NORTHSTAR MARKET REPORTS

RESEARCH-DRIVEN | LONG-TERM FOCUSED


Navigate below to previous quarterly reports

2018 - Quarter 02

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THE BIG PICTURE
ARE SOUTH AFRICAN EQUITIES EXPENSIVE?
Adrian Clayton (Managing Director and CIO) and Rachel Finlayson (Analyst)

For four years the domestic stock market has been moving sideways, testing even the most bullish local investors. See Figure 1. With this in mind, we use three approaches in the following article to provide some indication on whether the JSE is expensive or cheap. We also then look at our view of expected returns. There is no simple framework for predicting market returns, this is not a perfect science and consequently, our approach does not aim at pin-point precision, it also is triangular in that we look at various inputs.
Read more
FROM THE ANALYSTS:
EQUITIES – WHY WE LIKE BOEING
Donovan Stefan (Analyst)

Founded in 1916, Boeing’s success has and continues to be predicated upon the size and durability of its strategic competitive advantages (economic moats) and the high barriers to entry that characterise the industry. Boeing benefits from different economic moats including its distribution and operational scale, intangible assets (brand, patents and regulation), and switching costs. Today, Boeing is the leading aircraft manufacturer globally and operates in a duopoly with Airbus.
Read more
FROM THE ANALYSTS:
EQUITIES – REUNERT – SLOW AND STEADY
Andrew Randles (Analyst)

History: Even though Theodore Reunert and Otto Lenz, formed “Reunert and Lenz” in 1888 by specialising in electric lighting, power and transmission, it wasn’t until 1907 that the company made a name for itself by constructing a replacement steam-generated power plant for Johannesburg in a flabbergasting six weeks. Today: The company we know today as Reunert is a manufacturing conglomerate with exposure primarily to South Africa, as well as smaller operations in Australia, Lesotho, Sweden, the USA, Zambia and Zimbabwe.
Read more
CLIENT CORNER AND NORTHSTAR NEWS
HOW FINANCIAL SERVICES FIRMS DEPERSONALISE CLIENTS RATHER THAN CREATING A CULTURE OF CARE
Lian Lubbe (Client Servicing Manager)

We have spent time studying how the financial services industry is grappling with the needs of clients and where this requires change to services rendered. This article shares what we gleaned from this exercise and how Northstar is working to improve our client offering. In the world of financial services, most companies compete by selling an intangible product. Banks sell the safety of a client’s deposit.
Read more
CORRIDOR CHATTER
ACKNOWLEDGE THE PAST, BUT LET’S OWN THE FUTURE!
John Steenhuisen (Political Analyst)

American human rights campaigner, Malcom X said that “education is the passport to the future, for tomorrow be-longs to those who prepare for it today”. For a country to own the future, it needs to be future focused, always pre-paring, not only for the immediate challenges of today, but also through a vision-oriented approach with a keen eye on the challenges and opportunities of tomorrow. Government should be playing its role by initiating debates that point our nation towards the future.
Read more
NORTHSTAR SOCIAL RESPONSIBILITY
TEARS – MASIPHUMELELE
Chantelle Clayton (Marketing Consultant)

Our clients are aware that Northstar Asset Management has a deep social conscience. This is not something that is legislated upon us, it is instead our choice to involve ourselves in good deeds and this is deeply embedded within our DNA. We simply want to make a meaningful difference in the lives of disadvantaged children and animals. Needless to say, our charities do not win us government points or seats at fancy board meetings, often a reason why corporates do sponsor charities.
Read more
STAFF MEMBER PROFILE – MARSHALL KANENGEBIZA
MARSHALL KANENGEBIZA
Adrian Clayton (Managing Director & CIO)

When did your interest in financial markets start?
My interest began at high school when I studied economics as one of my commercial subjects.
What did you study and why?
As mentioned above, I’m naturally orientated towards numbers and consequently, I chose to study accounting.
Read more

2018 - Quarter 01

2018

Quarter1

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THE BIG PICTURE
DOES QUALITY INVESTING WORK?
Adrian Clayton (Managing Director and CIO)

‘Long-term exposure to quality assets where value exceeds price’ defines our investment belief system and our behavior too in that it determines the characteristics we seek in companies that are allowed into our clients’ portfolios.
Read more
FROM THE ANALYSTS: EQUITIES
AECI – NOT JUST AN EXPLOSIVE BUSINESS
By Marco Barbieri (Director SA Equities)

