Northstar in the media

2025/05/14 - Power Talk

Power Talk: US and China agree to cut tariffs

US-China Trade: 90-Day Reprieve – What’s Really Going On? The US has announced a 90-day extension of certain tariff exclusions on Chinese goods — a temporary easing in an ongoing trade struggle that goes far deeper than tariffs. Hlelo discusses that while this may offer short-term relief for businesses and markets, the real issue isn’t just trade volumes — it’s how China trades. What’s at the core? Many Chinese industries benefit from state subsidies, allowing them to produce goods at artificially low costs. This state-funded industrial policy puts global competitors at a disadvantage. The US has increasingly pushed back, arguing that these practices: - Distort global markets - Undermine fair competition - Threaten domestic industries and jobs Make no mistake — this isn’t a resolution. It’s a pause in a long-term strategic and ideological competition between two very different economic systems. Listen to Hlelo (Lo) Giyose from First Avenue Investment Management discuss this on PowerTalk with Dr Mbuyiseni Ndlozi

2025/05/05 - Business Day

Trump’s return — policies, personality and market mayhem

As Donald Trump, now in his second term as the 47th US president, floats the possibility of pursuing a third term despite constitutional limits, markets, investors and policymakers brace for heightened uncertainty.

2025/04/17 - CityWire

GNU is looking more likely to break apart

Investment professionals at three local asset managers share their views on South African equity. Barbieri believes the market turmoil around the GNU and US tariffs has increased forecasting risk. However, he has yet to see significant changes to economists’ local economic growth and inflation forecasts.

2025/01/13 - Business Day

Best payback is to build knowledge about businesses in which to invest

Forecasters may tell you a great deal about the forecaster; they tell you nothing about the future. — Warren Buffett.

2025/01/10 - Our Thinking

Client Letter Q4 2024

As we reflect on the year that is past, one of Buffett’s great quotes could not be more fitting. “For 240 years, it’s been a terrible mistake to bet against America, and now is no time to start.” But equally appropriate is his other sage advice. “Most people get interested in stocks when everyone else is. The time to get interested is when no one else is. You can’t buy what is popular and do well.’’ 2024 has not been a slam dunk for investors, many markets have performed awfully, contrary to common knowledge. Winning in 2024 needed 3 bets – the USA (+28.3% in $) amongst developed markets, China (+16.5% in $) and South Africa (+13.8% in $) in emerging markets. ‘’Losing’’ or missing out, involved bets on Latin America (-21.3% in $), in fact most emerging markets, excluding China, did +5.4% in $ and Europe (+5% in $).

2024/11/05 - CityWire

First Avenue and Northstar expect to merge within 18 months

Hlelo Giyose and Adrian Clayton believe the cooperation between the firms has been highly successful. ‘In the next 18 months or so, we should collapse our shareholding structure into one,’ First Avenue chief investment officer Hlelo Giyose told Citywire SA. The firms began cooperating on research in 2022 and formally merged their investment teams at the start of 2023.

2024/11/05 - The Money Show

The Money Show

Investment School - Navigating South Africa's Market Volatility: Strategies for Long-Term Growth

2024/11/05 - The Money Show

The Money Show

Investment School - Core portfolio holdings on the JSE (what is a core portfolio holding? how to identify them? when to buy and when to sell).

2024/09/26 - Our Thinking

Client Letter Q3 2024

It is such a pleasure writing to you as the sun’s rays travel a shorter distance to the southern hemisphere. Spring catalyzes renewal and much of this is also playing out in the global economy and so too at home. As I write, the South African Reserve Bank reduced interest rates by 0.25% to 8%, thus finally initiating a cutting cycle. This followed on the coattails of the Federal Reserve that aggressively slashed the Fed fund’s rate by 0.5%.

2024/09/02 - Business Day

Investing success comes from an awareness of history

The postmortems of past bubbles can provide useful tips on how to be on the right side of the next one. Adrian Clayton discusses this.

2024/09/02 - Power Talk

Power Talk

The state of the automotive industry. Lo Giyose shares his views in this episode of Power Talk.

2024/09/02 - The Money Show

The Money Show

Absa’s Half-year earnings hit by weak economy. Listen to Lo Giyose share his views on the Money Show.

