CREDO

Jason Spilkin December 2018

Bunge beginning to budge

Getting food from the farm to our plates is complicated but agribusinesses try to simplify the process. Bunge's operations include agricultural commodity trading, storage, transportation, processing, packaging and distribution. These are all capital intensive and difficult to break into. This doesn't mean there aren't market pressures for those who are already in it to perform on behalf of shareholders. However, it does mean that...

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Jack Carbutt December 2018

November in review

November saw a halt to October's global equity market declines, despite geopolitical risks remaining. US midterm election results have seen the Democrats gaining control of the House and the Republicans increasing control of the Senate. The S&P 500 returned 2.0% over the period. In Europe, progress was made with regards to Brexit, where a withdrawal agreement will now be submitted to the UK Parliament. With resistance expected, uncertainty remains, and the pound was mostly unchanged against the euro, while the FTSE 100 was down 1.6%. Elsewhere in Europe, third quarter GDP results showed a contraction in German and Italian production, while the Euro STOXX 50 was down 0.7%. Oil prices also made significant declines, with Brent Crude down 20.9%. This decline can be attributed to increases in supply from the US and Saudi Arabia, as well as the introduction of exemptions on Iran sanctions. The yield on US and UK 10-year bonds decreased 16 and 7 basis points respectively, as investors' concerns mounted over global economic growth prospects.

Click below for the latest factsheets.

Best Ideas Portfolio Dividend Growth Portfolio
Multi-Asset Portfolios Core 20/80 Multi-Asset Portfolios Core 45/55 Multi-Asset Portfolios Core 60/40 Multi-Asset Portfolios Core 70/30

Deon Gouws December 2018 CNBC Africa

Can a Brexit deal be salvaged?

Uncertainty surrounding the future of Brexit has been dominating news headlines in the UK for some time now. On Tuesday this week, Credo's Chief Investment Officer, Deon Gouws, was asked for his views in this regard in an interview with CNBC Africa.

Watch the interview

@DeonGouws_Credo

Jarrod Cahn December 2018 Classic FM

Jarrod Cahn on the SA radio Classic FM 102.7

Last week, Jarrod Cahn, portfolio manager of the Credo Global Equity Fund, took part in a "share shoot-out" on the SA radio program Classic Business with host Michael Avery and participants from other investment firms. The podcast can be listened to by clicking on the above player.

Jarrod Cahn December 2018 Citywire Wealth Manager

Finding value from a 1990s stock darling

In an article in Citywire Wealth Manager this month, Jarrod Cahn, Director at Credo Wealth and Manager of the Credo Global Equity Fund, explains why he is a big fan of the 1990s darling, Microsoft, and has held the stock for more than seven years.

Read the article

Deon Gouws November 2018 eNCA

Brexit: Deon Gouws interviewed by eNCA again

Last weekend, the European Union signed off on a Brexit deal which is being met with strong resistance from a large number of members of the UK parliament. Credo's Chief Investment Officer Deon Gouws was asked for his views in this regard in an interview with eNCA this week.

Watch the interview

@DeonGouws_Credo

Jason Spilkin November 2018

Change on the horizon

Making money is a balance of four things. Identifying a group of people with money, finding a problem that needs solving, being able to solve that problem, and being paid for it because the people with money choose you. That problem solving exists within the barriers of supply and demand. What constraints are there that stop others from doing the same thing? Verizon is an American telecommunication company that...

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Lucas de Almeida November 2018

Credo publishes the "Born in the 90s" edition

Read it

Deon Gouws November 2018 eNCA

Brexit: Deon Gouws interviewed by eNCA

Last weekend, the European Union signed off on a Brexit deal which is being met with strong resistance from a large number of members of the UK parliament. Credo's Chief Investment Officer Deon Gouws was asked for his views in this regard in an interview with eNCA this week.

