ruen naidu (head of mac & macro strategies)
TRANSCRIPT
Argon Asset Management (Pty) Ltd is a registered financial services provider
Ruen Naidu (Head of MAC & Macro Strategies)
PRESENTER
"An investor initiative in partnership with UNEP FI and the UN Global Compact"
FAIS Accreditation: Ruen Naidu (RE1, RE3, RE5) is FAIS accredited
External Compliance Officer | Tim Howse (eComply) | E: [email protected] | T: 021 671 8162
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Argon Asset Management (Pty) Ltd is a registered financial services provider
1. Business overview
2. Governance Structure
3. Argon SA Bond Fund
4. Team profiles
4. Disclosures and contact details
TABLE OFCONTENTS
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Argon Asset Management (Pty) Ltd is a registered financial services provider
COMPANY BACKGROUND
GOVERNANCE
OWNERSHIP STRUCTURE
YEARS IN BUSINESS
STAFF COMPLIMENT
TRACK RECORD
16 years, established in April 2005
All staff are shareholders
Total staff compliment 33 Combined Investment Experience
Macro team 5 61 yearsEquities team 7 91 yearsCustomised solutions & Dealing 5 34 yearsEXCO 2 42 yearsSupport 14
FSCA Regulated, Licence number 835 (Cat I & II)
Auditors: SNG Grant Thornton
GIPS Compliant & Audited
Majority Independent Non-Executive Board Members
Fixed Income 15 years| Equities 15 years | Multi Asset 14 years
TRANSFORMATION Level 1 BBBEE status
Investment team, 81% PDI representation
Total staff, 91% PDI representation
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Argon Asset Management (Pty) Ltd is a registered financial services provider
R29.1 billion (55 institutional mandates - 41 segregated and 14 unitized)
ASSETS UNDER MANAGEMENT30 JUNE 2021
SA Equities67%
SA Fixed Income
19%
SA Multi Asset Class
14%
3.6%
4.8%
12.7%
78.7%
0% 20% 40% 60% 80% 100%
Multi Managers
Medical Schemes
Insurers
Retirement Funds
Client type
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GOVERNANCE & BOARDSTRUCTURE
Argon Asset Management (Pty) Ltd is a registered financial services provider
Argon Asset Management (Pty) Ltd is a registered financial services provider
BOARD OF DIRECTORS
Dr. Manas Bapela (CEO)
Ph D (Mathematics) Univ of Pretoria M Sc (Mathematics) cum laude, Global Investment Risk Management, Oxford University UK22 years experience
Luyanda Joxo, CFA
B Com Hons (Fin Mgt) UCTB Tech (Cost & Mgt Acc) CPUT
Ms Nomavuso Mnxasana, CA (SA)
B Compt Hons (UNISA),MCom (Tax Law) – pending
Ms Aziza Galiel, CA (SA), CFA
B Com (UCT), Post Graduate Diplomain Accounting (UCT)
Ms Tasneem Sulaiman
B Proc (UWC)
Non-Executive Directors Executive Director
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Argon Asset Management (Pty) Ltd is a registered financial services provider
Ms Nomavuso Mnxasana, CA (SA)
B Compt Hons (UNISA),MCom (Tax Law) – pending
Ms Aziza Galiel, CA (SA), CFA
B Com (UCT), Post Graduate Diplomain Accounting (UCT)
Ms Tasneem Sulaiman
B Proc (UWC)
Audit & Risk Chairperson Social & Ethics ChairpersonBoard Chairperson
BOARDCOMMITTEES
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Argon Asset Management (Pty) Ltd is a registered financial services provider
EXECUTIVE COMMITTEE
Dr. Manas BapelaChief Executive Officer
Ph D (Mathematics) Univ of Pretoria M Sc (Mathematics) cum laudeGlobal Investment Risk Management, Oxford University UK22 years experience
Sello Setai Chief Operating Officer
M Com (Fin Mgt) UCTB Acct (Acc & Tax) UKZN20 years experience
EXCO members are Key Individuals of the firm
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ARGON FIXED INCOME OFFERING
Argon Asset Management (Pty) Ltd is a registered financial services provider
Argon Asset Management (Pty) Ltd is a registered financial services provider
ARGON FIXED INCOME CAPABILITY
High
Medium
Low
Low Medium High
Ret
urn
Risk
Money Market
Flexible Income
Bonds
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Argon Asset Management (Pty) Ltd is a registered financial services provider
MACRO TEAMFIXED INCOME & MULTI ASSET CLASS
Krishna SatheeHead of Fixed IncomeB Sc Hons (Statistics) UNISA24 years experience
Janine Pein, CA (SA) Head of CreditB Com WITS, B Acc Sci (Hons) UNISA19 years experience
Ruen Naidu Head of MAC & Macro SolutionsB Bus Sc Hons (Actuarial Science) UCT13 years experience
Litha MadabaneFixed Income AnalystB Tech (Man) (cum laude) NMMU Alum of the Argon Schroders Graduate ProgramCandidate CFA 15 years experience
Andile Sibanda Trainee Investment AnalystB Com (Fin, Inv & Economics) UWCB Com Hons (Economics) UWCM Com (Economics) UCT - candidate
New Appointment (1 September 2021) Portfolio ManagerB Com Honours Investment Management (cum laude) (UJ)B Com Financial Management Sciences (UP)6 years experience
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Argon Asset Management (Pty) Ltd is a registered financial services provider
ARGON SA BOND FUND PRODUCT DETAILS
Fund Launch DateFebruary 2006
Fund Size as at 30 June 2021ZAR2.8 billion
Fund BenchmarkAll Bond Index (ALBI)
Fund ObjectiveOutperform ALBI by 1% over a rolling 12-month period
Fund StrategyActively managed fund that follows a multi-strategy approach. The strategy combines duration, yield curve trades and credit.