2024/07/10 - CityWire

I’m not a fan of ‘gut instinct’ – top-performing income PM

This month the Northstar BCI Income fund will reach its 10-year milestone. Since inception, the fund has returned 7.4% per annum – ahead of its benchmark of 110% of the STeFI call deposit rate and the 7.1% average return from funds in the Asisa South Africa multi-asset income category.

2024/06/24 - Our Thinking

Client Letter Q2 2024

Halfway through 2024 we trust that the year is going well. I suspect that you, like us, have been on tenterhooks seeking certainty around the future of SA’s government. Following the creation of what is seen as a stable government of national unity, the markets have responded well and there have been positives out of this past election. Despite this there remains uncertainty as to how the collation will work out, and we may be in for a period where markets express this uncertainty.

2024/06/03 - Business Live

SA Inc. still has much to offer investors

In this article, Marco Barbieri sheds light on the potential upswing in South African equities. Despite a challenging decade, recent developments suggest promising opportunities for investors. This article discusses these opportunities.

2024/03/25 - Our Thinking

Client Letter Q1 2024

I encourage you to read our first quarterly report of 2024, which focuses on macro factors impacting South African markets. Lo Giyose’s Big Picture shows how SA’s national imperative has “triumphed” over shareholder imperatives; and secondly, Mark Seymour sets out how USD policies broadly impact our economy. Finally, we introduce Sahil, another investment team member enthusiastic about what he does.

2023/12/04 - Our Thinking

Client Letter Q4 2023

Northstar Asset Management – ‘’Large enough to count, small enough to care’’. Years ago, I was driving in heavy traffic in Gauteng and a cement truck parked next to me, written across its door was ‘’Large enough to count, small enough to care’’. Those words I have never forgotten, and I apologise to the creator, but we will use them to describe our firm, our ethos, and how we view the world.

2023/12/04 - Business Live

A tidal turn on horizon for emerging markets

In this article, Adrian Clayton suggests the unthinkable: emerging market indices could be on the verge of outperforming developed markets.

2023/12/04 - Our Thinking

Client Letter Q3 2023

Despite a deeply challenging market backdrop, Northstar clients have enjoyed sound investment returns in 2023. High levels of staff competency and their dedication to delivering favourable customer outcomes are the foundation of these results.

2023/08/07 - Business Day

Evaluating the optimal offshore allocation for retirement funds

While risk considerations are vital, many investors overlook the cost of offshore diversification. Marco Barbieri discusses.

2023/12/04 - Our Thinking

Client Letter Q2 2023

It was great to see many of you at our client event, attended by over 140 guests. If you were not able to attend, the videos are worth a watch and are available on our website (hyperlink here), covering global population demographics, Eskom, and Mayor Geordin Hill-Lewis’ talk about the future of Cape Town.

2023/06/26 - CityWire

Northstar launches global income fund

Northstar Asset Management has added to its suite of funds with a global portfolio that targets an income yield in US dollars at low volatility.

2023/04/24 - Fund information

Northstar Asset Management – Boutiques on Wednesday

Adrian and the investment team introduced Northstar at a recent "BCI Boutiques on Wednesday" webinar, giving insights into Northstar as a business as well as discussing the income, managed and global strategies in a short and succinct presentation.

2023/04/21 - CityWire

We know our top 50 buy list stocks better than ‘our families’

The asset manager said its ESG process allowed it to avoid companies with poor governance, such as Steinhoff and Glencore.

2023/04/04 - Insights

Client Letter Q1 2023

If you find the world complex, you are not alone. More so than ever, these times call for a structured and disciplined approach to investing. 2023 is full of moving parts; on the international scene, we have witnessed the first signs of trauma as the era of easy money fades. In March, the US Federal Reserve increased the Fed Funds rate to 5%, the highest since 2007.

2023/03/16 - CityWire

Value is starting to show in stable dividend payers

Mark Seymour reflects on the importance of dividend returns in the current market.

2023/03/03 - CityWire

Are these SA’s best income funds?

Four funds have a track record of consistency in SA's multi-asset income space. The Northstar SCI Income Fund falls into this category, according to Citywire SA.

2023/03/03 - CityWire

Fund management should be driven by process, not personality

In the latest in a series of interviews with industry veterans, Stephen Cranston talks to Northstar Asset Management chief investment officer Adrian Clayton.

2023/01/16 - Business Day

Release of chatbot app ChatGPT lets the genie out of the bottle

With the release of chatbot application ChatGPT on November 30, a large window into the wacky world of artificial intelligence (AI) has been thrust wide open.

