Fireside chat with Stephen King

On Wednesday, the 3rd of June 2020, Credo Wealth arranged its second live webinar which was watched by some 300 clients and other interested parties from the comfort of their own homes. Deon Gouws, the firm's Chief Investment Officer, chatted to well-known UK economist Stephen King about a grave new world beyond lockdown. Click above to watch the clip.

Please note that any views expressed are those of the interviewee and do not necessarily reflect Credo's views.

kykNET

Credo Wealth on Afrikaans television in South Africa

Earlier this week, Deon Gouws (Chief Investment Officer at Credo Wealth) contributed to the financial program "Winslyn" on South African television channel kykNET. Those who understand Afrikaans can watch the clip by clicking below.

Find a Wealth Manager

Managing loss-aversion

Alan Noik, Managing Director of Credo, is quoted in the piece "Why behavioural biases can blow your investments" featured in findawealthmanager.com. He explains that the extreme market volatility we saw in February and March made clients think twice about their real appetite for risk.

Citywire South Africa

Go outside and walk the dog

Last week happened to be Mental Health Awareness Week in the UK. In response, industry magazine Citywire invited wealth managers to submit contributions in which they discussed how they approach their own mental health challenges during this very testing time for all. As part of this initiative, Citywire published a piece by Deon Gouws.

Financial Mail

View from the Thames

Some companies will suffer more in the aftermath of the Covid-19 pandemic than others... but has the stock market perhaps over-reacted in some instances?

In his third guest column for leading South African publication Financial Mail, Deon Gouws (Chief Investment Officer at Credo Wealth) discusses Disney - one of the core holdings in Credo's equity products - against this very background.

Fireside chat with Stephen King

CredoNews #

Please join Deon Gouws, Chief Investment Officer at Credo Wealth, when he chats to well-known economist Stephen King about a grave new world beyond lockdown.

Date: Wednesday, 03 June 2020
Time: 16h30 (UK)
Duration: 45 min (plus 15 min for previously submitted questions)

Please send any questions you may have for Stephen and Deon to events@credogroup.com no later than midday (UK time) on the event day.

Once registered, you'll receive a confirmation email with instructions on how to join the live event. You may be prompted to install an add-on to your browser, please follow the easy steps available.

What is normal anyway?

As governments across the globe start to ease lockdown measures, a return to "normality" is starting to be discussed. Whether reversion back to a 2019 type of normal is possible, probable or desirable is a question for someone with many more pages to fill. It is likely that...

Citywire Wealth Manager

Ben Newton - Next Gen

Ben Newton, Co-Portfolio Manager of the Credo Dynamic Fund, discusses in a "Next Gen" feature in Citywire Wealth Manager challenges facing the wealth management industry and his experience to date.

Find a Wealth Manager

Back in bull market territory?

"Findawealthmanager.com" represents an assortment of investment managers and private banks. They provide investors with an objective method of finding the right wealth manager, suited to their specific needs. They have recently asked Credo for insights into Equity markets in these challenged times. Credo Wealth's CIO, Deon Gouws, provided an explanation for the recent rebound in markets and gave his current perspective.

Citywire Wealth Manager

A different perspective on benchmarks

Credo's Head of Multi-Asset, Ainsley To, was featured in a recent edition of Citywire Wealth Manager that focused on investment benchmarks and indices. He offers an alternative perspective, arguing that benchmarks are more useful when considered from the perspective of an investor's goals and the risk they need to take to achieve them.

April in review

Although much of the global economy remained in lockdown as a result of the coronavirus pandemic, April provided some relief for investors as global equity markets rebounded strongly from the March lows. Volatility remained high as uncertainty prevailed. The S&P 500, FTSE 100 and Euro STOXX were all up 12.8%, 4.3%, 5.4% respectively. Governments and central banks continued to introduce substantial stimulus measures to combat the negative effects of the coronavirus on their economies and improve investor confidence amid global recessionary fears. US West Texas Intermediate (WTI) Crude Oil Futures for delivery in May fell into negative territory for the first time ever due to fears that the country was running out of space to store the commodity. Brent Crude oil was down 10.7% over the month. In fixed income markets, the yields for the US, UK and German 10-year bonds decreased by 3, 13 and 12 basis points respectively. The pound was up 1.5% against the US dollar and 1.8% against the euro.

Click below for the latest factsheets.

Demystifying machine learning

Machine Learning has been an increasingly hot topic within finance. In this presentation, Ainsley To, Head of Multi-Asset at Credo, demystifies machine learning for investors and explains some of the nuances in applying these techniques within the investing domain.

CPD for the event available for Asset TV registered users.

