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The future of investing is human – only smarter and faster Integrating fundamental analysis with machine learning in a hybrid framework can improve investment decision making Page 4
The essence of being a boutique manager It is especially disconcerting to note that boutique managers are often regarded as start-ups or lacking scale Page 5
The road less travelled There are two major certainties in asset management: Asset allocation is the major determinant of portfolio performance, and costs erode returns Page 8
30 April 2021
BOUTIQUE ASSET MANAGERS SUPPLEMENT
Is the asset management industry primed for consolidation and what does this mean for boutiques? BY KEVIN HINTON Director, The Collaborative Exchange
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n last year’s MoneyMarketing Boutique Investment Management Survey, I wrote about fee and margin pressures across the industry, insurance companies acquiring assets and wealth managers, vertical integration of wealth and investment management businesses, and the fact that the asset management industry was a crowded space – by this, I mean that there is excess manufacturing capability. Headlines across the world in 2020/21 have reinforced some of these principles – ‘M&A in 2021: Asset Management primed for consolidation’ and ‘Merger mania sweeps asset management industry’. According to a leading US investment bank, “Only half of the fund industry’s current asset management companies will exist by 2030.” These are very bold predictions. We all know that the developed world is not always a proxy for South Africa, but we have also seen a number of interesting transactions occur in the local landscape: 1. Laurium Capital acquired 100% of the equity of Tantalum Capital, which was previously owned by staff and RMI Investment Managers. According to Laurium, the deal was to “strengthen the combined efforts of the teams across multi-asset portfolios, with an emphasis on global equities and fixed income”. 2. Following Counterpoints merger with RECM, it also announced the acquisition of Bridge Fund Managers. With Bridge’s ‘payers and growers’ strategy, combined with Piet Viljoen’s ‘contrarian’ value and Sam Houlie’s valuation-based investing, it brings together ‘scale’ and a multiboutique offering. 3. Franklin Templeton, who has a presence in South Africa, announced its acquisition of Legg Mason, creating the world’s sixth largest independent company in the world. These deals are possibly complementary to the acquirers and provide added scale
to these businesses. One could argue that the level of corporate activity is insufficient relative to our market size, but our fragmented market is also constituted by so many other factors. In South Africa, we still have over 1 800 unit trust funds on offer, while the JSE has seen a flurry of de-listings in recent times, bringing the number of shares listed on our local exchange now to only 442. Many funds in South Africa are ‘legacy’ funds and some of these are sub-scale and have very little assets in them. The industry would be well advised to reduce this clutter to increase operational efficiency. At least 2020 has brought about some relief to fund managers who have been struggling with scale and competition, as asset values have risen sharply over the past few months. However, it is my view that the following longer-term market dynamics will be in play for both boutiques and large fund managers in South Africa: • Sustained alpha generators will set themselves apart through a unique edge in investing and consistent outperformance of benchmarks and peers. Many fund groups are criticised as being ‘index huggers’, with no meaningful areas of differentiation. • Vertically integrated distributors will continue to leverage their control of the full value chain to capture flows. This will give them privileged access to end investors or permanent capital through fund platforms (LISPs) and wealth management/agency sales force arms. • Solutions providers will offer value through delivering on investor’s longterm complex investment needs, such as liability investing or outsourced Discretionary Fund Management services. • Ignore indexation/rules-based investing at your peril. While in South Africa passive flows remain at about 10% of industry net flows, this is not the case internationally. Vanguard and BlackRock were the world’s bestselling fund managers globally in the first half of 2020. According to renowned advertising executive Jonathan Perelman from BuzzFeed, in today’s modern world “Content is King, but Distribution is Queen, and she wears the pants”. Fund management groups would be well advised to consider this statement. Without effective distribution channels and access to growing asset pools, scale will inevitably be unattainable and industry margin compression (mainly driven by passive competition) will force further industry consolidation.