2022/11/15 - CityWire

How important is SA growth to the investment case for local equity?

In his latest column for Citywire, Northstar Asset Management's Marco Barbieri provides some historical context to the outlook for South African-listed equity returns.

2022/10/19 - CityWire

Even at 4% it’s too early to buy US Treasuries

In his latest column for Citywire, Northstar’s Mark Seymour looks at the outlook for US bonds.

2022/09/26 - Business Day

Are we seeing early signs of Japan-style deflation in China?

The comparison between China’s housing market and Japan’s property bubble of the early 1990s has been much debated, but has taken a new dimension after Evergrande’s recent default and China’s policy response to property market distress.

2022/09/19 - CityWire

The market has never looked so disconnected from its own history

In his latest column for Citywire South Africa, Northstar Asset Management CIO Adrian Clayton puts the current market environment in historical context.

2022/08/17 - CityWire

SA Equities: Opportunity or value trap?

Northstar’s Marco Barbieri contextualises the current cheapness of the JSE.

2022/07/18 - CityWire

Houston we have a problem

Northstar's view on the policy response to inflation.

2022/06/29 - Our Thinking

Second quarter 2022 – Client Letter

2022/06/27 - Business Live

Equity market valuations matter in rising inflation environment

Investors are nervous as corporate earnings are likely to weaken as central banks raise rates.

2022/06/27 - CityWire

Three warnings for markets from company CEOs

Northstar’s Adrian Clayton reflects on themes that emerged from a recent visit to the US.

2022/05/18 - CityWire

Beyond inflation: The impact of weaker global trade on equity markets

Northstar’s Marco Barbieri looks at the short- and long-term risks facing global equity markets.

2022/04/21 - CityWire

Reality check: Finding an optimal asset allocation

Northstar's Mark Seymour reflects on a 62 years of asset class return data.

2022/03/18 - CityWire

Where can you find value in the local equity market?

Excluding resources and rand hedges, only local banks, Clicks, MTN, Bidvest and a handful of mid- and small-cap stocks have outperformed the local index over the past five years.

2022/03/18 - Business Day

Busting myths about growth, value and interest rates

The market has a communal mind. Frequently a narrative, an idea or concept is latched onto by investors, hard coded and accepted as gospel. Examples include: The idea that higher interest rates will catalyse equity weakness. Growth and quality has been a fad and it is time to pivot into value, which is a better long-term performance metric. Value outperforms growth and quality when interest rates rise.

2022/02/15 - CityWire

Don’t ignore the price: Global equity vs SA bonds

In the latest column from Northstar, Mark Seymour looks at an asset allocation choice many investors may be missing

2022/01/17 - CityWire

Where not to buy when inflation is high

In the first of a new series of columns for Citywire South Africa, Northstar CEO Adrian Clayton examines the choices that investors have to protect portfolios from inflation.

2021/12/07 - Our Thinking

4th Quarter 2021 – Client Letter

2021/11/30 - CityWire

Citywire South Africa Awards 2021: Nominees for best fund manager

The Citywire South Africa Awards 2021 recognise fund managers and asset management groups with funds available in South Africa. For these inaugural awards, we will be naming winners across nine categories, with separate awards for fund managers (individuals or teams) and groups. The best fund manager awards are calculated using three-year risk-adjusted performance, while the group awards are calculated over seven years. Rory Spangenberg receives two nominations.

2021/11/10 - Business Live

Competitive advantage drives value and long-term returns

While competition strategy and competitive advantage have long been popular areas of study for noted academics such as Michael Porter, investors have generally overlooked the importance of a thorough assessment of competitive advantage in fundamental analysis, and have largely neglected to integrate these into robust valuation frameworks.

2021/08/27 - CityWire

SA’s top rated flexible fund managers

The Northstar SCI Global Flexible fund is the second best performing portfolio in the ASISA global multi-asset flexible category over the past five years according to Morningstar. Its annualised return over this period is 12.5%, against the category average return of 9.2%.

2021/08/16 - CityWire

Why Northstar has increased its equity exposure to 10-year highs

The boutique firm believes that the macro environment remains supportive of the risk trade.

2021/07/08 - Insights

Naspers Prosus share exchange letter

Northstar Asset Management is against the transaction in principle as it enhances the complexity of the Naspers/Prosus investment case and thus is unlikely to sustainably reduce the discount to underlying Naspers/Prosus assets. We are, however, mindful of the taxation and shareholding considerations that limit the available options for corporate action and thus view it as likely that the transaction will proceed.

