SA’s listed corporate debt market is structurally expensive. Similar quality FX-hedged offshore opportunities, are generally at a yield spread of 100 - 300 bps. Tread carefully around listed credit in this market. Credit: Avior Capital Markets

Growthpoint has been at a discount to NAV for more than 5 years. It should unwind its currency swaps, unbundle GOZ, dispose its other international assets and refocus on being the dominant landlord in SA over the long-term. Fifi Peters CNBC Africa cnbcafrica.com/media/63704716…

We covered a huge amount of ground in this discussion of the history and future of the listed property sector in SA. Thanks Badger and Alistair Anderson Classic Business, 26 Mar Another Brick in the Wall – What will it take to close the NAV gap? iono.fm/e/1540478

A short snippet from what would become a longer story delving into the local REIT sector. Full interview here: iono.fm/e/1540478

This well-timed webinar will of course cover both tariffs and the GNU. Register here: register.gotowebinar.com/register/79229…

I just watched the "Coffee With Merchant West" webcast. It struck me that my colleague Ray Shapiro doesn't get enough credit for the good work he does on the MWI Global Equity fund. If you're in the market for such a fund, this one should be at the top of your list.

Multi-Strategy. Multi-Perspective. One Vision. Some managers stick to one style. We go further, combining the insights of multiple strategies to analyze every opportunity from all angles. This approach helps us make smarter investment decisions for more consistent outcomes.

Join Merchant West Investments for our webinar featuring Daniel King (Portfolio manager) and Ansonette Neethling (Analyst). Built to last: The Merchant West SCI Enhanced Income Fund Friday, 23 May 2025 @ 09h00 - 10h00 Register here: register.gotowebinar.com/register/48812…

At MWI, your clients’ goals are our priority. Our client-first approach delivers tailored, transparent asset management that supports sustainable growth—for them and for you. Learn more: merchantwest.co.za/investments/in…

Financial advisors - follow the link and get in touch with our approachable and excellent Head of Distribution, Juan Mirfin!

Please join us on Friday if you are interested in South African bonds and credit. We will discuss how to spot risk laundering in income funds, amongst many other topics!

A snippet from our recent fund webinar, which gives a comprehensive insight into how we manage the Merchant West SCI Enhanced Income Fund. We are inherently value-sensitive in credit, and we so we really don’t like local AT1 bonds at these levels.

We place liquidity at the centre of our fixed income investment philosophy, for good reason! The clip below is from our recent fund webinar, illustrating how we manage the Merchant West SCI Enhanced Income Fund.

The third pillar of our fixed income philosophy is macro diversification. This is particularly expressed through humility in interest rate forecasts. The below is from our recent webinar on the Merchant West SCI Enhanced Income Fund.

Portfolio construction: The Merchant West SCI Enhanced Income Fund is largely allocated to government and bank-issued debt with highly diversified interest rate exposures, making it well-suited to endure through various macro-economic conditions.

Breakeven inflation between inflation-linked bonds and nominal bonds has fallen by around 15 bps in the South African market today. It’s now at a level of around 5% at the generic 10-year mark.

A stronger rand coming? It’s looking that way with Matete Thulare ° Local REITs in May, is there still value with Ian Anderson Merchant West Investments ° Petri Redelinghuys on which crypto coins he trades? moneyweb.co.za/moneyweb-podca…

See the latest fact sheet of the Merchant West SCI Enhanced Income Fund here. We’ve done an annualised 9.7% over the last three years (with a max drawdown of only 1.6%) and 15.7% just in the year through May. (1/2)

This is a great diversifier for those with offshore equity exposure or as a standalone investment if you want to exploit high yields in RSA. Comment or DM me if you have questions or would like to set up a meeting to discuss the strategy which underpins this fund (2/2)

The Q2 2025 edition of On Point Newsletter is now available. From shifting mindsets to admitting mistakes, the problem with mega funds, and the investment case for healthcare or energy. This edition is jam-packed with insight. Click here to read: merchantwest.co.za/wp-content/upl…