Watch the interview

@DeonGouws_Credo

Jack Carbutt November 2018

October in review

October was not a good month for investors as global equities took a beating amid mounting fears over a combination of factors, including rising US interest rates, Italy's fiscal struggle with the Eurozone, Saudi tensions and the continued trade war rhetoric. The S&P 500, the Euro STOXX 50 and the FTSE 100 were all down 6.8%, 5.8% and 4.8% respectively. Despite the weak equity performance, economic fundamentals and data coming out of the US remain strong. October also saw the UK Chancellor, Philip Hammond, deliver the annual Budget which had few surprises, although did declare that 10 years of austerity is coming to an end. Pound sterling was down 2.1% against the US dollar and up 0.5% against the euro. Oil prices decreased significantly over the month, with Brent crude oil down 8.6%, driven by the sale of risky assets, a deteriorating global economic outlook and increases in supply. The yield on Italian 10-year bonds increased by 28 basis points as bond markets became concerned over the local fiscal situation. UK 10-year bonds ended the period with a yield of 1.44%, while the US 10-year bonds ended on 3.14%.

Click below for the latest factsheets.

Best Ideas Portfolio Dividend Growth Portfolio
Multi-Asset Portfolios Core 20/80 Multi-Asset Portfolios Core 45/55 Multi-Asset Portfolios Core 60/40 Multi-Asset Portfolios Core 70/30

Jarrod Cahn November 2018 Investment Week

Investment Week Funds to Watch

Credo took part in the recent Investment Week Funds to Watch event, which was held in London. The Credo Global Equity Fund was highlighted and the fund's manager, Jarrod Cahn, gave a presentation explaining how the fund is invested and why the time could be right for Value as an investment style.

Jarrod Cahn November 2018 Financial Express

The right time to buy Facebook

Jarrod Cahn, Director at Credo and Global Equity Fund manager, highlights how the social network is at its cheapest valuation since listing in 2012.

Read the article

Driena Massyn November 2018

Off balance

From Monday 12 November 2018, all subscriptions will be automated to be delivered to your inbox as part of an overnight process on the scheduled date. The option to choose the delivery time has been removed.

Learn more

Jason Spilkin October 2018

Off balance

Cigna is an American managed health care company. It offers medical, dental, disability, life and accident insurance. Express Scripts is a pharmacy benefits management (PBM) organisation. PBMs maintain lists of approved medicines, using their bulk to negotiate discounts with drug manufacturers. They also process and pay claims for reimbursement. In March 2018, it was announced that Cigna would buy Express Scripts. The deal was approved in August, by the shareholders of both companies. As active, equity managers, there are various points of uncertainty which we can take advantage of. The key isn't to predict the future. The key is...

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Deon Gouws October 2018 CNBC Africa

CNBC Africa interviews Credo CIO Deon Gouws

South Africas' new Finance Minister, Tito Mboweni, presented his first Medium Term Budget Policy Statement to parliament recently. On the eve of this, Deon Gouws (Chief Investment Officer at Credo Wealth) was asked for his thoughts on CNBC Africa.

Watch the interview

@DeonGouws_Credo

Rupert Silver October 2018 Investment Week

Hidden gems in the IPO market

Rupert Silver, Credo Director and Dynamic Fund Manager, was recently featured by financial portal Investment Week. He highlights investors must be wary of the risks on the horizon and lists three of the best off-the-radar IPOs to look out for as worthy additions to portfolios.

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Deon Gouws October 2018 Moneyweb

Good news turning into bad news?

The recent piece by Credo CIO, Deon Gouws, on the turbulence in global markets has also been published (in slightly amended form) on leading South African financial news site Moneyweb.

Read the article

@DeonGouws_Credo

Jarrod Cahn October 2018 Citywire Wealth Manager

It was time to sell Whitbread...

In an article in Citywire Wealth Manager this month, Jarrod Cahn, Director at Credo Wealth and Manager of the Credo Global Equity Fund, explains how he knew it was time to sell Credo's Whitbread stake.

Read the article

Jack Carbutt October 2018

September in review

Global equity markets performed reasonably in September, shrugging off the continued US-China trade rhetoric. The S&P 500 and the Shenzhen CSI 300 were up 0.6% and 3.2% respectively. Brent crude oil prices increased 7.3% over the month as OPEC and non-OPEC members declared that they have no intention of increasing oil production and as US sanctions on Iran draw closer. In the UK, the FTSE 100 returned 1.1% while pound sterling, a perceived barometer of the progress made on the Brexit negotiations, increased 0.5% against both the US dollar and the euro. This was despite Theresa May warning that the UK would be willing to walk away without a deal and the IMF warning of the potential implications of a no-deal Brexit. The yield on UK 10-year bonds increased by 0.15% and the US 10-year yield increased 0.20%.