2021/07/09 - Insights

Second quarter 2021 client letter

According to the World Health Organisation’s official website, since the start of the COVID-19 pandemic, 177m people have contracted COVID. 3.84m people have tragically, died. Africa has registered 3.75m cases, South Africa 1.78m of these or 47% of the total and we have recorded 58 323 deaths.

2021/05/13 - CityWire

Why would an income fund hold assets with zero yield?

Mark Seymour, Director of Fixed Income, explains why the Northstar SCI Income fund holds gold and foreign currencies that produce no income.

2021/04/28 - BlueChip Journal

Fixed income asset allocation: diversity and flexibility, a must have

Mark Seymour, Director of Fixed Income, examines the importance of portfolio flexibility and the impact of inflation-linked bonds.

2021/04/19 - Our Thinking

Appointment of Rachel Finlayson as Portfolio Manager

It gives us great pleasure to announce that Rachel Finlayson has been appointed as a Portfolio Manager to work with Marco Barbieri and Adrian Clayton as co-managers of South African equity mandates, including the Northstar SCI Equity Fund.

2021/03/26 - Our Thinking

First quarter 2021 client letter and market report

We trust that you are safe, healthy and enjoying the final throes of summer. It seems implausible that just twelve months ago, global stock markets melted under the weight of COVID-19, yet today, bourses are hitting new highs.

2021/03/10 - Glacier Funds on Friday

Mind the gap – steep yield curve ahead

With local inflation stabilizing and settling at the lower end of the SARB's target band, coupled with the treasury's struggles to maintain fiscal discipline, we've arrived at a point where the yield curve is at the steepest level in recent history (see figure 1. below). The question is, "Do long bonds present a buying opportunity?"

2021/01/28 - CityWire

How a top performing global flexible fund manages equity exposure

Flexible funds should be considered as an alternative to pure equity building block funds as core holdings in growth portfolios, given their ability to calibrate exposure to the market on the basis of valuation attractiveness,’ said Spangenberg

2021/01/27 - BlueChip Journal

Reaching for the Northstar

Rory Spangenberg speaks to Bluechip Journal. He discusses our principles, what we believe makes us different as well as a brief overview of Northstar's Equity Investment Process.

2020/12/09 - Our Thinking

Fourth quarter 2020 client letter and market report

I hope you are well and beginning to feel some respite from a tough year! 2020 has carved-out its place in history and for all the wrong reasons. As we know, the World Health Organisation officially announced COVID-19 as a pandemic on the 11th of March and what has followed has been a procession of life changing events.

2020/12/08 - CityWire

Is the rotation to value sustainable?

The US election outcome, notably the legislative gridlock in Congress, combined with positive news on the COVID-19 vaccine developments, has provided a breakout opportunity for value stocks from a point of extreme, multi-decade under-performance.

2020/10/06 - CityWire

Northstar appoints Rory Spangenberg as CIO

Northstar Asset Management on Monday announced that Citywire A-rated Rory Spangenberg (pictured) has been appointed as chief investment officer (CIO) at the firm. Since joining Northstar in 2017, Spangenberg has been the director of global equities, and manager of the Northstar Global Flexible fund.

2020/10/05 - Our Thinking

Appointment of Rory Spangenberg as CIO at Northstar

It gives me great pleasure to announce the appointment of Rory Spangenberg as the new Chief Investment Officer at our firm.

2020/09/25 - CityWire

Why has Northstar loaded up on inflation-linkers?

For the past year, the Northstar SCI Income fund has increased its exposure to inflation-linked bonds from less than 20% to more than 60%. Fund manager Mark Seymour explains why in the recent CityWire feature

2020/08/04 - CityWire

What’s the upside in Amazon or Tesla?

Citywire asked three asset managers – two holding Amazon and one holding Tesla – to explain their current thinking around these stocks and when the time would come to take profits. Their answers were fascinating. Read what Rory Spangenberg had to say about Amazon.

2020/08/03 - Money Marketing

Why an integrated approach to fundamental value, informed by competitive advantage, offers better risk-adjusted returns

Northstar Asset Management’s proprietary research process is focused on identifying companies with a sustainable competitive advantage, which can be bought at a discount to a conservative estimate of intrinsic value, consistent with our mantra: “Long-term exposure to quality assets, where value exceeds price.”

