Opinion Fundsmith

Feedback from Fundsmith Annual Shareholders’ Meeting

As mentioned in our Market Update, the quarter was characterized by concerns around higher-than-expected inflation, a more hawkish policy response by the US Fed in terms of rate hikes, and the war in Ukraine. How have these factors impacted our portfolio positioning? Dynasty-selected portfolios that are aligned with a quality style investment philosophy, generally underperformed…

Opinion Fundsmith Equity Fund - Webinar and Technical Analysis

Fundsmith Equity Fund – Webinar and Technical Analysis

Key take-outs compiled by Reder van Rooyen (investment analyst at Dynasty)   Metrics used in the investment process: As a precursor, the Fundsmith Equity Fund looks at the following metrics when identifying strong and resilient companies to invest in: Return on Capital Employed (ROCE), gross margins, operating profit margins, cash conversion and interest cover. As…

Opinion Be cautious becoming complacent with current rand strength

Be cautious in becoming complacent with current rand strength

A consideration expressed by almost all our domestic clients when progressing their wealth externalisation strategies, is around whether the prevailing exchange rate is at an acceptable level for currency conversion purposes. In addressing this issue, we consider many factors including the historic long-term trend line (which empirically illustrates rand depreciation of on average around 5%…