Leonard Krüger
Articles by Leonard Krüger
Reflecting on our top equity holdings
The performance of the Allan Gray Equity, Balanced and Stable funds has been disappointing over the past couple of years. Low single-digit returns from...
Broadened horizons, local learnings
Leonard Krüger and Nick Ndiritu look at how we have tailored our investment philosophy and process to invest in Frontier Africa markets. They discuss lessons...
Long-term investing should have nothing to fear from the Viceroys
Activist short sellers have been a prominent feature in stock markets for many years. It’s easy to get caught up in the hype when their ideas hit the news....
Stable Fund update: Justifying a higher net equity weighting in challenging times
Local inflation and interest rates have peaked in the current cycle and South Africa had its first interest rate cut in five years during the quarter. While...
Allan Gray welcomes new Group Five board
Allan Gray welcomes the results of today’s Group Five shareholders’ meeting, where eight individuals were elected to serve on Group Five’s board as...
How much risk can you take?
Risks are elevated in the current environment. This means you should think about how much risk you are prepared to take on...
How our unit trusts are positioned for the current environment
The net equity exposure of our flagship unit trusts matches our risk appetite in those unit trusts and the asset allocation is managed accordingly...
How to resist the lure of the herd
While humans take comfort in mimicking the behaviour of one another – we would rather be wrong in the company of many...
Nuanced numbers and valuation pitfalls
We pick shares for client portfolios following a rigorous, bottom-up, fundamental research process. This involves, among many other considerations, the caref...
Astral Foods: Unappreciated Quality
Good quality companies at decent prices are hard to come by these days on the local market. Leonard Krüger explains the investment case for Astral Foods.
Diamonds in the rough
Small- and mid-cap companies make up 16% of the FTSE/JSE All Share Index, but 25-30% of our clients' South African equity holdings. Although many of these...
Insurance: better than you think
We have previously set out the reasons Sanlam has an above-benchmark position in our clients’ portfolios (see Quarterly Commentary 1, 2010). On a...
