Ghost Stories

How do you know whether your investment performance is actually good?

In this episode of Ghost Stories, The Finance Ghost is joined by Siyabulela Nomoyi from Satrix to unpack one of the most important, yet often misunderstood, concepts in investing: benchmarks. From retail portfolios to institutional mandates, they explore why returns only tell half the story and why every investment outcome needs a meaningful point of comparison.

The discussion goes well beyond the basics, covering how benchmarks are selected, the role they play in risk management, the differences between indices and other benchmark types, and why ETFs offer investors an accessible way to measure performance against the market. Siya also shares practical insights into index construction, concentration risk, tracking error and the common mistakes investors make when choosing benchmarks, reminding us that outperforming a benchmark isn't always as impressive as it sounds.

In this episode:

Why benchmarks are essential for evaluating investment performance

How investment mandates, time horizons and risk tolerance influence benchmark selection

The difference between indices, benchmarks and hedge fund hurdle rates

Why ETFs are a practical way to access investable benchmarks

How index construction and weighting methodologies affect risk and returns

The importance of tracking error, fees and liquidity when assessing ETFs

Why beating a benchmark can sometimes be misleading

Common mistakes investors make when choosing and using benchmarks

This podcast was first published here

Disclaimer:

Satrix Managers (RF) (Pty) Ltd is a registered and approved Manager in Collective Investment Schemes in Securities. Collective investment schemes are generally medium- to long-term investments. With Unit Trusts, Exchange Traded Funds (ETFs) and Actively Managed ETFs (AMETFs), the investor essentially owns a “proportionate share” (in proportion to the participatory interest held in the fund) of the underlying investments held by the fund. With Unit Trusts, the investor holds participatory units issued by the fund while in the case of ETFs and AMETFs, the participatory interest, while issued by the fund, comprises a listed security traded on the stock exchange. ETFs and AMETFs are registered as a Collective Investment and can be traded by any stockbroker on the stock exchange, LISP platforms and / or via online trading platforms. ETFs and AMETFs may incur additional costs due to being listed on the JSE. Past performance is not necessarily a guide to future performance, and the value of investments / units may go up or down. A schedule of fees and charges, and maximum commissions is available on the Minimum Disclosure Document or upon request from the Manager. Collective investments are traded at ruling prices and can engage in borrowing and scrip lending. Should the respective portfolio engage in scrip lending, the utility percentage and related counterparties can be viewed on the ETF and AMETF Minimum Disclosure Document. AMETFs are ETFs are actively traded by a Portfolio Manager to adjust the AMETF holdings and asset allocation with the aim to outperform the benchmark. AMETFs differ from ETFs which only track indices. The Manager does not provide any guarantee, either with respect to the capital or the return of a portfolio. The index, the applicable tracking error and the portfolio performance relative to the index can be viewed on the ETF and AMETF Minimum Disclosure Document and/or on https://satrix.co.za/products.

In this episode of the Ghost Stories podcast, The Finance Ghost sits down with Reza Fakie, portfolio co-manager of the Old Mutual Investment Group Global Managed Alpha Fund.

The fund has delivered consistent outperformance against its benchmark since inception, but the real story is how it does it. Reza takes us inside the world of quantitative investing, explaining how academic research, factor investing and disciplined portfolio construction come together in a systematic process designed to remove emotion from investment decisions.

From identifying overlooked opportunities around the world to navigating the AI boom and managing risk in a concentrated global market, this is a fascinating look at how a modern quantitative fund is built and managed.

In this episode, we cover:

How multi-factor investing works in practice

The factors that drive stock selection and portfolio construction

Managing risk while seeking consistent alpha

Why the fund looks beyond the biggest global tech names

Finding overlooked opportunities in emerging markets

How quantitative investing helps remove emotion from decision-making

The growing role of AI in investment research and portfolio management

Old Mutual Investment Group (Pty) Ltd is an authorised financial services provider, FSP 604. The contents of this podcast and, to the extent applicable, the comments by presenters do not constitute advice as defined in FAIS. Although due care has been taken in recording this podcast, Old Mutual Investment Group does not warrant the accuracy of the information contained herein and therefore does not accept any liability in respect of any loss you may suffer as a result of your reliance thereon. Past performance is not necessarily a guide to future investment performance. For more information, visit www.oldmutualinvest.com/institutional

Due diligence is often described as "doing your own research" before an acquisition, but the reality is far more complex. In this episode of Ghost Stories, The Finance Ghost is joined by Althea Soobyah, Bongiwe Mbunge and Johan Marais from Forvis Mazars to unpack what a modern due diligence process really looks like.

From financial and tax diligence through to ESG and HR considerations, the discussion explores how buyers identify hidden risks, validate value and avoid expensive mistakes. The conversation also dives into deal structuring, cross-border complexities, tax exposures, cultural risks and the growing importance of non-financial factors in corporate transactions.