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The fund that turned
R1m into R100m BY ALAN YATES Business Development, Peregrine Capital
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t Peregrine Capital, our overarching goal is to create wealth for our clients. As an asset management business, this is the essence of our existence, and we have spent the past 22 years working to achieve this. December 2020 marked a special milestone for the High Growth Fund when it became the first fund in South African history to achieve 10 000% return for investors since its inception. This means that R1m invested on 1 February 2000 would be worth more than R100m today. The goal of the High Growth Fund has always been to deliver exceptional returns to investors, and as such, it is the fund with the most equity market exposure in our hedge fund stable. The net equity exposure in the fund is typically between 60% and 80% and is therefore very comparable to funds in the multi-asset high equity category. Over the past 21 years, the average fund in the ASISA South Africa multiasset high equity category has given investors an annualised return of around 10.3%. The High Growth Fund has delivered more than double that at 24.9% per annum. This sort of long-term record is not something that can be achieved by simply swinging for the fences and assuming excessive risk. In fact, it can only be achieved if risk management is a cornerstone of your process. Loading up on risky bets might give a fund an exceptional once-off return, but ultimately it will sink the ship at some point on the journey. Our process always values consistency and predictability of outcomes over great short-term returns. In the 21-year life of this fund, we haven’t had a drawdown of even half the biggest drawdown on the JSE. Over the fund’s life, the fund’s maximum drawdown has been 17% vs 40% for the JSE Capped SWIX. That for us is a key measure to look at, because lower drawdowns and volatility make for much happier investors. Achieving great returns on their own is not enough. They need to come with exceptional risk management as well. Managing the risks well also makes it that much easier to generate great returns. By managing our portfolio risk well in March last year (the High Growth Fund was down 1% vs 16% for the JSE), it made it much easier for us to post a good net annual return of 17% when the JSE managed less than 1% in 2020. While 100x capital is an achievement that we are certainly proud of, it is more a by-product of our investment process than a goal we set out to achieve. More than anything, it shows the impact of the compounding of returns over an extended period. It highlights the importance of investing for the long term and sticking with a manager that can deliver sustained returns through the consistent application of a tried-andtested investment process. We are committed to applying those principles with renewed vigour for the next 20 years, so that we continue to deliver exceptional future returns for our clients.
SA’s first fund to deliver 100x initial investment Peregrine Capital’s High Growth Fund has proven its pedigree – R1m invested in 2000 is worth more than R100m today*
www.peregrinecapital.co.za
*Fund performance: Returns are quoted net of fees Annual management fee: 1.5% Fee class status: Class: A, distributing
Fund performance provided as at 31 January 2021 Performance fee: 20% subject to High Water Mark Source: Peregrine Capital
Peregrine Capital Proprietary Limited (“Peregrine Capital”) is an authorised financial services provider and is the investment manager of the Peregrine Capital High Growth H4 QI Hedge Fund (“High Growth Fund”). H4 Collective Investments (RF) Proprietary Limited, is an approved manager of collective investment schemes in terms of the Collective Investment Schemes Control Act, 2002. Net asset value figures (NAV to NAV) have been used for the performance calculations, as calculated by the manager at the valuation point defined in the deed, over all reporting periods. The performance is calculated for the portfolio. Individual investor performance may differ, as a result of initial fees, the actual investment date, the date of reinvestment and dividend withholding tax. Performance is based on a lump sum contribution and is shown net of all fund charges and expenses, and includes the reinvestment of distributions. Actual annual figures are available to the investor, on request at info@h4ci.co.za. A schedule of fees, charges and maximum commission is also available on request from the manager. The rate of return is calculated on a total return basis, and the following elements may involve a reduction of the investor’s capital: interest rates, economic outlook, inflation, deflation, economic and political shocks or changes in economic policy. Annualisation is the conversion of a rate of any length of time into a rate that is reflected on an annual basis. Past performance is not indicative of future performance. This is a medium to high risk investment. Fund Name
Inception date
Highest annual return
Lowest annual return
Rolling 12 month return
High Growth Fund
Feb 2000
53.01% (2004)
-11.98% (2008)
21.99%
FTSE/JSE Capped Swix All Share Index
Feb 2000
47.25% (2005)
-23.23% (2008)
6.60%
ASISA South Africa MA High Equity
Feb 2000
27.49% (2004)
-8.24% (2008)
4.15%
The ‘JSE Capped Swix All Share Index’ referenced is the index from December 2016 to date, before that the JSE All Share TR Index is used.
