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Fully Invested Portfolios vs. Balanced Funds

Thursday, April 17th, 2014

Comments from David Leslie: Leslie comments, ‘I have been asked many times for my opinion on fully invested portfolios versus balanced funds and the question is always ‘Which is the better investment option?’ ‘I should start by saying that there is a common misperception that cash is a low risk alternative in an investment portfolio.  […]

Managing Client Expectations Relative to Inflation

Monday, February 3rd, 2014

Comments from David Leslie: ‘It is sometimes a good idea to re-iterate certain core concepts when managing investors’ expectations surrounding portfolio growth.  One such concept is that of a real return.  In a nutshell, a real return is one that has been adjusted for inflation.  So, for example, if an investment has grown by 11% […]

Value Investing

Thursday, December 19th, 2013

Comments from David Leslie: David Leslie comments, ‘Our overriding investment philosophy at Belmont can be summed up as follows: ‘value investing in quality shares’.  But what exactly is ‘value investing’?  Quite simply, it means that we strive to buy top quality shares at good prices.  These two pillars – QUALITY and PRICE – are both […]

All about Investment Trusts

Tuesday, November 19th, 2013

David Leslie comments, ‘I am often asked to explain the allure of investment trusts (ITs).  At Belmont, we view the advantages of investing in ITs as significant and have enjoyed much success over the years through including them in client offshore portfolios. ITs are typically London listed and are collective investments, much like unit trusts.  […]

Quick Q and A: Wealth Preservation in the Face of Inflation

Tuesday, October 29th, 2013

Comments from David Leslie: Q1: How do you pick growth stocks that counter inflation? To achieve real growth – i.e. growth in excess of inflation – investors should choose quality growth assets (primarily equities and property) and adopt a long term view.   High risk is created by low quality assets and a short term view. […]

Quick Q and A: The Importance of Client Relationships

Monday, October 14th, 2013

David Leslie shares his thoughts on client relationships.  Q1: Why are personal relationships important? In an increasingly commoditised world, customers (if they can afford it) want a personal relationship with their service providers. Personal relationships help to establish trust and allow proper, professional communication about the service being provided. In essence they provide the customer […]

Sector Snapshot: Cyclicals

Saturday, September 28th, 2013

David Leslie, a Director of Belmont Asset Management in Cape Town, gives a quick snapshot on cyclical stocks: ‘Several months ago, we identified relative value in cyclical shares.  The valuation levels of high quality companies such as BHP Billiton, Rio Tinto, Anglo American and Anglo Platinum were far more attractive than those of defensive stocks […]

Quick Q and A: Unit Trusts vs. Bespoke Portfolios

Tuesday, September 10th, 2013

Q: What are the benefits of a bespoke portfolio? A bespoke portfolio is a portfolio tailored to your individual needs.  For example, some investors will favour capital growth, whilst others will have a need for income.  Furthermore, each investor has a different appetite for risk.  When you opt for a bespoke portfolio, you can communicate […]

Optimal Portfolio Structuring

Friday, August 23rd, 2013

So what’s the optimal structure for an investment portfolio?  Ask three different people and you’re likely to get three different answers. David Leslie, MD of Belmont Asset Management in Cape Town gives us some insight into Belmont’s strategy: ‘For optimal performance, you need to decide on appropriate local and international weightings, hone your individual stock […]

The Rand – Where to Now?

Friday, August 16th, 2013

The question on lips everywhere seems to be ‘Where is the Rand headed?’  And little wonder when one considers the performance of the Rand relative to the major currencies over the last little while. David Leslie of Belmont Asset Management comments, ‘Let me say first off that we do not predict short term currency fluctuations, […]

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