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  Single Manager Portfolio Range  
       
  Each portfolio is managed by a single investment management firm and has an allocation to more than one asset class. In most cases, the local investment managers allocate investments to equities, bonds, cash and listed property, based on their risk-and-return outlook for each asset class at any given time. The portfolios aim to add value through active asset allocation by timing the entry and exit from asset classes and through active security selection within each asset class. Portfolios are differentiated by their average allocation to risk assets and by the style and philosophy of each individual manager. Use of derivatives to protect value is generally fairly limited.  
 
     
Cadiz African Harvest Asset Management  
Coronation Fund Managers
The local component of the assets in this portfolio is managed by Coronation Fund Managers (Coronation) and the global component by Investment Solutions in its Global Balanced Portfolio.
Coronation is a fundamental research-based, bottom-up share-selecting investment manager that has a strong valuation bias and takes a long-term view on shares. Its process allows for flair to filter through to investment decision-making. Analysts and portfolio managers are encouraged to display “intellectual courage” when recommending shares for inclusion in an investment portfolio. This means they are expected to highlight companies with the potential to add significant value to portfolios. The notion of “inspirational individuals” rather than “consensus thinkers” is very much encouraged.

Investec Asset Management
The local component of the assets in this portfolio is managed by Investec Asset Management (Investec) and the global component by Investment Solutions in its Global Balanced Portfolio.
The portfolio managers in Investec's Moderate Balanced silo focus solely on managing balanced portfolios. Like all other silos in Investec, Moderate Balanced leverages off the company's research platform, but is responsible for making the asset-allocation and share-selection decisions. The equity component within Moderate Balanced is constructed by blending macro-thematic views with bottom-up fundamental research on companies. Companies with a strong valuation underpin, positive earnings revisions, as well as those with improving growth prospects on reasonable valuations are favoured in this silo.

Oasis Asset Management
The local component of the assets in this portfolio is managed by Oasis Asset Management Limited (Oasis) and the global component by Investment Solutions in its Global Balanced Portfolio.
Oasis is a Deep Value investment manager whose objective is deliver low-volatility, superior returns at below-market risk. To achieve this, the portfolio managers seek to identify shares with an undervalued stream of sustainable cash flow. Once in-depth fundamental research confirms a share offers value, it is added to the Oasis' investment portfolios. The size of the investment, however, depends on liquidity and risk factors. Deep Value managers such as Oasis are generally non-benchmark cognisant when constructing portfolios.

Prudential Portfolio Managers
The local component of the assets in this portfolio is managed by Prudential Portfolio Managers (Prudential) and the global component by Investment Solutions in its Global Balanced Portfolio.
Prudential is a Relative Value investment manager that believes prices in investment markets often do not reflect their fundamental value. The portfolio managers' analysis seeks to differentiate between shares that are cheap because the companies concerned have poor prospects, and those that have simply been neglected by the market. Prudential SA is highly integrated with its overseas parent company, whose investment professionals around the world share ideas, information and research. Prudential UK is critical to the process, providing invaluable information that filters through to its tactical asset allocation recommendations.

Sanlam Investment Management
The local component of the assets in this portfolio is managed by Sanlam Investment Management (Sanlam) and the global component by Investment Solutions in its Global Balanced Portfolio.
As one of the largest investment managers in the country, Sanlam also has one of the largest investment teams. The manager employs a combination of macroeconomic and share-specific research to construct investment portfolios. Equities are split into economic clusters and analysts give a buy, hold or sell recommendation on each of the shares within these clusters. The model portfolio group then constructs the portfolio expressing its view using the input of the analyst recommendations. Sanlam is more of a bottom-up research investment manager and its investment style can be described as having a valuation bias.

Allan Gray Classic Balanced (Institutional Only)
The local component of the assets in this portfolio is managed by Allan Gray Limited (Allan Gray) and the global component by Investment Solutions in its Global Balanced Portfolio.

Allan Gray is a focused, bottom-up share-selecting investment manager that buys companies with strong balance sheets and superior management teams. The manager follows a Deep Value approach, investing in assets it believes offer superior fundamental value. It analyses company value by comparing the price of the asset to its intrinsic or underlying value. Assets trading at prices significantly below intrinsic value are considered attractive and could be included in Allan Gray's investment portfolios.

