Small caps normally underperform in the initial stages of a bear market, as investors attempt to minimise their risk exposure. The lower levels of liquidity and tradability of small caps tend to magnify the impact on the prices of ...
Please click below to listen to a web-based meeting we held at the end of April 2020 on the impact of the current crisis on managing a local equity fund, specifically our Denker SCI Equity Fund. A summary of the main points is listed below.
If you would like to hear our thoughts on the current issues facing South Africa, amidst the Covid-19 pandemic, please click below to listen to a web-based meeting we hosted yesterday (14 April 2020). A summary of the main points is ...
There has been no greater pandemic than the Spanish flu of 1918. However, the Spanish flu happened during World War I, which makes direct comparisons a little harder.
It’s helpful to consider the facts and look back at how markets have behaved in previous crises. Below are some of the lessons we’ve learnt from the past that are valuable in the current turmoil.
Outperforming the market starts with understanding the potential sources of returns. At Denker Capital, to generate market-beating returns for our investors, we continuously look at how we can improve our edge by gaining a better ...
While macro events do not dictate our investment decisions, we do consider the bigger picture. At Denker Capital, we follow a bottom-up investment philosophy. This means we look for quality companies, and we invest in these companies ...
‘If there is difficulty or doubt the security should be declined.’ Benjamin Graham Risk management is essential to mitigate the consequences of being wrong about an investment. If there is one important lesson that time in the ...
While shareholder activism has been on the rise in the US, in South Africa the bar has been set very low. Most shareholder activism has targeted directors’ remuneration, has been directed at larger companies, and has tended to take ...
Over the past five years, a tough South African equity market has challenged active value managers. In the recent past, you only need to have made two correct calls in the South African equity market.