in the room with
Laurium capital
webinar
A new dawn for South African markets?
As the old proverb goes “The darkest hour is just before the dawn”, and the new year certainly brought with it what felt like a new dawn for South African markets.
In May 2021, host Stephen Backhouse joined Laurium Capital’s Co-founder, Murray Winckler, and Co-portfolio Manager, Dwayne Dippenaar to unpack what this might mean for you and your clients.
About the webinar
A new dawn for South African markets?
We entered 2021 with the tailwinds of global fiscal and monetary support, the global rollout of the vaccine and a recovery of the global economy off the low base set by the near economic standstill induced by the initial Covid-19 extreme lockdowns. We have seen these bullish dynamics play out year to date with strong data out of China supporting commodity prices, and the general reopening of economies as the vaccine gets rolled out supporting stocks that benefit from an economic recovery.
The big questions that we now must answer are around the sustainability of the economic recovery and perhaps most importantly, what outcomes have been priced into the valuation of various assets globally and where do we see opportunities that can still provide handsome returns to investors over time?
About Laurium Capital
Laurium Capital is an employee-owned boutique asset manager with offices in Johannesburg, Cape Town and London. Founded in 2008 by Murray Winckler and Gavin Vorwerg, Laurium has grown to R35bn in assets under management and provides a suite of long-only and hedge fund strategies which invest in South Africa as well the as the rest of the African continent.
Their team of 29 driven individuals strive to generate returns and service in excess of client expectations. They combine on-the-ground research with extensive local market knowledge to seek investment opportunities. Their skills in stock selection, combined with disciplined portfolio construction and risk management processes deliver superior risk adjusted returns over time.
They manage a niche range of unit trusts across the risk spectrum, accessible on most LISPs and their client base is well diversified across high net worth individuals, institutions and retail investors.
The speakers
Murray Winckler
Co-Founder and Portfolio Manager
Laurium Capital
Murray is the co-founder of Laurium Capital.
Previously, Murray was CEO of Deutsche Bank South Africa, having worked for them for 12 years. Prior to his role as CEO, Murray held various positions at Deutsche Bank including: Head of Global Markets (Debt and Equity) and Head of Research. During his tenure, Deutsche Bank held the number 1 rating in research, sales, trading and debt/equity capital markets in numerous surveys. Before joining Deutsche Bank, Murray was a Partner, Strategist and Industrial Analyst with Ivor Jones Roy and Co Inc. Murray has a B Com from University of The Witwatersrand, is a Chartered Accountant (SA) and a CFA Charterholder.
Dwayne Dippenaar
Co-Portfolio Manager & Mining/Telcos Analyst
Laurium Capital
Dwayne joined Laurium in May 2015. Prior to joining Laurium, Dwayne, worked at Electus, a boutique asset manager which is part of Old Mutual Investment Group, where he was a research analyst for their GEMs and South Africa equity funds. Dwayne also spent time working for Berman Capital, a US retail long/short fund based in New York before joining Electus. Dwayne worked at PricewaterhouseCoopers on the audit and financial due diligence teams where he was involved in over 30 buy/sell side deals.
Dwayne holds a CA and CFA. Dwayne was promoted to a Co-Portfolio Manager of the Laurium Equity Fund in 2019.
Stephen Backhouse
Head of Strategic Accounts
INN8
Stephen is a business development specialist with over 11 years’ experience in the asset management and platform industry. Stephen’s focus is all aspects involved in forging long-lasting relationships with strategic partners, more specifically the Discretionary Fund Managers and large Key Accounts, who are influential partners in our industry and are important stakeholders for the future proposition of INN8.
He was previously the head of Marketing and Business Development at STANLIB, where he was responsible for the Standard Bank relationship. Stephen obtained his Bachelor of Commerce from Rhodes University, and his Honours in Financial Analysis and Portfolio Management from the University of Cape Town.