Risk ProfileModerate risk profile
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ARGON SA FIXED INCOMEINVESTMENT PHILOSOPHY & PROCESS
Argon Asset Management (Pty) Ltd is a registered financial services provider
Argon Asset Management (Pty) Ltd is a registered financial services provider
Philosophy
Markets are complex adaptive systems
Crowd psychology & Reflexivity
Economic & market cycles
Randomness and uncertainty prevails but human biases endure
Supply and demand drives price action
Alpha is generated by applying second level thinking
OUR FIXED INCOME APPROACH
Duration positioning
Active yield curve Management
Yield enhancing strategies
Risk management
Investment StrategyRationale
Volatility requires active portfolio management
Duration risk is the largest driver of
investment returns
Diversification reduces volatility
and enhances returns
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Argon Asset Management (Pty) Ltd is a registered financial services provider
INVESTMENT PROCESS
Local & international market outlook
Investment Theme(s)
Economic data and market trends
Expectations for rates and Inflation
Ongoing market monitoring & research
Daily macro screens
Team-based approach
Duration position limits
Yield curve sector limits
Counter party limits
Corporate credit sector limits
Equity team fundamental screens for credit
Credit committee
Active portfolio management
Expected returns on a 3 to 6-month view
Enhance yield & diversify exposures
Duration Yield curve exposure
Risk budget
Instrument selection(Government bonds)
Fundamental screening & relative valuation
Instrument selection& continuous
monitoring
Investment Process
Portfolio Construction
Risk Management
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Argon Asset Management (Pty) Ltd is a registered financial services provider
INVESTMENT PROCESSDURATION SETTING
Active duration position limited to ±2 years relative to ALBI
Decision on interest rate direction (cycle) and inflation view informed by reviewing:
Inflation data and inflation expectations
Levels of money supply
Private sector credit extension data
Direction of commodity prices
Economic growth data (levels, direction & expectations)
Current account balance
Emerging Market Bond Index (EMBI) spreads relative to Developed Markets (DMs)
Currency market trends
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Argon Asset Management (Pty) Ltd is a registered financial services provider
INVESTMENT PROCESSDURATION SETTING CONTINUED
SA 10-year vs UST 10-year
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Source: Bloomberg
Argon Asset Management (Pty) Ltd is a registered financial services provider
INVESTMENT PROCESSDURATION SETTING CONTINUED
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Argon Asset Management (Pty) Ltd is a registered financial services provider
Sector over & underweight positions informed by
Fiscal and monetary policy evolution
Duration stance
Issuance
Yield attractiveness
PORTFOLIO CONSTRUCTIONYIELD CURVE POSITIONING
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Argon Asset Management (Pty) Ltd is a registered financial services provider
PORTFOLIO CONSTRUCTIONINSTRUMENT SELECTION
ALBI modified duration = 7.3 years, targeted modified duration = ALBI + 0.3 years = 7.6 years
Sectors Govi bonds Mod Dur Spot Yield Target Yield 3-mth TRR Pf weights Total Mod Dur1-3 years (4.7%) R 204 2.02 7.94 7.40 2.93 2.00% 0.043-7 years (16.3%) R 207 2.88 8.20 7.66 3.46 1.00% 0.03
R 208 3.70 8.39 7.85 4.04 7.00% 0.26R 2023 4.96 8.62 8.08 4.77 8.50% 0.42
7-12 years (19.2%) R 186 6.30 8.92 8.38 5.6 18.50% 1.1712 years+ (59.8%) R 2030 7.33 9.29 8.79 6.19 9.00% 0.66
R 213 8.32 9.30 8.80 5.86 2.00% 0.17R 2032 7.98 9.38 8.88 6.51 9.00% 0.72R 2035 8.73 9.46 8.96 6.83 2.00% 0.17R 209 9.25 9.42 8.92 7.23 10.00% 0.93R 2037 9.00 9.53 9.03 6.97 2.00% 0.18R 214 10.02 9.50 9.00 7.58 9.50% 0.95R 2044 9.63 9.57 9.07 7.35 9.50% 0.91R 2048 9.96 9.54 9.04 7.57 10.00% 1.00
Total 100.00% 7.60
TOTAL RETURN ANALYSIS 3-MONTH HORIZON
Credit instrument selection
Yield pickup
Duration contribution
Fundamental analysis
Credit Committee approval
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Argon Asset Management (Pty) Ltd is a registered financial services provider
INVESTMENT PROCESSRISK MANAGEMENT
Element Limits
Duration Max 2 years active relative to ALBI
Yield Curve Max 25% of sector size bet on ALBIs 12 year+ sector
Counter Party 5% for corporates and 15% for parastatals (mandate driven)
Credit Max 50% overall portfolio exposure
Quantitative risk controls
Element Risk controls
Team structure A dedicated FI team + depth of the broader macro & equities team A CIO focusing on investment process integrity and risk management
Credit committee
