Ghost Stories
- Episódios
- 25
- Publicação
- quinzenal
- Último episódio
- 10 nov 2026
Sobre o podcast
Ghost Stories is a long-form podcast that gives me the opportunity to have deeper conversations with founders, executives and market participants who have a great story to tell.
Episódios 25
Ghost Stories #120: Motus Holdings - more than just new cars
Motus sells one in every five new cars in South Africa. This 20% market share tends to put the company in conversations focused on new vehicle sales, but there's far more to the group once you go digging. One …
Notas do episódio
Motus sells one in every five new cars in South Africa. This 20% market share tends to put the company in conversations focused on new vehicle sales, but there's far more to the group once you go digging. One vehicle can create multiple earnings opportunities across the group over its lifecycle.
This is a vertically integrated operation that touches 43 automotive OEMs. There are car rental and aftermarket parts businesses. There's even a global story, as Motus has important operations in the UK and Australia as well.
In fact, it's the Australian business that helped Motus understand what the Chinese disruption might look like here. Understanding the company's approach to the influx of new brands is a fascinating lesson in why moving first may not always be the right idea, and why experience and scale matter.
CEO Ockert Janse van Rensburg and CFO Brenda Baijnath have shared generously on this podcast. There's so much information in here, ranging from an overview of the group operations through to the details of the Chinese opportunity, the financial risk matrix, the cyclical vs. structural nature of the business and the medium-term outlook.
For those looking to do detailed research on Motus, this is an excellent resource and a useful way to understand just how much sits behind that one-in-five statistic.
In this episode, we cover:
00:00 Intro
02:04 Motus as a vertically integrated group
03:52 The import business: bringing five brands into Southern Africa
05:26 The retail business: selling 1 in 5 vehicles in South Africa
07:39 Mobility Solutions: value added services and long-term revenue streams
09:07 The pre-owned business: Motus is number 2 in South Africa
09:37 Car rental: Europcar and Tempest and Auto Pedigree
10:46 Workshop activities
11:20 Aftermarket parts extend the customer relationship
15:00 New vehicle sale margins and the broader financial profile of the group
20:27 A few elements of the model that investors miss
21:48 Aftermarket parts as a growth vector
23:30 The Chinese and Indian disruption – or opportunity?
27:40 Avoiding the false start by some Chinese brands
29:08 How Motus is responding to the Chinese opportunity
31:31 Workshop technicians for the Chinese brands
32:52 Margins in the Chinese era
34:34 Recent comments at the AGM
35:25 Ockert’s views on Chinese market share
36:18 Impact on the pre-owned space and the importance of stock turn
38:19: Is Motus a cyclical play, or is there enough of a structural underpin?
39:52 Digging into the financial risk matrix and financial KPIs
44:05 Closing thoughts: Ockert on the investment case
45:32 Closing thoughts: Brenda on the medium-term outlook
46:55 Outro
This podcast has been sponsored by Motus, but The Finance Ghost was allowed to ask whichever questions he felt were most pertinent for an investor audience. Please always do your own research and do not treat this as an endorsement of the stock.
Ghost Stories #119: Standard Bank and Java Capital - building an integrated platform
Standard Bank and Java Capital have partnered to build an integrated real estate advisory and co-investment platform. This approach combines Standard Bank’s strong balance sheet, extensive African footprint and …
Notas do episódio
Standard Bank and Java Capital have partnered to build an integrated real estate advisory and co-investment platform.
This approach combines Standard Bank’s strong balance sheet, extensive African footprint and proven execution capabilities with Java Capital’s specialist advisory and real estate capital markets expertise.
That’s what the official press release will tell you. But what does it actually mean?
Brian Marshall and Andrew Brooking joined me on this podcast to explain exactly how this joint venture will work, why it has been put in place and what it means for clients.
This is landmark transaction in the local corporate finance industry that deserves to be unpacked in more detail.
In this episode:
00:00 Intro
02:11 Standard Bank and Java Capital form a joint venture
04:38 How the sector focus at Standard Bank underpins this strategy
07:37 Why Java Capital is doing this now
09:37 The combined real estate and infrastructure opportunity
13:43 Managing conflict of interest for clients
18:46 Where Standard Bank is playing on the capital stack
20:49 The private market trend
24:33 Closing thoughts
This podcast is in partnership with Standard Bank and Java Capital.
Music by Atlas Audio from Pixabay
Disclaimer:
The information and opinions provided in this podcast are for general information purposes only and does not constitute financial, investment, legal, tax or other advice. Viewers and listeners must obtain independent professional advice before making financial decisions.
The Standard Bank Group, Java Capital, The Finance Ghost and their employees, agents and representatives accept no liability for any loss, damage or claim arising from the use or reliance on information and opinions presented in this podcast.
Capítulos (9)
Ghost Stories #118: The elephant, not the mouse - how strategic asset allocation underpins a balanced fund
Portfolio construction is clearly a passion point for Nico Katzke of Satrix. He's also a fan of analogies, so you can expect to learn about whether it's the elephant or the mouse that swings the bridge that …
Notas do episódio
Portfolio construction is clearly a passion point for Nico Katzke of Satrix. He's also a fan of analogies, so you can expect to learn about whether it's the elephant or the mouse that swings the bridge that they are crossing.
But beneath the fun, there's a serious learning opportunity here about how asset allocation drives the returns in a multi-asset balanced fund. Identifying the elephant is a very important part of the process.
This is true even during a period of heightened geopolitical noise, giving us great reminder about the importance of a long-term lens and an anchored strategy.
With reference to the detailed strategic asset allocation document that Satrix makes available to the market, Nico explains the thinking behind the Satrix Balanced Index Funds.
In this episode:
00:00 Intro
01:30 Setting the scene: Satrix’s balanced funds and multi-asset strategies
03:45 Understanding the top-down process
06:05 How asset allocation drives long-term returns
06:40 The elephant, not the mouse
08:30 Placing balanced funds on the risk spectrum
09:32 Looking at the asset buckets in more detail
11:55 Low-cost vehicles as the building blocks
12:31 Overview of current exposure
15:16 Methodology used to assess different asset classes
19:41 Responding to changes in the geopolitical context
26:17 South Africa’s relative attractiveness
28:37 Closing thoughts
30:07 Disclaimer
This podcast is in partnership with Satrix.
Music by Atlas Audio from Pixabay
Disclaimer:
Satrix Investments (Pty) Ltd is an approved financial service provider in terms of the Financial Advisory and Intermediary Services Act, No 37 of 2002 (“FAIS”). The information above does not constitute financial advice in term of FAIS.
Satrix Managers (RF) (Pty) Ltd a registered and approved Manager in Collective Investment Schemes in Securities. Collective investment schemes are generally medium- to long-term investments. With Unit Trusts, Exchange Traded Funds (ETFs) and Actively-managed ETFs (AMETFs), the investor essentially owns a “proportionate share” (in proportion to the participatory interest held in the fund) of the underlying investments held by the fund. With Unit Trusts, the investor holds participatory units issued by the fund while in the case of an ETFs and AMETFs, the participatory interest, while issued by the fund, comprises a listed security traded on the stock exchange. ETFs and AMETF are registered as a Collective Investment and can be traded by any stockbroker on the stock exchange, LISP platforms and or via online trading platforms. ETFs and AMETFs may incur additional costs due to being listed on the JSE. Past performance is not necessarily a guide to future performance, and the value of investments / units may go up or down. A schedule of fees and charges, and maximum commissions are available on the Minimum Disclosure Document or upon request from the Manager. Collective investments are traded at ruling prices and can engage in borrowing and scrip lending. Should the respective portfolio engage in scrip lending, the utility percentage and related counterparties can be viewed on the ETF and AMETF Minimum Disclosure Document. The index, the applicable tracking error and the portfolio performance relative to the index can be viewed on the ETF and AMETF Minimum Disclosure Document.
