Taking stock at the end of 2023. Read some detailed share analysis by Mergence in Daily Maverick 168 including Investec, Capitec, British American Tobacco and MTN/Vodacom.
Commenting on the retirement of longstanding Capitec CEO Gerrie Fourie and his replacement by Graham Lee, Radebe Sipamla, co-portfolio manager
Commenting on the retirement of longstanding Capitec CEO Gerrie Fourie and his replacement by Graham Lee, Radebe Sipamla, co-portfolio manager
Reporting on its financial results, MTN said that the post-paid, enterprise, wholesale, digital and fintech segments all recorded good growth
It is our longstanding belief that companies cannot achieve sustainable economic success while neglecting their social and environmental responsibilities. Responsible investing forms an intrinsic part of our investment processes and supports our mission in creating sustainable shared value through delivering positive risk-adjusted returns for our clients while making a significant positive impact on society and the environment.
Engagement with companies and voting at shareholder meetings are both powerful tools that we have considered to be an essential part of our active management offering since the very beginning of our responsible investing journey. We were one of the first South African asset managers to make public its proxy voting decisions. Click here to view our historic proxy voting records.
CLICK HERE to view our historic proxy voting records.
We have been early supporters of initiatives guiding responsible investing, including:
Our investment processes deliberately include ESG considerations which are continually refined, updated and enhanced by the investment teams.
Our Public Markets team have an explicit ESG pillar and minimum ESG deliverables as part of their equity research process and portfolio construction. Similarly, the Private Markets team have an ESG management system which details how they incorporate ESG issues into the investment decision-making process with a view to mitigating overall portfolio risk, promoting sustainability, and generating positive impact. The system also spells out our ESG requirements of investee companies.
At Mergence, we believe in the power of People, Planet and Prosperity, acknowledging that making profits can only be justified if people and the planet are respected and preserved in the process. Our ethos of creating sustainable shared value is at the heart of our business. Making a positive impact on society, embracing diversity and inclusion, nurturing relationships, and encouraging an entrepreneurial spirit underpin our commitment to being a responsible employer.
As evaluated by an independent agency we currently hold a Level 1 BBBEE rating.
We offer a range of local and offshore investment strategies that meet the needs of retirement funds and individuals in Southern and Sub-Saharan Africa. We are dedicated to managing and growing our clients’ investments in a socially sustainable manner. Our clients are mainly institutional investors with a growing offering of retail investors.
Mergence was a pioneer in impact and infrastructure investing, with a rich history showcasing the advantages of uncorrelated alternative investments. We strongly advocate for the potential of these investments to deliver consistent long-term returns while making a positive social impact. Our diverse portfolio encompasses a wide range of debt and equity asset classes carefully chosen from sectors that global and national organisations have identified as high-priority areas.
This Fund aims to invest in a diversified combination of infrastructure risk-adjusted returns, whilst supporting the development of both social and economic infrastructure services. The Fund forms part of the Mergence suite of impact funds. The Fund strives to generate attractive risk-adjusted returns over that of the FTSE/JSE All Bond Index (ALBI).
The Mergence Infrastructure & Development | Debt Fund has a long-term performance target of inflation +4% per annum over the medium to long term by investing in opportunities that create both a positive and measurable social, developmental, and/or environmental impact.
The objective of these Funds is to support economic growth and infrastructure development while yielding sound returns to investors. The Funds invest in unlisted equity and quasi-equity, such as mezzanine debt, infrastructure, and developmental assets. The Mergence Infrastructure & Development | Equity Fund II is structured as a close-ended en commandite partnership and is open for investment.
The objective of this Fund is to provide commercially viable investments into the renewable energy sector enabling investors to achieve targeted investment returns together with social and environmental impact. Through both these Funds, we are invested in 13 renewable energy projects within Southern Africa, across both wind and solar. Fund II is open for investment.
This Fund aims to invest in a diversified combination of infrastructure risk-adjusted returns, whilst supporting the development of both social and economic infrastructure services. The Fund forms part of the Mergence suite of impact funds. The Fund strives to generate attractive risk-adjusted returns over that of the FTSE/JSE All Bond Index (ALBI).
Our specialist equity mandates aim to provide investors with capital growth over the long term. The key objective of these mandates is to consistently achieve returns that are in excess of the respective benchmarks over any rolling three-year period, without exposing the client to excessive risk. We embrace a style-agnostic approach and have a strong bias towards quality at a reasonable price.