30 April 2021
BOUTIQUE ASSET MANAGERS SUPPLEMENT
The future of investing is human – only smarter and faster What is artificial intelligence? AI refers to machines replicating human intelligence. What is human intelligence? It has two key components: recognition and reasoning. Machines do a far better job at recognition than humans, but arguably, humans are still far superior at reasoning. Hence, the advent of augmented or hybrid intelligence, which blends the best of both worlds: machines doing the recognition and humans the reasoning. At Sentio, we combine machine learning (a branch of AI) with fundamental analysis (a branch of human intelligence) in an integrated process that guides our investment decisions. What is machine learning? The investment industry is full of rules of thumb like ‘buy low PE stocks,’ or ‘buy quality companies’. At the core, it’s all about trusting the fund manager who has extensive experience in markets and often speaks with high conviction. But, have these rules been tested in a rigorous manner? What about complex unintuitive relationships? That’s the home of machine learning, which is all about data-based and evidence-based testing of rules out-of-sample, and finding complex unintuitive relationships that are impossible for the human mind to fathom.
BY RAYHAAN JOOSUB Deputy CEO, Portfolio Manager, Sentio
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rtificial intelligence is not going to change the world – it has already. AI was already one of the fastest growing industries in the world and the COVID-19 pandemic has just accelerated that growth astronomically. The investment industry is no different, with a significant growth in AI-focussed managers launching into the market.
“Integrating fundamental analysis with machine learning in a hybrid framework can improve investment decision making” Sentio_MM_Apr 2021_Tech.pdf
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Machine learning has four key elements: • Massive amounts of data as input – both small data (like macro-economic and fundamental data) as well as big data (individual transaction data or social media data) • Determining relationships and patterns (complex higher dimensional relationships) • Using statistical and mathematical algorithms – both simple (more intuitive but less powerful) and complex (less intuitive but more powerful) • Self-learning – improving predictions with experience and new data. In essence, machine learning is all about learning from data. However, machine learning has a few shortcomings: • Cause vs effect. Correlation does not equal causation. For causation, one needs an economic theory, 13:11 and this is the domain of fundamental analysis. An
“Machines do a far better job at recognition than humans, but arguably, humans are still far superior at reasoning. Hence, the advent of augmented or hybrid intelligence, which blends the best of both worlds” understanding of causation is crucial in order to make investment decisions with confidence – hence the need to integrate fundamental analysis with machine learning. • You need lots of good quality data. Good quality data with a sufficiently long history can be expensive or difficult to obtain in financial markets. Alternative data, like transactional or social media data, show particular promise in machine learning applications; however, the ethical issues around using personal data for profit will pose significant challenges for the industry. • History rhymes, it does not repeat. Not all cycles are the same. Every cycle has unique elements that can be identified by fundamental analysis. This can help machine learning models that are very focussed on past data, which may not be as reliable in predicting what may happen in the current cycle. We believe that integrating fundamental analysis with machine learning in a hybrid framework can improve investment decision making. Machines effectively do the data capturing and analysis (the recognition part) while humans do the thinking and decision-making (the reasoning part). The future of the investment industry is still human – only smarter and faster.
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An Investment Technology Company Sentio Capital Management (Pty) Ltd is an authorised FSP.
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30 April 2021
BOUTIQUE ASSET MANAGERS SUPPLEMENT
The essence of being a boutique manager BY JP MATTHEWS Head: Product, Matrix Fund Managers
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t Matrix Fund Managers, we take an agile approach to active investing, fuelled by our independent thinking and unconstrained style. Our core purpose is to deliver investment returns that are consistent with our risk and return targets. We do this while striving to provide personal and high-quality service for our informed client base. As an owner-managed and focused asset manager, Matrix is regularly included in boutique manager surveys. We regularly debate what it really means to be a boutique asset manager. It is especially disconcerting to note that boutique managers are often regarded as start-ups or lacking scale. The fact is that many firms covered in these surveys are very well established. Many boutique managers have been Matrix banner_outlines.pdf around for decades, are financially strong1
