Merchant West Sanlam Collective Investments Dividend Equity Fund on Santam Limited
Thesis
Merchant West initiated Santam because it views the insurer as a durable, high-quality South African franchise with a long record across economic regimes. The business has generated consistently strong returns on equity over three decades while exhibiting materially lower beta than the JSE All Share Index. Its leading position in South African commercial and specialty insurance provides scale advantages in underwriting data, reinsurance purchasing power and specialty expertise, which the fund believes is reflected in an industry-leading expense ratio. P(1) Merchant West SCI Dividend… jse.co.za
“The business has generated exceptional returns on equity with a high level of consistency over three decades”