The local component of the assets in this portfolio is managed by Cadiz African Harvest Asset Management (previously African Harvest) and the global component by Investment Solutions in its Global Balanced Portfolio.
Cadiz African Harvest is a Relative Value-style investment manager. This means the portfolio managers are bottom-up Value managers whose decisions are based on fundamental research, while their portfolio-construction process is more benchmark cogniscant and risk controlled at sector-allocation level than traditional Deep Value managers. Cadiz African Harvest focuses on identifying companies priced below intrinsic value due to either market sentiment, neglect or irrational behaviour.

 

 
Foord Asset Management  
The local component of the assets in this portfolio is managed by Foord Asset Management (Foord) and the global component by Investment Solutions in its Global Balanced Portfolio.
The portfolio managers at Foord classify themselves “empirical pragmatists”. This is tantamount to Value investing but essentially involves the selection of attractively priced shares wherever the highest returns can be gained. This may take the form of shares trading at a discount to their net asset value, low price:earnings (p:e) multiples, or even shares trading on higher p:e but with excellent earnings growth prospects that justify these multiples. Once shares are bought, they tend to be held for long periods. The manager does not trade on short-term price movements.		  

 
Metropolitan Asset Management  
The local component of the assets in this portfolio is managed by Metropolitan Asset Management (MetAM) and the global component by Investment Solutions in its Global Balanced Portfolio.
MetAM is a wholly-owned subsidiary of Metropolitan Holdings Limited and boasts the strong empowerment credentials among the larger SA investment managers. Although the portfolio managers prefer not to be classified in terms of a particular style, the key factor in screening potential investments is that they prefer companies that will grow their earnings faster than the market rate, after which valuation analysis is done. This process should result in MetAM's local strategy having a Growth bias. Within the equity process, the manager has implemented a “silo” approach, resulting in Specialist, Growth and Mainline silos.		  

 
Old Mutual Investment Group  
The local component of the assets in this portfolio is managed by Old Mutual Investment Group (South Africa) (Pty) Ltd (previously OMAM) and the global component by Investment Solutions in its Global Balanced Portfolio.
Old Mutual Investment Group, previously OMAM, is the largest investment manager in SA, based on size of assets. The manager has implemented a structure which comprises 12 specialist boutiques. The new structure increases specialisation and comprises equity, fixed-interest, asset-allocation and alternative-investment boutiques. The manager is well resourced, with a dedicated central research area and risk-management team. The fixed-interest team manages the cash and bond investments on a combined basis. The fixed-interest and asset-allocation teams benefit from strong input by Old Mutual Investment Group's economic research unit.		  

 
Rand Merchant Bank  
The local component of the assets in this portfolio is managed by Rand Merchant Bank Asset Management (RMBAM) and the global component by Investment Solutions in its Global Balanced Portfolio.
RMBAM is a style-neutral manager that will buy Value and Growth shares provided the valuation of the companies is compelling. The portfolio-construction process of the balanced portfolios starts by determining the asset allocation. Once the asset-allocation decision has been made, the various equity analysts and portfolio managers decide on the appropriate weightings within each second-tier sector and select shares based on the ranking of their internal rate-of-return model. Top-level risk controls are managed through tracking error. Bonds are managed along a number of pillars, including duration, trading and quantitative methods.		  

 
STANLIB  
The local component of the assets in this portfolio is managed by STANLIB Asset Management (STANLIB) and the global component by Investment Solutions in its Global Balanced Portfolio.
The investment process at STANLIB has changed substantially since the implementation of the new franchise approach. The multi-asset franchise is now wholly responsible for the share selection and asset allocation of balanced portfolios. The asset allocation of the balanced portfolios is determined in conjunction with the strategy franchise, which will assess the long-term expected economic growth and cost of equity outlook, and may take advantage of inefficiencies in asset pricing in the short term. The equity component within the balanced portfolio is divided equally among the three portfolio managers in the multi-asset class franchise who have different style biases and different risk profiles, resulting in a style-agnostic combined equity portfolio.		  

 
   
   
 
     
   

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