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 3
THE BIG PICTURE
Brexit—does it make economic sense?
Our lead article covers the ‘impending’ departure of Britain from the European Union. The vastness of the topic limits us to dealing with only four focal areas – trade, financial services, immigration and the total expected economic impact of Brexit.
FROM THE ANALYSTS
Taking stock of the markets – let the numbers do the talking
The Northstar asset allocation framework
Each quarter we conduct an analysis on the relative value within each asset class available to us as investors. Asset classes include equities, commodities, property, fixed income (government and corporate credit) and cash and this granular, methodical and numeric exercise purposefully removes human intuition – we let the numbers do the talking. The output is an asset valuation matrix that directs us to the highest potential returning investments whilst accounting for risk taken.
It’s in the middle, Cyril
The big question on everybody’s mind is how long can the policy contradictions continue to disrupt the reform agenda South Africa so desperately needs? What has become abundantly clear over the course of the last year is that President Ramaphosa has been boxed in completely, not by his political opposition, but by his detractors in his own party. Ramaphosa’s reform agenda has been reduced to the proverbial eunuch in the brothel, possessing all of the desire but none of the ability.
QUARTERLY REPORTS ARCHIVE
Browse all our quarterly reports available by selecting the period from the dropdowns using year and date.