The objective of these mandates is to achieve returns that are in excess of the FTSE/JSE Capped Shareholder Weighted Index (Capped SWIX) over any three-year rolling period without exposing the Fund to excessive risk. These core mandates target maximum active returns relative to tracking error volatility.
The Mergence Equity Prime Fund is a collective investment scheme fund that aims to provide investors with capital growth over the long term by achieving returns that are in excess of the FTSE/JSE Capped Shareholder Weighted Index (Capped SWIX), without exposing the Fund to excessive risk.
The Mergence Global Quant Equity Portfolio is an actively managed equity fund with full exposure to global developed market equities, designed to deliver long-term capital growth. Utilising Mergence’s proprietary global quantitative process, the Fund integrates differentiated factor strategies—Value, Quality and Sentiment—to drive market returns. Managed within a JSE listed Actively Managed Certificate (AMC), this investment vehicle ensures efficient and cost-effective fund management.
The objective of these mandates is to achieve returns that are in excess of the FTSE/JSE Shareholder Weighted Index (SWIX) over any three-year rolling period without exposing the Fund to excessive risk. These core mandates target maximum active returns relative to tracking error volatility.
Our range of multi-asset strategies include absolute return and balanced mandates. These products are developed for institutional and retail investors who seek a product which is broadly diversified across asset classes including equities, listed property, conventional bonds, and inflation-linked bonds both domestically and internationally.
This collective investment scheme fund is managed with the objective of producing a real return of 4% above inflation per annum over the longer term while preserving capital over rolling 12-month periods. The Fund employs active asset allocation and derivative hedging to manage and reduce downside risk. It is broadly diversified across asset classes including equities, listed property, conventional bonds and inflation-linked bonds, both domestically and internationally.
This Regulation 28-compliant mandate aims to generate stable long-term returns through exposure to a broadly diversified set of asset classes including equities, listed property, conventional bonds, and inflation-linked bonds, both domestically and internationally. It is managed with the objective of producing a real return in excess of 5% per annum above inflation. Derivatives may be used for the purposes of hedging or return enhancement. The inclusion of international assets broadens diversification and should enhance risk adjusted returns.
This Fund aims to invest in a diversified combination of infrastructure risk-adjusted returns, whilst supporting the development of both social and economic infrastructure services. The Fund forms part of the Mergence suite of impact funds. The Fund strives to generate attractive risk-adjusted returns over that of the FTSE/JSE All Bond Index (ALBI).
This portfolio aim to consistently outperform the benchmark over a 12-month rolling period while providing liquidity at a low level of risk. This well-diversified portfolio implement a range of South African money market instruments.
This Fund aims to invest in a diversified combination of infrastructure risk-adjusted returns, whilst supporting the development of both social and economic infrastructure services. The Fund forms part of the Mergence suite of impact funds. The Fund strives to generate attractive risk-adjusted returns over that of the FTSE/JSE All Bond Index (ALBI).
Mergence is an independent asset management firm with a strong 18-year track record. We were founded in 2004 and have successfully grown our offering to a diverse product range across both public and private market investments, spanning specialist equity and fixed income, multi-asset, infrastructure, debt and private equity funds.
We are focused on sub-Saharan markets and led by a pragmatic, sustainable, shared value creation mindset. Responsible investing and ESG principles are part of our ethos and embedded across our investment processes.
Mergence is majority black-owned and managed and embraces the multi-cultural and multi-racial diversity of Southern Africa. We employ 58 people across our operations in Cape Town, Johannesburg, Windhoek, and Maseru.
At Mergence we value our people. Our culture is characterised by a collective focus on excellence and development, keeping our staff motivated and committed to growing with Mergence and growing our clients’ savings.
Our senior investment team have worked together for nearly a decade. With over 300 years of combined experience our entire team, including analysts and fund managers, have distinct specialisation in both Public and Private Markets. We leverage data and key elements from each area to widen our perspective and innovate to obtain outperformance.
BSc (Chemistry)
BTech (Ceramic Science)
MSc (Engineering)
MBA (Administration)
Sholto joined Mergence in July 2022. He has more than 19 years’ experience in financial services with a focus on strategic leadership, product innovation, and research across all asset classes in Public and Private markets. He held various senior roles at the Public Investment Corporation including Acting Chief Investment Officer. Before entering the financial services sector, Sholto pursued a specialised career in resources and precious metals.
BCom (Accounting & Economics)
H.Dip.Ed
Fabian joined Mergence in 2006 with over 38 years’ experience in financial services, specialising in investment and macro strategy. Fabian’s primary focus is on investment risk, compliance and regulatory matters across Public and Private markets. He serves on the Mergence Board as well as the in-country Boards where Mergence operates. He has held senior and executive management positions at major SA banks and retirement funds.
