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16 November 2016

Dear Client / Investor

16 November 2016

The famous 86 year old Fund Manager, Warren Buffet, supporter of Democrat Hillary Clinton, also spoke with CNN about politics, saying he remained confident in the long-term prospects for equities after his candidate was defeated by Republican Donald Trump.  He said the stock market “will be higher in 10, 20, 30 years from now”, Buffet, 86 said in an interview.  “It would have been with Hillary, and it will be with Trump”.

Not to overreact when the unexpected happened, have made him one of the most successful fund managers ever.

I thought that it is important for us to take note of that.  Just a few months ago all four our fund of funds had a rolling twelve months nett of all fees return of more than 12%, Kanaan Bci Flexible FoF, more than 17%.  Year to date, now after Nene gate and Brexit all our funds, except for our offshore fund of fund, are still in the negative.  We have been in the negative for a few months now, but to me it feels like ages, how much worse it should feel to you, but I have no doubt that we should take cognisance of the Buffet philosophy to be patient under circumstances of uncertainty.

Friendly greetings

Andre Delport


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