Towards the latter half of 2012 global growth prospects should brighten as lower interest rates and the effects of higher oil prices are out of the system. I expect SA inflation to breach 8% as the weaker rand and higher maize price feeds through into prices while I expect SA economic growth to be below 2.5% in 2012.
The slowing SA economy, fiscal tightening and potential for higher interest rates are headwinds to the stock market whilst lower global interest rates are a positive factor. We are pro-actively using volatility to enter into quality companies at discounts. We are realistic about the economic difficulties nevertheless energised by the challenge, and are highly satisfied to be able to report a strong outperformance of our benchmarks in 2011.
For 2011 the performance of all our portfolio composites and the Centaur Flexible Fund materially outperformed their benchmarks continuing our exceptional performance track record. Click on the links below to see a graph and table of the performances.
Centaur Quantitative research has distilled key indicators which determine how best to allocate investments between competing asset classes This is another example of how Centaur's independent approach is assisting our clients in creating long term wealth.
Centaur started as a portfolio manager for individuals and this remains our largest business segment. Due to the individualised nature of the portfolio management
The Centaur Flexible Fund was the second best performing flexible fund over 3years to 31 December 2011. It has returned a compound annual return of 19% since inception just over 7 years ago.