Bachelor of Management Science (Finance)
MBA (Finance)
Masimo co-founded Mergence Africa Holdings in 2004 with the vision to create a world-class diversified group. With R42 billion in assets under management, the group spans asset management, derivatives trading, property, and industrial holdings. The primary subsidiary is Mergence Investment Managers, with a dual capability across Public and Private investment markets. Masimo is an entrepreneur by nature and believes fervently in “creating shared value”.
B Proc
Advanced Management Programme (Harvard)
Tshepo Mahloele is the founder and chairman of the leading pan-African investment company, Harith General Partners. An investment professional with extensive background in asset management, Tshepo has worked for various investment houses based in South Africa and the United Kingdom. Under his leadership, Harith has made game-changing investments in infrastructure development on the African continent over the past 17 years, including launching the continent’s first 15-year tenure fund. Tshepo is the Africa Patron of the international climate and social justice advocacy organisation Global Citizen and serves on various boards in the fields of technology, financial services, and media. He is also the chairman of his philanthropic organisation, Tshedo Impact.
CA(SA)
MBA
Advanced Management Programme (Harvard)
Sipho Makhubela is a seasoned investment professional with proven industry leadership and over 20 years of experience in financial services. Prior to joining Harith, he worked for Investec Bank, Coronation Capital and African Merchant Bank in South Africa, focusing on aircraft financing, plant and equipment financing, and various acquisition finance transactions. Sipho joined Harith in 2007 as an Investment Director and was soon promoted to head up the US$630 million Pan African Investment Development Fund 1. He later transitioned into the role of MD: Investments and was appointed CEO of Harith in September 2020. He has invested in and grown business across the continent in countries such as Nigeria, Ghana, Kenya, Cote d’Ivore, amongst others and across various sectors including ICT, Transport and Energy. He currently sits on the board of directors at Mergence Investment Managers.
B Com Hons (Finance)
Masters (Development Finance)
Lizeka Matshekga is currently the MD: Investments at Harith General Partners, a Pan African Infrastructure Financier and Developer. She joined Harith in 2020 having formerly been the Divisional Executive at the Industrial Development (IDC). She has over 27 years’ diverse financial services industry experience
of which 14 years spent in the development finance environment. Her experience covers asset management, treasury, investment banking and development finance at executive leadership level. She is a seasoned board member in several South African and Multinational companies including Mergence Investment Managers.
BSc
MBA
Maserame Mouyeme has over 25 years’ experience Africa-wide in senior executive leadership roles, including at Coca Cola, Old Mutual and one of Africa’s largest advertising groups. Further, at the Board level, she has 20 years’ experience in the private, public and NGO sectors. Maserame is passionate about sustainability, branding, public affairs, change management, public policy and businesswomen development. She has qualifications from the University of Cape Town, University of West London, Harvard and Cambridge.
BA (Political Science)
Executive MBA
Nyonga Fofang, Independent Non-Executive Director at Mergence, has 25+ years of capital markets experience, specialising in private equity, M&A, leveraged finance, and general management. He co-founded and leads Bambili Group Investment Pty Ltd, a pan-African investment holding company. Nyonga also serves as a director at SourceTrace LLC in Boston. He began as a closed-end fund Equity Analyst at PaineWebber Inc. and holds degrees from Harvard University and UC Louvain.
BSc (Chemistry)
BTech (Ceramic Science)
MSc (Engineering)
MBA (Administration)
Sholto joined Mergence in July 2022. He has more than 19 years’ experience in financial services with a focus on strategic leadership, product innovation, and research across all asset classes in Public and Private markets. He held various senior roles at the Public Investment Corporation including Acting Chief Investment Officer. Before entering the financial services sector, Sholto pursued a specialised career in resources and precious metals.
BCom (Accounting)
BCom Hons (Financial Planning)
MBA (Strategy)
CFP®
General Tax Professional (GTP-SA)
Semoli joined Mergence in 2017 as Regional Investment Strategist and now serves as Chief Commercial Officer. He brings 20 years of experience across fund accounting, investment consulting, and business development. With a strong network of contacts throughout the Southern African Development Community (SADC), he also serves as a non-executive director on several company boards.
BSc (Mathematics & Statistics)
MSc (Financial Mathematics)
Brad joined Mergence soon after its inception in 2006. As an investment analyst, portfolio manager and former Joint MD at Mergence, he has experience in derivatives, absolute return, and specialist equities, as well as leadership. In 2021 he was appointed as Chief Investment Officer.