Reviews corporate credit proposals and approves exposure limits, chaired by the CIO, other members include the Head of Compliance, Head of Credit and sector specialist (by invitation).
Compliance processes Pre- & post-trade compliance process Trade size limits Systems integrity (proprietary and straight through processing)
Qualitative risk controls
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Argon Asset Management (Pty) Ltd is a registered financial services provider
RESEARCHRESPONSIBILITIES
Component Research Responsibility
Macro Economic Analysis
- Inflation Environment - local- Macro economic data - local- Global macro picture
Krishna Sathee (Head of Fixed Income)Ruen Naidu (Co-Portfolio Manager and Head of Macro Strategies)Banks & Broker research
Bond Market Valuation Model
- Fair Value determination- Yield & Duration Curves- Breakeven & Scenario Analysis
Krishna Sathee (Head of Fixed Income)
Directional Trading
- Short Term Opportunities- Data Releases- Derivative strategies
Krishna Sathee (Head of Fixed Income)Ruen Naidu (Co-Portfolio Manager and Head of Macro Strategies)
Credit Analysis
- Fundamental issuer research- Relative Valuation- Risk Measures
Janine Pein (Head of Credit)Equities Team Credit Committee
- Portfolio Construction & Risk ManagementKrishna Sathee (Head of Fixed Income)Portfolio Compliance Process
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Argon Asset Management (Pty) Ltd is a registered financial services provider
When we invest, we are cognisant that the credit market is illiquid and we need to adopt a buy and hold stance. This requiresa robust credit process, in order to avoid (as much as possible) default risk.
Components of the credit process
1. Fundamental analysis
2. Relative value analysis
3. Credit rating
4. Review of all relevant legal documentation
5. Credit Committee
6. Ongoing oversight of credits held within the portfolio
7. Embargo list
INVESTMENT PROCESSCREDIT PROCESS
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Argon Asset Management (Pty) Ltd is a registered financial services provider
5-year financial information
Fundamental Analysis
Cash generation; revenue; leverage,
profitability & corporate strategy
Equities Team Fundamental view
Incl ESG
Economic analysis overlay & review of legal
documentation
Credit Committee approval (Quarterly & Ad-hoc meetings; members include CEO-Chair, Deputy CEO, COO, Equities Team Rep & FI team (non-voting)
Approved list & embargo list
Ongoing monitoring (Financial model updates, corporate actions, spread movements)
Assess current market trends per issuer &
industry specific
In-house rating analysis to assess all risk factors
Relative value at risk analysis
Bond tenor & interest profile (fixed, floating or
CPI linked)
Focus on downside risk
Ongoing monitoring of ratings changes
Relative Value Analysis
Ratings ESG
For SOE’s & Local Authorities current
focus is on G
Additional ESG insights & views from the Equities Team for
Corporates
In-house research & broker ESG research
ESG Committee chaired by the Deputy CEO
Balance fundamentals with
Valuation
INVESTMENT PROCESSCREDIT PROCESS
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RISK PHILOSOPHY & RISK MANAGEMENT
Argon Asset Management (Pty) Ltd is a registered financial services provider
Argon Asset Management (Pty) Ltd is a registered financial services provider
Our risk management framework recognises that successful management focusses on
Diversifying sources of excess return
Need an actively managed fixed income portfolio in a highly volatile market
Diversifying across the investment universe
Diversifying sources of risk
Interest rate risk (Portfolio max duration 2 years)
Liquidity risk (% of bank assets and cash on hand)
Default risk (credit research by our credit analyst/credit committee)
RISKPHILOSOPHY
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Argon Asset Management (Pty) Ltd is a registered financial services provider
Instruments are screened for credit default risk
In-house credit analyst & screening tools Analysis of credit rating reports Issuer/management interactions External broker research analysis In-house equities team consultation as well
In-house equities team and screening tools Issuer fundamental analysis utilising internal fundamental screening & valuation tools Interaction with company & issuer management External broker research analysis
In-house credit committee (oversight role) Approves issuer/issue exposure limits Committee is chaired by the CIO and includes the Equities Portfolio Manager, the COO and the Head of
Credit
DEFAULT RISKMANAGEMENT
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Argon Asset Management (Pty) Ltd is a registered financial services provider
Our thesis incorporates an early-cycle global recovery with reflationary conditions.
