Michal Nosek

Provides investment advice

CIAL is a long-term, valuation-based investor that determines the intrinsic value of each security in which it invests based on business fundamentals, future earnings of the company and by performing proprietary bottom-up research. The larger the discount at which a company’s shares trade to the underlying intrinsic value of the shares, the more attractive the stock. When discounted shares reach their underlying intrinsic value, the firm sells them. While CIAL does not invest on the basis of sectors, it has for some time found attractive opportunities in the consumer discretionary and technology sectors. The firm performs seeking to determine the intrinsic value of investments.

Allan Gray UTM is an active, value-oriented investor which aims to build long-term wealth for clients by managing portfolios invested in global equity, South African fixed-income, real estate and money-market instruments, through traditional and balanced funds, as well as fund of funds. The firm's equity investment strategy is research driven and based on bottom-up stockpicking. They use quantitative models to screen markets and short-list investment opportunities, which the firm's analysts then assess individually using proprietary fundamental qualitative research. They aim to identify companies trading at a discount to their intrinsic value. As a fixed-income investor the firm focuses on South African securities including bonds, loan stock, debentures and fixed deposits.