2020/10/07 - Insights

Northstar Global Flexible Fund – 3 year track record

With our Irish-domiciled Northstar Global Flexible Fund having reached a 3-year track record last month, we are very pleased to share with you the performance of the Fund over this period. The Fund has returned 7.07% p.a. (net USD) ahead of both the MSCI World Index (6.70%) and Barclays Global Aggregate Bond Index (3.79%).

2020/07/08 - Our Thinking

Second quarter 2020 client letter and market report

As we write, the Western Cape is experiencing a spike in infections as other parts of the world face new waves of the virus. Anecdotal evidence from management teams of listed and unlisted South African businesses is that our political and virus-induced economic malaise will be deep and protracted. Local GDP is expected to contract by more than 8% in 2020, immediate business-friendly policies are the only solutions to reinvigorate an ailing system. This Northstar Quarterly Report expands on some easy-wins that Government could enact to float the economy.

2020/06/30 - CityWire

Why hold holding companies?

Holding companies currently trade at discounts to their NAVs that are well above their long-term averages. But not all discounts are created equal. Marco Barbieri, Director of SA Equities at Northstar Asset Management, looks at the stocks it believes are the best to hold.

2020/06/10 - Social Responsibility

NR Relief Programme

Northstar Asset Management are always heavily involved in charities. We believe it’s an imperative and we have an obligation to care! An ongoing charity of ours is the NR Relief Foundation, they are currently feeding starving communities in KZN. Northstar are proud to support them on an on-going basis.

2020/05/21 - CityWire

A better use for Buffett’s billions

Five South African Citywire-rated managers, which includes Rory Spangenberg - Director Northstar Global Equities, give their views on what they would do with Berkshire Hathaway's enormous pile of cash.

2020/05/15 - Our Thinking

Credit – more risk than is obvious to the naked eye

With credit spread having sharply widened recently due to the effects of COVID-19, some investors have been attracted to this asset class as supposedly good quality credit seemed to be offering attractive yields optically. In this article, Mark Seymour discusses the “not so obvious” risks embedded in the South African credit market.

2020/04/06 - Money Marketing

Big is not better in asset management

The decision-making process around most product purchases usually involves four factors; brand or reputation, price, client service and performance. As consumers apply these factors, they often show weak persistency, even for large ticket purchases such as vehicles – most own different brands during their lives and are remarkably disloyal. Disloyalty is usually even greater when service providers are selected, asset managers being prime examples.

2020/04/02 - Moneyweb

Is this the end of the beginning?

March 2020 will be remembered as one of the most brutal months that global equity markets have ever seen. The sell-off around the world was rapid and extreme. “The JSE fell over 35% between January 18 and March 19, it’s low point so far in this episode,” points out Adrian Clayton, chief investment officer at Northstar Asset Management.

2020/03/31 - Our Thinking

First quarter 2020 client letter and market report

In Karen Thompson Walker’s ‘The Age of Miracles’ she examines what happens to life when the earth slowly stops moving. Both nights and days grow longer, clocks lose their efficacy, trees whither and humans get physically ill all while their social bonds are tested. Walker’s version of the earth slowly stopping is less brutal than the one inflicted upon us by COVID-19. Under COVID-19, life has not been allowed to slow down, it’s been stopped dead in its tracks, except for one reeling organism – the stock market.

2020/02/28 - Our Thinking

Blackstone – Capitalising on a changing industry landscape

The Blackstone Group is the world’s largest alternative investment firm, specialising in private equity, real estate, credit, and hedge fund investment strategies. A rapidly changing industry landscape has led to growing demand for passive and alternative investment products, at the expense of traditional actively-managed funds and resulting in a fund-raising “super cycle” for large, diversified firms such as Blackstone.

2020/01/20 - Moneyweb

Is this 2002 for SA investors all over again?

At the start of 2002, South African investors could be forgiven for feeling confused. The previous five years had produced a remarkable sequence of returns on the JSE.

2019/09/09 - Money Marketing

Value in flexibility

Investors looking for offshore exposure would be well-advised to spend some time considering which kinds of offshore investment. [...]

2019/04/30 - Money Marketing

Why size matters

Size matters in investing, just not in the way we may have been led to believe. In many ways smaller is better. [...]

2019/03/31 - Money Marketing

Right for the wrong reasons

Is offshore investing still a good move for South African investors? [...]