and manage assets of up to R100bn. Boutiques with lower AUM also often manage higher margin product, such as hedge funds and private equity funds, where managers may have chosen to limit the size of their funds to ensure that returns are not diluted by asset gathering. To our minds, the essence of being a boutique manager revolves around specialist skills, focused products and creating a well-governed environment that promotes agile decision making and rapid implementation. At Matrix, a core group of our team has been in place since 2006, successfully managing investments across asset classes and through various market cycles. Today, we employ a group of highly skilled individuals, including 15 investment professionals with well over 200 years of combined market experience. As we have grown, we remained focused on our key investment strengths, while building the governance, operational and business development infrastructure that helps our investment team thrive. We will always be performance driven, and we prize independent thought and idea generation, as we believe that management by consensus or committee leads to inferior outcomes for clients. We are pragmatic and opportunity focused, embracing the full risk spectrum to generate return. Mindful of clients’ objectives, we apply consistent processes across various asset classes and fund mandates, covering liquid markets with a keen eye on risk management. The ‘matrix’ of our multi-asset process is built on robust bottom-up equity 2021/03/16 stock picking13:45 and macro top-down fixed
“We are pragmatic and opportunity focused, embracing the full risk spectrum to generate return” income processes that are combined with tactical asset allocation, designed to grow capital under various market conditions. Our focused product range has grown organically to provide specific solutions for clients, drawing on central research and shared idea generation. Launched in 2008, our award-winning fixed income hedge fund, the largest in the country, has generated strong risk-adjusted returns since inception. Our flagship defensive long-only multi-asset fund, exclusively managed for Amplify Investment Partners since 2014, has consistently outperformed its CPI plus 3%
target over the past five years – one of the few multi-asset funds to have done so in the SA market over this period. Also noteworthy for a boutique manager is our commitment to ESG practices, and our ongoing transformation, via our management, employment, procurement, and socioeconomic development practices. With valuable input from our stakeholders, we have worked hard to attain our current Level 2 B-BBEE Contributor status. By extending our agile and progressive approach across all areas, the Matrix culture remains firmly intact.
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30 April 2021
BOUTIQUE ASSET MANAGERS SUPPLEMENT
Don’t neglect your nest egg post-retirement BY KIM ZIETSMAN Head: Business Development and Marketing, Laurium Capital
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etirement assets represent a significant portion of the formal domestic savings pool and the South African JSE equity market capitalisation. Government regulation of the retirement sector aims to protect the elderly against poverty and reduce spending on old-age grants, so it is no surprise that the retirement fund industry has been the subject of much debate and seen extensive legislative changes. The growth of Balanced Funds Prior to 2011, Regulation 28 prescribed maximum limits to pension funds total
assets, which meant individual members could choose the exposure to asset classes that was not Regulation 28 compliant. For example, a person could choose to have 100% of their retirement savings in equity funds. Post 2011, preretirement investments needed to comply with Regulation 28 with limitations imposed on riskier asset classes like equity. Retirement products use Collective Investment Schemes (unit trusts) extensively, which explains for a large part why Balanced Funds have grown significantly in popularity and represent the largest category of funds as reported by the ASISA stats. Investing post-retirement For most citizens, the retirement nest egg is their largest asset. Some of the reasons for investors underfunding their retirement is not saving enough, not starting early enough and not taking enough risk at a young age. However, no asset allocation limits to post-retirement savings apply, so individuals may choose to invest outside the constraints of Regulation 28. But many investors don’t review their investment choices post retirement and remain invested in Balanced Funds when perhaps they should be considering funds that are less constrained and have the flexibility to include
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a higher allocation to risky assets. People are living longer, and longevity is a real risk to not being able to retire comfortably. Multi-asset flexible funds are generally positioned between balanced and equity funds and are unconstrained. If well managed, they may outperform balanced and equity funds, while protecting downside risk, with lower volatility over time. Given the wider investment limits, they are the ultimate expression of a manager’s view. They are able to allocate to asset classes where they see value and reduce exposure to asset classes that face headwinds. The flexible fund category is dominated by smaller boutique managers. In South African equity markets, and especially in these extraordinary times, size matters. Being a boutique manager that is nimble and able to react quickly is very advantageous. The flat organisation structure of boutiques means that investment decisions are made and implemented quickly. The risk of a broader flexible mandate is the wider dispersion of outcomes – it is
therefore more important in this category to have a solid understanding of what kind of return profile the manager is attempting to achieve than in other more restrictive fund categories. Launched in February 2013, the Laurium Flexible Prescient Fund (the Fund) aims to outperform CPI +5% and has a secondary objective of beating the South African equity market with lower volatility. The fund has an annualised performance of 11.9%, placing it 3/33 in the ASISA SA Multi-Asset Flexible category over time, outperforming the average of the category by 4.2%. Those who have used the Fund as a proxy equity building block have been rewarded, outperforming 81/83 of the general equity funds at lower volatility over the past eight years. Key to this performance is asset allocation, select special situations and successful stock-picking based on strong fundamental analysis by an experienced cohesive team.