Performance is based on NAV to NAV calculations with income reinvestments done on the ex-div date. Performance is calculated for the portfolio and the individual investor performance may differ as a result of initial fees, actual investment date, date of reinvestment and dividend withholding tax. Some funds may hold assets in foreign countries and could be exposed to risks such as potential constraints on liquidity and the repatriation of funds, macroeconomic, political, foreign exchange, tax risks, settlement risks and potential limitations on the availability of market information.
A feeder fund is a portfolio that invests in a single portfolio of a collective investment scheme, which levies its own charges and which could result in a higher fee structure for the feeder fund. The manager has the right to close the portfolio to new investors in order to manager it more efficiently in accordance with its mandate. A money market portfolio is not a bank deposit account. The price is targeted at a constant value. The total return to the investor is made up of interest received and any gain or loss made on any particular instrument and in most cases the return will merely have the effect of increasing or decreasing the daily yield, but that in the case of abnormal losses it can have the effect of reducing the capital value of the portfolio. Excessive withdrawals from the portfolio may place the portfolio under liquidity pressures and in such circumstances a process of ring-fencing of withdrawal instructions and managed pay-outs over time may be followed. Seven day rolling yield is calculated by taking into account the interest earned by the fund during a seven-day period minus any management fees incurred during those seven days. The yield is a current and is calculated on a daily basis. A fund of funds portfolio is a portfolio that invests in portfolios of collective investment schemes that levy their own charges, which could result in a higher fee structure for the fund of funds. AMETF are ETFs which are actively traded by a Portfolio Manager to adjust the AMETF holdings and asset allocation with the aim to outperform the benchmark. AMETF differ from ETFs which only track indices. The Manager does not provide any guarantee either with respect to the capital or the return of a portfolio. Satrix retains full legal responsibility for the co-named portfolios. For further information related to performance of a specific fund please refer to the MDD of the fund on Satrix.co.za website. Full details and basis of the award are available from the Manager.
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Ghost Stories #117: The next frontier - Satrix's Africa expansion
For more than 25 years, Satrix has helped South Africans access local and global markets through ETFs. Now, the business is taking that expertise beyond the country's borders, with listings in Namibia, Botswana …
Notas do episódio
For more than 25 years, Satrix has helped South Africans access local and global markets through ETFs. Now, the business is taking that expertise beyond the country's borders, with listings in Namibia, Botswana and Kenya as it works to bring simple, low-cost investment solutions to a new generation of African investors.
In this episode of the Ghost Stories podcast, The Finance Ghost is joined by Duma Mxenge, Head of Business and Market Development at Satrix, to unpack the opportunities and challenges of expanding ETFs across the continent.
From navigating regulations and market infrastructure to understanding what investors in different African countries actually want, Duma shares insight into the work being done behind the scenes to build deeper, more accessible capital markets.
We also explore why demand for global exposure is often stronger than demand for local equity products, whether an Africa-focused ETF is realistic any time soon, and what the future may hold for cross-border investing on the continent.
In this episode, we cover:
- Why Satrix believes the time is right to expand beyond South Africa
- The journey from initial research in 2019 to listings in Namibia, Botswana and Kenya
- Why African investors are increasingly looking for global market exposure
- The popularity of products tracking the S&P 500, MSCI World and Nasdaq 100
- How ETFs can help deepen African capital markets
- The regulatory, liquidity and operational challenges of cross-border ETF listings
- Why institutional and retail investors are responding differently to these products
- The importance of education, distribution and local partnerships
- Whether an Africa-wide equity ETF is a realistic prospect
- Alternative ways for South African investors to gain exposure to growth elsewhere on the continent
- The role Satrix hopes to play in building Africa's investment ecosystem over the coming decades
Disclaimer:
Satrix Investments (Pty) Ltd is an approved financial service provider in terms of the Financial Advisory and Intermediary Services Act, No 37 of 2002 (“FAIS”). The information above does not constitute financial advice in term of FAIS.
Satrix Managers (RF) (Pty) Ltd a registered and approved Manager in Collective Investment Schemes in Securities. Collective investment schemes are generally medium- to long-term investments. With Unit Trusts, Exchange Traded Funds (ETFs) and Actively-managed ETFs (AMETFs), the investor essentially owns a “proportionate share” (in proportion to the participatory interest held in the fund) of the underlying investments held by the fund. With Unit Trusts, the investor holds participatory units issued by the fund while in the case of an ETFs and AMETFs, the participatory interest, while issued by the fund, comprises a listed security traded on the stock exchange. ETFs and AMETF are registered as a Collective Investment and can be traded by any stockbroker on the stock exchange, LISP platforms and or via online trading platforms. ETFs and AMETFs may incur additional costs due to being listed on the JSE. Past performance is not necessarily a guide to future performance, and the value of investments / units may go up or down. A schedule of fees and charges, and maximum commissions are available on the Minimum Disclosure Document or upon request from the Manager. Collective investments are traded at ruling prices and can engage in borrowing and scrip lending. Should the respective portfolio engage in scrip lending, the utility percentage and related counterparties can be viewed on the ETF and AMETF Minimum Disclosure Document. The index, the applicable tracking error and the portfolio performance relative to the index can be viewed on the ETF and AMETF Minimum Disclosure Document.
Performance is based on NAV to NAV calculations with income reinvestments done on the ex-div date. Performance is calculated for the portfolio and the individual investor performance may differ as a result of initial fees, actual investment date, date of reinvestment and dividend withholding tax. Some funds may hold assets in foreign countries and could be exposed to risks such as potential constraints on liquidity and the repatriation of funds, macroeconomic, political, foreign exchange, tax risks, settlement risks and potential limitations on the availability of market information.
A feeder fund is a portfolio that invests in a single portfolio of a collective investment scheme, which levies its own charges and which could result in a higher fee structure for the feeder fund. The manager has the right to close the portfolio to new investors in order to manager it more efficiently in accordance with its mandate. A money market portfolio is not a bank deposit account. The price is targeted at a constant value. The total return to the investor is made up of interest received and any gain or loss made on any particular instrument and in most cases the return will merely have the effect of increasing or decreasing the daily yield, but that in the case of abnormal losses it can have the effect of reducing the capital value of the portfolio. Excessive withdrawals from the portfolio may place the portfolio under liquidity pressures and in such circumstances a process of ring-fencing of withdrawal instructions and managed pay-outs over time may be followed. Seven day rolling yield is calculated by taking into account the interest earned by the fund during a seven-day period minus any management fees incurred during those seven days. The yield is a current and is calculated on a daily basis. A fund of funds portfolio is a portfolio that invests in portfolios of collective investment schemes that levy their own charges, which could result in a higher fee structure for the fund of funds. AMETF are ETFs which are actively traded by a Portfolio Manager to adjust the AMETF holdings and asset allocation with the aim to outperform the benchmark. AMETF differ from ETFs which only track indices. The Manager does not provide any guarantee either with respect to the capital or the return of a portfolio. Satrix retains full legal responsibility for the co-named portfolios. For further information related to performance of a specific fund please refer to the MDD of the fund on Satrix.co.za website. Full details and basis of the award are available from the Manager.
