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Financial Mail
ANNUAL
MAY
26 2016REPORT
SPECIAL REPORT
WW
INA
NCNC
IALIM
ILA.CILO..CZO.
A ZA
WW.
WFW.
FINA
ALAM
RANKING THE
ANALYSTS 2016
Measuring
up globally
CM
MY
CY
CMY
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FM SPECIAL REPORT
WINNING FORMULA
WHAT IT
MEANS
a one-stop-shop a house
not only for equities but
also macro, currency, comand fixed income
BREAKING NEW modity
insights. We tend to see that
GROUND FOR SA a top regional specialist is
RESEARCH FIRMS always in the top three of
the set of brokers that
INDEPENDENT
houses will use. Thats
CREDIBILITY
where SBG has been able to
WITHOUT GLOBAL differentiate.
When Standard Bank
PARTNERSHIP
broke off its partnership
with Credit Suisse in 2010,
it had to forge a new go-it-alone strategy in
a business where having an international
partner was considered essential to access
global liquidity.
Ter Mors says at the time clients questioned how committed Standard Bank
would be to its brokerage business. Weve
proved that we are committed. Clients no
longer question that.
SBGs achievement stands out in an
Russell Roberts
Financial Mail 3
FM SPECIAL REPORT
WINNING ANALYSTS
Sector
Analyst
Firm
% of points
Gold Mining
Johann Steyn
19.1%
Johann Steyn
12.2%
General Mining
Johann Pretorius
Renaissance Capital
19.4%
Gerhard Engelbrecht
Macquarie
27.3%
24.5%
Industrial Metals
18.6%
16.1%
Rowan Goeller
Macquarie
29.0%
Banks
Stephan Potgieter
UBS SA
23.8%
General Financial
18.0%
Insurance
28.3%
Beverages
Rey Wium
24.8%
Food Producers
Vikhyat Sharma
29.1%
JPMorgan
31.1%
Luxury Goods
Rey Wium
27.8%
Tobacco
Rey Wium
31.6%
General Retailers
Sean Holmes
Deutsche Securities
22.8%
Eckhard Goedeke
17.4%
32.5%
Diversified Industrials
John Kim
Deutsche Securities
22.6%
Investment Companies
Rey Wium
28.7%
Chris Grundberg
UBS SA
25.7%
Media
21.9%
Telecommunications
Jonathan Kennedy-Good
28.2%
Anthony Clark
Vunani Securities
18.7%
Real Estate
30.1%
Adesoji Solanke
Renaissance Capital
14.3%
cap companies
Phumelele Mbiyo, Ayomide Mejabi, Jibran Qureishi & Standard Bank Research Team
20.8%
Commodities
Macquarie
20.4%
Corporate Governance
43.1%
Credit Analysis
37.3%
Derivatives
Peregrine Securities
31.7%
Fixed-Interest Securities
Carmen Nel
29.0%
Innovative research
Mary Curtis, Chris Nicholson, Brian Morgan, Vikhyat Sharma, Michele Olivier
16.6%
20.1%
15604
MAKING
SUSTAINABLE
SOLUTIONS
HAPPEN
Mary Curtis, Ian Doyle, Jonathan Garner, Andrea Masia & Manoj Pradhan
Investment Strategy
Mary Curtis
27.9%
Elna Moolman
Macquarie
24.6%
Simon Freemantle
29.4%
Quantitative Analysis
Macquarie
23.7%
Risk Management
Petrus Bosman
23.2%
Technical Analysis
Nedgroup Securities
30.9%
At Nedbank Corporate and Investment Banking, we believe in taking the long-term approach in all we do.
We are proud that our Markets business includes Nedgroup Securities, which has been a member of the
JSE for 20 years. Our Securities equity offering includes: cash equities trading; direct market access; listed:
futures; options; exchange-traded notes and exchange-traded funds; over the counter solutions: forwards; total
return swaps and options; contracts for difference platform; securities lending; research and trade support.
Through these impactful, integrated investment banking offerings we enable sustainable results throughout Africa.
nedbank.co.za
Financial Mail 5
2016/05/18 2:48 PM
FM SPECIAL REPORT
highly qualitative process. Investec Asset
Management, for example, keeps logs of all
research that its in-house analysts value.
That is reviewed every six months and
budgets are then set for brokers research.
The sell side has not provided a menu of
what the cost of their research is so weve
had to figure it out ourselves by looking at
what the value of it is to us, says Investec
Asset Management global head of dealing
Doug Blatch.
Basically we would look at different
drivers to the process we know what our
primary platform costs, we know what an
independent research provider is charging,
then we look at the value add from the sell
side, and weve formed broad metrics on
how much things are worth.
Investec has built a large team of research
analysts internally as well, which gives it an
edge in a market in which brokerage
research is accessible to everyone.
Brokers are going to focus their efforts on
those clients that are still willing to pay for
research. Increasingly, that is coming from
hedge funds rather than traditional large
long-only fund managers.
We do have certain levels of research
offering and engagement that are defined by
clients willingness to pay for research
specifically, says Ter Mors. But we are also
looking at clients as a whole their value
across a service bundle.
So even though regulators want a strict
separation of research and other services, it
often doesnt make sense for brokers who
are focused on the total value of the client.
Research also remains an important marketing mechanism a new client can be
attracted if they are impressed by a particularly strong piece of research.
That means even if research becomes the
poor cousin of dealing from an explicit
client fee point of view, it will still be provided by brokers who want to maintain
strong client service levels. So research,
while facing headwinds, is going to remain a
core part of broking business.
M E T H O D O LO GY
1
2
3
4
5
6
7
8
9
10
n/a
Firm
12.9%
11.0%
9.5%
9.5%
9.4%
8.0%
6.7%
5.8%
5.4%
4.9%
4.1%
1
5
2
4
3
6
9
10
8
7
n/a
14.1%
8.8%
11.2%
10.6%
11.2%
8.5%
4.8%
4.3%
5.9%
6.1%
4.0%
Sectors
unweighted
Rank % of points
All sectors
weighted
Rank % of points
1
2
4
6
3
7
5
8
9
10
n/a
1
2
4
3
5
6
7
8
9
10
n/a
13.1%
11.3%
8.2%
7.3%
9.0%
6.1%
7.5%
5.9%
5.5%
5.0%
3.8%
13.1%
9.8%
9.4%
9.5%
8.9%
8.1%
7.0%
5.8%
4.8%
4.8%
4.3%
1
6
2
4
3
5
9
n/a
8
7
10
14.5%
7.8%
11.2%
10.7%
10.7%
8.8%
5.1%
4.1%
5.3%
6.0%
4.2%
1
2
4
6
3
7
5
8
9
10
n/a
13.3%
10.4%
8.3%
7.2%
8.6%
5.9%
7.8%
5.9%
5.0%
4.6%
4.1%
All sectors
weighted
Rank % of points
1
2
5
4
3
6
8
9
7
10
n/a
1
5
3
4
2
6
10
9
8
7
n/a
12.7%
11.4%
10.7%
10.8%
11.4%
7.7%
5.4%
5.3%
5.5%
5.3%
2.5%
13.6%
9.4%
12.4%
11.6%
13.2%
8.0%
3.8%
4.2%
5.9%
6.4%
2.4%
1
2
4
5
3
6
7
8
9
10
n/a
13.0%
12.0%
9.2%
8.9%
10.9%
6.3%
6.0%
5.5%
5.4%
5.3%
2.4%
EXTERNAL VIEW
or the first
time this
year, the
Firms providing research on SA markets and assets, weighted by
Financial Mail Rankcommission paid
ing the Analysts sur- Position
Prev Pos
Firm Name
% of Vote
vey includes the
1
4
JPMorgan
15.1
opinions of for2
1
Bank of America Merrill Lynch
14.3
eign-based fund
3
3
Deutsche Bank
11.4
managers about
4
2
UBS
11.1
SAs institutional
5
8
SBG Securities (ICBC Standard Bank)
7.6
brokers.
6
5
Morgan Stanley
7.2
This is the result 7
6
HSBC
6.9
of a new partner8
7
Barclays
6.4
ship between
9
5
Citi
4.8
research house
10
10
Macquarie Securities Group
4.3
Intellidex and
Source: WeConvene Extel
WeConvene Extel,
Top-ranked firm JPMorgan ranks only
the worlds longest running assessment of
6th in the eyes of domestic institutions,
the European cash equities market.
reflecting its strong international marketA total of 78 institutions voted on SA
ing capabilities.
firms in the Extel survey, and 37 of those
Second-placed Bank of America Merrill
rank among the top 100 global asset manLynch fell outside of the top 10 domestic
agers.
institutions ranking in part because the
Their opinions are weighted according
firm did not submit analyst names for this
to the amount of commission they pay
years research exercise after deciding to
brokers.
focus its efforts on foreign institutions.