“Being a boutique manager that is nimble and able to react quickly is very advantageous”
Collective Investment Schemes in Securities (CIS) should be considered as medium to long-term investments. The value may go up as well as down and past performance is not necessarily a guide to future performance. CIS’s are traded at the ruling price and can engage in scrip lending and borrowing. A schedule of fees, charges and maximum commissions is available on request from the Manager. There is no guarantee in respect of capital or returns in a portfolio. A CIS may be closed to new investors in order for it to be managed more efficiently in accordance with its mandate. CIS prices are calculated on a net asset basis, which is the total value of all the assets in the portfolio including any income accruals and less any permissible deductions. Performance has been calculated using net NAV to NAV numbers with income reinvested. The performance for each period shown reflects the return for investors who have been fully invested for that period. Individual investor performance may differ as a result of initial fees, the actual investment date, the date of reinvestments and dividend withholding tax. Full performance calculations are available from the manager on request. Laurium Capital (Pty) Ltd is an authorized FSP (FSP34142). Prescient Management Company (RF) (Pty) Ltd is registered and approved under the Collective Investment Schemes Control Act (No.45 of 2002). For any additional information such as fund prices, fees, brochures, minimum disclosure documents and application forms please go to www. laurium.com. Annualised performance: Annualised performance shows longer term performance rescaled to a 1-year period. Annualised performance is the average return per year over the period. Actual annual figures are available to the investor on request.
30 April 2021
BOUTIQUE ASSET MANAGERS SUPPLEMENT
Truffle – A decade later IAIN POWER Chief Investment Officer, Truffle Asset Management
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he benefits of partnering with a boutique asset manager have been well researched and documented over the last two decades. Boutiques are generally asset managers, not asset gatherers, so investment performance is their priority. Being owner-managed means that business and client interests are aligned, and staff turnover is low. Being smaller also allows boutiques to be more nimble and flexible in their investment approach. Ironically, many of today’s mega-managers started as small boutiques and are now faced with the very challenges that made them decide to start a boutique in the first place. Truffle is an owner-managed asset manager founded in April 2008. Looking back at the last decade, it is satisfying to see that our clients who trusted and partnered with us
have received the benefits that you would expect when investing with a strong boutique manager. We are proud of the fact that over the last 10 years, our Truffle SCI General Equity Fund ranks top of its ASISA category (SA Equity General) and has delivered an annualised return of 12.31% p.a., beating the peer group average of 8.12% by 4.19% p.a. While a 4.19% p.a. additional return might not sound significant, over 10 years, a client who invested R1m into our equity fund would now have R3.2m. That is 46.6% more than a client who achieved the peer group average return! Our Nedgroup Investments Balanced fund (previously called the Truffle Balanced Fund) will reach its 10-year anniversary in November this year. It has also delivered top decile performance since its inception. Our Raging Bull-award-winning Truffle SCI Income Plus Fund has delivered best-in-class returns for those investors seeking a more stable and consistent level of monthly income. Overall, I believe that Truffle has managed to deliver what we promised our clients a decade ago: consistent superior performance. We’ve done this by combining
the skills of our experienced investment team with a disciplined and rigorous investment process, and a focus on downside risk. At Truffle, our clients always come first. We strive to ensure the best possible client experience across all areas of the business, not just from an investment return perspective. This includes high-quality client engagements and process transparency with both our investment professionals and client service professionals. It also includes interactions with the administrative side of our business. As boutique managers grow and attract more assets, they inevitably need to build capacity in the investment team and the broader business. This can make it difficult to keep the ‘owner-managed’ focus and culture during this growth period. At Truffle, however, I think we have managed to do exactly that. Our culture is based on diversity, excellence, integrity and transparency, and we challenge ourselves to live up to this every day. Source: Morningstar for the 10 year period ended 28 February
SCI = Sanlam Collective Investments
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30 April 2021
BOUTIQUE ASSET MANAGERS SUPPLEMENT
The road less travelled BY ABRI DU PLESSIS Portfolio Manager, Gryphon
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ryphon’s multi-asset funds have distinguished themselves from their peers in three ways: • They have proven their ability to consistently deliver inflation-beating returns • They protect investor’s capital during volatility • They present a very different performance profile to that of their peers. Gryphon’s Prudential Fund was awarded the Raging Bull certificate for Best South African Multi-Asset High Equity Fund on a Risk Adjusted Performance Basis over five years in acknowledgment of this. Both multi-asset funds, the Prudential and Flexible, are managed in the same way; the Prudential Fund is Regulation 28 compliant and can therefore hold a maximum equity exposure of 75%, while the Flexible Fund can hold 100% in equities. Common belief is that there are two certainties in life, namely death and taxes. Similarly, Gryphon believes that