Ghost Stories #116: Burstone's property platform play
Burstone has evolved from a traditional property company into something very different. Instead of relying on shareholders to fund growth, the company is increasingly using institutional partners and private …
Notas do episódio
Burstone has evolved from a traditional property company into something very different. Instead of relying on shareholders to fund growth, the company is increasingly using institutional partners and private capital to scale its platform.
But can that model deliver the returns that investors are looking for?
In this episode of Ghost Stories, Andrew Wooler (CEO of Burstone Group) joins The Finance Ghost to unpack the thinking behind the strategy.
This includes details on the launch of the Core Plus platform in South Africa with Nedbank Property Partners, as well as a reflection on the Blackstone journey in Europe.
Along with more technical concepts like first-loss exposure and the ring-fencing of debt, this podcast offers a great insight into how Burstone uses "Other People's Money" to drive returns.
In this episode, we cover:
- Why Burstone moved away from the traditional REIT growth model
- The logic behind the Nedbank Property Partners Core Plus platform
- What went wrong, and what was learned, from the Blackstone partnership
- First-loss exposure, ring-fenced debt and look-through gearing explained
- Whether Burstone's platform strategy can ultimately drive stronger returns for shareholders
This podcast has been sponsored by Burstone, but The Finance Ghost was allowed to ask whichever questions he felt were most pertinent for an investor audience. Please always do your own research and do not treat this as an endorsement of the stock.
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Ghost Stories #115: Life after JIBAR - how Intengo simplifies the ZARONIA era
Debt has never been simple, but the shift from JIBAR to ZARONIA has added a whole new layer of complexity. In this episode of Ghost Stories, The Finance Ghost is joined by Ian Norden of Intengo Market to unpack …
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Debt has never been simple, but the shift from JIBAR to ZARONIA has added a whole new layer of complexity.
In this episode of Ghost Stories, The Finance Ghost is joined by Ian Norden of Intengo Market to unpack what South Africa's new benchmark rate means for borrowers, lenders and treasury teams, and why debt management is becoming increasingly data-intensive.
From covenant tracking and hedging strategies to AI-powered administration and access to capital markets, the discussion explores the real-world challenges facing CFOs and treasurers. Ian explains how Intengo is helping companies move beyond spreadsheets, improve governance and unlock funding opportunities in a rapidly evolving debt landscape.
In this episode, we cover:
- Why the transition from JIBAR to ZARONIA is changing the way debt is managed
- The hidden operational risks that come with growing debt portfolios
- How poor administration can affect lender relationships and funding outcomes
- The role of AI in treasury management, covenant tracking and debt reporting
- How Intengo helps corporates access funding while reducing complexity and manual effort
Ready to learn more? Visit the Intengo Market website here and connect with Ian on LinkedIn here.
Ghost Stories #114: The STADIO growth formula
A year after becoming the first JSE-listed company to join Ghost Stories for a results podcast, STADIO returns to discuss the next chapter of its growth journey. CEO Chris Vorster and CFO Ishak Kula unpack how …
Notas do episódio
A year after becoming the first JSE-listed company to join Ghost Stories for a results podcast, STADIO returns to discuss the next chapter of its growth journey. CEO Chris Vorster and CFO Ishak Kula unpack how the group reached its 56,000-student target and, more importantly, how it plans to grow to 80,000 students by 2030 while maintaining academic quality, affordability and attractive returns on capital.
The conversation explores the building blocks of the STADIO growth formula, from new campuses and blended learning to operating leverage and curriculum development. We also discuss employability, the role of industry partnerships, the Springboks sponsorship, and why management believes the group can continue expanding while investing heavily in the future.
In this episode, we cover:
- The roadmap from 56,000 students today to 80,000 students by 2030
- How STADIO balances contact, distance and blended learning
- The economics of operating leverage in higher education
- Campus expansion plans and capital allocation priorities
- Why management believes the Springboks partnership will help build the STADIO brand
This podcast has been sponsored by STADIO, but The Finance Ghost was allowed to ask whichever questions he felt were most pertinent for an investor audience. Please always do your own research and do not treat this as an endorsement of the stock.
Ghost Stories #113: What every CFO should know about changing auditors
Changing auditors is not something most CFOs do often, but when the moment arrives, the decision can have far-reaching implications for governance, stakeholder confidence and the effectiveness of the audit …
Notas do episódio
Changing auditors is not something most CFOs do often, but when the moment arrives, the decision can have far-reaching implications for governance, stakeholder confidence and the effectiveness of the audit process.
In this episode of Ghost Stories, The Finance Ghost is joined by Yolandie Ferreira, Head of Africa for Forvis Mazars Africa, to explore what companies should consider when appointing a new auditor and why the process is about much more than compliance.
From audit quality and industry expertise to AI, auditor independence and sustainability assurance, the discussion unpacks the factors that separate a routine audit from a truly valuable audit relationship. Whether you're preparing for an auditor transition or simply want a better understanding of how modern auditing creates trust and accountability, this episode offers practical insights from the front lines of the profession.
In this episode, we cover:
- Why companies change auditors and how CFOs should approach the transition
- Common misconceptions about auditing, fraud detection and audit quality
- The role of industry expertise, geographic reach and auditor relationships
- How AI is changing audit processes while leaving human judgment at the centre
- Why sustainability assurance is becoming increasingly important for businesses and stakeholders
Ghost Stories #112: Decision fatigue - why important financial decisions get delayed
Modern life is a relentless stream of decisions. From school WhatsApp groups and overflowing inboxes to family logistics, work pressures and household finances, the mental load never seems to give us any …
Notas do episódio
Modern life is a relentless stream of decisions. From school WhatsApp groups and overflowing inboxes to family logistics, work pressures and household finances, the mental load never seems to give us any relief.
In this episode of Ghost Stories, The Finance Ghost is joined by Colleen Wagner, CFO of Satrix, to unpack the concept of decision fatigue and why it so often causes long-term financial goals to fall to the bottom of the priority list.
The conversation also explores the disproportionate burden many women carry in managing households and caregiving responsibilities, and how this translates into retirement outcomes. Colleen shares practical strategies for breaking the cycle, including automation, goal-setting and simplifying investment decisions.
The episode is ultimately a reminder that successful retirement planning doesn't require perfection or expertise. Instead, it needs consistent, manageable actions that can quietly work in the background while life carries on.
In this episode, we cover:
- What decision fatigue is and why modern life makes it so difficult to focus on long-term financial goals.
- The link between mental load, caregiving responsibilities and poorer retirement outcomes for women.
- Why small, consistent actions can be more effective than attempting a complete financial overhaul.
- The role of financial advisors in reducing uncertainty and creating structure around major financial decisions.