Unlike the core Financial Mail survey of
Deutsche and UBS hold 3rd and 4th
domestic institutions, the survey of foreign
spots as they do in the SA rankings, but the
institutions is coarse-grained and asks for
other way around.
feedback only on firms as a whole, rather
A notable achievement is that of SBG
than asking for individual sectors or anaSecurities, which tops the domestic ranklysts.
ing, and ranks 5th in the view of foreign
The results reveal the overall opinions
of foreign institutions on brokers who pro- institutions.
SBG, as part of Standard Bank, is the
vide services on the SA financial markets.
only SA-owned and operated firm that
The difference in ranking in part
makes the global list (though 6th-placed
reflects slightly different methodologies,
but also reflects the firms ability to market Morgan Stanley operates a joint venture
with Rand Merchant Bank).
themselves globally.
Financial Mail 7
Russell Roberts
FM SPECIAL REPORT
to get an indication of the total
paid by each institution. This was
compared with the institutions
disclosure, where we had it.
Where we had no information,
assets under management and our
own market insights were applied
to give a subjective weighting. All
institutional respondents were categorised into 10 bands which were
used to weight their responses. A
similar process was used for the
AUM weightings.
All of the sectors, equity dealing,
sales teams, corporate access and
administration tables are presented
without further amendment.
However, in the case of the
derivatives and fixed-interest
securities dealing tables, an additional weighting was applied to
firms that indicated they make
extensive use of derivatives and
Rey Wium fixed interest research and trading.
The assets under management
Was ranked top analyst
and brokerage weightings were
in four categories adjusted to give greater weight to
those firms that indicated that
derivatives and fixed interest trad-
AUM-weighted rank
% of points
Unweighted rank
% of points
10.9%
9.7%
9.2%
8.9%
8.6%
6.5%
6.2%
5.6%
5.1%
4.6%
4
3
2
5
1
6
8
9
7
10
9.7%
9.9%
10.2%
7.5%
10.8%
7.0%
5.9%
5.8%
6.4%
5.1%
1
3
4
1
4
6
7
10
8
9
12.1%
79.1%
88.8%
142.3%
70.3%
72.1%
98.8%
69.6%
129.1%
84.5%
18.9%
12.1%
11.2%
10.2%
9.7%
8.7%
6.1%
5.7%
5.4%
5.2%
3.0%
2.2%
1
2
5
4
3
6
8
9
7
n/a
10
n/a
18.8%
13.4%
8.9%
9.5%
10.9%
8.0%
5.6%
4.4%
7.0%
3.9%
4.4%
4.1%
9
n/a
1
3
4
5
2
8
7
6
n/a
10
6.8%
2.9%
12.5%
10.3%
9.2%
8.9%
10.7%
7.6%
8.1%
8.6%
3.1%
4.9%
14.2%
11.7%
10.0%
8.5%
7.8%
5.8%
4.9%
4.8%
4.7%
4.3%
3.9%
3.3%
0.9%
1
2
3
4
5
6
n/a
9
7
n/a
8
10
n/a
14.2%
12.7%
9.9%
7.6%
6.9%
6.2%
3.6%
4.5%
5.6%
3.0%
5.3%
4.5%
0.7%
1
3
2
6
5
7
9
n/a
8
n/a
4
n/a
10
17.1%
14.0%
15.5%
5.6%
5.9%
5.1%
4.1%
2.3%
4.8%
2.8%
6.9%
2.8%
3.0%
14.6%
12.8%
9.3%
9.3%
7.2%
6.8%
6.8%
6.6%
6.1%
4.3%
3.7%
1
2
3
4
5
7
8
5
10
n/a
9
14.0%
14.0%
10.0%
9.0%
7.9%
6.5%
6.0%
7.9%
4.6%
3.8%
4.8%
1
2
3
10
6
7
5
9
8
4
n/a
13.9%
11.3%
8.2%
5.4%
7.1%
6.9%
7.6%
5.6%
6.6%
8.0%
4.5%
18.2%
17.2%
13.4%
11.4%
10.1%
8.4%
8.1%
3.4%
2.7%
2.0%
0.6%
1
2
3
4
5
7
6
8
9
10
n/a
18.5%
17.1%
13.4%
12.4%
10.7%
7.7%
8.5%
3.0%
2.8%
2.1%
1.0%
1
2
3
5
4
6
8
7
10
n/a
9
21.4%
16.3%
15.6%
7.9%
12.1%
6.5%
4.7%
5.1%
2.2%
1.9%
2.3%
14.9%
11.6%
9.4%
8.9%
8.7%
7.9%
7.9%
6.7%
6.6%
4.8%
4.2%
1
2
4
3
5
6
9
8
7
10
n/a
13.1%
12.0%
9.6%
10.2%
8.8%
8.5%
6.3%
6.8%
7.3%
4.9%
3.4%
1
2
4
7
3
5
6
9
8
n/a
10
15.6%
10.8%
9.4%
7.0%
10.4%
9.2%
8.5%
4.9%
5.5%
2.8%
4.8%
% of points
1
RMB Morgan Stanley
2
Macquarie
3
UBS SA
4
Avior Capital Markets
5
Deutsche Securities
6
BofA Merrill Lynch
7
Absa Capital
8
Standard Bank SBG Securities
9
JPMorgan
10
Investec Securities
CORPORATE ACCESS RANKINGS
1
RMB Morgan Stanley
2
BofA Merrill Lynch
3
Avior Capital Markets
4
Deutsche Securities
5
Standard Bank SBG Securities
6
UBS SA
7
Macquarie
8
Absa Capital
9
JPMorgan
10
Investec Securities
n/a
Citigroup Global Markets
n/a
Renaissance Capital
DEALING DERIVATIVES RANKINGS
1
Peregrine Securities
2
Prescient Securities
3
Constellation Capital
4
Absa Capital
5
BofA Merrill Lynch
6
AngloRand Futop
7
UBS SA
8
ICAP
9
Deutsche Securities
10
Investec Securities
n/a
RMB Morgan Stanley
n/a
Credit Suisse Securities
n/a
Avior Capital Markets
DEALING EQUITIES RANKINGS
1
RMB Morgan Stanley
2
UBS SA
3
BofA Merrill Lynch
4
Citigroup Global Markets
5
Standard Bank SBG Securities
6
Macquarie
7
Deutsche Securities
8
JPMorgan
9
Absa Capital
10
Avior Capital Markets
n/a
Investec Securities
DEALING FIXED INTEREST SECURITIES RANKINGS
1
Absa Capital
2
Nedgroup Securities
3
Rand Merchant Bank
4
Citigroup Global Markets
5
Standard Bank SBG Securities
6
JPMorgan
7
HSBC Securities
8
Investec Securities
9
Deutsche Securities
10
Bond Street
n/a
Vunani Securities
SALES TEAM RANKING
1
RMB Morgan Stanley
2
Deutsche Securities
3
BofA Merrill Lynch
4
JPMorgan
5
UBS SA
6
Standard Bank SBG Securities
7
Absa Capital
8
Citigroup Global Markets
9
Investec Securities
10
Credit Suisse Securities
n/a
Macquarie
MANAGE
YOUR COSTS,
ACCESS UNIQUE
ALGORITHMIC
TRADING SOLUTIONS
AND TECHNOLOGY.
BNP Paribas Securities South Africa Holdings (Registration number 07/007073/1998) (FSP 13062)
and BNP Paribas Securities South Africa (Registration number 07/009716/1996) (FSP 29451) (BNP
Paribas Securities) are authorised Financial Services Providers in terms of the Financial Advisory
and Intermediary Services Act, 37 of 2002 and members of the Johannesburg Stock Exchange.
