Investment Capabilities

At Afena Capital, our core competency is equity valuation. Our ability to measure the true worth (intrinsic value) of a company through an operating business cycle is what we are good at. The investment team operates under a single underlying investment philosophy applied through a robust and disciplined investment process. The primary output of the investment process is the Conviction List. All portfolios are derived from the Conviction List, which represents a collection of our best investment ideas.

Each mandate capability (relative equity, unconstrained equity or multi-asset) will have a model from which underlying client portfolios are built. Khaya Gobodo is responsible for portfolio construction of the relative equity portfolios, with strict adherence to the Conviction List. Andrew Joannou is responsible for portfolio construction of the unconstrained equity portfolios and the multi-asset portfolios, including responsibility for the asset allocation decisions in the multi-asset portfolios. The portfolio manager for each segment is responsible for portfolio construction and ultimately the performance of all portfolios in their segment.

The construction of multi asset portfolios is underpinned by our belief that equities generate the best long term real returns versus bonds and cash. We also believe that equity valuation is the best indicator of when to be, or not to be, invested in the equity market. Therefore a quality and proven equity valuation competency can be used to construct a multi asset portfolio with a capital growth priority when valuations are favourable and capital preservation priority when equity valuations are unfavourable, thus generating significant alpha from asset allocation and equity stock picking.