- How ETFs and automated investing can help simplify wealth creation and reduce investment-related stress.
This podcast was first published here
Disclaimer:
Satrix Managers (RF) (Pty) Ltd is a registered and approved Manager in Collective Investment Schemes in Securities. Collective investment schemes are generally medium- to long-term investments. With Unit Trusts, Exchange Traded Funds (ETFs) and Actively Managed ETFs (AMETFs), the investor essentially owns a “proportionate share” (in proportion to the participatory interest held in the fund) of the underlying investments held by the fund. With Unit Trusts, the investor holds participatory units issued by the fund while in the case of ETFs and AMETFs, the participatory interest, while issued by the fund, comprises a listed security traded on the stock exchange. ETFs and AMETFs are registered as a Collective Investment and can be traded by any stockbroker on the stock exchange, LISP platforms and / or via online trading platforms. ETFs and AMETFs may incur additional costs due to being listed on the JSE. Past performance is not necessarily a guide to future performance, and the value of investments / units may go up or down. A schedule of fees and charges, and maximum commissions is available on the Minimum Disclosure Document or upon request from the Manager. Collective investments are traded at ruling prices and can engage in borrowing and scrip lending. Should the respective portfolio engage in scrip lending, the utility percentage and related counterparties can be viewed on the ETF and AMETF Minimum Disclosure Document. AMETFs are ETFs are actively traded by a Portfolio Manager to adjust the AMETF holdings and asset allocation with the aim to outperform the benchmark. AMETFs differ from ETFs which only track indices. The Manager does not provide any guarantee, either with respect to the capital or the return of a portfolio. The index, the applicable tracking error and the portfolio performance relative to the index can be viewed on the ETF and AMETF Minimum Disclosure Document and/or on https://satrix.co.za/products.
Ghost Stories #111: International Titans Basket Ltd - 100% capital protection, geared upside (with Japie Lubbe)
The award-winning Investec Structured Products team brings you the latest iteration of International Titans Basket Ltd. This product offers 100% capital protection and geared upside (with a cap), referencing a …
Notas do episódio
The award-winning Investec Structured Products team brings you the latest iteration of International Titans Basket Ltd. This product offers 100% capital protection and geared upside (with a cap), referencing a basket of underlying global equity indices.
Bringing decades of experience and passion to this discussion, Japie Lubbe walks us through exactly how the structure works.
In this podcast:
00:00 Intro
01:32 60-40 portfolios vs. structured products
04:04 Track record of Investec Structured Products
05:00 Overview of latest product: International Titans Basket Limited
09:30 Index exposure and valuations
11:21 Stats around trying to “time” the market
13:41 100% capital protection
19:00 Backtesting the upside cap and gearing
21:02 The underlying mechanics of the structure
23:50 Credit risk
27:41 Fees and access to productYou can find all the information you need on the Investec website at this link.
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Ghost Stories #110: Putting performance in context - choosing the right benchmark
How do you know whether your investment performance is actually good? In this episode of Ghost Stories, The Finance Ghost is joined by Siyabulela Nomoyi from Satrix to unpack one of the most important, yet …
Notas do episódio
How do you know whether your investment performance is actually good?
In this episode of Ghost Stories, The Finance Ghost is joined by Siyabulela Nomoyi from Satrix to unpack one of the most important, yet often misunderstood, concepts in investing: benchmarks. From retail portfolios to institutional mandates, they explore why returns only tell half the story and why every investment outcome needs a meaningful point of comparison.
The discussion goes well beyond the basics, covering how benchmarks are selected, the role they play in risk management, the differences between indices and other benchmark types, and why ETFs offer investors an accessible way to measure performance against the market. Siya also shares practical insights into index construction, concentration risk, tracking error and the common mistakes investors make when choosing benchmarks, reminding us that outperforming a benchmark isn't always as impressive as it sounds.
In this episode:
- Why benchmarks are essential for evaluating investment performance
- How investment mandates, time horizons and risk tolerance influence benchmark selection
- The difference between indices, benchmarks and hedge fund hurdle rates
- Why ETFs are a practical way to access investable benchmarks
- How index construction and weighting methodologies affect risk and returns
- The importance of tracking error, fees and liquidity when assessing ETFs
- Why beating a benchmark can sometimes be misleading
- Common mistakes investors make when choosing and using benchmarks
This podcast was first published here
Disclaimer:
Satrix Managers (RF) (Pty) Ltd is a registered and approved Manager in Collective Investment Schemes in Securities. Collective investment schemes are generally medium- to long-term investments. With Unit Trusts, Exchange Traded Funds (ETFs) and Actively Managed ETFs (AMETFs), the investor essentially owns a “proportionate share” (in proportion to the participatory interest held in the fund) of the underlying investments held by the fund. With Unit Trusts, the investor holds participatory units issued by the fund while in the case of ETFs and AMETFs, the participatory interest, while issued by the fund, comprises a listed security traded on the stock exchange. ETFs and AMETFs are registered as a Collective Investment and can be traded by any stockbroker on the stock exchange, LISP platforms and / or via online trading platforms. ETFs and AMETFs may incur additional costs due to being listed on the JSE. Past performance is not necessarily a guide to future performance, and the value of investments / units may go up or down. A schedule of fees and charges, and maximum commissions is available on the Minimum Disclosure Document or upon request from the Manager. Collective investments are traded at ruling prices and can engage in borrowing and scrip lending. Should the respective portfolio engage in scrip lending, the utility percentage and related counterparties can be viewed on the ETF and AMETF Minimum Disclosure Document. AMETFs are ETFs are actively traded by a Portfolio Manager to adjust the AMETF holdings and asset allocation with the aim to outperform the benchmark. AMETFs differ from ETFs which only track indices. The Manager does not provide any guarantee, either with respect to the capital or the return of a portfolio. The index, the applicable tracking error and the portfolio performance relative to the index can be viewed on the ETF and AMETF Minimum Disclosure Document and/or on https://satrix.co.za/products.
Ghost Stories #109: The quant behind the alpha - inside Old Mutual Investment Group's Global Managed Alpha Fund
In this episode of the Ghost Stories podcast, The Finance Ghost sits down with Reza Fakie, portfolio co-manager of the Old Mutual Investment Group Global Managed Alpha Fund. The fund has delivered consistent …
Notas do episódio
In this episode of the Ghost Stories podcast, The Finance Ghost sits down with Reza Fakie, portfolio co-manager of the Old Mutual Investment Group Global Managed Alpha Fund.
The fund has delivered consistent outperformance against its benchmark since inception, but the real story is how it does it. Reza takes us inside the world of quantitative investing, explaining how academic research, factor investing and disciplined portfolio construction come together in a systematic process designed to remove emotion from investment decisions.
From identifying overlooked opportunities around the world to navigating the AI boom and managing risk in a concentrated global market, this is a fascinating look at how a modern quantitative fund is built and managed.