Financial Mail 9
FM SPECIAL REPORT
NEW ENTRANTS
ANALYSTS RANKING
Business description
Industry overview & competitive positioning
Investment summary
Valuation
Financial analysis
Other headings
Investment risks
1
2
3
4
5
6
n/a
Johann Steyn
Adrian Hammond
Derryn Maade
Andrew Byrne
Kane Slutzkin
Patrick Mann
Leroy Mnguni & Christopher Nicholson
% of
points
AUM
weighted
% of
points
Unweighted
% of
points
Weighted by brokerage
% of
points
AUM
% of
weighted points
19.1%
16.5%
13.2%
11.3%
7.3%
6.9%
5.2%
1
2
3
4
5
6
n/a
21.4%
19.3%
14.6%
10.7%
8.4%
5.5%
4.6%
1
2
5
3
n/a
6
4
15.4%
14.7%
7.8%
10.3%
7.3%
7.6%
9.2%
1
2
3
4
4
6
n/a
18.5%
15.7%
15.0%
9.8%
9.8%
7.6%
4.9%
1
2
3
4
5
6
n/a
% of
points
Unweighted
% of
points
21.6%
16.4%
16.2%
11.1%
10.0%
5.8%
5.0%
1
1
3
5
n/a
6
4
14.5%
14.5%
9.6%
9.0%
7.9%
8.7%
9.3%
Unweighted
11.3%
11.0%
10.6%
10.1%
10.0%
8.2%
8.2%
8.1%
6.0%
AUM
% of
weighted points
2
1
4
6
3
4
n/a
n/a
n/a
12.6%
11.6%
9.3%
8.0%
9.4%
9.3%
5.9%
6.3%
4.6%
6
2
n/a
1
6
3
n/a
5
4
% of
points
8.1%
10.7%
6.9%
11.4%
8.1%
10.5%
6.4%
8.8%
9.3%
Unweighted
% of
points
Weighted by brokerage
1
2
3
4
5
6
6
n/a
Johann Steyn
Andrew Byrne
Emma Townshend
Seten Naidoo
Steven Friedman
Christopher Nicholson
Hurbey Geldenhuys
Patrick Mann
% of
points
12.2%
12.1%
11.2%
10.4%
9.8%
7.8%
7.8%
6.9%
AUM
weighted
2
4
3
1
6
n/a
n/a
5
% of
points
12.4%
11.9%
12.0%
13.3%
8.3%
6.3%
7.7%
9.2%
Unweighted
2
4
6
3
1
6
n/a
5
FIRMS RANKING
% of
Weighted by brokerage
of points
9.8%
9.2%
8.6%
9.4%
11.8%
8.6%
7.8%
9.0%
1
2
3
4
5
6
6
n/a
n/a
HSBC Securities
Standard Bank SBG Securities
Absa Capital
Renaissance Capital
Citigroup Global Markets
Deutsche Securities
Macquarie
RMB Morgan Stanley
JPMorgan
GENERAL MINING
NONEQUITIES
5%
15%
20%
20%
20%
5%
15%
FIRMS RANKING
Weighted by brokerage
REPORT CARD
EQUITIES
GOLD MINING
Hetty Zantman
15%
25%
25%
25%
10%
ANALYSTS RANKING
FIRMS RANKING
Weighted by brokerage
1
2
3
4
5
6
Johann Pretorius
James Bennett & Heath Jansen
Tim Clark & Heidi Sternberg
Kieran Daly
Rene Kleyweg
Menno Sanderse, Brian Morgan &
David Prowse
Renaissance Capital
Citigroup Global Markets
Standard Bank SBG Securities
UBS SA
Deutsche Securities
RMB Morgan Stanley
% of
points
AUM
weighted
% of
points
Unweighted
% of
points
Weighted by brokerage
% of
points
AUM
% of
weighted points
19.4%
18.9%
15.4%
11.2%
9.7%
6.7%
2
1
3
4
5
6
16.4%
19.4%
16.2%
11.0%
9.4%
6.5%
1
3
2
5
4
6
19.7%
14.7%
16.3%
10.9%
11.7%
8.9%
1
2
3
4
5
6
Renaissance Capital
Citigroup Global Markets
Standard Bank SBG Securities
UBS SA
Deutsche Securities
RMB Morgan Stanley
20.7%
18.1%
16.6%
12.9%
9.7%
5.4%
1
2
3
4
5
n/a
19.4%
19.1%
17.2%
13.1%
9.8%
4.8%
1
3
2
4
4
6
19.5%
15.5%
17.9%
12.7%
12.7%
6.1%
n/a
Macquarie
4.9%
4.9%
n/a
3.9%
Unweighted
% of
points
FIRMS RANKING
Weighted by brokerage
1
2
3
4
5
6
Gerhard Engelbrecht
Alex Comer
Johann Steyn
Christopher Nicholson
Nishal Ramloutan
Sean Ungerer & David Lerche
% of
points
Macquarie
JPMorgan
Citigroup Global Markets
RMB Morgan Stanley
UBS SA
Avior Capital Markets
27.3%
24.9%
10.7%
8.2%
7.3%
4.5%
AUM
weighted
% of
points
Unweighted
1
2
3
5
4
6
28.1%
26.0%
13.3%
6.6%
7.0%
3.9%
1
2
5
4
3
6
% of
points
Weighted by brokerage
% of
points
AUM
% of
weighted points
23.7%
23.3%
6.3%
10.1%
11.1%
5.5%
1
2
3
4
5
6
n/a
28.2%
23.3%
10.8%
8.8%
6.9%
6.2%
3.0%
1
2
3
4
5
6
n/a
Macquarie
JPMorgan
Citigroup Global Markets
RMB Morgan Stanley
UBS SA
Investec Securities
Deutsche Securities
28.0%
23.9%
14.2%
7.6%
7.4%
5.8%
2.0%
1
2
5
3
3
n/a
6
25.7%
21.0%
6.8%
9.9%
9.9%
4.5%
6.4%
Financial Mail 11
FM SPECIAL REPORT
Weighted by brokerage
1
2
3
4
5
6
n/a
n/a
% of
point
24.5%
24.3%
19.0%
17.9%
4.6%
2.9%
2.5%
2.4%
AUM
weighted
1
2
3
4
n/a
6
n/a
5
% of
points
24.8%
23.0%
19.8%
18.6%
3.0%
3.0%
2.2%
4.4%
Unweighted
1
4
3
2
5
n/a
6
n/a
% of
points
24.4%
16.7%
19.6%
22.7%
7.4%
1.0%
4.5%
1.7%
FIRMS RANKING
Weighted by brokerage
1
2
3
4
5
6
n/a
ANALYSTS RANKING
% of
points
24.2%
23.3%
19.7%
15.5%
7.6%
5.6%
2.6%
AUM
weighted
1
2
3
4
5
6
n/a
% of
points
23.6%
23.5%
20.9%
14.8%
9.9%
3.6%
2.1%
Unweighted
4
1
2
3
6
5
6
% of
points
15.5%
24.4%
22.0%
16.6%
4.8%
9.7%
4.8%
18.0%
16.4%
13.9%
10.0%
9.9%
9.0%
8.5%
AUM
weighted
% of
points
Unweighted
% of
points
3
2
1
5
4
6
n/a
13.8%
16.5%
16.9%
11.1%
12.4%
8.7%
7.3%
1
2
3
n/a
4
6
5
19.3%
14.8%
12.6%
4.5%
10.7%
9.0%
9.3%
ANALYSTS RANKING
% of
point
AUM
weighted
% of
points
Unweighted
1
2
5
4
3
6
n/a
19.3%
19.1%
9.0%
10.8%
11.7%
8.7%
5.7%
2
1
3
n/a
4
5
5
% of
points
17.5%
18.0%
13.7%
6.7%
8.6%
7.8%
7.8%
1
2
3
4
5
6
Weighted by brokerage
% of
points
AUM
weighted
% of
points
19.6%
16.4%
15.0%
10.6%
9.9%
9.6%
1
2
3
6
4
5
20.3%
16.7%
16.6%
8.8%
11.9%
9.3%
Unweighted
1
4
1
3
5
6
% of
points
17.4%
11.3%
17.4%
12.6%
9.7%
7.7%
Weighted by brokerage
1
2
3
4
5
6
% of
points
28.3%
20.7%
19.5%
13.2%
8.1%
7.3%
AUM
weighted
1
2
3
5
4
6
% of
points
28.2%
19.9%
18.2%
10.6%
12.4%
7.7%
Unweighted
1
3
2
4
5
6
% of
points
27.5%
19.5%
20.6%
15.5%
6.2%
5.6%
Weighted by brokerage
2
3
4
5
6
n/a
n/a
% of
point
16.1%
Macquarie
Renaissance Capital
14.0%
11.9%
AUM
weighted
% of
points
Unweighted
17.4%
2
4
14.3%
9.2%
11.6%
9.1%
7.8%
3
5
n/a
6.3%
