| Angola | Botswana | Kenya | Malawi | Mauritius |Namibia | South Africa | United Kingdom | Zambia | Zimbabwe | |||||
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Asset Management
Imara asset managers and analysts maintain dedicated focus on Africa's emerging markets. Assets under management exceed US$135 million. The division offers segregated investment management services for institutional clients. Private wealth management services are also provided to a growing base of high net worth individuals.
Investment professionals stay close to opportunities through their physical presence in Gaborone, Johannesburg and Harare. A strong asset management team is maintained in Zimbabwe, Imara's original home base. The Africa focus is complemented by Imara's international team, based in London and licensed by the Financial Services Authority UK. Close client relationships are pivotal to Imara's asset management approach, whether the focus is on segregated portfolio structure for institutions or unit trust selection for individuals according to growth or income criteria. Our investment managers assess the needs of their clients while defining risk tolerances and agreeing performance benchmarks. A portfolio is developed, based on one of our house views. Portfolios are managed to achieve optimum returns against precisely tailored and personalised parameters of risk and return. The rising volatility of markets worldwide requires greater awareness of the risk/reward ratio of particular investment vehicles. Capital protection and appropriate interest income streams are paramount. Investment process Fundamentally, Imara is a growth investor who seeks long-term value and often achieves out-performance by taking a contrarian view. Particular attention is paid to early identification of growth opportunities in counters, industries or geographic areas where the risk-return proposition has previously been regarded as unattractive. An Imara strength is the anticipation of the next market consensus. In the development of investment strategy we bring together a top-down and bottom-up appreciation of markets and companies. We are alert to changes in monetary policy, structural reform, industrial supply/demand conditions and the political climate as these factors influence investment returns and the cost of capital. We carry out a discounted cash flow analysis to calculate a business's intrinsic value versus the share price. We apply a safety margin (a discount) to determine the level at which we would become buyers. A sell-decision is indicated when a share reaches intrinsic value. The market views volatility as risk. We view risk as buying (or holding) above intrinsic value. We prefer to buy a good company at a low price rather than a less volatile company at close to intrinsic value. Decisions on bond/cash levels depend on the yield curve. When an inverted curve applies, we tend to favour cash or near-cash over bonds. When rates fall, we predict via duration analysis the market's highest expected return. This often leads to the purchase of the longest tradable bellwether bond. Normally our income exposure derives from fixed income mutual funds (unit trusts) of various types and investment styles. Property unit trusts are used as proxies for property and, at times, fixed-income investment. Cash/near cash or similar unit trusts are used when necessary as protectors against market uncertainty. Most of a portfolio's equity exposure is typically represented by well-managed general equity funds to enhance returns. Precise market timing is key as general equity funds are weighted toward large capitalisation stocks which track international sentiment. Mid-cap growth companies are also included with the accent on selection and marketability. Specialist funds are considered if they fall into the 'best growth' category. In deciding allocations across asset classes and regions, the domestic strategy is balanced by input from our international asset management team. Imara Funds Imara Asset Management have established two actively managed funds for investment by both institutional and private clients: the Imara Global Fund and the Imara African Opportunities Fund (both licensed in the British Virgin Islands). Imara Global Fund Investing abroad is highly regulated, complicated and can be costly. Imara's solution is to facilitate easy access to international markets via the Imara Global Fund. In its first six years, this highly successful absolute return fund achieved top decile returns versus its peer group. The Imara Global Fund is advised by FSA-licensed Imara Asset Management UK Ltd and invests in both developed and emerging countries. The mandate enables the managers to hold cash in turbulent financial markets to protect capital.
Imara African Opportunities Fund The more recently established Imara African Opportunities Fund is an open-ended offshore fund, which had an initial cap of US$20 million to allow the fund managers to invest in an orderly fashion. The Fund holds a core portfolio of cash-generative companies with pricing power and growth potential. A smaller portfolio is held in African countries where political or economic change could make a sudden and profound difference. Salient Features:
Download fund fact sheets: Asset Management Contact Details Johannesburg Dave Eliot +27 11 550 6181/2 davee@imara.co.za London Jonathan Chew +44 1491 577 238 jon@imara.plus.com Gaborone Maleho Mothibatsela +267 318 8446/710 mmothi@imaracapital.co.bw Harare (franchisee) John Legat +263 4 700 000 johnl@imaracapital.com |
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