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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
Quite an interesting week, from currency movements and American corporate earnings season to South African mid-term budgets. Apple, Twitter, Proctor & Gamble as well as Under Armour reporting decent earnings, with forward looking downward revision on earnings to be expected. The rand pulled back to levels as low as R16.68 against the British pound, R14.94 against the euro and R13.69 against the US dollar. South Africa’s mid-term ‘mini’ budget speech saw SA growth expectations being cut from 0.8% to 0.5% for the fiscal year, net GDP to debt ratio increasing to 47.9% from 46.2%, and the implementation of R28 billion additional taxes on SA citizens in 2017 (though increases in sugar tax, business taxes and income taxes). The rand jumped to R13.92.

Read more in the document below:


Fees must fall, but who will pay? | Cannon Asset Managers research



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