4.1%
6
n/a
% of
points
FIRMS RANKING
Weighted by brokerage
% of
points
18.4%
17.1%
3
2
11.8%
14.5%
2 Macquarie
3 Renaissance Capital
12.7%
12.5%
12.1%
8.6%
7.0%
5
n/a
4
7.9%
4.2%
10.9%
8.3%
4.4%
n/a
6
3.3%
5.4%
AUM
weighted
% of
points
Unweighted
19.1%
2
5
13.1%
8.1%
11.8%
8.3%
7.7%
3
4
6
6.6%
5.4%
6
6
% of
points
3
2
11.9%
14.9%
10.8%
8.9%
7.4%
5
4
n/a
7.9%
10.9%
3.3%
2
3
4
5
6
n/a
7.4%
7.4%
n/a
6
3.0%
6.6%
ANALYSTS RANKING
Weighted by brokerage
Macquarie
RMB Morgan Stanley
Standard Bank SBG Securities
JPMorgan
Renaissance Capital, BPI Capital Africa
UBS SA
Avior Capital Markets
% of
point
29.0%
20.8%
13.2%
12.3%
8.4%
6.7%
5.3%
AUM
weighted
1
2
3
4
5
6
n/a
% of
points
29.7%
17.4%
16.0%
13.0%
9.6%
5.5%
4.3%
Unweighted
1
2
3
4
n/a
5
6
% of
points
24.1%
20.3%
15.2%
10.6%
6.0%
9.3%
7.5%
FIRMS RANKING
Weighted by brokerage
1
2
3
4
5
6
n/a
Macquarie
RMB Morgan Stanley
Standard Bank SBG Securities
JPMorgan
Avior Capital Markets
BPI Capital Africa
UBS SA
% of
points
27.0%
20.6%
15.8%
14.3%
6.8%
5.5%
5.3%
AUM
weighted
1
2
3
4
5
6
n/a
% of
points
27.8%
18.2%
16.0%
15.2%
7.5%
5.5%
4.8%
Unweighted
1
2
3
4
6
n/a
5
% of
points
22.8%
20.7%
15.7%
11.5%
7.9%
4.7%
9.7%
Weighted by brokerage
Stephan Potgieter
Henry Hall
Vincent Anthonyrajah
Stefan Swanepoel
Ilan Stermer
Nicholas Watts & Chantelle Baptiste
Charles Russell
% of
point
UBS SA
23.8%
HSBC Securities
19.4%
Standard Bank SBG Securities 10.6%
Deutsche Securities
9.6%
Renaissance Capital
9.1%
Absa Capital
7.4%
Citigroup Global Markets
6.4%
% of
points
Rey Wium
24.8%
26.3%
14.5%
12.2%
10.2%
9.3%
6.5%
6.4%
2
4
3
5
6
n/a
12.7%
11.7%
12.5%
11.5%
5.4%
4.1%
3
2
4
n/a
5
6
AUM
weighted
% of
points
Unweighted
Deutsche Securities
Avior Capital Markets
UBS SA
Absa Capital
Standard Bank SBG Securities
HSBC Securities
RMB Morgan Stanley
19.0%
18.8%
14.3%
14.0%
11.3%
10.8%
2.8%
1
3
2
4
6
5
n/a
21.3%
14.6%
17.9%
14.1%
9.1%
11.8%
1.6%
% of
points
AUM
weighted
% of
points
Unweighted
Unweighted
2
1
3
4
5
6
6
% of
points
19.4%
20.5%
13.1%
12.9%
11.0%
4.5%
4.5%
FIRMS RANKING
Weighted by brokerage
1
2
3
4
5
6
n/a
31.4%
20.1%
17.5%
10.3%
9.2%
6.7%
2.1%
1
2
3
5
4
6
n/a
30.2%
18.3%
17.8%
7.9%
13.1%
7.7%
1.8%
1
2
3
4
5
n/a
6
% of
points
29.8%
20.5%
17.4%
12.0%
7.1%
4.4%
4.9%
% of
points
Weighted by brokerage
% of
points
AUM
weighted
% of
points
22.6% 1
24.9%
26.3%
21.3%
10.9%
12.0%
9.3%
5.7%
8.7%
8.5%
UBS SA
Deutsche Securities
Citigroup Global Markets
Credit Suisse Securities
Absa Capital
RMB Morgan Stanley
Avior Capital Markets
14.5%
12.2%
11.4%
8.7%
6.5%
5.1%
4.2%
2
4
5
3
6
n/a
n/a
16.1%
11.1%
8.8%
12.0%
5.6%
2.9%
2.8%
2
3
5
n/a
n/a
4
5
15.5%
10.8%
8.7%
4.7%
7.9%
8.9%
8.7%
Weighted by brokerage
% of
points
AUM
weighted
% of
points
29.8%
17.8%
17.1%
11.8%
6.5%
5.0%
4.9%
1
2
3
4
5
n/a
6
29.5%
19.4%
16.8%
10.4%
6.1%
4.9%
5.0%
Weighted by brokerage
% of
points
AUM
weighted
% of
points
JPMorgan
Deutsche Securities
Citigroup Global Markets
Macquarie
HSBC Securities
Avior Capital Markets
Standard Bank SBG Securities
Investec Securities
31.7%
23.1%
13.5%
7.9%
4.4%
3.6%
3.2%
3.0%
1
2
3
4
6
n/a
n/a
5
32.9%
22.8%
13.6%
6.6%
4.6%
2.1%
2.9%
5.3%
AUM
weighted
1
2
3
4
6
5
n/a
% of
points
25.6%
18.3%
13.8%
10.1%
7.7%
8.7%
4.7%
Unweighted
1
2
4
3
5
n/a
6
% of
points
22.3%
14.7%
12.1%
12.9%
7.0%
5.5%
6.5%
FIRMS RANKING
Weighted by brokerage
1
2
3
4
5
6
n/a
UBS SA
HSBC Securities
Standard Bank SBG Securities
Deutsche Securities
Renaissance Capital
Absa Capital
RMB Morgan Stanley
2
3
4
5
6
n/a
n/a
% of
points
FOOD PRODUCERS
FIRMS RANKING
Weighted by brokerage
1
2
3
4
5
6
n/a
Vikhyat Sharma
Jiten Bechoo
Robyn Collins
Sumil Seeraj
Kgosi Rahube
Pieter Vorster
Caron Bramwell
% of
points
29.1%
16.8%
15.6%
14.6%
5.7%
5.6%
2.1%
AUM
weighted
1
3
4
2
5
6
n/a
% of
points
29.3%
17.3%
14.5%
17.4%
5.0%
4.6%
1.7%
Unweighted
1
2
3
4
n/a
6
5
% of
points
26.5%
18.6%
15.5%
13.1%
3.6%
4.2%
4.4%
1
2
3
4
5
6
n/a
Unweighted
1
3
2
4
6
n/a
5
% of
points
27.9%
16.4%
18.2%
13.3%
4.7%
3.1%
5.2%
BANKS
1
2
3
4
5
6
n/a
Unweighted
FIRMS RANKING
Weighted by brokerage
ANALYSTS RANKING
ANALYSTS RANKING
ANALYSTS RANKING
18.2%
% of
points
BEVERAGES
1
2
3
4
5
6
n/a
AUM
weighted
% of
points
ANALYSTS RANKING
FIRMS RANKING
Weighted by brokerage
1
2
3
4
5
6
n/a
Weighted by brokerage
INSURANCE
INDUSTRIAL METALS
Brian Morgan & Leroy Mnguni
Heidi Sternberg & Tim Clark
Johann Pretorius & Steven Friedman
Kieran Daly
Sean Ungerer & Wade Napier
James Oberholzer
James Bennett
1
2
3
4
5
6
n/a
% of
points
1
2
3
4
5
6
n/a
FIRMS RANKING
Weighted by brokerage
ANALYSTS RANKING
% of
points
25.9%
17.5%
11.8%
10.7%
8.5%
7.4%
4.0%
AUM
weighted
1
2
3
4
6
5
n/a
% of
points
27.3%
17.0%
14.4%
10.7%
7.5%
8.2%
2.0%
Unweighted
1
4
3
2
5
n/a
6
% of
points
23.0%
10.4%
13.6%
14.7%
6.4%
5.5%
5.8%
FIRMS RANKING
Weighted by brokerage
1
2
3
4
5
6
n/a
n/a
% of
points
JPMorgan
Deutsche Securities
Citigroup Global Markets
Macquarie
HSBC Securities
Avior Capital Markets
Standard Bank SBG Securities
Investec Securities
31.1%
23.2%
14.0%
7.9%
4.1%
3.8%
3.5%
2.9%
AUM
weighted
1
2
3
4
6
n/a
n/a
5
% of
points
32.6%
22.5%
13.9%
6.5%
4.6%
2.6%
2.9%
5.3%
Unweighted
1
2
3
4
n/a
5