This view anticipates a rising growth profile and an uptick in inflation.
Built into this thesis is a continuation of the commodity boom and a weaker dollar.
The Fed has signalled no intention to tighten policy until labour markets recovery extends and the US Treasury. The ECB has completed its strategic review and has resulted in a perceived dovish approach in the medium term.
Expect SARB to remain on hold for 2021.
CURRENT VIEWS
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Argon Asset Management (Pty) Ltd is a registered financial services provider
TAPER RISK
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Source: Bloomberg
Argon Asset Management (Pty) Ltd is a registered financial services provider
TAPER RISK
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Macro Dashboard Performance Over Entire Period Stable Factors Rising Factors
Average Return Average Return Average Return
Asset Class [Range] count [Range] count [Range] count
Hit Rate Hit Rate Hit Rate
1.42% 0.061% -2.237%
Global Bonds [-7.51%; 8.93%] 374 [-7.07%; 4.19%] 46 [-3.14%; -0.47%] 5
67% 59% 0%
2.42% 1.931% -2.154%
SA Bonds [-8.72%; 12.57%] 244 [-6.25%; 7.42%] 46 [-6.71%; 2.21%] 5
78% 83% 20%
TEAM PROFILESBIOGRAPHIES
Argon Asset Management (Pty) Ltd is a registered financial services provider
Argon Asset Management (Pty) Ltd is a registered financial services provider
Ms Nomavuso Mnxasana, CA (SA)B Compt Hons (UNISA), MCom (Tax Law) - pending
Nomavuso is a Chartered Accountant, having obtained her B Compt and Hons from the University of South Africa. She received hertraining at Deloitte and Touche. After completing her articles, she spent one year at Deloitte before joining Sizwe Ntsaluba vsp (formerNkonki Sizwe Ntsaluba). During her tenure at Sizwe Ntsaluba she specialised in consulting, internal auditing and attest function. Shestarted the Corporate Governance division which housed the internal audit services, as she identified this opportunity during theintroduction of the Public Finance Management Act (PFMA). She was also involved in staff development and training as a staff partner forfive years.
She then joined the Imperial Group as the Group Audit and Risk Executive. While at Imperial, she introduced Training Outside PublicPractice (TOPP). When she left the group, she had eleven TOPP Trainees who are spread across the group and still assists Imperial Groupon a consulting basis to ensure they receive adequate training. She was appointed to serve on the Board of Imperial Bank as a Non-Executive Director representing Imperial, a position she held until the bank surrendered its banking license in September 2010. She sitson a number of Boards in both listed and unlisted companies.
Ms Aziza Galiel, CA (SA), CFAB Com (UCT), Post Graduate Diploma in Accounting (UCT)
Aziza has a strong foundation of local and international auditing, accounting and forensic accounting experience, on which she then builtan investment management career. She worked at firms such as Oasis Asset Management and Sanlam Investment Management whereshe fulfilled the roles of analyst and portfolio manager. She then embarked on a journey that involved business consulting, foundingbusinesses to facilitate SMME business growth and development, ways to fund and proactively manage unlisted businesses, and ESG orImpact Investing. She has served on numerous NGO boards and was an Independent Non-Executive Director of JSE-listed Metair Limitedfor just under seven years.
