Rowan Williams, portfolio manager at Nitrogen Fund Managers, on what the smart money is doing.
Rowan Williams, portfolio manager: Nitrogen fund managers so we are going for a rand hedge — Reinet. It’s a bellwether investment holding company and it’s still trading at a big discount to NAV. It’s a cheap
entry point to get exposure to British American Tobacco, and we still like the medium-term prospects for Pension Corp, which is exposed to the UK life insurance sector. And then there’s the private equity exposure, which is the balance of the portfolio; it also appears attractive and has delivered good returns. So you get a basket of assets at a fairly significant discount. We are still selling Truworths. It looks cosmetically cheap but it’s squarely exposed to the South African consumer and continues with a fairly outdated business model of selling fashion on credit.
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