Diploma (HR Management & Training)
Karen joined Mergence in February 2014 as Office Manager. In December 2017, she was promoted to HR Manager. Karen has 27 years of experience in office management and finance, having worked at several large corporates before joining Mergence. In acknowledgement of the importance of our people, Karen was appointed to the executive committee of Mergence Investment Managers in October 2022.
BCom (Accounting)
PGDip (Accounting)
CA(SA)
John joined Mergence in November 2018 as General Manager: Operations. He was promoted to Chief Operating Officer in 2019. In September 2021 his role at Mergence was specialised into Chief Financial Officer as part of high-level changes to the Mergence executive leadership team to meet the company’s strong growth.
BCom Hons (Economics)
MCom (Economics)
MCom (Finance & Econometrics)
Peter joined Mergence in 2014 as a Senior Equity Investment Analyst specialising in the TMT sector. He became a portfolio manager in 2016 and head of the listed equities team in 2019. Peter has over 15 years’ experience in the financial services industry, having worked for several global investment banks. He won ABSIP equity analyst of the year in 2011 and has worked as a university lecturer in economics.
BAcc Hons
CA(SA)
Izak brings over 15 years of financial services experience to his role as Portfolio Manager at Mergence. He co-managed portfolios from November 2019 to December 2022, having joined the team in 2011 as an equity research analyst and dealer. His current focus encompasses resources, beverages, luxury goods, and healthcare. His background extends to being an investment committee member in private markets and an audit manager at PwC prior to joining Mergence.
BCom Hons (Financial Management)
Salome initially joined Mergence in 2015 as part of its graduate programme before gaining experience at local asset managers and a global investment bank. She returned in 2023 as a Senior Investment Analyst, bringing eight years of solid expertise in the financial services industry with a focus on the retail and industrial sectors. In 2025, she was promoted to Co-Portfolio Manager of our equity strategies.
BCom (Financial Analysis & Portfolio Management)
MSc (Chemical Engineering)
Malose joined Mergence in 2022 as an Investment Analyst. With 20 years of experience, she has a solid background in chemical engineering and financial analysis. Malose previously worked as a process engineer at Sasol, Project Services Group, and Chevron. She also served as a sell-side equity research analyst at Primaresearch. Additionally, she has lectured in her field at the CPUT and provided consultation to 4th-year Design Course students at UCT.
BCom (Economics Science & Business Finance)
Radebe joined Mergence in March 2021 as an Investment Analyst in the Public Markets equity team based in Johannesburg and was promoted to Co-Portfolio Manager in 2025. He covers banks, insurance, and other financials, bringing five years of in-depth sector knowledge across SADC, particularly in banking, precious metals and telecoms. In 2017, he won the ABSIP award for Research Analyst of the Year.
BCom Hons (Finance/Investments), BCom (Economics and Finance)
Keagan Martin joined Mergence in 2021 as a Client Relationship Manager, following his experience at Prudential Investment Managers. In 2023, he transitioned into an Investment Analyst role in the public markets’ investment team, where he now specialises in small to mid-cap industrials and food producers.
BSc (Actuarial Science & Mathematical Statistics)
BSc Hons (Advanced Mathematics of Finance)
Exec Masters (Finance)
CFA® Charterholder
Mohamed joined Mergence in March 2021 as Head of Fixed Income: Multi-Asset Class. He has 14 years of experience. Mohamed is responsible for a stand-alone fixed-income product and integrating a fixed-income investment process into the overall multi-asset strategy. He is the primary portfolio manager for the Mergence Infrastructure & Development | Composite Bond Fund and lead investment manager for the Money Market and Multi-Asset Income portfolios.
BSc (Actuarial Science)
PGDip (Management in Actuarial Science)
Fazila joined Mergence in September 2020 as a Portfolio Manager in the Multi-Asset team. She has over 19 years of experience in the financial services industry, and a passion for research, technology, and sustainability. At Mergence, she is responsible for developing quantitative and systematic strategies across global equity, balanced and absolute return funds.
BCom Hons (Financial Analysis & Portfolio Management)
BSc Hons (Biotechnology)
Unathi joined the Mergence Public Markets Investment team in July 2020 as an Investment Analyst in the Multi-Asset team. She has ten years of asset management experience and is completing her BCom Master’s degree in Applied Finance at UCT. Her primary focus at Mergence is a top-down and bottom-up analysis of the South African property sector.