AECI is South Africa’s largest explosives manufacturer and a dominant player in the specialty chemical industry. The group has a long history in the South African mining landscape having been formed in 1924 with its main purpose to provide explosives and detonators to the gold and diamond industries.
Read more
CLIENT CORNER AND NORTHSTAR NEWS
OUR OFFICE MOVE AND STRATEGY AROUND CLIENT CONTACT
By Matt Bertram (Financial Director & COO)

Remaining dedicated to our value system Considering Northstar Asset Management’s mantra is: ‘Consistent long-term investment performance underpinned by exceptional client service’, our clients should expect all our behaviour to revolve around the key concepts of generating investment returns and improving service to you.
Read more
STAFF MEMBER PROFILE
PETER STEELE
By Adrian Clayton (Managing Director & CIO)

When did your interest in financial markets start?
My interests in markets goes way back to the mid 1970’s. I guess the beauty of this is that I’ve seen my fair share of cycles. The 1970’s was a tough time for investors.
Read more
CORRIDOR CHATTER
WILL THE ANC EXPROPRIATE LAND WITHOUT COMPENSATION AGGRESSIVELY?
John Steenhuisen (Political Analyst)

The great land debate and what’s really at stake. Boardrooms and dining rooms across South Africa have been abuzz with the news of parliament’s recent passing of the EFF motion to look into amending section 25 of the Constitution (commonly referred to as the “property clause”) to allow for the new phrase de jour: “expropriation without compensation”.
Read more
FROM THE ANALYSTS: FIXED INCOME
WHAT IS PRICED INTO SA BONDS?
By Mark Seymour (Director Fixed Income)

When did your interest in financial markets start? Fixed income investors have experienced a rollercoaster ride of events since 2012, which is when South Africa’s credit rating started to slide, highlighting the importance of adhering to a set of sound investment principles in realizing required returns without incurring permanent capital loss.
Read more

2018 - Quarter 02

Download Full Report

2018

Quarter2

THE BIG PICTURE
ARE SOUTH AFRICAN EQUITIES EXPENSIVE?
Adrian Clayton (Managing Director and CIO) and Rachel Finlayson (Analyst)

For four years the domestic stock market has been moving sideways, testing even the most bullish local investors. See Figure 1. With this in mind, we use three approaches in the following article to provide some indication on whether the JSE is expensive or cheap. We also then look at our view of expected returns. There is no simple framework for predicting market returns, this is not a perfect science and consequently, our approach does not aim at pin-point precision, it also is triangular in that we look at various inputs.
Read more
FROM THE ANALYSTS:
EQUITIES – WHY WE LIKE BOEING
Donovan Stefan (Analyst)

Founded in 1916, Boeing’s success has and continues to be predicated upon the size and durability of its strategic competitive advantages (economic moats) and the high barriers to entry that characterise the industry. Boeing benefits from different economic moats including its distribution and operational scale, intangible assets (brand, patents and regulation), and switching costs. Today, Boeing is the leading aircraft manufacturer globally and operates in a duopoly with Airbus.
Read more
FROM THE ANALYSTS:
EQUITIES – REUNERT – SLOW AND STEADY
Andrew Randles (Analyst)

History: Even though Theodore Reunert and Otto Lenz, formed “Reunert and Lenz” in 1888 by specialising in electric lighting, power and transmission, it wasn’t until 1907 that the company made a name for itself by constructing a replacement steam-generated power plant for Johannesburg in a flabbergasting six weeks. Today: The company we know today as Reunert is a manufacturing conglomerate with exposure primarily to South Africa, as well as smaller operations in Australia, Lesotho, Sweden, the USA, Zambia and Zimbabwe.
Read more
CLIENT CORNER AND NORTHSTAR NEWS
HOW FINANCIAL SERVICES FIRMS DEPERSONALISE CLIENTS RATHER THAN CREATING A CULTURE OF CARE
Lian Lubbe (Client Servicing Manager)

