South African Listed Equity Market

Adrian Saville presented his in-depth investment thesis on South African Listed Equity Market at Best Ideas 2017.

The South African listed equity market is a well-established and well-regulated financial market, with a history that dates back 120+ years and that boasts auditing, compliance and governance standards that rank among the most sophisticated in the world. Notwithstanding this long history and present-day institutional competitiveness, the Johannesburg Stock Exchange (JSE) is best described as a two-tier market. The first tier is made up of a set of ~100 well-researched, highly liquid and relatively efficiently priced larger companies. The second tier is made up of a set of ~400 companies that are under-researched (and oftentimes un-researched) with smaller market capitalizations and generally lower liquidity. The “unloved” and/or “unknown” elements of this second tier of listed companies makes for fertile ground for seeking out mispriced assets and undervalued earnings engines that offer exceptional investment prospects. Within this context, Adrian explores three ideas, which comprise unloved small-, micro-, and nano-caps underpinned by a solid balance sheet, good track record, and exposure to economic elements that drive the investment case.

About the instructor:

Adrian Saville has been involved in the investment management industry since 1994, when he formed an investment vehicle which later led him to establish BayHill Capital Advisors (in 1998), the forerunner to Cannon Asset Managers. Adrian is an executive director and Chief Investment Officer of Cannon Asset Managers. He has experience in managing all of the major asset classes, including equities, bonds, property, cash and derivative instruments. Adrian’s qualifications include a Bachelor of Arts (Honours) degree (cum laude) and M.Com (cum laude) from the University of Natal. He completed his PhD (Econ) at the University of Natal in 1997, for which he was awarded the Economics Society of South Africa’s Founders Medal. He is a UNESCO laureate and a matriculant of Linacre College (Oxford). Alongside his career in asset management, Adrian holds a Visiting Professorship in Economics and Finance at the Gordon Institute of Business Science. He has published widely in peer-reviewed journals and books, and is a member of the Investment Analysts Society and Economics Society of South Africa. Adrian is married to Kerry; they have a daughter, Sydney-Bo, and son, Saxon. Adrian claims that fatherhood is the most rewarding investment he has ever experienced.

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