Denker Capital, the firm spun out of Sanlam in 2015, is trimming the international stock holdings of its flagship equity fund aimed at local investors and reallocating a portion of the capital to shares in well-managed SA companies it believes have competitive advantages.

The Cape Town-based firm, which has about R5.5bn in assets under management, began reducing the offshore holdings in its Denker SCI Equity Fund about 12 months ago at the height of the Covid-19 pandemic when the valuation disparity between local and international stocks widened significantly, said Claude van Cuyck, a portfolio manager and cofounder at Denker...

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