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Cautious Managed Strategy

Why Investec Cautious Managed?

  • Strong focus on capital preservation and dependable absolute returns through active asset allocation and stock selection decisions.
  • A tried and tested philosophy and ‘common sense’ approach to investing.
  • Implicit market downside protection.
  • Compelling long-term real returns.
  • Low levels of volatility.
  • No explicit capital protection. 


Investec Cautious Managed Strategy is a conservative portfolio which invests in a mix of South African equities, bonds and money market instruments, as well as international equity and fixed interest investments.

The Strategy’s low equity weighting limits potential drawdown and its absolute return approach to stock selection reduces the equity downside risk. The Investec Cautious Managed Strategy offers lower volatility than traditional balanced funds.


The Investec Cautious Managed Strategy aims to grow income and capital over the medium term. The objective is to achieve returns in excess of inflation, measured over rolling three year periods (CPI+4% under current market conditions).

Investment Philosophy

The Investec Cautious Managed philosophy is one of risk avoidance and the belief that this is best achieved by an absolute return approach. As a consequence, the equity portion of the portfolio will behave very differently to the overall market, with a defensive and above-average income yield.

The equity weighting of the Strategy is purely a function of the portfolio manager’s ability to find individual stocks that meet the stringent criteria necessary for inclusion in the portfolio. The result is that the equity portion of the portfolio is relatively concentrated, with a low turnover.

The remainder of the portfolio is invested in a diversified portfolio of interest-bearing securities including cash, bonds, inflation-linked bonds, preference stocks and listed property.

Contact us for more information: Natalie Phillips - Head of SA Institutional
+27 21 416 1700
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Clyde Rossouw

Portfolio Manager

Sumesh Chetty

Portfolio Manager