Services - Private Client Wealth Management
Imara Asset Management South Africa provide personalised and unique advice based on a full review of a client's existing investments and formulate an investment portfolio precisely tailored to clients' individual requirements.
Investment Portfolios - discretionary long term segregated investment portfolios
|Unit Trust (Mutual Fund) Portfolios
|•||Imara Equity domestic unit trust
|•||Domestic and International white labelled unit trust wrap funds and fund of funds
|Retirement Fund Consulting and Investments
|•||Pension and Provident Preservation Plans
The underlying investments of these products are implemented via Personal Share Portfolios or a combination of unit trust wrap funds
|Retirement Fund Investment Portfolios
|•||Provision of segregated investment portfolios specifically designed for the small to medium sized pension and provident funds.
|Trust Fund Consulting
|•||Design and implementation of trust funds (domestic and offshore)
|•||Administration services for trust funds (domestic and offshore)
|•||Investment of trust fund assets (domestic and offshore)
Client Risk Management
|Risk broking and advisory services
|•||Individual life and disability cover
|•||Buy and sell agreement
Imara Asset Management South Africa clients are kept up to date on the latest market developments by way of a Monthly Communiqué providing an overview of and commentary on topical economic and investment market trends.
To find out more, please contact:
Tel +27 11 550 6186
|•||Securities portfolios (direct investment in equities, bonds, preference shares, cash etc) managed along guidelines of our successful houseview
|•||Imara Equity Fund – registered SA unit trust (mutual fund - Rands) – managed to houseview
|•||Range of risk-profiled wrap funds / model portfolios – to suit broad range of client risk and return profiles (unit trusts are underlying investments) managed to houseview
| ||- Imara MET Equity Fund (ZAR)
| ||- Imara MET Income Fund (ZAR)
| ||- Imara MET Balanced Fund (ZAR)
| ||All Funds Long Only / Absolute Return
A Dynamic and Disciplined Investment Approach
Having the opinion that the primary risk is the permanent impairment of capital, Imara Asset Management is benchmark agnostic and the fund has no cash limits - cash is the residual of the investment process.
Imara has a reputation as investment managers to select institutions and our disciplined investment approach allows us to be able to meet our private clients' unique investment requirements.
|•||Volatile and stressed socio-political and economic environments call for dynamic investment management.
|•||We believe in a disciplined fundamental approach to investment.
|•||Consistent superior investment performance is the product of emphasising and identifying economic, socio-economic and business trends ahead of general consensus.
|•||A close relationship with our client forms the essence of our investment management service.
|•||Our Investment Team assesses the needs of their clients taking into account their various risk tolerances and performance benchmarks before formulating an investment portfolio based on our house view, or institutional client instructions.
|•||Portfolios are managed to achieve the best possible returns within precisely tailored personalised parameters of risk and return.
|•||The increased volatility of markets worldwide requires greater awareness of the risk/reward ratio of particular investment vehicles.
|•||Capital protection and appropriate interest income streams are paramount considerations for our fixed income and property loan stock/trust exposure.
|•||Selectivity and focus on sustainable and predictable earnings delivery caters for our equity market stance.
Performance is measured with regard to each client's risk/reward profile and against pre-determined benchmarks.
Equity Selection Criteria
|•||A top down and bottom up approach is applied for assessing investment opportunities. Top down analysis plays a key role in asset class selection as well as sector selection.
|•||Macro economic trends as well as the political environment play important roles in terms of overall sector analysis as these factors often highlight investment anomalies in terms of value and risk.
|•||Research, internally as well as external is used to derive an approved share list known as our houseview portfolio. Quality of management, financial strength, cash flow and whether the company has a strong franchise and competitive edge within the industry are key considerations.
|•||Whenever possible we visit the companies we invest in and maintain regular contact with management to keep up to date with any material developments.
|•||We attend results presentations in all the companies we invest in and regularly attend sight visits organised by the company or the investment community.
|•||Different valuation techniques far as appropriate are used depending on the industry and type of company being analysed. Our methodologies include DCF, sum of the parts, Price to book and Price Earnings measures for valuation purposes. We take cognisance of the fact that DCF analysis does have shortcomings due to the forecast risk in long-term models as well as the large weighting the terminal value has in this approach. In terms of PE valuations it is our view that value in absolute terms might not always reflect the true state of affairs as often stocks are overly cheap or expensive for specific reasons being stock related or industry related.
|•||We invest for the long term and are part owners of the companies we invest in. We are not traders with our funds typically having a fairly low churn rate.
|•||We do not invest in industries and companies we do not understand.
It is important to emphasise that apart from our monthly investment committee meetings where the houseview portfolio is reviewed, the houseview can change any time within that period if material changes in the investment climate occur or stock specific issues arise.
A key strength of Imara Asset Management is the relatively small size of the investment team, which allows swift implementation of investment ideas or any changes that might occur both from a macro and stock specific point of view.
