Andrew Lapping
Articles by Andrew Lapping
Perspectives and portfolio positioning amid COVID-19
The world as we know it has changed dramatically over the last two months, with the COVID-19 pandemic and lockdown strategies causing extreme volatility on t...
Positioning our portfolios for growth beyond COVID-19
The speed at which the financial market swings from despair to elation is astounding. The past few months have seen no shortage of mood swings as investors...
Stewardship and Business Sustainability Reports
This is the fifth year that we have published our Stewardship Report, which outlines how we integrate environmental, social and governance (ESG) issues into...
Coronavirus: Taking stock of the state of the markets
The world is changing extremely fast. The global business shutdown is unlike anything seen outside wartime. It is impossible to know the length or depth of t...
In pursuit of undervalued assets
The South African equity market returned 12% in 2019, after being saved at the death by December’s 3.3% return. However, this pales in comparison to the 28%...
Valuations matter
Uncertainty abounds at present. Equity returns for the past few years have been underwhelming, political upheaval locally and internationally is causing wave...
Balanced Fund update: An improved opportunity set
The poor sentiment towards equity markets at the end of 2018 reversed sharply in the first quarter of 2019, with the JSE appreciating 8% and the MSCI World...
The upside of down markets
2018 was not a good year for investors with price declines in many asset classes. The FTSE/JSE All Share Index (ALSI) fell 8.5% in 2018, or 21% when measured...
Understanding recent performance
2018 was a difficult year for investors with most asset classes falling in price. The prices of all assets are volatile; the only asset to seemingly lack...
How to thrive in choppy markets
This year has been characterised by increased volatility and concern about the global risks – from trade disputes to inflation. After a strong start to the...
Ride out volatility and maximise returns
Market fluctuations are an expected and necessary part of investing. While market volatility often presents good opportunities for value investors like Allan...
How Allan Gray values a stock
Allan Gray is a strong proponent of value investing, the mantra famously championed by Warren Buffet. Put simply, value investing is the concept of buying...
Do you enjoy pain? How about the platinum industry?
Over the past two years we have invested in certain platinum mining companies. These investments have performed extremely poorly. Andrew Lapping looks back a...
Tough times for African equities
Most African equity markets had a difficult 2016, generating negative dollar returns. The worst performers were Egypt and Nigeria, which fell 47% and 41%...
The sentiment pendulum
Investor sentiment is a delicate thing, which changes with surprising rapidity. Kenyan banks… Three years ago Kenya and the Kenyan banks were very out of...
Understanding the risk of loss in Africa ex-SA
A small percentage of the foreign component of our Balanced and Stable Funds is invested in Africa and investors looking for greater exposure to the region c...
It is the price you pay that counts, not the headlines
People enjoy stories; they are fun. This is true in all facets of life, including investing. Investors often have stories to tell about individual equities,...
