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Our expertise in your clients’ portfolios

The JBWere Investment Strategy Group’s provision of world-class research and insights is the core of our SMA offering. Our portfolio management team has considerable knowledge and experience in researching investment opportunities and managing high conviction SMA portfolios.

Equity portfolios

JBWere’s investment philosophy emphasises:


  • buying high-quality companies with earnings growth potential at appropriate valuations;
  • a style agnostic and bottom-up with a top-down overlay;
  • a focus on long-term portfolio positions with low turnover.


Quantitative analysis involves the assessment of financial variables such as return on equity, balance sheet strength, valuation support,

earnings-per-share growth, dividend yields, payout ratios, price earnings ratios, cash flow ratios and margin analysis.


Qualitative factors include the strength of company management, the business model, industry structure, corporate governance, competitive

advantages, macro-economic variables and capital management initiatives.

Fixed income portfolios

JBWere maintains a transparent and easy to understand philosophy when formulating bespoke, low-risk, fixed income solutions. For a fixed income portfolio to represent and behave as the defensive component of a broader investment portfolio, it must be populated with instruments that are expected to be defensive in nature. Accordingly:


  • Capital preservation is paramount, and to achieve this objective an overarching strategy and disciplined approach to selecting investments is undertaken.
    • Credit quality is first and foremost the focus to ensure capital retention and the receipt of scheduled coupons and the return of capital at maturity.
    • Appropriate weightings are prudently assigned to individual securities in a bid to mitigate the potential negative impact of underlying risks.
  • The second consideration is value. More particularly, the expected return from an investment must be commensurate with the credit, market, tenor and liquidity risk in both an absolute and a relative sense (versus other fixed income investments and market peers).
  • A third consideration is portfolio composition. We advocate that any instrument added to a portfolio needs to exhibit features that enhance the portfolio’s attributes from the perspectives of the return for risk, duration (interest rate sensitivity), liquidity, diversity of sectors, issuers, issues, instrument type, and/or maturity structure.


To achieve the desired outcome JBWere targets better quality and more liquid instruments, maintains a diversity of exposures, assigns appropriate weightings to individual securities, maintains a laddered maturity profile, and ensures an appropriate mix of fixed and floating-rate instruments and a hold-to-maturity approach.