry typically refers to as “risk years to December 2018, the Fund and the recognition by our peers, assets” locally. Risk assets include delivered a cumulative 42.1%, we do not confuse short- to equity (shares) and listed property. significantly ahead of all other major medium-term performance in a They tend to be more volatile than asset classes in Rands. particular asset class or mandate fixed income bearing investments, category, with the need to take but are expected to, and have Philip now joins the illustrious list a balanced view and match historically, delivered higher returns of investment professionals at investment solutions with the over the long term. > Performance 200 SA Equities vs. DMs & EMs 180 (ZAR terms) 160 JSE All Share 140 MSCI World 120 MSCI Emerging Markets 100 *Dividends included | Source: FactSet 80 Jun 14 Jun 15 Jun 16 Jun 17 Jun 18 Oct 14 Oct 15 Oct 16 Oct 17 Oct 18 Feb 14 Feb 15 Feb 16 Feb 17 Feb 18 Feb 19 1 month 3 months YTD 1 year 3 years 5 years JSE All Share 1% 4% 2% -1% 7% 6% MSCI World 4% -3% 4% 17% 9% 12% MSCI Emerging Markets 4% 4% 4% 7% 11% 9% BACK TO CONTENTS PAGE 04 A MESSAGE FROM THE CEO Continued Performance 200 SA Asset Classes 180 Preference Share Index 160 SA Listed Property 140 Stefi Composite Index 120 ALBIT Total Return Index 100 ALBIT Total Return Index 80 Source: I-Net data Jul 13 Jul 14 Jul 15 Jul 16 Jul 17 Jul 18 Jan 13 Jan 14 Jan 15 Jan 16 Jan 17 Jan 18 Jan 19 Apr 13 Apr 14 Apr 15 Apr 16 Apr 17 Apr 18 Oct 13 Oct 14 Oct 15 Oct 16 Oct 17 Oct 18 Over the last six years, South African other asset classes helps create an equities and listed property have adequately diversified portfolio outperformed cash, despite the to meet long-term investment listed property sector significantly “Unusually, over five goals. This concept was originally underperforming in 2018. Global years, fixed income popularised by Harry Markowitz stock market has also increased, instruments like bonds, in the 1950s when he stated that due to various global factors. have significantly diversification is “the only free One of the most topical factors outperformed what the lunch”. We might argue that even is the heightened trade relation though there may be no real free uncertainty between China and industry typically refers lunch, diversification definitely the US. Global growth is potentially to as “risk assets” locally.” provides a cheap lunch, particularly decelerating as the world’s two at a time of broad uncertainty. largest economies lead the slowdown. At the same time, the At Sasfin Wealth we have key Eurozone continues to experience be short-sighted – risk assets are by competencies and solutions across sluggish growth, with the uncertain their very nature volatile, but over asset classes globally. So, as we outcome of Brexit negotiations not the long-term, volatility smooths out celebrate Philip’s achievement in helping matters. and risk assets should outperform. bringing home yet another Raging Instruments like equities property Bull, our focus is on delivering the Stick to the long-term plan stocks are critical building blocks in right solution to meet your personal growing wealth over the longer term. investment goals. This recent underperformance of risk assets, increased volatility and However, one of the most important uncertainty, often leads to rash realisations from the last six years decisions to aggressively decrease and particularly 2018, is the exposure to these instruments in importance of a well-diversified favour of less volatile income assets, balanced investment solution. with steadier and more certain An appropriate mix of equities, returns.
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