In this episode, we cover:
- How multi-factor investing works in practice
- The factors that drive stock selection and portfolio construction
- Managing risk while seeking consistent alpha
- Why the fund looks beyond the biggest global tech names
- Finding overlooked opportunities in emerging markets
- How quantitative investing helps remove emotion from decision-making
- The growing role of AI in investment research and portfolio management
Old Mutual Investment Group (Pty) Ltd is an authorised financial services provider, FSP 604. The contents of this podcast and, to the extent applicable, the comments by presenters do not constitute advice as defined in FAIS. Although due care has been taken in recording this podcast, Old Mutual Investment Group does not warrant the accuracy of the information contained herein and therefore does not accept any liability in respect of any loss you may suffer as a result of your reliance thereon. Past performance is not necessarily a guide to future investment performance. For more information, visit www.oldmutualinvest.com/institutional
Ghost Stories #108: Due diligence decoded - inside the modern deal risk process
Due diligence is often described as "doing your own research" before an acquisition, but the reality is far more complex. In this episode of Ghost Stories, The Finance Ghost is joined by Althea Soobyah, Bongiwe …
Notas do episódio
Due diligence is often described as "doing your own research" before an acquisition, but the reality is far more complex. In this episode of Ghost Stories, The Finance Ghost is joined by Althea Soobyah, Bongiwe Mbunge and Johan Marais from Forvis Mazars to unpack what a modern due diligence process really looks like.
From financial and tax diligence through to ESG and HR considerations, the discussion explores how buyers identify hidden risks, validate value and avoid expensive mistakes. The conversation also dives into deal structuring, cross-border complexities, tax exposures, cultural risks and the growing importance of non-financial factors in corporate transactions.
Whether you're a CFO, investor, business owner or dealmaker, this episode offers valuable insights into what happens after the letter of intent is signed and the real work begins.
After all, the due diligence can make or break a transaction!
In this episode:
- Financial DD fundamentals: How buyers assess earnings quality, working capital and the key value drivers of a business.
- Tax traps and opportunities: Why tax diligence goes beyond compliance and can materially impact deal structure and valuation.
- The rise of ESG due diligence: Understanding culture, governance, workforce risks and sustainability factors that influence long-term value.
- Cross-border transaction challenges: Navigating tax, regulatory and operational risks across multiple jurisdictions.
- One deal, many workstreams: How coordinating financial, tax and ESG due diligence can improve efficiency and support better decision-making.
Connect with the Forvis Mazars team:
- Althea Soobyah - website and LinkedIn
- Bongiwe Mbunge - website and LinkedIn
- Johan Marais - website and LinkedIn
This podcast is brought to you by Forvis Mazars in South Africa.
Ghost Stories #107: The real risk is playing it safe
Volatility feels like risk. The daily noise, the red screens, the uncomfortable drawdowns - these are the stress points for investors. This is what might keep you out of the market altogether. But what if the …
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Volatility feels like risk. The daily noise, the red screens, the uncomfortable drawdowns - these are the stress points for investors. This is what might keep you out of the market altogether.
But what if the real risk was avoiding the markets over the long-term, rather than managing the bumps along the way?
In this episode, Satrix CIO Kingsley Williams joins The Finance Ghost to unpack one of the most powerful (and misunderstood) truths in investing: playing it safe may be the riskiest strategy of all. "Over-saving" and "under-investing" can severely damage a long-term wealth creation journey.
In this episode:
- Why volatility is uncomfortable, but not the risk you should fear most
- The concept of opportunity cost risk and how it destroys long-term returns
- How time in the market reduces the probability of capital loss
- Why equities remain the most reliable long-term hedge against inflation
- The critical difference between saving and investing (and why it matters)
Disclaimer:
Satrix Managers (RF) (Pty) Ltd is a registered and approved Manager in Collective Investment Schemes in Securities. Collective investment schemes are generally medium- to long-term investments. With Unit Trusts, Exchange Traded Funds (ETFs) and Actively Managed ETFs (AMETFs), the investor essentially owns a “proportionate share” (in proportion to the participatory interest held in the fund) of the underlying investments held by the fund. With Unit Trusts, the investor holds participatory units issued by the fund while in the case of ETFs and AMETFs, the participatory interest, while issued by the fund, comprises a listed security traded on the stock exchange. ETFs and AMETFs are registered as a Collective Investment and can be traded by any stockbroker on the stock exchange, LISP platforms and / or via online trading platforms. ETFs and AMETFs may incur additional costs due to being listed on the JSE. Past performance is not necessarily a guide to future performance, and the value of investments / units may go up or down. A schedule of fees and charges, and maximum commissions is available on the Minimum Disclosure Document or upon request from the Manager. Collective investments are traded at ruling prices and can engage in borrowing and scrip lending. Should the respective portfolio engage in scrip lending, the utility percentage and related counterparties can be viewed on the ETF and AMETF Minimum Disclosure Document. AMETFs are ETFs are actively traded by a Portfolio Manager to adjust the AMETF holdings and asset allocation with the aim to outperform the benchmark. AMETFs differ from ETFs which only track indices. The Manager does not provide any guarantee, either with respect to the capital or the return of a portfolio. The index, the applicable tracking error and the portfolio performance relative to the index can be viewed on the ETF and AMETF Minimum Disclosure Document and/or on https://satrix.co.za/products.
Ghost Stories #106: Load shedding to load sharing - South Africa’s energy market evolves
The Finance Ghost sits down with Tokollo Tau from Nedbank CIB to unpack how South Africa’s energy landscape is evolving beyond the dark days of load shedding. What once felt like a permanent crisis has receded …
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The Finance Ghost sits down with Tokollo Tau from Nedbank CIB to unpack how South Africa’s energy landscape is evolving beyond the dark days of load shedding. What once felt like a permanent crisis has receded into the background, but the real story now is what’s being built in its place (like power wheeling and aggregation).
Against the backdrop of the Africa Energy Forum, the conversation explores the infrastructure and commercial models that are reshaping how electricity is generated, moved and sold across the country, unlocking new levels of flexibility and opportunity for businesses.
With practical examples like the multi‑billion‑rand Notsi Solar Project, Tokollo explains how aggregators are bridging the gap between generators and large energy users, helping to solve coordination challenges and accelerate investment in the sector. The discussion also highlights Eskom’s evolving role as an enabler of this ecosystem, and what a truly tradable electricity market could look like in South Africa.
The result is a compelling look at a market in transition and why this could mark the start of a far more competitive, efficient and investable energy future.
Key topics covered:
- What power wheeling and energy aggregation actually mean (without the jargon)
- How projects like Notsi Solar demonstrate the new energy ecosystem in action
- Why aggregators are critical to unlocking investment and reducing project risk
- Eskom’s shifting role in a more open, competitive electricity market
- The long-term outlook: towards a tradable electricity market and greater energy choice
Ghost Stories #105: Altron – a multi-platform, multi-decade moat
The Finance Ghost welcomes Altron CEO Werner Kapp fresh off a standout capital markets day that left a strong impression: this is a business whose growth story isn’t tightly tethered to South Africa’s …
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The Finance Ghost welcomes Altron CEO Werner Kapp fresh off a standout capital markets day that left a strong impression: this is a business whose growth story isn’t tightly tethered to South Africa’s traditional economic constraints. From FinTech and HealthTech to telematics and IT security, Altron operates a portfolio of platform businesses that quietly underpin everyday life, even if most consumers don’t realise it!
In this conversation, Werner unpacks how these platforms drive resilient, annuity-style revenues, while also leaning into powerful structural tailwinds like digitisation, mobile adoption and the evolution of the payments ecosystem.
