How we think

Members don't retire on investment manager surveys. They retire on income.

Our philosophy starts from the outcome that matters: the probability that a member’s accumulated savings can replace a meaningful share of their salary in retirement.

Restoring balance in the boardroom.

Boards face information asymmetry — complex manager narratives, selective performance, and little time to interrogate either. Structured analysis, focused on long-term objectives, lets trustees act with clarity.

The benchmark is retirement income adequacy.

We use stochastic modelling to estimate the Income Replacement Ratio — the probability that savings replace a meaningful share of a member’s salary. Strategy is judged against that, not a peer index.

Three real-return building blocks.

Life-stage strategies move members CPI+7 → CPI+5 → CPI+3 as retirement approaches.

CPI + 7

Long-term capital growth for younger members with long horizons.

CPI + 5

Balanced growth for mid-career members, with moderated volatility.

CPI + 3

Capital preservation for members approaching retirement.

How portfolios are built.

•Core–satellite construction: stable index cores with specialist active satellites.
•Managers chosen to complement, not duplicate, one another’s style.
•Passive used where markets are efficient.
•Diversification across asset classes, regions and styles.
•Regulation 28 treated as a structural boundary, not an objective.

Capital allocated to capable black managers.

Transformation is part of a sound fiduciary approach in South Africa. Portfolio construction includes deliberate allocations to capable black-owned and black-managed managers — on merit, not as an after-the-fact screen.

See how the philosophy becomes a process.

Our process