Fireside chat with Max du Preez

On Wednesday the 29th of April 2020, Credo Wealth arranged its first ever live webinar which was watched by some 400 clients and other interested parties from the comfort of their own homes. Deon Gouws, the firm's Chief Investment Officer, chatted to well-known South African political commentator and journalist Max du Preez about a world in lockdown. Click above to watch the clip.

Please note that any views expressed are those of the interviewee and do not necessarily reflect Credo's views.

Fireside chat with Max du Preez

CredoNews #

Please join Deon Gouws, Chief Investment Officer at Credo Wealth in London, when he chats to well-known South African political commentator and journalist Max du Preez about a world in lockdown.

Date: Wednesday, 29 April 2020
Time: 16h30 (UK) / 17h30 (SA)
Duration: 45 min (plus 15 min for previously submitted questions)

Please send any questions you may have for Max and Deon to events@credogroup.com no later than midday (UK time) on the event day.

Once registered, you'll receive a confirmation email with instructions on how to join the live event. You may be prompted to install an add-on to your browser, please follow the easy steps available.

Financial Mail

View from the Thames

After a rapid drawdown in March, equity markets around the world have confounded the expectations of many with a strong comeback in the ensuing four weeks.

In his second guest column for leading South African publication Financial Mail, Deon Gouws (Chief Investment Officer at Credo Wealth) provides perspective.

Slow and steady wins the race

In February, we bought Progressive in the Dividend Growth Portfolio as well as the Credo Global Equity Fund. The world looked very different then and investors were still relatively sanguine about the impact of COVID-19, with global markets continuing to push higher. Progressive is the...

March in review

In February we reported that equity markets made significant losses following the spread of the coronavirus across the globe. March followed a similar pattern, although this was more pronounced as containment measures brought large parts of the global economy to a standstill, with many countries imposing lockdowns. The S&P 500, Euro STOXX 50, FTSE 100 and Nikkei 225 were all down 12.4%, 16.2%, 13.4% and 9.8% respectively. Coronavirus fears also disturbed the alliance between OPEC and Russia, pushing oil prices to their worst one-day drop in thirty years. As a result, Brent Crude oil fell 43.2% over the month. Further, central banks across the globe cut interest rates and restarted quantitative easing programs in order to keep borrowing costs low, improve liquidity and protect their economies from the effects of the coronavirus. US and UK 10-year bonds decreased by 48 and 9 basis points respectively. The pound was down 3.3% against the US dollar and 2.8% against the euro.

Click below for the latest factsheets.

human+

Credo leads the way in Robotic Process Automation

Robotic Process Automation (RPA) is a technology that uses digital 'robots' to help automate mundane, repetitive, manual and error-prone processes, freeing up staff to concentrate on more complex and value-added tasks. Karl Broadway, PMO Manager at Credo, discusses the company's first foray into this technology with its implementation partner, human+.

Opportunities in a crisis

The ongoing coronavirus pandemic is having a significant impact on corporates, with historical analysis and stress tests against even the extreme economic conditions of 2008 not providing answers. Rupert Silver, Head of Fixed Income, examines the impact on the corporate bond market.

Sharenet

Imagining a post-corona world

News channels and publications are full of predictions about the effect of Coronavirus. Both short and long-term predictions tend to be opinionated guesswork, however. Sometimes it's useful to step back and look at some of the established facts to get a sense of directionality, as discussed by Andrew Cormack, Business Development Manager - Investment Solutions.

Investment Week

Credo featured in Investment Week

Alison Norbury, global equity analyst at Credo, was featured in the latest edition of Investment Week's Bull v Bear. She discusses the repercussions of the coronavirus outbreak on global equity markets as well as examining the important characteristics that Credo is looking for in companies during these turbulent times.

BizNews.com

Deon Gouws interviewed on Biznews

Following the recent article by Credo Wealth CIO, Deon Gouws, about some of the questionable mathematics and dubious reporting related to the coronavirus, he was interviewed on this same topic by Alec Hogg, founder of financial news site Biznews.

Coronavirus: some questionable mathematics?

CredoNews #

Covid-19 is a harrowing disease, and the plight of hospitals around the world and their overworked staff will continue to be overwhelming for some time. Having said that, there has also been a lot of misleading reporting about the pandemic, much of it a consequence of questionable mathematics. Deon Gouws, Chief Investment Officer at Credo Wealth, explains.

Profiting from volatility

Events have been evolving rapidly since we last put pen to paper to write the monthly Spotlight. The international spread of Covid-19, alongside the breakdown of an agreement between OPEC and Russia regarding oil supply restrictions, has spooked markets into some of the worst days since 1987. One of the longest bull markets in history has abruptly...