The discussion goes deeper into the mechanics of the Altron model. From competitive moats built over decades, to the strategic role of data, AI and capital allocation across a diversified platform base, there’s much to discuss. Werner also explains the thinking behind the group’s AI factory, its disciplined approach to growth vs margins, and why regulatory change in FinTech could unlock meaningful upside.
This is a rare, detailed look inside a South African tech business that touches millions of lives every day.
Topics in this podcast:
- Why Altron’s platform businesses can grow independently of SA GDP constraints
- The difference between platform vs IT services exposure to economic cycles
- Real-world examples of how Altron products are used daily (IDs, payments, healthcare, vehicle tracking)
- South Africa’s digital adoption curve and key structural tailwinds
- The impact of payments modernisation (PayShap, SARB reforms) on FinTech
- Building and defending a moat through data, distribution and embedded systems
- How Altron uses cross-platform data insights to enhance value
- The role and strategy behind the AI factory (and why it’s not a GPU business)
- Managing capital allocation across multiple platforms with a strong annuity base
- Growth vs margin trade-offs in a competitive tech landscape
- Netstar dynamics: OEM channels, Chinese vehicle growth and market shifts
- Fintech upside from potential direct access to payment rails
- Why Altron’s 91% annuity revenue model is central to its investment case
This podcast has been sponsored by Altron. As always, I was allowed to ask whatever I felt is relevant to investors. Please do your own research and treat this as only one part of your research process. Please always speak to a financial advisor before making any investments.
Ghost Stories #104: Take a byte of growth - Investec Nasdaq 100 Geared Growth
In this episode of Ghost Stories, The Finance Ghost sits down with Investec’s Brian McMillan, fresh off collecting the “Best Issuer in Africa” award in Stockholm on behalf of the Investec Structured Products …
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In this episode of Ghost Stories, The Finance Ghost sits down with Investec’s Brian McMillan, fresh off collecting the “Best Issuer in Africa” award in Stockholm on behalf of the Investec Structured Products team. The team's product innovation and ability to earn a place for structured products in modern portfolios is being increasingly recognised.
The latest such product example is the Investec Nasdaq 100 Geared Growth structure. With much debate around the market valuations in this tech-heavy index, this structure is designed to appeal to investors who are finding it difficult to balance the desire to get involved against the risk of being late to the party.
Through a combination of 1.25x geared upside (with a cap) and partial downside protection (a drop of up to 40%), the Investec Nasdaq 100 Geared Growth structure creates a fascinating risk-return profile.
Key topics covered:
- The choice of the Nasdaq 100 index at this stage in the cycle
- The underlying themes in this index across AI and valuations, including reference to the bull and bear cases
- How geared upside (1.25x) with a 60% cap works
- The downside protection mechanism
- Rand-denominated exposure and removing USD currency risk
- The Flexible Investment Note structure and reinvestment mechanics
- Liquidity via the JSE listing and daily pricing
- An understanding of the underlying credit risk
- Fees and why returns are quoted net of costs
- Minimum investment and access via advisors, stockbrokers and EasyEquities
You can find all the information you need on the Investec website at this link.
Ghost Stories #103: How Shari'ah-compliant investing can outperform (with Maahir Jakoet)
In this episode of Ghost Stories, we welcome Old Mutual Investment Group to the platform for the first time. The Finance Ghost sits down with Maahir Jakoet, lead manager of the Old Mutual Global Islamic Equity …
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In this episode of Ghost Stories, we welcome Old Mutual Investment Group to the platform for the first time. The Finance Ghost sits down with Maahir Jakoet, lead manager of the Old Mutual Global Islamic Equity Fund, to look back on a decade of top quartile performance.
As part of Old Mutual Investment Group’s Championing the Unseen campaign, this podcast lifts the lid on how Shari’ah-compliant investing can deliver unexpected outperformance vs. traditional funds. A constrained investment universe with tight rules can create a powerful framework for risk management and long-term returns. The result? A portfolio that has historically delivered lower drawdowns, faster recoveries and a compelling growth tilt, all while staying firmly within clearly defined guardrails.
In this episode:
- What Shari’ah compliance really means in practice and how the rules are applied
- The positive impact on portfolio risk and drawdowns of excluding highly leveraged businesses
- How the fund performed through the GFC, COVID and rate shocks
- The structural tilt towards tech, healthcare and capital-light businesses – and away from banks
- Sources of outperformance over the past decade
- When the strategy is likely to underperform (and why that’s okay)
- How a rules-based, systematic process helps remove emotional decision-making
- The role of Sortino ratios, factor scoring and portfolio construction discipline
- What differentiates this fund from passive Shari’ah ETFs
Old Mutual Investment Group (Pty) Ltd is an authorised financial services provider, FSP 604. The contents of this podcast and, to the extent applicable, the comments by presenters do not constitute advice as defined in FAIS. Although due care has been taken in recording this podcast, Old Mutual Investment Group does not warrant the accuracy of the information contained herein and therefore does not accept any liability in respect of any loss you may suffer as a result of your reliance thereon. Past performance is not necessarily a guide to future investment performance. For more information, visit www.oldmutualinvest.com/institutional
Ghost Stories #102: A market holding its breath
In this episode of Ghost Stories, I was joined by Satrix’s Nico Katzke to unpack a global market that feels eerily calm in the face of rising risk. From Middle East tensions and the growing threat of energy …
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In this episode of Ghost Stories, I was joined by Satrix’s Nico Katzke to unpack a global market that feels eerily calm in the face of rising risk. From Middle East tensions and the growing threat of energy disruption to the curious resilience of equity markets, the conversation explores whether investors are underpricing just how fragile the current environment really is.
With oil prices climbing and inflation risks creeping back into the narrative, this episode digs into what it all means for portfolios. From the outlook for South African equities and resources to the surprising strength in US earnings, there's much to discuss.
Along the way, we tackled ETFs, market complacency, and whether concepts like “bubbles” even matter in a world being rapidly reshaped by AI and shifting global power dynamics.
In this episode:
- Why oil prices and the Strait of Hormuz matter more than ever
- The risk of market complacency in the face of geopolitical tension
- How energy shocks could drive inflation and hit consumers
- Why SA resources have surged - and whether it can continue
- The resilience (and risks) within US equity markets
- Stagflation risk and the long-term outlook for the dollar
- How ETFs can help navigate uncertain markets
- Why “bubbles” might actually be part of progress in innovation
Disclaimer:
Satrix Managers (RF) (Pty) Ltd is a registered and approved Manager in Collective Investment Schemes in Securities. Collective investment schemes are generally medium- to long-term investments. With Unit Trusts, Exchange Traded Funds (ETFs) and Actively Managed ETFs (AMETFs), the investor essentially owns a “proportionate share” (in proportion to the participatory interest held in the fund) of the underlying investments held by the fund. With Unit Trusts, the investor holds participatory units issued by the fund while in the case of ETFs and AMETFs, the participatory interest, while issued by the fund, comprises a listed security traded on the stock exchange. ETFs and AMETFs are registered as a Collective Investment and can be traded by any stockbroker on the stock exchange, LISP platforms and / or via online trading platforms. ETFs and AMETFs may incur additional costs due to being listed on the JSE. Past performance is not necessarily a guide to future performance, and the value of investments / units may go up or down. A schedule of fees and charges, and maximum commissions is available on the Minimum Disclosure Document or upon request from the Manager. Collective investments are traded at ruling prices and can engage in borrowing and scrip lending. Should the respective portfolio engage in scrip lending, the utility percentage and related counterparties can be viewed on the ETF and AMETF Minimum Disclosure Document. AMETFs are ETFs are actively traded by a Portfolio Manager to adjust the AMETF holdings and asset allocation with the aim to outperform the benchmark. AMETFs differ from ETFs which only track indices. The Manager does not provide any guarantee, either with respect to the capital or the return of a portfolio. The index, the applicable tracking error and the portfolio performance relative to the index can be viewed on the ETF and AMETF Minimum Disclosure Document and/or on https://satrix.co.za/products.
