Northstar quarterly market reports
The Northstar Market Report provides powerful empirical evidence as to why we are confident that our investment philosophy and process, closely followed, will deliver market beating returns for our clients over time. This work again points to controllable factors - markets move wildly, falling in and out of love with different sectors and companies, but we have a defined formula that works and we stick to our guns by only owning quality companies when they are incorrectly valued by other investors. We discuss stocks in this report, delving into our investment cases for specific securities which we own.
CURRENT QUARTERLY REPORT
2019 – Quarter 2
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THE BIG PICTURE
The JSE—Horribilis but hope there is!
For investors, professional money managers and company executives, the past five years have played-out as one of the most grueling and painful periods since the 1970’s. This article aims to illustrate how tough the markets have been and we conclude with a very simple reason as to why this has occurred and what it will take for the tide to turn.
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FROM THE ANALYSTS: EQUITIES
Shoprite Holdings
Considering our view that there is more pain ahead for corporate profits on the JSE (see our first article ‘The big picture’) we are not currently rushing out to invest in economically sensitive companies such as domestic retailers. However, share prices have been under pressure for a number of years and our research process continues unabated with a view to establishing attractive entry points into quality companies at reasonable prices. The attached article provides insights into our thinking and investment framework on Shoprite.
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FROM THE ANALYSTS: EQUITIES
Tencent—A cloud brimming with silver linings
The number of Chinese internet users has increased at a pace to rival the growth of the overall Chinese economy. Internet connectivity, rising wealth levels and a state party endorsed focus on technology-enabled wealth creation has seen Chinese consumers take to the internet, and internet enabled media, like fish to water.
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DONOVAN STEFAN
Staff member profile
My passion for finance started in my matric year but really ignited in my first year of University when I took a more active interest in personal investments. This led me to altering my career path early on by changing from studying majors in history, economics and law to economics and finance after my first year at the University of Cape Town (UCT). Since then I have not looked back and my passion for understanding the mechanics of financial markets continues to grow.
QUARTERLY REPORTS ARCHIVE
Browse all our quarterly reports available by selecting the period from the dropdowns using year and date.