The Denker Capital podcast
Reflecting on 25 years of the Denker SCI Equity Fund
November 1, 202326 min · 3,971 words
Show notes
In this episode, we reflect on the 25-year history of the Denker Sanlam Collective Investments (SCI) Equity Fund. Caylin Conradie chats with Claude van Cuyck, the Portfolio Manager of the fund, to gain insight into its performance, the team’s approach to identifying opportunities and risks, the challenges and successes of the past, and the ever-evolving landscape of South African equities.
Highlighted moments
in 2001, there were over 600 companies listed on the JSE. And since 2000 and that 2001 period where the bubble sort of burst, we lost almost 250 listed companies on the JSE. So today, we have just over 300 companies listed, very much closer to what was listed in 1994.
“We had Alviva, which is a small-cap IT company that was taken private at a significant premium. It was taken out at 28 Rand. We initially bought shares at 6 Rand.”
“Since the fund compounded at a rate higher than that 14.9%, so 15.7%, that means that a 1 million Rand investment invested 25 years ago would have grown to 38.3 million Rand today.”
“We did react very swiftly to the news when the news broke out. So, that broke out in December 2017, and we immediately sold our investment because the whole investment case had changed. And we managed to exit at around about 19 rand a share.”
Transcript
Transcript not available for this episode yet.
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