Merchant West Sanlam Collective Investments Balanced Plus Fund on Santam Limited
Thesis
Merchant West initiated a new position in Santam Limited, whose JSE ticker is SNT. santam.com The fund emphasizes Santam's unusually long listed history, resilience across multiple South African economic regimes and three decades of consistently strong returns on equity. It also highlights the company's lower beta relative to the JSE All Share Index and its number-one position in South African commercial and specialty insurance. Scale advantages in underwriting data, reinsurance purchasing power and specialist expertise are presented as evidence of a durable competitive position. P(1) Merchant West SCI Balanced…
“Over the quarter we initiated a new position in Santam.”