6
n/a
% of
points
27.0%
21.6%
11.2%
8.3%
2.5%
7.1%
5.0%
2.3%
1
2
3
4
5
6
n/a
n/a
Unweighted
1
2
3
4
n/a
5
6
n/a
% of
points
27.9%
22.9%
10.3%
9.1%
2.4%
6.2%
5.3%
1.9%
Financial Mail 13
FM SPECIAL REPORT
LUXURY GOODS
ANALYSTS RANKING
Weighted by brokerage
Rey Wium
2
3
4
5
6
n/a
n/a
% of
point
27.8%
15.1%
14.9%
10.9%
7.1%
4.9%
3.5%
2.7%
AUM
weighted
% of
points
Unweighted
% of
points
FIRMS RANKING
Weighted by brokerage
DIVERSIFIED INDUSTRIALS
% of
points
AUM
weighted
% of
points
Unweighted
% of
points
30.0%
24.1%
23.2%
18.4%
3
2
4
5
6
6
n/a
14.4%
16.8%
13.1%
5.1%
3.6%
3.6%
1.7%
2
3
5
4
n/a
n/a
6
18.6%
11.8%
5.8%
9.7%
2.3%
1.4%
5.1%
2
3
4
5
6
n/a
n/a
2
4
3
5
n/a
n/a
6
20.8%
12.3%
12.7%
5.8%
3.8%
3.2%
4.5%
3
2
n/a
5
4
6
n/a
13.4%
16.6%
6.8%
8.7%
8.9%
8.4%
1.3%
18.3%
12.3%
11.3%
6.7%
5.5%
4.9%
4.5%
Rey Wium
2
3
4
5
6
n/a
n/a
Rupert Wilson
David Smith & Matthew Grainger
Adam Spielman
Simon Hales
Catherine Farrant
Renier Swanepoel
Richard Tessendorf
% of
point
AUM
weighted
% of
points
Unweighted
% of
points
Weighted by brokerage
31.6%
32.9%
28.9%
19.3%
15.3%
9.9%
5.1%
4.2%
3.2%
2.7%
2
3
4
6
n/a
n/a
5
19.1%
13.4%
11.3%
3.7%
3.6%
3.1%
4.2%
2
3
4
5
6
6
n/a
18.0%
15.3%
8.0%
6.7%
4.2%
4.2%
3.8%
2
3
4
5
6
n/a
n/a
n/a
1
2
3
4
5
6
n/a
John Kim
Rowan Goeller
Kwame Antwi
Mark Hodgson
Ceri Moodie
Roy Campbell & Bradley Ablett
Eckhard Goedeke & Marc Ter Mors
% of
points
Deutsche Securities
Macquarie
UBS SA
Avior Capital Markets
Ceri Moodie Investment Research
RMB Morgan Stanley
Standard Bank SBG Securities
22.6%
13.2%
9.0%
8.9%
8.2%
7.3%
5.1%
AUM
weighted
1
2
3
4
5
6
n/a
% of Unweighted
points
% of
points
Weighted by brokerage
% of
points
AUM
weighted
% of
points
22.6%
15.2%
9.7%
8.3%
7.7%
6.3%
5.2%
19.6%
12.5%
11.5%
8.8%
5.0%
10.2%
7.3%
1
2
3
4
5
6
n/a
n/a
19.9%
10.4%
9.7%
9.3%
8.4%
8.1%
6.4%
6.4%
1
2
4
5
3
n/a
n/a
6
20.6%
13.7%
8.7%
7.8%
8.8%
7.2%
6.2%
7.4%
% of
points
AUM
weighted
% of
points
34.5%
2
1
1
2
3
5
n/a
4
6
% of
points
AUM
weighted
% of
points
28.4%
22.8%
2
3
4
5
n/a
n/a
6
n/a
19.6%
14.5%
11.9%
6.5%
3.5%
2.9%
4.9%
2.3%
2
3
5
4
n/a
6
n/a
6
17.3%
14.9%
8.4%
9.7%
4.7%
5.2%
5.0%
5.2%
18.7%
15.3%
10.4%
7.0%
4.3%
4.2%
3.9%
3.3%
Unweighted
% of
points
Weighted by brokerage
Rey Wium
3
4
5
6
n/a
% of
points
28.7%
AUM
weighted
ANALYSTS RANKING
FIRMS RANKING
Weighted by brokerage
% of
point
34.1%
% of
points
23.8%
Deutsche Securities
Absa Capital
UBS SA
Standard Bank SBG Securities
JPMorgan
Primaresearch
HSBC Securities
22.8%
14.8%
10.5%
9.9%
8.4%
7.0%
5.8%
% of
points
Unweighted
% of
points
Weighted by brokerage
% of
points
AUM
weighted
% of
points
Unweighted
1
2
4
3
n/a
5
6
24.7%
13.0%
9.2%
12.3%
7.0%
7.8%
7.1%
1
3
2
4
6
5
n/a
21.0%
14.4%
14.8%
8.6%
7.1%
8.4%
3.6%
1
2
3
4
5
6
n/a
21.4%
14.1%
10.9%
9.9%
8.4%
7.7%
7.0%
1
3
2
4
n/a
5
6
24.1%
12.2%
12.5%
8.8%
6.6%
8.7%
7.4%
1
3
4
2
6
n/a
5
Deutsche Securities
Absa Capital
Standard Bank SBG Securities
UBS SA
JPMorgan
Renaissance Capital
Primaresearch
20.9%
13.6%
9.6%
14.9%
6.8%
6.6%
8.1%
ANALYSTS RANKING
Weighted by brokerage
Unweighted
% of
points
30.9%
25.7%
26.3%
31.6%
28.2%
25.5%
9.8%
9.3%
6.6%
5.7%
3.8%
3
5
4
6
n/a
9.9%
7.4%
9.0%
5.4%
1.9%
4
3
n/a
5
6
7.5%
11.1%
4.2%
6.3%
4.8%
3
4
5
6
n/a
n/a
8.9%
7.4%
6.6%
4.9%
4.1%
2.7%
4
3
5
n/a
6
n/a
7.6%
9.5%
6.3%
4.5%
5.1%
1.9%
3
n/a
n/a
4
6
5
11.5%
3.8%
2.8%
5.9%
4.5%
4.9%
33.0%
Unweighted
% of
points
FIRMS RANKING
Weighted by brokerage
1
2
3
4
5
6
6
Chris Grundberg
Roelof Brand
Willie Venter & Stephen Heath
Irnest Kaplan
Jonathan Kennedy-Good
Franca di Silvestro
Ahmed Motara
% of
points
UBS SA
Avior Capital Markets
Prescient Securities
Vunani Securities
Standard Bank SBG Securities
HSBC Securities
Renaissance Capital
25.7%
24.3%
12.5%
12.2%
6.9%
6.4%
6.4%
AUM
weighted
1
2
4
3
5
6
n/a
% of Unweighted
points
% of
points
Weighted by brokerage
% of
points
AUM
weighted
% of
points
25.0%
22.2%
12.8%
13.4%
8.0%
5.9%
4.7%
24.8%
24.8%
8.6%
14.3%
9.7%
3.5%
6.7%
1
2
3
4
5
6
n/a
25.4%
24.4%
13.1%
12.4%
7.0%
6.8%
4.9%
1
2
3
4
5
6
n/a
24.5%
23.2%
14.5%
13.7%
6.5%
5.1%
4.7%
1
1
5
3
4
n/a
6
% of
point
17.4%
16.2%
11.5%
10.7%
8.5%
7.5%
5.6%
AUM
weighted
1
2
4
3
5
n/a
6
% of
points
18.1%
14.8%
11.9%
13.8%
9.0%
4.4%
4.9%
Unweighted
1
3
2
4
n/a
5
6
% of
points
14.5%
12.8%
13.9%
10.4%
6.8%
9.9%
7.3%
FIRMS RANKING
Weighted by brokerage
1
2
3
4
5
6
n/a
n/a
Deutsche Securities
Standard Bank SBG Securities
JPMorgan
Avior Capital Markets
Absa Capital
RMB Morgan Stanley
UBS SA
Investec Securities
% of
points
19.5%
18.6%
12.5%
11.1%
6.5%
5.8%
4.5%
3.3%
AUM
weighted
1
2
4
3
n/a
n/a
6
5
% of
points
20.3%
19.4%
11.3%
13.7%
3.6%
5.1%
5.5%
5.7%
Unweighted
1
2
3
3
5
6
n/a
n/a
% of
points
20.3%
15.7%
10.6%
10.6%
9.9%
7.3%
3.5%
1.8%
1
2
5
3
n/a
4
6
26.7%
22.4%
9.4%
13.6%
3.9%
9.7%
6.1%
ANALYSTS RANKING
FIRMS RANKING
Weighted by brokerage
1
2
3
4
5
6
% of
points
AUM
weighted
21.9%
16.8%
15.1%
12.0%
11.0%
9.2%
1
4
2
3
6
5
% of Unweighted
points
% of
points
Weighted by brokerage
% of
points
AUM
weighted
% of
points
Unweighted
22.4%
14.8%
16.1%
15.2%
8.2%
8.4%
23.9%
13.4%
13.8%
10.3%
12.6%
9.7%
1
2
3
4
5
6
22.6%
14.5%
13.6%
12.3%
11.7%
10.7%
1
2
5
6
4
3