BSc Hons (Physics)
Thabiso Mgwambane joined the Mergence Public Markets Investment team in July 2023 as an Investment graduate. With a BSc Honors degree in Physics and currently pursuing a Master’s degree in Astrophysical Sciences, he brings advanced computational and mathematical programming skills, as well as proficiency in analytical and quantitative methodologies.
BSc (Mathematics & Statistics)
BSc Hons (Mathematics of Finance)
Financial Risk Manager (FRM)
MBA
Morgan joined Mergence in 2018. He has over 15 years of experience in the financial services industry. At Mergence, he has oversight on the generation and monitoring of investment risk metrics for Mergence portfolios including performance metrics, market risk, etc. In addition, he also has oversight on the compliance function pertaining to the Public Markets portfolios.
BCom (Economics, Risk, and Investment Management)
Jeandre joined Mergence in 2023 as an Investment Risk & Analytics analyst, bringing three years of industry experience. Notably, he honed his analytical skills and became the youngest team leader at Burgiss during his tenure as a Private Equity Data Analyst. His strength lies in working with databases and excelling at identifying errors and outliers through data manipulation.
BSc Hons
MCom (Financial Management)
ACCA
Chito joined Mergence in 2011 as an Equity Analyst in the Public Markets team, where he focused on the FMCG, hospitality, financial services, and telecommunications sectors. He transitioned to the Private Markets investment team in 2015 and now serves as Head of Private Equity. In this role, he leads the origination and execution of private equity investment opportunities across the SADC region. Chito has spearheaded transactions in sectors such as aquaculture and microfinance and sits on the boards of several investee companies.
BCom (Actuarial Science, Quantitative Finance)
BCom Hons (Finance)
MPhil (Development Finance)
CFA® Charterholder
Mosa joined Mergence in 2023 as a Senior Investment Associate and now leads the Private Debt team. She brings extensive experience from previous roles at the International Finance Corporation, the Public Investment Corporation, and Momentum Metropolitan Holdings. In addition to her investment work, Mosa is actively involved in lecturing and serves as a trustee on several foundations, reflecting her broader commitment to education and social impact.
BBusSci Hons
Tshepiso is an Investment Associate at Mergence Investment Managers. He joined the Johannesburg team in 2018 after a 3-year tenure in the middle-markets private equity team of a listed, blue-chip asset manager. With a diverse range of expertise, Tshepiso has successfully facilitated deals across multiple sectors at Mergence, including affordable housing, medicinal cannabis, primary healthcare, agri-finance, specialised healthcare, waste management, secondary mining, student accommodation, financial inclusion, and fintech.
BSc (Finance & Accounts)
PGDip (Accounting)
CA(SA)
Rizaan joined Mergence in 2022 as an Investment Associate. He is a trained investment professional with extensive post-qualification experience in investment banking, asset management, and renewable energy debt investment. He is responsible for the origination and execution of deals in the SADC region for Mergence’s Equity and Debt funds, with a focus on infrastructure finance, renewable energy, and other clean energy investment opportunities.
BBusSc
PGDip (Investment & Portfolio Management)
Hileni joined Mergence Unlisted Investment Managers (Namibia) as a Portfolio Manager in 2017. She has 15 years of experience in financial services. At Mergence she has transacted on and overseen infrastructure and impact investments on behalf of Namibia’s largest retirement fund, including three renewable energy projects, and a bulk infrastructure/land servicing project.
BCom (Investment Management & Banking)
BCom Hons (Financial Economics & Investment Management)
Linkeng joined Mergence Investment Managers (Lesotho) in 2022 as a Trainee Investment Analyst as part of our bigger Private Markets investment team. Her role encompasses assisting with the origination of opportunities and guiding them through the investment process, to implementation. Linkeng has team leadership skills, having been an SRC exco member at university.
BA (Economics)
PGDip (Property Management & Development)
MCom (Finance & Investments)
Ntsebeng joined Mergence Investment Managers (Lesotho) as a Property Analyst in 2022. She has five years of experience, including time spent as a real estate specialist and data analyst. Her responsibilities at Mergence include analysing the economic drivers of the commercial property portfolio and assessing the financial opportunity for existing and potential property investments.
BCom (Financial Accounting)
PGDip (Accounting)
CA(SA)
Nandipha joined Mergence as a Risk Manager in the Private Markets investment team in June 2017. She has six years of experience working as an external and internal investment auditor. Nandipha’s responsibilities at Mergence include ensuring that governance, risk, and control frameworks are effective and that all investment activities, across all markets, sectors, and deals, are in accordance with applicable legislation, regulation, and client mandates.