BOARDNON-EXECUTIVE DIRECTORS
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Argon Asset Management (Pty) Ltd is a registered financial services provider
Ms Tasneem SulaimanB Proc (UWC)
Tasneem is an admitted attorney of the High Court of South Africa and a member of the Institute of Directors. She has a wealth of seniorstrategic business experience across the retail, petroleum and banking sectors. She previously served on the Board of Engen PetroleumLimited and the boards of several retirement funds, which will provide an additional client-centric view to our firm. She currently serves onthe Kaap Agri Bedryf Limited Board as the Executive Director for Corporate Affairs and is a member of the Social and Ethics committee.
Luyanda Joxo, CFAB Com Hons (Fin Mgt) UCT, B Tech (Cost & Mgt Acc) CPUTCFA Charter Holder
Luyanda has over 21 years’ financial services industry experience. His previous experience includes financial and managementaccounting roles in Banking, FMCG and the Oil Industry.
BOARDNON-EXECUTIVE DIRECTORS CONT.
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Argon Asset Management (Pty) Ltd is a registered financial services provider
Dr. Manas Bapela (Chief Executive Officer)PhD (Mathematics) Univ of Pretoria, M Sc (Mathematics) cum laude Global Investment Risk Mgt (Oxford University) UK
Manas has over 22 years’ relevant industry experience including lecturing, investment analysis and portfolio management across theasset class spectrum, including derivatives. He has multi organizational experience at leading firms such as Standard Corporate &Merchant Bank and Taquanta Asset Managers. In addition, Manas is also a published contributor to mathematics journals, a regularindustry conference presenter and a member of the investment committee of the IRF (Institute of Retirement Funds).
Sello Setai (Chief Operating Officer)M Com (Financial Management) UCT, B Acct (Accounting & Tax) UKZN
Sello has over 20 years’ relevant financial management and portfolio administration experience. He spent over four years at the RSAsubsidiary of NYSE listed global asset manager, Alliance Capital Management LP (now Alliance Bernstein LP) where he oversaw financeand administration on a client book in excess of ZAR12 billion.
MANAGEMENTTEAM
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Argon Asset Management (Pty) Ltd is a registered financial services provider
Mark Ansley (Head of Equities)B Com Hons (UCT)
Mark joined Argon Asset Management in March 2016. He has over 26 years investment industry experience acquired at Old Mutual,Prudential, African Harvest, Cadiz and Citadel, where he held various roles, starting off as a dealer across all asset classes and latertaking on the responsibilities of equity analysis and portfolio management.
Mark was a founding member of African Harvest Fund Managers in 1999. In 2005, he launched and successfully managed theMasterMind Equity Unit Trust. Shortly after launching the fund, African Harvest Fund Managers was bought by Cadiz Asset Managementwhere he continued to work until November 2011. During this period, he participated in the houseview equity portfolio constructionprocess. In December 2011 he joined a team of former African Harvest members that managed a portion of Citadel’s in-house fundswhere they successfully managed a dividend focused mandate and a relative value mandate.
Dudu Tembo (Portfolio Manager)M Sc & DIC, Imperial College London University, UK, B Sc Hons (Engineering) Univ of Newcastle upon Tyne
Dudu started her investment career as an equity analyst 23 years ago at Investec, followed by a role as a fixed income risk analyst atGensec Asset Management. She joined African Harvest Fund Managers soon after inception and spent nearly six years as a member ofthe equity team. In 2007, Dudu was a founding partner and shareholder of Orthogonal Investments, which was integrated into CitadelAsset Management in 2011. While at Citadel, Dudu co-managed a number of domestic and global equity funds, including dividendfocused mandates.
INVESTMENTTEAM
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Argon Asset Management (Pty) Ltd is a registered financial services provider
Mpandekazi Maneli, CA SA (Portfolio Manager) B Com (Accounting), UCTB Com Honours (Accounting), University of Natal
Mpande joined the equities team as a Portfolio Manager and Analyst on 1st September 2018. She is a Chartered Accountant with 12years investment management experience. Her multi-organisational experience includes 5 years at Cadiz Asset Management in the roleof Equity Analyst and Senior Financial and Industrial Sector Analyst. She also spent 3 years at Momentum Asset Management where shewas a Senior Equities Analyst and Head of Research for the Momentum Unconstrained Equity Strategy team. Her most recent role was atMatrix Fund Managers where she was responsible for Business Development and Client Services.
Lebohang Mofokeng (Equities Analyst)B Com Hons (Financial Analysis and Portfolio Management), B Tech (Metallurgical Engineering) (cum laude)Investment Management Certificate (IMC) UK Alum of the Argon Schroders Graduate ProgramCandidate CFA Level II
Lebohang is a graduate from Welkom. He has numerous achievements including earning 20 distinctions (3 distinctions at B Tech and 17distinctions at ND levels). He has also received recognition as the best final year Metallurgy student in SA (offered by FOSECO), a top 10Achiever Award in first year, Top Learner award in Matric (Free State province), Dux Learner recognition, twice winner of the DST Sciencequiz, and has been on the Dean’s Honours rollover list three times. His past leadership roles include being an SRC president and have ledhim to receiving a Junior Civil Guard of Honour at the South African Parliament (2009). Lebo is an Alum of the Argon Schroders GraduateProgram.
