The Listed Investments unit is responsible for the formulation and administration of strategies relating to all investments made through registered stock exchanges. We deal directly with the asset managers based on strategies derived from our ALM (Asset Liability Management). Investments are made at the discretion of the Asset Manager, who in turn has a mandate with the client, namely GIPF. The Investment Guidelines incorporated in the mandate stipulates what the asset manager may or may not invest in. No Unlisted Investments are allowed in these mandates, unless there is a specific reason, such as a share being delisted and therefore still be kept in the portfolio to recoup dividends. The mandates differ on regional focus and can vary from Local Mandates to Global Mandates. The mandates also make provision into different asset classes such as Equities, Bonds, Cash or Properties.

Global Mandates

1. Global Equity – there are several managers with these mandates that have a non-Africa focus. They mostly invest in Developed markets such as the USA, Europe (inclusive of UK) and some key Asian markets. The following managers have these mandates:

  I. Hosking Partners (UK-based)
  II. Wellington Investment Management(UK-based)
  III. Sands Capital (USA-based)
  IV. Sanders Capital (USA-based)
  V. Investec Asset Management (UK-based)
  VI. Blackrock (UK-based)

Africa Mandates

1. Listed Africa – these managers focal area is investing in listed African markets. The greatest exposure is however centred around a few key markets such as Nigeria, Egypt, Kenya. These investments range from telecommunications to mining. All investments are listed and regulated in a formal stock exchange. The following managers have these mandates:

  I. Investec Asset Management Africa Fund (SA-based)
  II. All Season Africa Fund(SA-based)
2. Unlisted Africa (Private Equity) – the mandates makes provision for investments in unlisted vehicles only and therefore a majority of the funds have been allocated to ventures in key growth nodes. The following managers have these mandates:
  I. Abraaj
  II. South Suez
  III. Investec Private Equity

South African Mandates

1. Listed Equity – these managers focal area is investing in listed South African equity markets. All investments are listed and regulated in a formal stock exchange. The following managers have these mandates:

  I. Abax (SA-based)
  II. Sovereign Asset Management
  III. Namibia Asset Management
  IV. Mazi Capital (SA-based)
  V. Visio Capital (SA-based)
  VI. Allan Gray

2. Listed Bond – these managers focal area is investing in listed South African bond markets. All investments are listed and regulated in a formal stock exchange. The following managers have these mandates:

  I. Investec Asset Management Africa Fund (SA-based)
  II. Prudential Asset Management
  III. Momentum Asset Management
  IV. Ethos Credit Partners (SA-based)
  V. Tri-Alpha (SA-based)
  VI. Sanlam Investment Management

Namibian Mandates

1. Listed Equity (Domestic-only) – there is a single manager that operates this unique mandate. Due to the vagaries of our Namibian stock exchange, we have more of a buy-and-hold approach to this mandate. The GIPF has appointed a single managers so as to cut down on trading activities within our managers, whilst the beneficial owner of the investment remains the GIPF. All investments are listed and regulated in a formal stock exchange. The following manager has this mandate:

  I. Namibia Asset Management

2. Listed Equity (Dual Listed-only)– these managers focal area is investing in Namibian dual-listed equity market. All investments are listed and regulated in a formal stock exchange. The following managers have these mandates:

  I. Namibia Asset Management
  II. Sanlam Investment Management
 III. Old Mutual Investment Group Namibia

3. Bond – these managers focal area is investing in the Namibian bond market. Most of the investment made are in the form of either public corporate bonds or government paper. The following managers have these mandates:

  VII. Investec Asset Management Africa Fund
  VIII. Old Mutual Investment Group Namibia