Time on our hands

One downside of social distancing is the increased temptation for would-be long-term investors to watch the market far more than is healthy - particularly given the dramatic moves in recent weeks. Ainsley To, who heads up the Multi-Asset Portfolio offering at Credo Wealth, provides perspective.

Equity Update

In the wake of news-flow surrounding the Covid-19 pandemic, the past month has been an extremely challenging time in financial markets. Jarrod Cahn, who heads up the equity team at Credo, provides some perspective with reference to the Best Ideas and Dividend Growth Portfolios.

Financial Mail

View from the Thames

CredoNews #

Coronavirus fears are gripping the whole world right now and financial markets have been extremely turbulent as a result. What's an investor to do?

This week, Deon Gouws (Chief Investment Officer at Credo Wealth) published a guest column on this topic in leading South African publication Financial Mail.

The paywalled (and slightly edited) version of the article can be viewed on the Financial Mail's own website

Business Day

Investment Forum 2020

CredoNews #

Credo Wealth participated in this year's Investment Forum: the pre-eminent conference for financial advisors in South Africa with more than 1,500 attendees. Deon Gouws (Chief Investment Officer) and Jarrod Cahn (Lead Portfolio Manager of the Credo Global Equity Fund) were both involved as presenters. Due to the Covid-19 risks, the conference took place on a virtual basis in the end, with participants being able to view all sessions online.

Business Day prepared a special wraparound edition of their newspaper specifically for the event; an article by Deon Gouws was included in this.

February in review

Global, developed equity markets made significant losses in February as the outbreak of the coronavirus restricted travel and caused serious disruptions to global supply chains. Confirmed cases in Italy increased fears which led to a large sell-off in global equities towards the end of the month. The S&P 500, FTSE 100 and Euro STOXX 50 were down 8.2%, 9.0% and 8.4% respectively. Against the backdrop of a continued weaker global economy largely due to the outbreak and increased spread of the coronavirus, Brent Crude oil was down 11.9% over the month. In fixed income, bond yields hit record lows with the prospect that Central Banks may need to provide monetary policy support. Notably, US, UK and German 10-year bond yields were all down 0.36%, 0.08% and 0.17% basis points respectively. The pound was down 2.9% against the US dollar and 2.3% against the euro.

Click below for the latest factsheets.

Tax Year End - Important Information

As we approach the end of the UK tax year, and to assist with your planning, we have listed key information and deadlines that you will need to be aware of in the run up to the end of the current tax year - Friday, 3rd April (last business day).

A testing time

CredoNews #

The coronavirus has been causing havoc in financial markets and we've just witnessed the quickest ever correction in share prices over the past few days. Deon Gouws, Chief Investment Officer at Credo Wealth, offers some perspective.

When China sneezes

"When Wall Street sneezes, the rest of the world catches a cold" goes the old saying. What happens when an outbreak of a novel coronavirus shuts down many of China's major cities is a new question. The particularly virulent nature of the virus, combined with the apparently long incubation period, where sufferers can show no symptoms, are posing challenges to those trying to contain the outbreak. After initially trying to suppress the news, the Chinese authorities...

Credo publishes the "Vision 2020" CREDONEWS

CredoNews #32

Citywire Wealth Manager

Why Microsoft is still attractive

Jarrod Cahn, Manager of the Credo Global Equity Fund, was featured in a recent edition of Citywire Wealth Manager. The article assesses the evolution of Microsoft's business over the last decade, its growth prospects and also why the stock still offers relative value to investors. The strong performance of the Credo Global Equity Fund in 2019 is also highlighted.

Blue Chip

Credo Wealth featured in Blue Chip

Credo Wealth is proud to feature in the latest edition of Blue Chip, the official publication of the Financial Planning Institute in South Africa. Not only did Chief Investment Officer, Deon Gouws, contribute a piece about investing in China, but Credo also advertised on the back cover of the magazine.

January in review

Equity markets had an optimistic start to the new year with US President Donald Trump signing a phase one trade deal with China. However, this optimism waned as fears mounted over the outbreak of the coronavirus in Wuhan, China. Asian and European equity markets made significant losses with the Hang Seng, FTSE 100 and Euro STOXX 500 all down 6.7%, 3.4% and 2.6% respectively. Facing the prospect of a weaker global economy due to the coronavirus outbreak, Brent Crude oil was down 12.6% over the month. Safe haven assets performed well over the month with Gold up 4% and the US dollar and Japanese yen both appreciating against pound sterling. Yields on US, UK and German 10-year government bonds fell by 0.41, 0.30 and 0.25 basis points respectively. As an aside, the UK officially exited the EU on 31 January and will aim to negotiate a free trade deal with the EU within the 11-month transition period ending 31 December 2020.

Click below for the latest factsheets.