21.6%
16.9%
11.1%
10.7%
11.6%
12.9%
1
3
5
2
3
6
Unweighted
1
3
2
5
4
6
% of
point
32.5%
25.1%
22.0%
14.3%
2.2%
1.9%
AUM
weighted
1
3
2
4
6
5
% of
points
31.7%
23.0%
25.2%
12.2%
2.3%
4.1%
Unweighted
1
2
3
4
6
5
% of
points
30.9%
30.0%
17.7%
14.3%
2.3%
2.9%
FIRMS RANKING
Weighted by brokerage
1
2
3
4
5
6
31.5%
27.3%
23.1%
12.6%
2.4%
1.5%
AUM
weighted
1
3
2
4
5
6
% of
points
30.9%
24.8%
25.5%
11.6%
5.0%
1.5%
Unweighted
2
1
3
4
5
6
% of
points
29.3%
32.3%
18.0%
13.3%
3.4%
1.7%
23.4%
12.2%
10.7%
15.0%
12.2%
10.4%
TELECOMMUNICATIONS
FIRMS RANKING
Weighted by brokerage
% of
points
% of
points
ANALYSTS RANKING
ANALYSTS RANKING
Weighted by brokerage
MEDIA
1
2
3
4
5
6
19.6%
12.3%
5.7%
9.2%
10.6%
9.7%
7.8%
3.1%
% of
points
1
2
n/a
5
3
4
6
n/a
27.8%
ANALYSTS RANKING
AUM
weighted
1
2
3
4
5
6
n/a
% of
points
GENERAL RETAILER
Sean Holmes
Rod Salmon & Thaule Masemola
Darren Cohn
Kaeleen Brown
Stephen Carrott & Dino Constantinou
Shamil Ismail
Jeanine Womersley
FIRMS RANKING
% of Unweighted
points
1
2
3
4
5
6
n/a
Deutsche Securities
Macquarie
Ceri Moodie Investment Research
Avior Capital Markets
UBS SA
RMB Morgan Stanley
Standard Bank SBG Securities
BofA Merrill Lynch
Unweighted
ANALYSTS RANKING
FIRMS RANKING
Weighted by brokerage
FIRMS RANKING
Weighted by brokerage
INVESTMENT COMPANIES
TOBACCO
ANALYSTS RANKING
ANALYSTS RANKING
1
2
3
4
5
6
n/a
Jonathan Kennedy-Good
Chris Grundberg
Maddy Singh & Ed Hill-Wood
JP Davids & Louise Pillay
Mike Gresty
Ziyad Joosub
David Lerche
% of
points
28.2%
18.3%
13.1%
10.6%
9.6%
8.2%
5.8%
AUM
weighted
1
2
3
5
4
6
n/a
% of Unweighted
points
% of
points
Weighted by brokerage
% of
points
AUM
weighted
% of
points
29.7%
19.5%
13.1%
8.2%
9.3%
7.5%
4.8%
25.5%
18.2%
11.9%
9.1%
9.7%
7.3%
9.7%
1
2
3
4
5
6
n/a
25.2%
18.7%
13.1%
9.8%
8.2%
7.2%
5.3%
1
2
3
5
4
6
n/a
25.9%
19.6%
13.2%
8.2%
8.9%
7.3%
4.8%
1
2
3
6
4
n/a
4
1
2
3
6
5
n/a
4
% of
points
24.6%
18.6%
11.4%
7.8%
8.6%
7.1%
9.5%
Financial Mail 15
FM SPECIAL REPORT
COMMODITIES
ANALYSTS RANKING
FIRMS RANKING
Weighted by brokerage
1
2
3
4
5
6
n/a
n/a
Anthony Clark
Roelof Brand
Willie Venter, Cheree Dyers, Zain Amod &
Jeanne-Marie Snalam
Nicholas Watts, Christina Steyn &
Chantelle Baptiste
Sumil Seeraj, Eckhard Goedeke, Luresha Chetty,
Risto Ketola, Vincent Anthonyrajah & Magdel Neale
Rowan Goeller
Mark Bryson
Janine Weilbach
% of
point
ANALYSTS RANKING
AUM
weighted
% of
points
Unweighted
% of
points
Weighted by brokerage
% of
points
AUM
weighted
% of
points
Unweighted
% of
points
Vunani Securities
Avior Capital Markets
Prescient Securities
18.7%
10.9%
9.9%
1
3
2
22.7%
10.8%
12.6%
1
2
4
17.8%
9.3%
7.7%
1 Vunani Securities
2 Avior Capital Markets
3 Standard Bank SBG Securities
21.4%
18.5%
9.9%
1
2
4
25.6%
22.7%
7.1%
1
2
3
18.8%
15.7%
10.1%
Absa Capital
8.6%
5.5%
8.2%
4 Prescient Securities
8.2%
8.4%
n/a
5.8%
5.1%
6.9%
5 Deutsche Securities
7.2%
7.1%
10.1%
4
5
n/a
n/a
5
4.7%
3.8%
5.1%
n/a
5
n/a
5.0%
6.9%
1.3%
6 Absa Capital
n/a Afrifocus Securities
n/a RMB Morgan Stanley
6.4%
5.8%
4.0%
n/a
6
n/a
4.9%
5.4%
2.8%
5
n/a
6
7.5%
4.3%
6.4%
Macquarie
Avior Capital Markets
Thebe Stockbroking
5.5%
4.6%
2.5%
FIRMS RANKING
Weighted by brokerage
6
n/a
% of
points
AUM
weighted
% of
points
Unweighted
% of
points
Weighted by brokerage
% of
points
AUM
weighted
% of
points
19.9%
FIRMS RANKING
Weighted by brokerage
% of
point
30.1%
18.0%
13.7%
12.7%
9.7%
5.7%
2.8%
AUM
weighted
% of
points
Unweighted
1
2
3
4
5
n/a
6
31.7%
17.2%
15.2%
13.5%
7.6%
3.0%
3.7%
1
2
4
5
3
6
n/a
% of
points
Weighted by brokerage
% of
points
AUM
weighted
% of
points
30.0%
15.7%
12.3%
10.1%
13.2%
6.5%
3.1%
1
2
3
4
5
6
n/a
31.9%
19.7%
14.2%
13.5%
6.3%
3.9%
3.1%
1
2
3
4
5
n/a
6
32.3%
18.2%
15.1%
14.3%
6.1%
2.6%
3.9%
Unweighted
% of
points
1
2
3
4
5
6
n/a
31.2%
17.1%
12.3%
11.5%
10.0%
5.9%
3.6%
Adesoji Solanke
Kato Mukuru
Lionel Therond
Esili Eigbe
Nema Ramkhelawan-Bhana & Celeste Fauconnier
Binta Drave
Gregory Waweru, James Starke, Anne
Kahure & East Africa Team
6 Omair Ansari
n/a Gareth Visser, Craig Metherell, Jiten Bechoo,
De Wet Schutte & David Lerche
n/a Muyiwa Oni, Gbenga Sholotan, Rele Adesina
& West Africa Team
15.9%
17.9%
19.9%
16.8%
17.2%
19.9%
17.4%
15.0%
15.6%
14.7%
13.4%
13.1%
12.0%
Renaissance Capital
Standard Bank SBG Securities
7.2%
7.1%
n/a
6
5.2%
5.4%
5
4
8.5%
8.8%
4 UBS SA
5 HSBC Securities
12.2%
6.3%
4
5
10.6%
7.8%
4
n/a
10.3%
2.7%
UBS SA
Deutsche Securities
6.3%
6.0%
5
4
6.0%
6.6%
n/a
6
5.5%
6.5%
6 Renaissance Capital
n/a Deutsche Securities
n/a Standard Bank SBG Securities
6.2%
5.5%
5.4%
n/a
6
n/a
4.6%
5.4%
4.1%
5
n/a
6
7.8%
7.1%
7.6%
% of
points
AUM
weighted
% of
points
Unweighted
41.0%
31.2%
6.9%
7.7%
1.9%
2.4%
2.3%
3.0%
0.8%
1
2
3
4
6
n/a
4
6
6
% of
points
% of
points
AUM
weighted
% of
points
Unweighted
% of
points
AUM
weighted
% of
points
Unweighted
25.9%
CORPORATE GOVERNANCE
ANALYSTS RANKING
Weighted by brokerage
1
2
3
4
5
5
n/a
n/a
% of
points
43.1%
30.3%
8.3%
3.8%
2.7%
2.7%
1.8%
1.4%
AUM
weighted
1
2
3
4
6
n/a
5
n/a
% of
points
40.9%
31.6%
6.8%
6.4%
2.4%
1.9%
3.0%
0.8%
Unweighted
1
2
3
4
n/a
5
5
5
% of
point
Renaissance Capital
Exotix Partners
Standard Bank SBG Securities