Whether you're a CFO, investor, business owner or dealmaker, this episode offers valuable insights into what happens after the letter of intent is signed and the real work begins.

After all, the due diligence can make or break a transaction!

In this episode:

Financial DD fundamentals: How buyers assess earnings quality, working capital and the key value drivers of a business.

Tax traps and opportunities: Why tax diligence goes beyond compliance and can materially impact deal structure and valuation.

The rise of ESG due diligence: Understanding culture, governance, workforce risks and sustainability factors that influence long-term value.

Cross-border transaction challenges: Navigating tax, regulatory and operational risks across multiple jurisdictions.

One deal, many workstreams: How coordinating financial, tax and ESG due diligence can improve efficiency and support better decision-making.

Connect with the Forvis Mazars team:

Althea Soobyah - website and LinkedIn

Bongiwe Mbunge - website and LinkedIn

Johan Marais - website and LinkedIn

This podcast is brought to you by Forvis Mazars in South Africa.

Volatility feels like risk. The daily noise, the red screens, the uncomfortable drawdowns - these are the stress points for investors. This is what might keep you out of the market altogether.

But what if the real risk was avoiding the markets over the long-term, rather than managing the bumps along the way?

In this episode, Satrix CIO Kingsley Williams joins The Finance Ghost to unpack one of the most powerful (and misunderstood) truths in investing: playing it safe may be the riskiest strategy of all. "Over-saving" and "under-investing" can severely damage a long-term wealth creation journey.

In this episode:

Why volatility is uncomfortable, but not the risk you should fear most

The concept of opportunity cost risk and how it destroys long-term returns

How time in the market reduces the probability of capital loss

Why equities remain the most reliable long-term hedge against inflation

The critical difference between saving and investing (and why it matters)

Disclaimer:

Satrix Managers (RF) (Pty) Ltd is a registered and approved Manager in Collective Investment Schemes in Securities. Collective investment schemes are generally medium- to long-term investments. With Unit Trusts, Exchange Traded Funds (ETFs) and Actively Managed ETFs (AMETFs), the investor essentially owns a “proportionate share” (in proportion to the participatory interest held in the fund) of the underlying investments held by the fund. With Unit Trusts, the investor holds participatory units issued by the fund while in the case of ETFs and AMETFs, the participatory interest, while issued by the fund, comprises a listed security traded on the stock exchange. ETFs and AMETFs are registered as a Collective Investment and can be traded by any stockbroker on the stock exchange, LISP platforms and / or via online trading platforms. ETFs and AMETFs may incur additional costs due to being listed on the JSE. Past performance is not necessarily a guide to future performance, and the value of investments / units may go up or down. A schedule of fees and charges, and maximum commissions is available on the Minimum Disclosure Document or upon request from the Manager. Collective investments are traded at ruling prices and can engage in borrowing and scrip lending. Should the respective portfolio engage in scrip lending, the utility percentage and related counterparties can be viewed on the ETF and AMETF Minimum Disclosure Document. AMETFs are ETFs are actively traded by a Portfolio Manager to adjust the AMETF holdings and asset allocation with the aim to outperform the benchmark. AMETFs differ from ETFs which only track indices. The Manager does not provide any guarantee, either with respect to the capital or the return of a portfolio. The index, the applicable tracking error and the portfolio performance relative to the index can be viewed on the ETF and AMETF Minimum Disclosure Document and/or on https://satrix.co.za/products.

The Finance Ghost sits down with Tokollo Tau from Nedbank CIB to unpack how South Africa’s energy landscape is evolving beyond the dark days of load shedding. What once felt like a permanent crisis has receded into the background, but the real story now is what’s being built in its place (like power wheeling and aggregation).

Against the backdrop of the Africa Energy Forum, the conversation explores the infrastructure and commercial models that are reshaping how electricity is generated, moved and sold across the country, unlocking new levels of flexibility and opportunity for businesses.

With practical examples like the multi‑billion‑rand Notsi Solar Project, Tokollo explains how aggregators are bridging the gap between generators and large energy users, helping to solve coordination challenges and accelerate investment in the sector. The discussion also highlights Eskom’s evolving role as an enabler of this ecosystem, and what a truly tradable electricity market could look like in South Africa.

The result is a compelling look at a market in transition and why this could mark the start of a far more competitive, efficient and investable energy future.

Key topics covered:

What power wheeling and energy aggregation actually mean (without the jargon)

How projects like Notsi Solar demonstrate the new energy ecosystem in action

Why aggregators are critical to unlocking investment and reducing project risk

Eskom’s shifting role in a more open, competitive electricity market

The long-term outlook: towards a tradable electricity market and greater energy choice