INVESTMENTTEAM CONT.
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Argon Asset Management (Pty) Ltd is a registered financial services provider
INVESTMENTTEAM CONT.
Museja Makhaga (Equities Analyst)BSc (Hons) Computational and Applied Mathematics (Univ of Witwatersrand); National Certificate in Financial Markets & Instruments (Hedge Fund Academy)Candidate CFA Level II
Museja joins Argon from Perpetua Investment Managers where she was an Investment Analyst responsible for providing research onseveral sectors including property, food and clothing retailers. She also provided input on credit analysis and the screening of propertystocks. She was previously a Trainee Equity Analyst at Sanlam Investment Management where she covered local property stocks. Musejahas 5 years investment experience.
Siseko Joxo (Senior Dealer)B Com (Accounting) UWC, Alumni of the Argon Schroders Graduate ProgramCandidate CFA Level II
Siseko participated in our Graduate Development Programme, presented in partnership with our offshore partner, Schroders InvestmentManagement. On returning from London where he underwent investment training with Schroders, he joined the Argon investment team tocomplete his training program. In January 2015 he became a permanent employee of Argon in the role of Equities Dealer.
Batheeng Mashoeshoe (Equities Dealer)B Com Hons (Finance & Economics) RhodesCandidate CFA Level I
Batheeng is a graduate from GA-Matlala, Sekhukhune in Limpopo. He joined Argon in November 2018. Prior to joining Argon, heparticipated in various graduate programs from different asset managers such as Mazi Asset Management, Stanlib Asset Managementand Legae Securities.
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Argon Asset Management (Pty) Ltd is a registered financial services provider
Ruen Naidu (Head of Multi Asset Class)B Bus Sc Hons (Actuarial Science) UCT
Ruen is a seasoned investment professional with a solid portfolio management track record and extensive asset allocation, fixed incomeand hedge fund focus. He has expertise in investment strategy with a sound investment approach that incorporates a robust top-downview formation framework. Having entered the markets during the Great Financial Crisis in 2008, he has a keen awareness for riskmanagement in volatile conditions. Prior to Argon, his investment experience was obtained at PSG Asset Management, South Easter FundManagement and Cadiz Asset Management. Before entering the markets, he worked as an Actuarial Consultant for a global IT firm thatbuilt premium calculation models for US life insurers. Over his investment career he has managed various types of mandates includingFixed Income Hedge, Bond, Absolute Return, Balanced, Liability Driven Investments, Exchange Traded Funds, Money Market (Sterling,Dollar and Rand).
Krishna Sathee (Head of Fixed Income)B Sc Hons (Statistics) UNISA
Krishna has over 24 years’ fixed income investment experience. His experience was acquired at firms including Allan Gray Ltd, AfricanHarvest Fund Managers & Oasis Asset Management in the positions of Fixed Income Trader, Analyst & Portfolio Manager. As the longeststanding member of the Argon investment team, Krishna has contributed greatly to the formidable track record in the Fixed Incomeproducts.
INVESTMENTTEAM CONT.
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Argon Asset Management (Pty) Ltd is a registered financial services provider
Janine Pein, CA SA (Head of Credit)B Com WITSBachelor of Accounting Science Hons UNISA
Janine joined the Argon Fixed Income team as a Credit Analyst in 2016. Apart from working closely with the Fixed Income and Multi-AssetClass teams, her responsibilities include making technical inputs to the Argon Credit Committee. She has more than 19 years’experience, having worked in the UK and South Africa. Previous experience was gained at Nedbank Capital’s Debt Origination team andStandard Bank, where she was Head of Credit Research at. She’s a member of the Investment Analyst Society and a rated analyst (Spireand FM Awards).
Litha Madabane (Fixed Income Analyst)B Tech (Management) (cum laude) MMU, Alumni of the Argon Schroders Graduate Program Candidate CFA Level I
Litha is from Port Elizabeth and is currently expanding her knowledge in the investments field by studying towards a Wealth Managementqualification. Her past achievements include 12 distinctions (9 distinctions in her ND qualification as well as 3 distinctions in her B Tech)as well as attaining Golden Key Society membership at NMMU. Litha is an Alumni of the Argon Schroders Graduate Program.