Exotix Partners
Rand Merchant Bank
Exotix Partners
Standard Bank SBG Securities
14.3%
8.7%
7.8%
7.8%
7.2%
6.5%
6.5%
Renaissance Capital
Avior Capital Markets
AUM
weighted
% of
points
Unweighted
% of
points
FIRMS RANKING
Weighted by brokerage
1
n/a
3
4
2
n/a
5
13.7%
6.0%
7.9%
7.8%
8.1%
6.5%
7.7%
1
6
5
n/a
n/a
n/a
2
15.4%
6.4%
7.1%
3.8%
5.1%
3.2%
9.0%
1
2
3
4
5
6
n/a
Exotix Partners
Renaissance Capital
Standard Bank SBG Securities
African Alliance Securities
Citigroup Global Markets
Rand Merchant Bank
Avior Capital Markets
6.5%
5.6%
n/a
n/a
6.5%
4.0%
n/a
3
3.2%
8.3%
6.8%
7.7%
% of
points
45.1%
26.0%
5.3%
3.7%
0.8%
2.8%
2.8%
2.8%
n/a
22.4%
21.6%
15.5%
9.7%
8.6%
7.4%
5.5%
AUM
weighted
2
1
3
4
5
6
n/a
% of
points
19.5%
22.5%
17.3%
10.9%
8.2%
7.5%
4.4%
Unweighted
2
1
3
4
n/a
6
5
% of
points
19.2%
20.9%
18.6%
9.9%
4.7%
5.2%
7.0%
43.2%
29.6%
8.4%
5.2%
2.8%
2.8%
2.5%
1.8%
1.4%
1
2
4
3
n/a
6
n/a
5
n/a
45.7%
24.4%
5.6%
4.3%
3.0%
0.9%
4.3%
3.0%
3.0%
ANALYSTS RANKING
Weighted by brokerage
1
2
3
4
5
6
% of
points
37.3%
34.1%
17.2%
4.2%
2.7%
1.8%
AUM
weighted
1
2
3
4
5
6
% of
points
37.7%
34.8%
17.8%
4.6%
1.9%
1.3%
Unweighted
1
2
3
4
6
4
% of
points
37.0%
29.4%
17.1%
4.3%
3.8%
4.3%
FIRMS RANKING
Weighted by brokerage
1
2
3
4
4
6
n/a
n/a
n/a
34.5%
33.6%
12.5%
3.4%
3.4%
2.8%
2.6%
2.0%
1.4%
1
2
3
6
5
4
n/a
n/a
n/a
34.9%
34.1%
12.4%
3.0%
3.3%
4.0%
2.0%
1.5%
1.2%
1
2
3
4
6
n/a
6
5
6
% of
points
32.2%
28.2%
11.9%
6.9%
2.5%
1.5%
2.5%
5.0%
2.5%
DERIVATIVES
ANALYSTS RANKING
FIRMS RANKING
Weighted by brokerage
ANALYSTS RANKING
2
3
4
5
6
n/a
Weighted by brokerage
CREDIT ANALYSIS
FIRMS RANKING
% of
points
16.9%
23.3%
ANALYSTS RANKING
1
2
3
3
5
6
6
ANALYSTS RANKING
Naeem Tilly & Adrian Jardine
Nazeem Samsodien
Bandile Zondo
Ryan Eichstadt
Howard Penny, Bart Gysens & Shalin Pather
Ahmed Motara
Tim Leckie
22.6%
20.4%
REAL ESTATE
1
2
3
4
5
6
n/a
% of
points
Macquarie
Macquarie
Unweighted
% of
point
AUM
weighted
% of
points
Unweighted
% of
points
Weighted by brokerage
% of
points
AUM
weighted
% of
points
20.9%
17.0%
22.8%
19.1%
15.1%
13.4%
11.2%
6.7%
3.2%
2
3
4
5
n/a
n/a
18.7%
15.0%
12.1%
9.6%
5.7%
1.7%
2
4
3
5
n/a
6
16.3%
13.1%
15.0%
12.4%
2.6%
7.8%
2
3
4
5
6
n/a
Renaissance Capital
Citigroup Global Markets
Rand Merchant Bank
RMB Morgan Stanley
Exotix Partners
African Alliance Securities
22.3%
13.2%
11.2%
9.4%
8.6%
6.8%
2
3
5
6
n/a
4
3.4%
7.1%
n/a
3.3%
Weighted by brokerage
Unweighted
% of
points
23.6%
18.6%
23.1%
11.0%
9.5%
8.0%
7.0%
10.7%
1
3
4
4
n/a
6
19.3%
15.9%
9.7%
9.7%
6.2%
7.6%
2
3
4
5
6
n/a
% of
points
AUM
weighted
% of
points
Unweighted
30.6%
Prescient Securities
21.3%
23.7%
Absa Capital
11.5%
Constellation Capital
UBS SA
Avior Capital Markets
Mergence Africa Capital
8.0%
7.7%
6.6%
6.5%
5
n/a
6
4
Peregrine Securities
31.7%
% of
points
FIRMS RANKING
Weighted by brokerage
Peregrine Securities
28.5%
% of
points
26.3%
25.7%
14.3%
2 Prescient Securities
22.4%
21.8%
17.1%
10.8%
8.0%
3 Constellation Capital
9.4%
8.3%
14.3%
8.5%
5.4%
6.0%
8.8%
2
6
4
n/a
14.9%
6.9%
13.1%
3.4%
4 Absa Capital
5 Avior Capital Markets
6 BNP Paribas Securities SA
8.6%
8.1%
6.2%
4
3
6
8.6%
9.6%
8.2%
6
4
5
6.3%
13.7%
8.6%
Financial Mail 17
FM SPECIAL REPORT
FIXED-INTEREST SECURITIES
ANALYSTS RANKING
1
2
3
4
5
6
n/a
Carmen Nel
Adriaan du Toit
Walter de Wet
Barry Ross, Neels Heyneke & Mehul Daya
Danelee Masia
Rene Prinsloo & Petrus Bosman
Min Dai & Andrea Masia
ANALYSTS RANKING
FIRMS RANKING
Weighted by brokerage
% of
points
AUM
weighted
% of
points
Unweighted
29.0%
24.5%
16.0%
8.8%
5.8%
4.0%
2.0%
1
2
3
4
5
6
n/a
29.1%
24.4%
17.0%
7.3%
5.3%
4.9%
2.1%
1
2
3
6
4
5
6
% of
points
Weighted by brokerage
% of
points
AUM
weighted
% of
points
28.3%
18.8%
13.0%
5.4%
9.9%
6.3%
5.4%
1
2
3
4
5
6
n/a
27.2%
26.7%
15.4%
10.2%
8.0%
4.2%
3.6%
1
2
3
4
5
6
6
27.8%
26.6%
14.9%
11.5%
8.1%
3.6%
3.6%
Unweighted
1
2
4
3
n/a
5
6
% of
points
23.8%
20.3%
10.4%
11.4%
7.9%
9.9%
8.9%
n/a
n/a
n/a
% of
points
16.6%
AUM
weighted
% of
points
FIRMS RANKING
Unweighted
% of
points
11.8%
20.7% 1
Prescient Securities
18.4%
23.3%
14.4%
11.6%
7.9%
7.6%
7.6%
1
4
n/a
n/a
3
19.1%
10.3%
5.0%
6.5%
11.1%
3
6
2
4
4
8.3%
6.6%
10.7%
7.4%
7.4%
2
3
4
5
6
16.3%
16.0%
7.4%
7.1%
6.7%
3
1
5
n/a
n/a
10.8%
24.4%
5.9%
4.2%
4.2%
1
5
n/a
2
2
20.0%
8.0%
7.2%
9.6%
9.6%
4.3%
4.0%
3.6%
6
n/a
5
6.9%
3.1%
7.6%
n/a
6
n/a
2.5%
6.6%
4.1%
n/a
n/a
n/a
n/a
Absa Capital
Lefika Securities
HSBC Securities
Avior Capital Markets
6.0%
5.7%
4.3%
3.5%
6
6
n/a
4
5.6%
5.6%
2.8%
7.0%
5
n/a
n/a
n/a
8.0%
3.2%
6.4%
4.0%
% of
points
AUM
weighted
% of
points
Unweighted
% of
points
18.4%
18.9%
12.8%
Weighted by brokerage
% of
points
AUM
weighted
% of
points
Unweighted
% of
points
9.6%
FIRMS RANKING
Weighted by brokerage
1
2
3
4
5
5
n/a
n/a
% of
points
AUM
weighted
% of
points
Unweighted
20.1%
16.7%
23.4% 1
17.6%
9.3%
1
4
20.3%
8.2%
2
3
12.5%
9.7%
16.7%
14.2%
3
4
14.9%
13.7%
1
2
19.7%
13.4%
7.7%
6.8%
6.8%
4.6%
4.6%
3
n/a
5
n/a
6
n/a
4
n/a
6
5
3.3%
8.5%
2.7%
5.5%
5.8%
4
5
6
n/a
12.9%
10.8%
9.0%
7.8%
2
5
n/a
6
15.2%
12.6%
7.5%
9.9%
n/a
6
5
4
7.2%
7.5%
8.9%
9.5%
8.5%
4.4%
7.9%
5.0%
7.6%
% of
points
Weighted by brokerage
INVESTMENT STRATEGY
