Halfway through, largely on track
Our mandates delivered in line with expectations across H1. Conservative and Balanced both printed above their benchmarks; Growth and Growth Plus tracked marginally behind due to our underweight to DM tech — a position we maintain.
H1 returns across the range
Full attribution is available in your mid-year portfolio review pack. High level: local Balanced returned 6.8% net of fees, offshore Growth returned 7.1% in USD terms.
A new cycle for South African private equity
Our long-form case study on the PE cycle, dry powder, and what the return of capital markets means for high-net-worth investors. Includes two example deal structures we've participated in over the past 12 months.
Two changes we've made since January
First, we reduced our SA bond duration modestly in response to the early-year rates repricing. Second, we introduced a small private market allocation into the Growth Plus mandate via a closed-ended feeder fund.
Unit trusts — understanding what you're actually paying
A practical primer on TER, performance fees, transaction costs, and what they compound to over a 20-year horizon. Worth reading before your next portfolio review.