Click below for the latest factsheets.

Best Ideas Portfolio Dividend Growth Portfolio
Multi-Asset Portfolios Core 20/80 Multi-Asset Portfolios Core 45/55 Multi-Asset Portfolios Core 60/40 Multi-Asset Portfolios Core 70/30

Deon Gouws October 2018

Good news turning into bad news?

This has been a turbulent week in equity markets, with global indices now trading some 7% (or more, in certain cases) below their recent highs. Credo's Chief Investment Officer, Deon Gouws, offers some perspective.

Read it

@DeonGouws_Credo

Jason Spilkin September 2018

Coffee in bed

As fundamental investors, the shares we buy are fractional ownership in a real underlying business. Businesses are dynamic and those who run them are constantly re-evaluating their structure, to account for changing conditions. We don't have a crystal ball. We don't know exactly what management will do. We don't know what competitors will do. There is a lot we don't know. When we buy a stock, we try look through all this noise at what we think the underlying intrinsic value is. That isn't a clear number. It is based on our research and analysis of a wide range of possible future impacts and outcomes. When you have a long-term investment horizon, and confidence in real fundamentals underlying the decisions you make...

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Jack Carbutt September 2018

August in review

August commenced as expected, with the second UK interest rate hike in a decade as the Bank of England increased the base rate to 0.75%. Most equity markets retreated during the month as increased uncertainty and volatility in emerging markets, most notably in Argentina and Turkey, had global reverberations: the FTSE 100, Euro STOXX 50 and Hang Seng were all down 3.3%, 3.7% and 2.1% respectively. US equity markets were an exception, as particularly strong US macroeconomic data, including a stronger than expected GDP figure of 4.2%, saw the S&P 500 increase 3.3% and the NASDAQ increase 5.9%. US economic outperformance spurred the rise in the dollar, leading to a 1.3% rise against sterling and a 0.8% rise against the euro. Investors seemed nervous over the new Italian government's budget plans, causing the yield on 10-year Italian bonds to rise 52 basis points over the month. Elsewhere in the bond markets, UK 10-year yields finished the period on 1.4% and US 10-year yields on 2.9%.

Click below for the latest factsheets.

Best Ideas Portfolio Dividend Growth Portfolio
Multi-Asset Portfolios Core 20/80 Multi-Asset Portfolios Core 45/55 Multi-Asset Portfolios Core 60/40 Multi-Asset Portfolios Core 70/30

Jarrod Cahn September 2018 Investment Week

The importance of staying patient

Jarrod Cahn, Director at Credo, was featured in the latest Investment Week's Bull & Bear. He explains we should stay patient and true to our investment style, screening and buying stocks that look intrinsically cheap, either against historic valuation or the overall market.

Read the article

Driena Massyn September 2018

Report shortcuts have changed

Credo has improved the report shortcuts from the Portfolio and Accounts lists accessed from a mouse right button click.

Learn more

Rupert Silver / Ben Newton August 2018

Credo Dynamic Fund First Anniversary

This month marks the first anniversary of the launch of the Credo Dynamic Fund. We are taking this opportunity to provide investors with a detailed update to accompany the monthly factsheet.

Read the anniversary letter Read the latest factsheet

Driena Massyn August 2018

Accessing MyCredo made easier

Credo has improved the way MyCredo can be accessed.

Learn more

Alison Norbury August 2018

The magic of storytelling

In a world where everything becomes increasingly transparent, perfectly replicable, and transaction costs plummet... the magic of storytelling becomes key. Waves of creative destruction have visited many industries as they adjust to new technologies touching old barriers to entry. It becomes increasingly difficult to just do what a business did before and feel secure if the only secret to your success is your walls. What is more difficult to replace is...