ANALYSTS RANKING
FIRMS RANKING
Weighted by brokerage
1 Mary Curtis
2 Deanne Gordon & Adele Fermoyle
3 Ayan Ghosh, Mislav Matejka, Jan Loeys
& David Aserkoff
4 Andrew Garthwaite & Robert Griffiths
5 Richard Schellbach, Robert Buckland
& Markus Rosgen
6 Alexander Redman (GEM Strategy)
n/a Neels Heyneke, Mehul Daya, Peet
Serfontein, Barry Ross & Ian MacFarlane
n/a Jim Reid
n/a Geoff Dennis
Macquarie
Citigroup Global Markets
Standard Bank SBG Securities
RMB Morgan Stanley
Deutsche Securities
JPMorgan
Rand Merchant Bank
24.6%
11.8%
10.0%
9.0%
8.0%
7.9%
7.1%
% of
points
Unweighted
% of
points
% of
points
AUM
weighted
% of
points
Unweighted
1
2
3
25.8%
17.1%
13.5%
1
2
3
% of
points
Weighted by brokerage
% of
points
AUM
weighted
% of
points
Unweighted
26.3%
15.3%
13.8%
1
3
4
24.3%
16.0%
13.8%
1
2
3
% of
points
24.9%
16.9%
13.9%
8.7%
5.5%
4
n/a
11.5%
3.9%
5
4
5.1%
6.4%
12.8%
6.0%
2
5
16.3%
6.8%
n/a
4
5.5%
8.0%
5.3%
3.8%
5
6
4.9%
4.1%
n/a
n/a
2.6%
2.6%
5.9%
4.1%
n/a
6
3.9%
4.1%
6
n/a
6.9%
2.8%
Deutsche Securities
UBS SA
2.7%
1.7%
n/a
n/a
1.8%
1.9%
6
6
3.9%
3.9%
n/a UBS SA
3.8%
n/a
3.8%
7.5%
1
2
3
4
5
6
n/a
n/a
n/a
Simon Freemantle
Nic Borain
Steven Friedman
Allister Sparks
JP Davids & Peter Worthington
Azar Jammine (Econometrix)
Elna Moolman
Tina Fordham & Gina Schoeman
Ian Doyle, Howard Penny & Mary Curtis
1 Macquarie
2 Citigroup Global Markets
3 Standard Bank SBG Securities
4 RMB Morgan Stanley
5 JPMorgan
6 Deutsche Securities
% of
points
Unweighted
24.5%
14.0%
10.3%
8.4%
8.0%
7.4%
AUM
% of
weighted points
1
2
3
4
5
6
1
3
4
5
6
2
20.1%
10.6%
10.4%
9.9%
6.9%
12.1%
Unweighted
% of
points
1
2
3
4
6
5
n/a
25.0%
11.7%
11.1%
9.1%
7.7%
8.5%
5.9%
1
3
5
4
2
6
6
18.5%
11.1%
9.8%
10.7%
11.7%
7.4%
7.4%
% of
points
AUM
weighted
% of
points
Unweighted
% of
points
Weighted by brokerage
% of
points
AUM
% of
weighted points
29.4%
20.2%
11.2%
9.4%
5.5%
4.7%
4.1%
4.0%
3.4%
1
2
3
4
n/a
n/a
6
5
n/a
30.9%
21.9%
11.6%
8.0%
3.4%
4.0%
4.9%
6.0%
1.8%
1
2
3
4
5
n/a
n/a
n/a
6
31.6%
15.3%
9.5%
8.2%
6.5%
2.4%
4.8%
3.7%
5.4%
1
2
3
4
5
6
n/a
31.1%
23.2%
21.1%
5.1%
4.8%
3.9%
3.8%
1
2
3
5
4
6
n/a
% of
points
AUM
% of
weighted points
25.0%
13.8%
10.8%
8.6%
8.1%
7.5%
% of
points
ANALYSTS RANKING
Weighted by brokerage
1
2
3
4
5
30.7%
24.3%
20.9%
5.2%
6.3%
3.9%
3.1%
1
2
3
5
n/a
4
6
30.4%
18.3%
17.6%
5.5%
4.4%
5.9%
5.1%
QUANTITATIVE ANALYSIS
Macquarie
Citigroup Global Markets
BNP Paribas Securities SA
Avior Capital Markets
Peregrine Securities
% of
points
23.7%
12.9%
11.7%
10.4%
8.6%
AUM
weighted
7.2%
7.0%
n/a
5
1
3
2
6
4
Unweighted
1
5
3
2
4
21.1%
9.2%
11.5%
13.8%
10.1%
1
2
3
4
5
Macquarie
BNP Paribas SecuritiesSA
Citigroup Global Markets
Avior Capital Markets
Peregrine Securities
20.9%
16.8%
10.5%
10.0%
8.6%
1
2
3
n/a
5
22.3%
19.3%
10.5%
7.2%
8.4%
7.3%
8.4%
6
n/a
6.9%
6.4%
6
n/a
n/a
n/a
Prescient Securities
JPMorgan
African Alliance Securities
UBS SA
8.2%
7.2%
5.2%
4.6%
4
6
n/a
n/a
24.3%
12.2%
15.2%
7.8%
8.8%
% of
points
FIRMS RANKING
% of
points
Weighted by brokerage
Unweighted
% of
points
1
2
5
3
4
17.1%
15.4%
6.5%
13.4%
10.2%
9.2%
7.6%
5.5%
3.9%
n/a
6
6
6
5.7%
6.1%
6.1%
6.1%
Unweighted
% of
points
RISK MANAGEMENT
ANALYSTS RANKING
FIRMS RANKING
Weighted by brokerage
1
2
3
4
Petrus Bosman
Yashin Gopi
Roland Rosseau & Seva Gorlach
Anthony Seymour, Florence
Chikurunhe & Emlyn Flint
5 Gideon van der Linde, Daniel Polakow,
Lyndi Buhrmann & Odwa Sihlobo
6 Mary Curtis & Jonathan Garner
n/a John Cairns & Tseke Maserumule
% of
points
AUM
weighted
% of
points
Unweighted
1
3
2
4
% of
points
Weighted by brokerage
% of
points
AUM
% of
weighted points
20.3%
12.7%
13.9%
10.1%
1
2
3
4
27.8%
17.6%
14.5%
14.0%
1
3
5
2
33.3%
14.8%
11.9%
16.0%
1
2
3
5
20.6%
16.5%
12.4%
10.3%
Absa Capital
11.4%
12.1%
11.3%
4.6%
3.4%
n/a
6
2.5%
4.4%
n/a
6
7.2%
9.3%
Unweighted
% of
points
23.2%
19.0%
14.9%
14.0%
1
1
3
4
22.2%
22.2%
18.1%
10.4%
Prescient Securities
9.5%
9.3%
n/a
7.6%
6.0%
3.8%
n/a
6
3.7%
4.4%
6
4
8.9%
10.1%
TECHNICAL ANALYSIS
ANALYSITS RANKING
FIRMS RANKING
Weighted by brokerage
1
2
3
4
5
6
n/a
n/a
FIRMS RANKING
Weighted by brokerage
FIRMS RANKING
Weighted by brokerage
Weighted by brokerage
2
3
4
5
5
Elna Moolman
Gina Schoeman & David Cowan
Kim Silberman & Team
Andrea Masia
Danelee Masia
Sonja Keller
Ilke van Zyl
AUM
weighted
ANALYSTS RANKING
ANALYSTS RANKING
1
2
3
4
5
6
n/a
% of
points
INNOVATIVE RESEARCH
1
Weighted by brokerage
% of
points
Nedgroup Securities
Absa Capital
Legae Securities
Lefika Securities
Standard Bank SBG Securities
JPMorgan
Avior Capital Markets
UBS SA
30.9%
16.7%
10.8%
9.6%
8.9%
8.0%
5.9%
4.8%
AUM
weighted
% of
points
Unweighted
1
2
n/a
4
n/a
3
5
6
30.6%
14.1%
6.2%
9.8%
6.6%
11.3%
8.4%
6.8%
1
2
3
6
5
6
4
n/a
% of
points
Weighted by brokerage
% of
points
AUM
% of
weighted points
29.7%
17.8%
15.3%
5.9%
6.8%
5.9%
9.3%
5.1%
1
2
3
4
5
6
n/a
30.7%
17.5%
12.6%
10.3%
9.3%
6.8%
5.6%
1
2
3
n/a
4
5
6
Nedgroup Securities
Absa Capital
Legae Securities
Standard Bank SBG Securities
JPMorgan
Avior Capital Markets
UBS SA
31.8%
15.9%
13.8%
6.2%
10.6%
8.0%
6.4%
1
2
3
5
6
4
n/a
29.8%
19.4%
14.5%
6.5%
5.6%
8.9%
4.8%
Financial Mail 19
A continents worth.