Weekly Thoughts 30 May 2014

I leave tomorrow night on my flight to the UK and the Isle of Man to visit the asset managers and companies I want to see there. I fly from Durban to Dubai and then on to London after a switch of planes. I think the Dubai – London flight is on one of those fancy new double story planes, so that will be an experience. I’ll take myself for a walk-about tour inside it. Not looking forward to spending 12 hours with strangers in a metal cylinder in the sky though!

This visit is of importance to most of my clients, not just clients who have invested directly into offshore funds. If you are invested in Marriott’s Prudential or Worldwide Funds, the offshore portions of these funds are channeled through to the guys on the Isle of Man to manage. If you have invested in Allan Gray’s Balanced Fund, as many of you are through your Allan Gray Retirement Annuities, then the offshore equity portion of this fund is managed by the Orbis team in the UK. So there is relevance for almost everyone. The Investec appointment in London is very important to me. I have no direct relationship with Investec here in SA because I don’t have a direct contract with them. They’re fussy about that. Coronation and Foord don’t have this issue. They acknowledge the flows of money received from my platforms and as such talk to me and visit me. But Investec are a bit more grumpy about this. So I want to establish a contact with some good person in London with whom I can chat with about their global funds.

I will have my computer with me to continue working on client tasks and to handle emails while away, so feel free to write to me if you need to or you’re welcome to call Jacki or Adrienne in my office. I get back on Tuesday the 10th June, to our winter that will be warmer than the summer I am going to!!