Read the full Spotlight

Jack Carbutt August 2018

July in review

July saw global equity markets make positive ground in a month where Trump made diplomatic efforts around Europe, meeting with the UK's Theresa May, Russia's Vladimir Putin and the EU's Jean-Claude Junker. Strong corporate earnings results saw the S&P 500, the Euro STOXX 50 and the FTSE 100 all up 3.7%, 4.0% and 1.5% respectively. July also saw a reshuffle of the UK Cabinet with both Boris Johnson and David Davies resigning following the Chequers Agreement, which was met with widespread criticism for being too 'soft' in terms of EU relations post-Brexit. Against this backdrop, pound sterling was down 0.6% against the US dollar and down 0.7% against the euro. Strong US economic data pushed up 10-year yields. US treasuries ended the period on 3.0%, while UK gilts and German bunds ended on 1.3% and 0.4% respectively. As the US-China trade war heated up, commodity markets took a hit, with copper prices down 4.4% and Brent crude oil down 5.7%.

Click below for the latest factsheets.

Best Ideas Portfolio Dividend Growth Portfolio
Multi-Asset Portfolios Core 20/80 Multi-Asset Portfolios Core 45/55 Multi-Asset Portfolios Core 60/40 Multi-Asset Portfolios Core 70/30

Jason Spilkin July 2018

Developing developed

In a world where everything becomes increasingly transparent, perfectly replicable, and transaction costs plummet... the magic of storytelling becomes key. Waves of creative destruction have visited many industries as they adjust to new technologies touching old barriers to entry. It becomes increasingly difficult to just do what a business did before and feel secure if the only secret to your success is your walls. What is more difficult to replace is...

Read the full Spotlight

July 2018

How safe are your assets?

Have you properly assessed your custodian risk? Many investors take for granted that their investments are safe and secure. This is something Credo takes very seriously and we have consistently, over the past 20 years, focused on providing our clients with a safe, robust and secure environment in which to hold their assets.

See how Credo protects your assets

Jack Carbutt July 2018

June in review

June saw global developed equites remain relatively flat, with continued geopolitical tension surrounding US trade war rhetoric. The S&P 500 rose 0.6% whilst the Euro STOXX 50 and FTSE 100 both fell 0.2%. This was against the backdrop of a continued rise in the US dollar, with pound sterling and euro finishing the month at 1.32 and 1.17 against the greenback respectively. In fixed income, the 10-year yields for US treasuries, UK gilts and German bunds ended the period on 2.9%, 1.3% and 0.3% respectively. Brent Crude rose to $78 despite OPEC agreeing to increase production, with the commodity resuming its upward trend that began in mid-2017.

Click below for the latest factsheets.

Best Ideas Portfolio Dividend Growth Portfolio
Multi-Asset Portfolios Core 20/80 Multi-Asset Portfolios Core 45/55 Multi-Asset Portfolios Core 60/40 Multi-Asset Portfolios Core 70/30

Jason Spilkin June 2018

Sporting chance

During the early 2000s, we saw substantial growth of online gambling across the globe. In 2006, it all came crashing down in the US when congress passed the Unlawful Internet Gambling Enforcement Act (UIGEA). The UIGEA "prohibits gambling businesses from knowingly accepting payments in connection with the participation of another person in a bet or wager that involves the use of the internet and that is unlawful under any federal or state law". US based operators were forced to close down virtually overnight and illegal offshore operators struggled with shrinking liquidity imposed by the banking system. This shifted the attention of online gaming operators back to Europe, Australia and the UK, where both gaming and sports betting are...

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Natalie Ledwick June 2018

20 Years International Conference

On 4 June, we kicked off our sixth annual international roadshow in South Africa. This year's conference was particularly special in that we are celebrating our 20 year anniversary. Over 400 guests across the five cities we visited heard presentations by Roy Ettlinger (CEO), Alan Noik (Managing Director), Ainsley To (Research Analyst), Jarrod Cahn (Director), SJ du Preez (Managing Director - SA) and Deon Gouws (CIO). Topics included 'The Illusion of Knowledge: History, Data & Overconfidence', 'A Fistful of Dollars' and 'Much ado about Nothing'. The Roadshow was a massive success and we look forward to holding the event once again next year.