2018/08/02 - Financial Mail

Little gems, perhaps

A huge amount of trust has to develop before a fund manager can expect to earn large pension mandates [...]

2018/07/31 - Moneyweb

Is Facebook’s fall just a blip for tech stocks?

Is the long-term story still intact? [...]

2017/12/15 - Moneyweb

The opportunity in mid and small caps

The market may be underpricing these counters relative to large caps. [...]

2017/12/08 - Moneyweb

The equity funds that didn’t own Steinhoff

Who dodged a bullet for their clients? [...]

2017/03/22 - NorthStar Event

Northstar evening with premier Helen Zille

Northstar were privileged to host a talk by Premier Helen Zille at the Portside building in Cape Town. Over 170 clients, brokers and friends of Northstar attended the event and the evening [...]

2016/02/29 - RMI

RMI’s new investment management model ready to serve the financial advisory community

RMI Investment Managers (RMI IM), part of JSE-listed Rand Merchant Investment Holdings (RMI), has launched an affiliate investment manager model, the first of its kind in South Africa [...]

2016/02/29 - Money Marketing

Is it all doom and gloom and do opportunities exist for investors?

"The stock market is filled with individuals who know the price of everything, but the value of nothing [...]

2016/01/18 - Business Day

RMI to trade under new name

RAND Merchant Insurance (RMI) will be renamed Rand Merchant Investment Holdings and will trade under the new name on the JSE with effect from Monday next week [...]

2015/12/01 - Sunday Times

Why care about Mangaung?

One man who will not be losing any sleep over the leadership and policy debates at Mangaung is one of the country's most successful investors, Adrian Clayton [...]

2015/11/24 - Biz News

Are there any AGMs of JSE-listed companies worth attending?

Doug Haig, a chartered accountant and member of the executive team at insurance specialists Lireas, attended RMBI's annual general meeting on friday [...]

2015/11/18 - Business Report

RMI has $70m to spend

Rand Merchant Insurance Holdings, an investor in South African insurance companies, intends to allocate about $70 million to enable a unit to buy stakes in independent money-managers alongside plans for the division to build its own investment teams [...]

2015/11/15 - Sunday Times

Equity investors are having a tough time and it’s not over yet

The result is, our resource sector is currently priced for Armageddon after several years of good returns, we've forgotten how risky markets really are [...]

2015/11/12 - Financial Mail

Investors Notebook, Stephen Cranston

Resco was once fated to be a resource-focused investment company. Then its owner, Wally Grey, a veteran of Sage Asset Management, was persuaded to turn it into a unit trust business, of which he is now co-fund manager [...]

2015/10/16 - Moneyweb

Rand Merchant Insurance chasing asset manager oligopoly

Rand Merchant Insurance (RMI) is gunning for the ‘CIA’ – Coronation, Investec and Allan Gray. Its new asset management business, RMI Investment Managers (IM), has taken minority equity stakes in a number of boutique asset managers [...]

2015/10/15 - Moneyweb

RMI after asset manager oligopoly

JOHANNESBURG – Rand Merchant Insurance (RMI) is gunning for the ‘CIA’ – Coronation, Investec and Allan Gray. Its new asset management business, RMI Investment Managers (IM), has taken minority equity stakes in a number of boutique asset managers [...]

2015/09/01 - Sunday Times

Should one hold or sell equities currently considering the market volatility?

Two concepts are important when addressing this question.Time and expected returns – what period of time is reasonable when deciding on investing in equities and what returns should be expected? [...]

2012/06/22 - Financial Mail

Money & Investing: Questions for Adrian Clayton

Out of 89 all asset variable equity funds, PSG Balanced is one of the top 10 performers over three years [...]

2002/11/29 - Financial Mail

Building a solid Record

In delivering a 24% return in its first year, Frater Flexible Funf (FFF) has lived up to Frater Asset Management's growing reputation for delivering above-average returns [...]

2001/07/23 - Financial Mail

Appleton-trust is standard & Poor’s se toppresteerder met 44,7%

APPLETON se Bestuurde Veelsydigge Effektetrust het die afgelope twee jaar uitstekend gevaar en ‘n opbrengs van 44,7% vir die tydperk behaal. [...]

2000/03/24 - Financial Mail

An Attractive newcomer

Most investors want to get the best returns they can, it has never been easy, and has been made even harder by more volatile markets [...]