Imara believes in a disciplined fundamental approach:
|•||All investment decisions are made in terms of a medium to long-term horizon.
|•||We adopt both a top-down and bottom-up approach in developing our investment strategy. In particular we place strong emphasis on identifying changes in monetary policy, structural reform, company and industry trends.
|•||The allocation of funds to the principal asset classes is an important step in structuring an investment portfolio and together with stock selection is the single most important determinant of investment performance.
|•||Quantitative and technical research fine-tunes our investment timing decisions. Research supports our determination of the appropriate asset allocation; spread over cash, bonds, property and equity to suit the investment environment and the particular needs of the Client.
|•||Opportunistic approach from a micro point of view to specific value opportunities. Trading opportunities may arise from pricing anomalies between our researched value and market prices.
|•||Normally our Bond exposure is limited to State, quasi-State and selective corporate bonds. Property loan stocks and Property unit trust are used as proxies for property and at times fixed income investments.
|•||Cash/near cash balances are used from time to time as a protector against the vicissitudes of the investment markets and derivatives may also be considered.
|•||The majority of a portfolio's equity exposure should be represented by quality, large capitalisation counters to enhance superior sustainable returns. Select and well researched mid-capitalisation shares are considered if they are in the 'best growth' category as are cyclical stocks with substantial turnaround potential.
|•||Generally, large capitalisation stocks follow international market sentiment closely, increasing the importance of accurate market timing. However, many of the mid cap growth companies and asset plays depend more on selection and marketability.
|•||International investments: The benefits of international diversification are compelling. Our offshore investment is facilitated through appropriate mutual fund investments.
|•||Compliance: general conformity of our investment philosophy and policy is ensured by an integrated compliance function that is responsible for monitoring that portfolios are regularly reviewed and comply with management policies, both in terms of portfolio construction and Client risk / return profiles.
|•||Where unit trusts are used to construct client portfolios, the same philosophy is adhered to, using available collective investment schemes.
Treating Customers Fairly
Imara Asset Management South Africa fully supports and embraces the six principles of treating customers fairly –
• Customers can be confident that they are deapng with a company where the fair treatment of customers is central to the company's culture.
• Products and services marketed to customers are designed to meet the needs of identified customer groups and are targeted accordingly.
• Customers are given clear information and are kept appropriately informed before, during and after the time of contracting.
• Where customers receive advice, the advice is suitable and takes account of their circumstances.
• Customers are provided with products that perform as the company has led them to expect, and the associated service is both of an acceptable standard and what they have been led to expect.
• Customers do not face unreasonable post-sale barriers to change product, switch provider, submit a claim or make a complaint.
The South African Monthly Communique' is produced for clients of Imara Asset Management, South Africa. It provides an overview and commentary on certain economic and investment market trends which the team considers to be topical.
Click below to download the required Monthly Communique
Monthly Communique May 2017
Monthly Communique April 2017
Monthly Communique March 2017
Monthly Communique Febraury 2017
Monthly Communique December 2016
Monthly Communique November 2016
Monthly Communique October 2016
Monthly Communique September 2016
Monthly Communique August 2016
Monthly Communique July 2016
Montly Communique June 2016
Monthly Communique May 2016
Monthly Communique April 2016
Monthly Communique March 2016
Monthly Communique February 2016
Monthly Communique December 2015
Monthly Communique November 2015
Monthly Communique October 2015
Monthly Communique September 2015
Monthly Communique August 2015
Monthly Communique July 2015
Monthly Communique June 2015
Monthly Communique May 2015
Monthly Communique April 2015
Monthly Communique March 2015
Monthly Communique February 2015
Monthly Communique December 2014
Monthly Communique November 2014
Monthly Communique October 2014
Monthly Communique September 2014
Monthly Communique August 2014
Monthly Communique July 2014
Monthly Communique June 2014
Monthly Communique May 2014
Monthly Communique April 2014
Monthly Communique March 2014
Monthly Communique November 2013
Monthly Communique October 2013
Monthly Communique September 2013
Monthly Communique August 2013
Monthly Communique July 2013
Monthly Communique June 2013
Monthly Communique May 2013
Monthly Communique April 2013
Monthly Communique March 2013
Monthly Communique February 2013
Complaints Policy 2016
COI Management Policy
COI Management Policy 2017
Imara's Asset Management Team in South Africa
Chief Executive Officer
Imara Asset Management South Africa
Chris has worked on both the buy and sell side of the investment industry, working as an analyst, stockbroker and portfolio manager at many of the well-known investment and life companies. His first position was at First National Trust (FNT) where he worked from 1990 to 1993. He has gained experience in managing unit trusts, pension funds and private client portfolios at FNT, Kagiso Securities, Tlotlisa Securities, SG Securities, Fedsure Asset Management, and African Life Asset Management. Whilst employed at Afrifocus Stockbrokers he worked closely with Imara Asset Management before joining them.
Imara Asset Management South Africa
Jessica joined Imara Asset Management Zimbabwe in 2009 as a trainee, and moved to the trading desk in 2010 whereby she was in charge of portfolio implementation in Zimbabwe and subsequently traded for the IAM Africa Funds. Jessica moved to the research desk as an Equity Analyst in 2013, focusing on Zimbabwe, Kenya and Egypt before joining the South African team in 2015. Jessica earned the right to use the CFA designation in 2014.
Imara Asset Management South Africa
Hugan started his career as a sell side analyst in 2002, covering various sectors in the listed industrial space and achieved 4 ratings in the annual Financial Mail analyst rankings, the latest being 4th place in industrial mid and small caps in 2013. Hugan manages the Imara funds and is also responsible for investment research.
Speak to an Asset Management Professional in South Africa:
Imara Asset Management (Pty) Limited is an authorised financial provider FSP 884
Registration number: 2003/009314/07