Ghost Stories #101: Under the hood - the data edge at WeBuyCars
In this episode of Ghost Stories, The Finance Ghost goes beyond the headline numbers and gets under the hood of WeBuyCars with Deputy CEO Wynand Beukes and CFO Chris Rein. Instead of rehashing the latest …
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In this episode of Ghost Stories, The Finance Ghost goes beyond the headline numbers and gets under the hood of WeBuyCars with Deputy CEO Wynand Beukes and CFO Chris Rein. Instead of rehashing the latest earnings, the conversation focuses on what really matters: how the business is adapting to a rapidly shifting automotive market, from the rise of Chinese brands to increasing pressure on pricing and margins.
At the heart of it all is data. From Bayesian pricing models to proprietary software and AI-driven decision-making, WeBuyCars is building a competitive edge that goes far beyond scale. This episode explores how the company uses data to manage risk, optimise inventory, and keep turning stock in a deflationary market - and why getting the buying decision right is everything.
This podcast deals with topics like:
- What “percentile-based buying” actually means in practice
- The impact of Chinese vehicle entrants on pricing and margins
- Why the "up to R250k" segment is strategically critical and the competitive realities at higher price points
- How WeBuyCars uses data and machine learning to price risk
- The “empty bay problem” and why growth requires bold decisions
- Inventory risk, margin pressure and managing a deflationary market
- Why WeBuyCars sees itself as a technology business at heart
Important disclosure: The Finance Ghost has a shareholding in WeBuyCars.
WeBuyCars believes strongly in the value of Ghost Mail in the South African investment ecosystem. They have sponsored this podcast for readers, but The Finance Ghost was allowed to ask whatever he wanted to ask. Please do your own research and do not treat this podcast as an endorsement of WeBuyCars as an investment.
Ghost Stories #100: Mining through the cycle - Sibanye-Stillwater's strategy
Sibanye-Stillwater CEO Richard Stewart has stepped into the top job at a time when the company is printing money in its gold and PGM operations. But success during the favourable times in the cycle is driven by …
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Sibanye-Stillwater CEO Richard Stewart has stepped into the top job at a time when the company is printing money in its gold and PGM operations. But success during the favourable times in the cycle is driven by what a mining company does through the cycle.
From cost control measures through to strategic commodity investments, there are many strategies that Sibanye-Stillwater uses to create long-term shareholder value. In this excellent discussion, Richard gives us deeper insights into the operating environment and how the group positions itself over time.
This podcast deals with topics like:
- The reality behind Sibanye’s surge in EBITDA
- How the gold and PGM portfolios are structured (and why it matters)
- Synergies from consolidation and the economics of contiguous mining assets
- The shift from deep-level to shallow gold operations and what it means for margins
- Cost management, AISC, and building resilience through the cycle
- Mechanisation strategy in the US and its impact on productivity and costs
- Section 45X credits and the geopolitics of critical minerals
- South Africa’s “green shoots” vs persistent structural challenges
- Sibanye’s lithium strategy and positioning in EV supply chains
- The growing importance of recycling as a stabiliser in volatile markets
- Oil price impacts: what matters, what doesn’t, and what to watch
- The one factor that keeps the CEO up at night (hint: it’s not commodity prices)
Sibanye-Stillwater believes strongly in the value of Ghost Mail in the South African investment ecosystem. They have sponsored this podcast for readers, but I was allowed to ask whatever I wanted to ask. Please do your own research and do not treat this podcast as an endorsement of Sibanye-Stillwater as an investment.
Ghost Stories #99: Unleashing independent retail - the foundation of SPAR's turnaround
Reeza Isaacs is the newly appointed CEO of SPAR. As hot seats go, this one is warmer than a freshly-baked bread at your local store. With plenty of experience in difficult retail settings, Isaacs is excited for …
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Reeza Isaacs is the newly appointed CEO of SPAR. As hot seats go, this one is warmer than a freshly-baked bread at your local store.
With plenty of experience in difficult retail settings, Isaacs is excited for the challenge. He believes strongly in the independent retail model that forms the underpin of the SPAR wholesale business.
Through a focused strategy on Ireland and South Africa, SPAR is committed to getting the basics right and demonstrating the benefits of independent retail.
This podcast deals with topics like:
- Management stability and long‑term commitment at SPAR.
- Lessons from offshore activities and why Ireland is different.
- The strengths and trade-offs of SPAR's wholesale and independent retailer model.
- SAP implementation failures and risk mitigation strategies.
- Rebuilding retailer trust and loyalty, especially in KZN.
- Online, on‑demand retail, and SPAR’s pragmatic participation strategy.
- Margin recovery initiatives and operational self‑help levers.
- Growth adjacencies, including pharmacy, pet care, and private label.
SPAR believes strongly in the value of Ghost Mail in the South African investment ecosystem. They have sponsored this podcast for readers, but I was allowed to ask whatever I wanted to ask. Please do your own research and do not treat this podcast as an endorsement of SPAR as an investment.
Ghost Stories #98: Fixed income investing - how to move beyond cash in a balanced portfolio
In this episode of Ghost Stories, we get stuck into the world of fixed income - a space that retail investors often overlook in favour of equities. Yusuf Wadee of Satrix concurs with The Finance Ghost's cricket …
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In this episode of Ghost Stories, we get stuck into the world of fixed income - a space that retail investors often overlook in favour of equities.
Yusuf Wadee of Satrix concurs with The Finance Ghost's cricket analogy: fixed income returns act as the singles that keep the scoreboard ticking over. But that doesn't mean that investors should default to low-yield cash accounts.
Veteran fixed-income portfolio manager James Turp from Ninety One explains how his funds aim to optimise returns in the sweet spot between cash and bonds. And now, with the launch of the Satrix Income Actively Managed ETF (AMETF), investors have an easy way to access this expertise.
Topics covered in this podcast:
- How a balanced approach to equities and fixed income helps build an innings
- Diversification, volatility, and survivorship bias
- How most investors fall into “lazy cash” traps
- The structure and purpose of the Satrix Income AMETF
- How the partnership between Satrix and Ninety One works
- How James constructs an active fixed‑income portfolio
- Duration, interest‑rate cycles, and inflation dynamics
- Liquidity and accessibility of an actively managed ETF
- Tax‑free savings considerations for fixed‑income ETFs
Keen to learn more? Check out the Satrix Income AMETF (JSE: STXINC) here.