there are two major certainties in asset management: • Asset allocation is the major determinant of portfolio performance, and • Costs erode returns. Historically, equities have been the asset class that delivered long-term, inflationbeating returns. However, there have been notable periods where returns from equities have been quite muted; the past seven or so years have been just such a period. What differentiates the Gryphon funds from their peers is the philosophy of being fully exposed to the asset class of choice – the execution of this philosophy means that during a bull market, the funds are fully exposed to equities but in a secular bear market they will hold no equities at all! This is in stark contrast to the category peers. The average multi-asset fund tracks the FTSE/JSE All Share Index very closely. Over the almost seven years of the funds’
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existence, the correlation between the FTSE/JSE All Share Index and the average return of flexible funds is around 95%, while the Gryphon funds vault between a negative or almost 100% correlation. Given market returns over this period, investors would have benefited greatly from skilled asset allocation, as illustrated in the chart. This picture tells the complete story – how effectively Gryphon’s multi-asset funds have been able to outperform the
underlying asset class components. This speaks to the ability of stepping on the right stones as the water is rising and falling, as well as moving forward while keeping one’s feet dry as the tide shifts and changes. Given the performance history of the funds, we believe our rules-based approach has proven itself worthy of serious consideration, both for protection from volatility and the inflation-beating performance it delivers, as well as the diversification from its peers.
30 April 2021
BOUTIQUE ASSET MANAGERS SUPPLEMENT
The importance of risk management in the investment process BY NOMATHIBANA MATSHOBA CFA, Managing Director, Terebinth Capital
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erebinth Capital is a Cape Townbased, 100% manager-owned boutique asset management company. It is a B-BBEE level two company focused on treating customers
fairly, advancing female and black talent, and creating a work environment that allows employees the freedom to thrive. These objectives are strengthened by solid processes and procedures that rival some of the bigger firms. Our investment philosophy is anchored on the interaction between macro-economics and quantitative research and modelling, with the aim of understanding the link between interest rates and inflation. The growth of the assets under our management is ensured by our macro-economic approach that allows us to implement replicable strategies in the deepest and liquid parts of the income universe. As a boutique firm, with a scalable, repeatable and, very importantly, transferable investment philosophy, supported by solid processes and procedures, we set an environment for young talent to craft their path independently and proficiently. This debunks the notion of key-person risk as commonly assumed within most
boutique firms. Risk management and compliance is a standard requirement for any investment firm, irrespective of size. Therefore, with risk management and compliance central to our overall investment approach, all processes are adequately documented. To illustrate, our investment ideas are interrogated by the whole investment team and the implementation of ideas is documented to ensure adherence to pre- and post-trade compliance checks. These archives are available to the whole investment team, with documentation of all trades in a blotter for each fund, to allow junior team members to assess the actions of the more experienced members of the team. This investment approach has ensured that all our funds consistently perform competitively in their respective categories. Most allocators argue that historic performance matters but is not a guarantee of future performance. Therefore, a thorough interrogation of strong historic performance, to test for repeatability in the future, should confirm
the potential investment case. We outsource non-core functions to the best-in-class service providers in their respective fields. As a boutique firm, in an environment of declining fees, we understand that the responsibility still resides within our small but knowledgeable team. However, it is not uncommon to find boutique firms that are efficiently run from an operating cost perspective. We believe that the outsourcing model allows the team the best possible opportunity to focus on what we deem important to our business – treating customers fairly by dedicating the maximum amount of time and resources to the market. The environment for boutique firms has evolved, given the key focus on risk management and compliance. This can only be achieved with scalable, repeatable and transferable systems and procedures. At Terebinth, risk management is central to our investment process – an objective we achieve without altering who we are at the core.
Rooted in Knowledge. We Grow We never forget how much the money we manage, matters.
team@terebinthcapital.com (021) 943-4819 www.terebinthcapital.com
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