Download the presentation

Calvin Mclean June 2018

May in review

May saw Continental European equites fall, led by political uncertainty in Italy. Initial fears of a prolonged political stalemate and fresh elections eventually subsided with Giuseppe Conte being approved as prime minister. Despite this, Italy's stock market index, the FTSE MIB, fell 8.0% over the course of the month while the Euro STOXX 50 fell 2.3%. Elsewhere, the FTSE 100 rose 2.8% as the pound sterling weakened 3.4% against the US dollar, finishing the month at 1.33 USD/GBP. In the US, Trump's trade war moved west providing respite for China, with allies including the EU, Canada and Mexico targeted for steel and aluminium tariffs instead. The S&P 500 finished 2.4% higher, the Shenzhen CSI 100 rose 1.5%, the Mexican Bolsa fell 7.3% and Canada's stock exchange benchmark, the S&P/TSX Composite index, rose 3.1%. In fixed income, the 10-year yields for US treasuries, UK gilts and German bunds ended the period on 2.9%, 1.2% and 0.3% respectively.

Click below for the latest factsheets.

Best Ideas Portfolio Dividend Growth Portfolio
Multi-Asset Portfolios Core 20/80 Multi-Asset Portfolios Core 45/55 Multi-Asset Portfolios Core 60/40 Multi-Asset Portfolios Core 70/30

Kathryn Linde May 2018 Financial Express

Credo Funds registration case study

Kathryn Linde, Relationship Manager at Credo, explains why it made sense to use Financial Express (FE) Global Funds Registration (GFR) for the registration in South Africa of three new UCITS funds under Credo ICAV (Irish Collective Asset Management Vehicle).

Read the article

Jason Spilkin May 2018

Step in, and out

Never be a forced buyer. Never be a forced seller. Patience, the ability to walk away, and the behavioural intelligence of learning to pick your battles, is rewarded over the long term. Commodities are the simplest, and clearest, example of the dance of supply and demand. Commodities like oil don't change. The businesses around them do, as they respond to the needs of people and other businesses. Price is not an indication of permanent intrinsic value. Price is a clearing mechanism. The more supply there is of something, without more demand, the lower the price will be. The more demand there is, without more supply, the higher the price will be. If you are able to...

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Calvin Mclean May 2018

April in review

April was a positive month for major developed market indices, with some recovering significantly from losses captured during the first quarter. The UK's first-quarter GDP estimate came in lower than expected at 0.1%, and subsequent moves in interest rate futures implied lower expectations for rates. The country's currency fell to 1.38 sterling per US dollar and the FTSE 100 finished the period up 6.8%. Across the pond, President Trump's focus on denuclearisation has thrown uncertainty on the future of the Iran nuclear deal, with his approach conflicting with those of his European counterparts. The S&P 500 made a muted gain of 0.4%, while the Euro STOXX 50 rose 6.0%. In fixed income, the 10-year yields for US treasuries, UK gilts and German bunds ended the period on 3.0%, 1.4% and 0.6% respectively, against a backdrop of continued tightening by the Federal Reserve.

Click below for the latest factsheets.

Best Ideas Portfolio Dividend Growth Portfolio
Multi-Asset Portfolios Core 20/80 Multi-Asset Portfolios Core 45/55 Multi-Asset Portfolios Core 60/40 Multi-Asset Portfolios Core 70/30

Jason Spilkin / Alison Norbury April 2018

Bigger is not always better

At university we learn that stock markets are efficient pricing mechanisms. That being the case, investors should appropriately value sprawling conglomerates on the basis of the sum of their individual businesses (often disparate). There should be little upside from splitting up or merging businesses. In the real world, there are measurable benefits to merging businesses i.e. in pounds and pence on projected financial statements. These benefits, called 'synergies', typically...

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SJ du Preez April 2018

The FSCA has approved the Credo Funds

Credo Wealth is pleased to announce that the Financial Sector Conduct Authority (formerly the Financial Services Board) of South Africa has approved our three unit trusts in terms of Section 65 of CISCA, 2002. In addition to the FSCA approval, the Credo funds are also UCITS compliant.

Calvin Mclean April 2018

March in review

March saw equities extend February's decline, resulting in most indices posting negative returns for the quarter. In the US, the planned introduction of tariffs targeted at Chinese trade provoked a retaliation, with China suggesting it will implement similar tariffs on primarily US imported goods. The S&P 500 finished the month 2.5% lower, while the Shenzhen CSI 300 fell 3.1%. Elsewhere, the UK made a number of concessions in coming to a 21-month transition deal with the EU. This included an agreement requiring Northern Ireland to comply with EU regulations in absence of a better alternative. Despite this, the FTSE 100 declined 2.0% while the EURO STOXX 50 fell 2.1%. In fixed income, the 10-year yields for US treasuries, UK gilts and German bunds ended the period on 2.7%, 1.4% and 0.5% respectively.