Please remember that nothing you hear on Ghost Stories should be treated as advice. You must always speak to your personal financial advisor.
Satrix Managers (RF) (Pty) Ltd a registered and approved Manager in Collective Investment Schemes in Securities. Collective investment schemes are generally medium- to long-term investments. With Unit Trusts, Exchange Traded Funds (ETFs) and Actively managed ETFs (AMETFs) the investor essentially owns a “proportionate share” (in proportion to the participatory interest held in the fund) of the underlying investments held by the fund. With Unit Trusts, the investor holds participatory units issued by the fund while in the case of an ETFs and AMETFs, the participatory interest, while issued by the fund, comprises a listed security traded on the stock exchange. ETFs and AMETF are registered as a Collective Investment and can be traded by any stockbroker on the stock exchange, LISP platforms and or via online trading platforms. ETFs and AMETFs may incur additional costs due to it being listed on the JSE. Past performance is not necessarily a guide to future performance, and the value of investments / units may go up or down. A schedule of fees and charges, and maximum commissions are available on the Minimum Disclosure Document or upon request from the Manager. Collective investments are traded at ruling prices and can engage in borrowing and scrip lending. Should the respective portfolio engage in scrip lending, the utility percentage and related counterparties can be viewed on the ETF and AMETF Minimum Disclosure Document. The index, the applicable tracking error and the portfolio performance relative to the index can be viewed on the ETF and AMETF Minimum Disclosure Document. International investments or investments in foreign securities could be accompanied by 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. AMETF are ETFs which are actively traded by a Portfolio Manager to adjust the AMETF holdings and asset allocation with the aim to outperform the benchmark. AMETF differ from ETFs which only track indices. The Manager does not provide any guarantee either with respect to the capital or the return of a portfolio. Satrix retains full legal responsibility for the co-named portfolios.
The management of this investment is outsourced to Sanlam Investment Management (Pty) Ltd, an authorised Financial Services Provider (FSP No. 579) that forms part of the Ninety One group of companies.
Ghost Stories #97: From mechanical work to judgement in portfolio management - reallocating human effort with AI
At Forvis Mazars in South Africa, the team is actively working on AI-driven solutions for clients. Shane Cooper (Head of Digital Advisory) is spearheading this effort, with one of the applications of this …
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At Forvis Mazars in South Africa, the team is actively working on AI-driven solutions for clients.
Shane Cooper (Head of Digital Advisory) is spearheading this effort, with one of the applications of this technology being in the portfolio management space. Institutional investors with complex structures face multiple challenges in managing their investments. As Shane explains in this podcast, it's an operating model problem rather than a software problem - but AI can help.
Rishi Juta (Director of Corporate Finance) joined this discussion to deliver insight into real-world applications across due diligence and risk management. It's all about transforming unstructured data and commentary into useful information for decision-making.
This is an excellent introduction to the technology that Forvis Mazars in South Africa is developing for institutional clients.
Topics covered in this podcast:
- The shift from mechanical work to judgement work - and why it changes the entire process of portfolio oversight.
- Why unstructured data (like management commentary and board‑pack narratives) often tells you more than the numbers.
- How “intelligent ingestion” lets AI chew through PDFs, emails, scans, and commentary like a grown‑up sorting out a toddler’s plate of vegetables.
- Early‑warning risk signals across a portfolio: covenant pressure, reporting behaviour, management tone, governance drift, sector stress and more.
- How this tech is being built specifically for regulated environments - IFRS, GRAP, scenario planning, traceability, explainability and all the governance that institutions actually need.
- Why large‑scale portfolios guarantee that humans will miss something - and how an AI layer can stop the rot early, while still taking advantage of having a human in the loop.
If you would like to learn more about this technology, connect with Shane Cooper or Rishi Juta on LinkedIn. For more information on AI-specific applications, you'll find Shane's contact details on the Forvis Mazars website.
Ghost Stories #96: Public and private markets - ETFs help bridge the gap
Private markets are playing a growing role in global investing. Private equity, private credit, infrastructure and private property investments are a significant part of economic activity. And with more …
Notas do episódio
Private markets are playing a growing role in global investing. Private equity, private credit, infrastructure and private property investments are a significant part of economic activity. And with more companies remaining private for longer, investors will need to look deeper for the opportunities of tomorrow.
These markets come with challenges related to daily price discovery, liquidity and due diligence. Although ETFs cannot solve these issues, they can act as a liqudity sleeve in situations where committed institutional capital can be invested in a liquid ETF until the private market manager calls the capital.
The benefits of this approach include reduced cash drag, efficient cost management in transactions and more certainty over cash deployment for the parties to a transaction.
Duma Mxenge, Head of Business & Market Development at Satrix, joined me on this podcast to explain exactly how this works.
This discussion is aimed at institutional investors and professionals who are active in private markets.
This podcast was first published here.
Disclaimer:
Satrix Investments (Pty) Ltd & Satrix Managers (RF) (Pty) Ltd is an authorised financial services provider. The information does not constitute advice as contemplated in FAIS. Use or rely on this information at your own risk. Consult your Financial Adviser before making an investment decision. While every effort has been made to ensure the reasonableness and accuracy of the information contained in this document (“the information”), the FSP’s, its shareholders, subsidiaries, clients, agents, officers and employees do not make any representations or warranties regarding the accuracy or suitability of the information and shall not be held responsible and disclaims all liability for any loss, liability and damage whatsoever suffered as a result of or which may be attributable, directly or indirectly, to any use of or reliance upon the information. For more information, visit https://satrix.co.za/products
Ghost Stories #95: Reeling in returns: Sea Harvest's best-ever performance
The ocean is a mystical place that has captured our imagination as a species for as long as anyone can remember. And although there are many fish in the sea, unlocking that resource in a sustainable and …
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The ocean is a mystical place that has captured our imagination as a species for as long as anyone can remember. And although there are many fish in the sea, unlocking that resource in a sustainable and profitable way really isn’t that simple.
Sea Harvest has signed off on an incredible year that demonstrates the depth of the strategy - quite literally. The way they think about the various seafood products is fascinating, as explained by CEO Felix Ratheb on this podcast.
With operating margin more than doubling in 2025 and headline earnings coming in 4.2x higher than the prior year, this income statement has plenty of operating leverage. This adds to the intrigue around the business model and how the group is managed, with those insights delivered by CFO Muhammad Brey in this discussion.
Get ready to learn from Felix and Muhammad on this excellent podcast. The passion for the ocean comes through just as clearly as the numbers.
This podcast deals with topics like:
- The importance of hake to Sea Harvest's business
- Diversification beyond hake - and beyond South Africa's waters as well
- Why the Ladismith Cheese disposal makes strategic sense
- Key features of the business model that lead to such high operating leverage
- The approach taken to managing financial risks like fuel costs and forex movements
- Sustainable fishing and how Sea Harvest interacts with the precious resources in our oceans
- The financial outlook for the group, recognising the cyclicality in the model
Sea Harvest believes strongly in the value of Ghost Mail in the South African investment ecosystem. They have sponsored this podcast for readers, but I was allowed to ask whatever I wanted to ask. Please do your own research and do not treat this podcast as an endorsement of Sea Harvest as an investment.
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