We have spent time studying how the financial services industry is grappling with the needs of clients and where this requires change to services rendered. This article shares what we gleaned from this exercise and how Northstar is working to improve our client offering. In the world of financial services, most companies compete by selling an intangible product. Banks sell the safety of a client’s deposit.
Read more
CORRIDOR CHATTER
ACKNOWLEDGE THE PAST, BUT LET’S OWN THE FUTURE!
John Steenhuisen (Political Analyst)

American human rights campaigner, Malcom X said that “education is the passport to the future, for tomorrow be-longs to those who prepare for it today”. For a country to own the future, it needs to be future focused, always pre-paring, not only for the immediate challenges of today, but also through a vision-oriented approach with a keen eye on the challenges and opportunities of tomorrow. Government should be playing its role by initiating debates that point our nation towards the future.
Read more
NORTHSTAR SOCIAL RESPONSIBILITY
TEARS – MASIPHUMELELE
Chantelle Clayton (Marketing Consultant)

Our clients are aware that Northstar Asset Management has a deep social conscience. This is not something that is legislated upon us, it is instead our choice to involve ourselves in good deeds and this is deeply embedded within our DNA. We simply want to make a meaningful difference in the lives of disadvantaged children and animals. Needless to say, our charities do not win us government points or seats at fancy board meetings, often a reason why corporates do sponsor charities.
Read more
STAFF MEMBER PROFILE – MARSHALL KANENGEBIZA
MARSHALL KANENGEBIZA
Adrian Clayton (Managing Director & CIO)

When did your interest in financial markets start?
My interest began at high school when I studied economics as one of my commercial subjects.
What did you study and why?
As mentioned above, I’m naturally orientated towards numbers and consequently, I chose to study accounting.
Read more

2017 - Quarter 01

2017

Quarter1

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2017 - Quarter 02

2017

Quarter2

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2017 - Quarter 03

2017

Quarter3

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2017 - Quarter 04

2017

Quarter4

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2016 - Quarter 01

2016

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2016 - Quarter 02

2016

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2016 - Quarter 03

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2016 - Quarter 04

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2015 - Quarter 01

2015

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2015 - Quarter 02

2015

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2015 - Quarter 03

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2015 - Quarter 04

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Quarter4

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2014 - Quarter 01

2014

Quarter1

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2014 - Quarter 02

2014

Quarter2

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2014 - Quarter 03

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2014 - Quarter 04

2014

Quarter4

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2013 - Quarter 01

2013

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2013 - Quarter 02

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2013 - Quarter 03

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2013 - Quarter 04

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Quarter4

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2012 - Quarter 01

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2012 - Quarter 02

2012

Quarter2

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2012 - Quarter 03

2012

Quarter3

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2012 - Quarter 04

2012

Quarter4

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2011 - Quarter 01

2011

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2011 - Quarter 02

2011

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2011 - Quarter 03

2011

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2011 - Quarter 04

2011

Quarter4

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2010 - Quarter 01

2010

Quarter1

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2010 - Quarter 02

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2010 - Quarter 03

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2010 - Quarter 04

2010

Quarter4

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2009 - Quarter 01

2009

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2009 - Quarter 02

2009

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2009 - Quarter 03

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2009 - Quarter 04

2009

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2008 - Quarter 01

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2008 - Quarter 02

2008

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2008 - Quarter 03

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2008 - Quarter 04

2008

Quarter4

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2007 - Quarter 01

2007

Quarter1

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2002 - Quarter 02

2007

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2007 - Quarter 03

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2007 - Quarter 04

2007

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2006 - Quarter 01

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2006 - Quarter 02

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2006 - Quarter 03

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2006 - Quarter 04

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2005 - Quarter 01

2005

Quarter1

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2005 - Quarter 02

2005

Quarter2

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2005 - Quarter 03

2005

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2005 - Quarter 04

2005

Quarter4

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2004 - Quarter 01

2004

Quarter1

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2004 - Quarter 02

2004

Quarter2

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2004 - Quarter 03

2004

Quarter3

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2004 - Quarter 04

2004

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2003 - Quarter 01

2003

Quarter1

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2003 - Quarter 02

2003

Quarter2

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2003 - Quarter 03

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Quarter3

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2003 - Quarter 04

2003

Quarter4

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2002 - Quarter 01

2002

Quarter1

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2002 - Quarter 02

2002

Quarter2

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2002 - Quarter 03

2002

Quarter3

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2002 - Quarter 04

2002

Quarter4

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