Click below for the latest factsheets.

Best Ideas Portfolio Dividend Growth Portfolio
Multi-Asset Portfolios Core 20/80 Multi-Asset Portfolios Core 45/55 Multi-Asset Portfolios Core 60/40 Multi-Asset Portfolios Core 70/30

Charles van der Merwe April 2018

Version 6 of MyCredo is released

This new version includes functional enhancements for users, implementation of a data warehouse that will make future technology changes faster and more.

Find out more

Deon Gouws / Jarrod Cahn March 2018

A value-based approach

In this special edition of the Credo Equity Spotlight, Deon Gouws, CIO at Credo, discusses Credo's Investment Philosophy, focusing on our value-based approach. He further discusses why Value works over the longer term, whilst highlighting the challenges value investors have had over the last few years, particularly against competing investment styles, like Momentum and Growth. In the second half of the Spotlight, Jarrod Cahn, Director at Credo, drills down on two stocks Credo presently owns in its portfolios, highlighting some of the characteristics we look for in value stocks, and commenting on them.

Lucas de Almeida March 2018

Credo publishes the "20th Anniversary" CREDONEWS

Read it

Charles van der Merwe March 2018 The Wealthnet

Credo expands wealth platform to include offshore custody

The offshore custody solution allows clients access to global multi-asset class investments and multi-currency trading to a segregated custody service, all available via Credo's single integrated platform.

Read the article

Calvin Mclean March 2018

February in review

February saw global equity indices tumble, as investor fear (as measured by the VIX index) hit its highest level since China's stock market crash in August 2015. In the US, the S&P 500 fell 3.7%. This during a month where new Federal Reserve chair Jerome Powell attended his first congressional hearings. In Europe, the UK's FTSE 100 finished 3.4% down, while the Euro STOXX 50 fell 4.6%. In Asia, the Shenzhen CSI 300 was down 5.9% as President Xi moved to scrap term limits, opening up the possibility he may rule indefinitely. In fixed income, the major 10-year sovereign yields remained relatively unchanged as US treasuries, UK gilts and German bunds finished 2.9%, 1.5% and 0.7% respectively.

Click below for the latest factsheets.

Best Ideas Portfolio Dividend Growth Portfolio
Multi-Asset Portfolios Core 20/80 Multi-Asset Portfolios Core 45/55 Multi-Asset Portfolios Core 60/40 Multi-Asset Portfolios Core 70/30

Ben Newton March 2018 Citywire Wealth Manager

Great unknowns: what worries our clients

In an article in Citywire Wealth Manager this month, Ben Newton an Investment Manager at Credo, notes the political and valuation risks that are currently forefront of our clients concerns.

Read the article

Deon Gouws February 2018 CNBC Africa

CNBC Africa interviews Credo CIO Deon Gouws

The much awaited announcement of incoming South African President Cyril Ramaphosa's first cabinet was made on Monday night. CNBC Africa interviewed Credo CIO Deon Gouws in this regard.

Watch the interview

@DeonGouws_Credo

Deon Gouws February 2018

Pirates Half Marathon

One of the oldest and toughest road running events on the South African race calendar took place on Sunday the 18th of February 2018: the 41st running of the Pirates Half Marathon, proudly sponsored for the third consecutive year by Credo Wealth. The event attracted a record field of some 4,200 runners and was a tremendous success all round.

@DeonGouws_Credo

Jason Spilkin February 2018

Margin and opportunity

As long-term investors looking at the fundamentals of a company, we analyse what the intrinsic value of a business is. This is not a single number, but a range of scenarios. Any models created are questions rather than answers. A key focus is getting an idea of what 'normal' earnings are. Two competing issues in working out 'normal', are the dynamism of the market and mean-reversion. History is full of examples of companies that were doing very well, and then they weren't. Before cars, makers of...

