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Cannon Asset Managers is a licensed asset management business based in South Africa that manages domestic assets as well as global investment portfolios. Since our formation we have successfully applied the philosophy and principles of value investing, an investment management approach that consistently has demonstrated a clear advantage over other philosophies.  Consequently, over the years Cannon Asset Managers has developed a reputation for successfully delivering portfolio results to our clients who include companies, pension funds, insurance companies, trusts, high net worth individuals and retail investors.

Highlights
Iron Ore opened the week with a belter of a Monday, climbing 19% in one day. Off the back of this incredible move the likes of Kumba Iron Ore rocketing 34% in one day. Companies like BHP Billiton, Vale and Rio Tinto followed suit to a lesser degree. Australian Retail Sales come in lower than expected at 1.3% (MoM). Old Mutual plans to exit their dual-listing status in the UK and move solely back onto South Africa’s JSE as the lion’s share of their top line is generated in SA. The Rand strengthened drastically against the US Dollar over the week, pulling back to as low as R15,13. Moody’s credit rating agency hinted that based on the current political and financial climate in South Africa that a Baa2 credit rating downgrade may soon be on the horizon.

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Investors Buy Gold ETFS at Record Pace



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