Andile Sibanda (Trainee Investment Analyst)B Com (Fin, Inv & Economics) UWC, B Com Hons (Economics) UWC, M Com (Economics) UCT - candidate
Andile joined Argon in May 2021. She is one of our former bursary holders and spent a fair amount of time with us doing projects with our Macro Team. After completing her BCom degree with UWC, she went further to complete her BCom honours in Economics also at UWC. She recently submitted her MCom (Economics) dissertation at UCT after successfully completing the requisite coursework.
INVESTMENTTEAM CONT.
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Argon Asset Management (Pty) Ltd is a registered financial services provider
Tobias Brandt, CFA (Head of Analytics & Customised Solutions)BSc Hons (Applied Mathematics), BSc (App Mathematics & Physics), UCTCFA Charter Holder
Tobias has over 17 years’ investment management experience. After a short stint as a lecturer at UCT he entered the finance field in 2004 when hejoined Nedbank Capital on their Graduate Trainee program, where he was exposed to all aspects of corporate and investment banking. In January 2005he joined Taquanta Asset Managers in the role of Investment Analyst. At Taquanta he developed derivative pricing models and was responsible forresearching and developing Taquanta’s price indifferent investing process. After 3 years at Taquanta Tobias joined AHL in London, a hedge fund andpart of Man Group PLC, the world’s largest hedge fund group at the time. At AHL he worked on their quantitative equity market neutral fund whichtraded in four global regions. After two years in London, he returned to Taquanta as a portfolio manager responsible for modelling and managingstrategies in Taquanta’s absolute return and equity funds.
Monde Sinxi (Data Scientist)MSc (Chemistry) UCT, BSc Hons (Chemistry) UCT, BSc (Chemistry & Physics) Rhodes University
Monde is a PhD candidate in the field of computational chemistry at UCT where his focus has been processing information from molecular simulationsusing Python. He has also been working part-time as a Junior Data Scientist at Exegetic Analytics, a data science consultancy. Other accomplishmentsinclude lecturing Quantum Mechanics, Symmetry and Group Theory in the Chemistry Department at UCT.
Gomma Bangani (Risk & Performance Analyst)BSc Hons (Pure Mathematics) University of Fort Hare, BSc Hons (Applied Statistics) University of Fort Hare, Financial Markets & Instruments (NFQ6) Full Value Financial Services
Gomma has five years’ experience in financial services and joined us from Global Prime Partners - a global hedge fund brokerage firm where he was aRisk Analyst. He started his career as a Trainee Investment Risk and Performance Analyst at Stanlib Asset Management where he also gained a diplomain Financial Markets and Instruments. He later joined Mergence Investment Managers as the Risk & Performance Analyst. He is currently busy withCIPM level one.
INVESTMENTTEAM CONT.
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Argon Asset Management (Pty) Ltd is a registered financial services provider
Ahmed Omar (Portfolio Administration Manager) Business Training Prog, Systems Analysis & Design (WITS)
Ahmed has over 36 years’ financial services industry experience in the capacity of Administration Manager, Operations Manager & SeniorBusiness Analyst. Ahmed joined Argon from Maitland Fund Services where he was Head of Operations. His other industry experience wasacquired at major financial services companies including Old Mutual Life Assurance, Futuregrowth Unit Trust and Southern InternationalAsset Management.
Nozi Mkhize (Senior Portfolio Administrator)B Com (Financial Accounting) UCT
Nozi joined Argon in December 2018. She has over 8 years financial services years experience acquired from Syntell (Pty) Ltd where sheworked as a Revenue Accountant, Zest Life Investments where she was a Junior Accountant and most recently, at Prescient Life Ltdwhere she was a Portfolio Administrator.
Tharollo Machili (Portfolio Administrator)B Com (Economics) Walter Sisulu UniversityB Com Hons (Financial Markets) University of Fort HareM Com (Economics) (cum laude) Nelson Mandela Metropolitan University
Tharollo joined Argon in January 2021 from SANNE Fund Services where she was an Investment Administrator for over 2 years. Prior to that, she did her internship as a Provincial Budget Analyst at National Treasury.
OPERATIONS
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Argon Asset Management (Pty) Ltd is a registered financial services provider
Sekiwe Ndala, MAAT (SA) (Financial Controller)B Tech (Cost & Mgt Acc) NMMU, Investment Analysis & Portfolio Management Certificate (UNISA)
Sekiwe has 14 years’ financial services industry experience. Her prior experience is in auditing and accounting at Alpha Milliard CharteredAccountants where she completed her articles.