Read the full Spotlight

Calvin Mclean February 2018

January in review

January saw mixed returns across global equity markets. In the US, the S&P 500 had a strong month as it rose 5.7%. This was during a month where Federal Reserve chair Janet Yellen held her final meeting before she hands over to successor Jerome Powell in early February. In contrast, the broad index for UK stocks - the FTSE All Share - fell 1.9% as pound sterling strengthened against all major trading partners, rising 5.0% relative to the US dollar and 1.5% relative to the euro. Elsewhere in Europe, the Euro STOXX 50 rose 3.1%. In fixed income, following a year that saw a significant flattening of the US yield curve, 2018 began with a slight steepening and increase in level as rates across the maturity spectrum rose. Focusing on 10-year rates, US Treasuries finished the month at 2.7%, while UK Gilts and German Bunds rose to 1.5% and 0.7% respectively.

Click below for the latest factsheets.

Best Ideas Portfolio Dividend Growth Portfolio
Multi-Asset Portfolios Core 20/80 Multi-Asset Portfolios Core 45/55 Multi-Asset Portfolios Core 60/40 Multi-Asset Portfolios Core 70/30

Driena Massyn January 2018

Understanding the Trade Blotter - Part 1

Want to see detailed information regarding an order on the "Blotter"? MyCredo allows you to check the order details of your trade.

Learn how

Jason Spilkin January 2018

Flexing to grow

As Equity Investors, we are a step away from where decisions are made and implemented. Shareholders own a slice of the business, but the business is run on our behalf. Ideally, we get a great management team, who build up a track record of reacting well to whatever complexity, uncertainty, and ambiguity gets thrown their way. In that way, when evaluating a business, we are able to look at what 'normal earnings' are. Then when there are challenging periods, and short-term investors make their decisions based on the next few quarters, buying opportunities present themselves. Merlin Entertainments is the second largest...

Read the full Spotlight

Calvin Mclean January 2018

December in review

2017 drew to a close with mixed returns across equity regions. December saw a 1.1% rise in the S&P 500, in a month where President Trump signed US tax reforms into law. In contrast, markets across continental Europe were down over the period, with the CAC 40 and DAX falling -0.9% and -0.8% respectively. UK equities saw the largest rise, with the FTSE 100 increasing 5.0%, despite the government losing a vote that required any Brexit deal to be approved through a full parliamentary vote. Having flirted with the 2% level earlier in the late summer, US 10 year bond yields ended the year where they began, at 2.4%. This masked a continued flattening of the US yield curve, as 2 year interest rates reached 1.9%, a significant rise from their 1.2% level in January.

Click below for the latest factsheets.

Best Ideas Portfolio Dividend Growth Portfolio
Multi-Asset Portfolios Core 20/80 Multi-Asset Portfolios Core 45/55 Multi-Asset Portfolios Core 60/40 Multi-Asset Portfolios Core 70/30

← 2017 2018 2019 →

News - 2018

Bunge beginning to budge

November in review

Can a Brexit deal be salvaged?

Jarrod Cahn on the SA radio Classic FM 102.7

Finding value from a 1990s stock darling

Brexit: Deon Gouws interviewed by eNCA again

Change on the horizon

Credo publishes the "Born in the 90s" edition

Brexit: Deon Gouws interviewed by eNCA

October in review

Investment Week Funds to Watch

The right time to buy Facebook

Off balance

Off balance

CNBC Africa interviews Credo CIO Deon Gouws

Hidden gems in the IPO market

Good news turning into bad news?

It was time to sell Whitbread...

September in review

Good news turning into bad news?

Coffee in bed

August in review

The importance of staying patient

Report shortcuts have changed

Credo Dynamic Fund First Anniversary

Accessing MyCredo made easier

The magic of storytelling

July in review

Developing developed

How safe are your assets?

June in review

Sporting chance

20 Years International Conference

May in review

Credo Funds registration case study

Step in, and out

April in review

Bigger is not always better

The FSCA has approved the Credo Funds

March in review

Version 6 of MyCredo is released

A value-based approach

Credo publishes the "20th Anniversary" CREDONEWS

Credo expands wealth platform to include offshore custody

February in review

Great unknowns: what worries our clients

CNBC Africa interviews Credo CIO Deon Gouws

Pirates Half Marathon

Margin and opportunity

January in review

Understanding the Trade Blotter - Part 1

Flexing to grow

December in review

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