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Portfolio returns are gross of management fees and are as of 31 March 2026. Performance data source: Truffle Asset Management, Bloomberg.
Investment performance is for illustrative purposes only. Income is reinvested on the reinvestment date. Investment growth is for the amount of R100 since inception of the portfolio
Investment Strategies
Truffle’s institutional offering enables pension funds, asset consultants, high net worth individuals and family offices to tailor their investment strategy. These strategies give investors access to our fundamental valuation-based philosophy which is backed by a rigorous process and team-based approach. By applying this methodology to our bespoke portfolios, Truffle is able to meet client’s desired financial objectives while actively managing downside risk.
Fixed Income
This portfolio aims to achieve high yields of income while focusing on preserving capital.
Investment approach
STeFI Composite Index
Risk profile
Conservative
Domestic Cautious
A deliberate focus on capital protection over the short term while generating inflation beating returns over the longer term within Regulation 28 limits.
Investment approach
40% CAPI, 30% ALBI, 30% STeFI
Risk profile
Cautious
Domestic Balanced
This strategy invests in a range of selected local securities within Regulation 28 limits to deliver capital growth while minimising risk.
Investment approach
Alexforbes LMW Median
Risk profile
Moderate
Flexible Property
A multi asset property portfolio aiming to deliver growth over the long term through active investment in a property and fixed income assets.
Investment approach
FTSE/JSE SA Listed Property Index
Risk profile
Moderate Aggressive
Domestic Equity
A South African equity portfolio aiming for superior long term capital growth.
Investment approach
FTSE/JSE Capped All Share (CAPI)
Risk profile
Aggressive
Investment approach
Truffle’s investment capabilities span equity, fixed income, and multi-asset portfolios.
Our investment team follows a fundamental, valuation-based philosophy and disciplined investment process. This is coupled with a rigorous risk management approach which provides investors with sustainable and reliable investment returns.
Philosophy
Our philosophy is based on the belief that the market is efficient at valuing companies over the long-term but inefficient over the short term.
As active investment managers, we see an opportunity to exploit the inefficiencies between current price and long-term value. These inefficiencies are not obvious and can be difficult to identify, however, with an experienced team and a rigorous, robust process, it is achievable. Truffle implements one philosophy across the business, and we remain committed to this philosophy through short term market cycles.
Process
Our process centres around understanding and comparing a company’s intrinsic value to its current price.
We estimate the intrinsic value and then determine if a share is trading at a premium or discount based on our research and analysis. This includes evaluating a company’s historic financial performance, industry data, competitor information, and how the market is pricing the share relative to meaningful metrics.
Risk management
We spend a significant amount of time focusing on potential downside risks and understanding the implications of an incorrect outcome.
The risk associated with an intrinsic value is as important as our expected return in making an investment decision.
Portfolio positions
Our portfolio positions are a function of the determined expected returns, intrinsic value conviction, and any risks we have identified through our risk management process.
Portfolios are monitored daily and adjusted on a dynamic basis. Our process is not dependent on short term economic projections which are notoriously difficult to forecast.