Nthabiseng Malgas (HR & Operations Officer)B Public Admin Hons USB, B Soc Sc (Politics, Public Policy & Admin) UCT
Nthabiseng joined Argon in October 2016 as an Operations Administrator, to assist particularly in the area of HR administration. Shefulfilled similar roles at Savara Tack and XS International (Pty) Ltd.
Sandiswa Kodwa (Assistant Accountant)B Com (Finance) UWC, Post Grad Diploma in Finance UWC
Sandiswa joined Argon in April 2019 from the South African Revenue Services where she worked for over three years as a Tax Agent andDebt Consultant.
Siphokazi KetoBachelor of Commerce, UWC
Siphokazi joined Argon in April 2021. She was one of our former bursary holders while completing her B Com degree at UWC. She will beassisting us in the Compliance Function.
OPERATIONS
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Argon Asset Management (Pty) Ltd is a registered financial services provider
Jeremy Jutzen (Client Relationship Manager) Marketing Mgt and Business Mgt Diplomas (Varsity College), Higher Certificate in Financial Markets (Academy of FinancialMarkets), Certificate in DTP (Vega)
Jeremy joined Argon in June 2013 and takes on the role of Client Relationship Officer. He joined us from Nedgroup Investments where hewas the marketing co-ordinator and also responsible for all investor communication. He has a wealth of experience in technical marketingacquired at firms such as Old Mutual, Ginsburg Malan & Carsons and African Harvest.
Itumeleng (Tumi) Matsobane (Business Development Manager)
Tumi joined Argon in June 2019. He has 16 years retirement fund industry experience and has held senior client relationshipmanagement positions across employee benefits advice and administration services to institutional retirement funds. He joins us fromSanlam Employee Benefits where he was a Senior Client Relationship Manager. Previously, he held similar positions at NegotiatedBenefits Consultants (NBC) and SA Quantum Consultants & Actuaries. Tumi has existing relationships with most of our clients havingserviced them on employee benefits solutions.
CLIENT MANAGEMENT & DISTRIBUTION
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DISCLAIMER &CONTACT DETAILS
Argon Asset Management (Pty) Ltd is a registered financial services provider
Argon Asset Management (Pty) Ltd is a registered financial services provider
DISCLAIMER
Boutique Collective Investments (RF) (Pty) Ltd (“BCI”) is a registered Manager of the Boutique Collective Investments Scheme, approved in terms of the Collective Investments Schemes Control Act, No 45 of 2002 and is a full member of the Association for Savings and Investment SA.
Collective Investment Schemes in securities are generally medium to long term investments. The value of participatory interests may go up or downand past performance is not necessarily an indication of future performance. The Manager does not guarantee the capital or the return of a portfolio.Collective Investments are traded at ruling prices and can engage in borrowing and scrip lending. A schedule of fees, charges and maximumcommissions is available on request. BCI reserves the right to close the portfolio to new investors and reopen certain portfolios from time to time inorder to manage them more efficiently. Additional information, including application forms, annual or quarterly reports can be obtained from BCI, freeof charge.
Performance figures quoted for the portfolio is from Morningstar, as at the date of this document for a lump sum investment, using NAV-NAV with income reinvested and do not take any upfront manager’s charge into account. Income distributions are declared on the ex-dividend date. Actual investment performance will differ based on the initial fees charge applicable, the actual investment date, the date of reinvestment and dividend withholding tax.
Investments in foreign securities may include additional risks such as potential constraints on liquidity and repatriation of funds, macroeconomic risk,political risk, foreign exchange risk, tax risk, settlement risk as well as potential limitations on the availability of market information.
Boutique Collective Investments (RF) Pty Ltd retains full legal responsibility for the third party named portfolio.
Although reasonable steps have been taken to ensure the validity and accuracy of the information in this document, BCI does not accept any responsibility for any claim, damages, loss or expense, however it arises, out of or in connection with the information in this document, whether by a client, investor or intermediary. This document should not be seen as an offer to purchase any specific product and is not to be construed as advice or guidance in any form whatsoever. Investors are encouraged to obtain independent professional investment and taxation advice before investing with or in any of BCI/the Manager’s products.
Income funds derive their income from interest-bearing instruments in accordance with Section 100(2) of the Act. The yield is a current yield and is calculated daily.
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CONTACT DETAILS
Argon Asset Management (Pty) Ltd is a registered financial services provider
Jeremy JutzenClient Relationship ManagerT +27 21 670 6592 | M +27 83 703 8523E [email protected]
Cape Town Office1st Floor, Colinton House, The Oval, 1 Oakdale Road, Newlands, 7700, Cape TownSwitchboard +27 21 670 6570 | Email [email protected] www.argonassetmanagement.co.za