Credo expands its South African presence with new Global Equity Feeder Fund

Credo Wealth has enhanced its investment offering with the launch of its ZAR-denominated BCI Credo Global Equity Feeder Fund. The fund will invest in the Irish-domiciled Credo Global Equity Fund. Launched in 2017, the Credo Global Equity Fund has reported stellar performance for the 12 months ending 31 December 2019, returning over 32% in US dollar terms.

Brexit, at long last

CredoNews #

Following years of political drama, the UK finally left the EU on Friday night (even though a future trade agreement is yet to be finalised). Towards the end of last week, Deon Gouws (Chief Investment Officer of Credo Wealth) discussed developments with three different media outlets in South Africa, namely CNBC Africa, eNCA and RSG Geldsake.

UK Regulatory Hosting event in Johannesburg

Credo hosted an event in its Johannesburg office on 24 January where several of Credo's Financial Intermediary clients were updated on the United Kingdom (UK) market and the use of UK Regulatory Hosting service providers to enable firms to continue to provide services to UK resident investors. Charles van der Merwe (Managing Director, Financial Intermediaries) provided an overview of the UK market, trends in the UK Advisory and Discretionary markets and the benefits of using the services of a UK Regulatory Hosting service provider. The event was well attended as many SA based firms are considering expanding their business outside of SA and following their clients who have emigrated.

New year, new decade, same stock

Starting a new year, or decade for that matter, is a unique opportunity to reflect. One where we both consider the changes that have occurred over the past 10 years, but also try to anticipate what the next period may bring. At the start of 2020, it thus feels like the right time to look back at one of our longest and most successful investments and in particular, one which we also believe will continue to provide an attractive return in the years to come. The world looked very different back at the start of the previous decade. For example...

Find a Wealth Manager

Seeking long-term success

Credo's Managing Director, Alan Noik, was featured in the most recent Find a Wealth Manager cover story. Find a Wealth Manager is an independent web search portal that "represents over 30 firms, including investment managers and private banks, all with a common theme: a commitment to provide best practice and better-value fees".

Investment Week

Investment Week features Rupert Silver

Rupert Silver, lead Fund Manager of Credo Dynamic Fund, was featured in the latest edition of Investment Week's Bull & Bear. He discusses the challenges presented by asset allocation in the current economic environment. Additionally, he outlines how the fund's flexible approach has helped to increase returns for investors.

December in review

December provided some relief for investors as significant political risks in the UK and between the US and China were avoided. All major equity indices made gains over the month, with the FTSE 100, the S&P 500 and the Euro STOXX 50 all up 2.8%, 3% and 1.2% respectively. US President Donald Trump announced that he plans to sign a 'phase one' trade deal with China on 15 January, which meant that the 15% tariff increases due on 15 December would not be imposed. In the UK, the Conservative Party won a commanding majority in the House of Commons which will allow Boris Johnson to push through a Brexit withdrawal agreement with the EU. Sterling ended the month up 2.6% against the US dollar and up 0.6% against the euro. The yield on UK, US and German 10-year bonds increased by 0.13%, 0.14%, 0.18% respectively.

Click below for the latest factsheets.

What a difference a year makes

CredoNews #

Following one of the strongest years in financial markets on record, 2020 began with trouble in the Middle East and rumours of war. What are the implications for investors? Deon Gouws, Chief Investment Officer at Credo Wealth, gives his perspective.

Financial Mail

CredoNews featured in Financial Mail

CredoNews #

Last month, top South African investment journalist Stephen Cranston referred extensively to the most recent edition of CredoNews in a column for leading publication Financial Mail.

After an introduction in which he mentions how Credo has been prospering as a business, he quotes from a feature article by Deon Gouws, Chief Investment Officer at Credo Wealth, as follows:

"In the latest CredoNews, Gouws writes a note titled "Investing in China: caveat emptor". With lots of pictures of the Forbidden City in the brochure I can imagine he would have loved to change this to "caveat emperor". We seem to be seeing the rebirth of Chinese imperialism, after all".

Gouws points out that just three of the top 10 holdings in the EMQQ, an emerging-markets internet and e-commerce exchange traded fund, are not Chinese, and of these, one, Naspers, is a proxy for Chinese giant Tencent.

But Gouws warns that Naspers doesn't own its shares in Tencent in the sense understood in the West.

It has an exposure through a structure known as a variable interest entity (VIE). The listed entity is wholly owned by Chinese citizens and typically the tech firm's founders. Crucially, it holds the operating licences."

Following some further explanatory remarks, he then focuses on another article from the same edition of CredoNews, as follows:

"Credo analyst Alison Norbury says there are plenty of ways to exploit the China and broader Asian growth story without resorting to VIEs, such as the insurers AIA and Prudential and casino group Las Vegas Sands in Macao."

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