Thesis (MPhil)--Stellenbosch University, 2003. / ENGLISH ABSTRACT: This study is an investment performance review covering the ten years from 1990 to 1999.
To many investors the 1990s were a tough decade because of the political, economic and
social changes, which caused investment uncertainty. The primary focus is to examine the
implications of these changes during the 1990s on the investment strategies of South
Africans. Furthermore, the aim is to provide insight into investment decision-making
during the period of transition and transformation. The analyses specifically address the
importance of the investment environment on portfolio construction and maintenance.
The objective is to see how far the investors ventured in their efforts to 'beat" the South
African share market under changing conditions. The structure of the portfolio was
evaluated as well as the investor's preferences and beliefs during the period under review.
It also looked at the investors' attitudes and philosophies. Effective portfolio management
was important because changing conditions were becoming challenging. The investor's
investment mix and the risk associated with each investment determined the effectiveness
of managing the portfolio. Furthermore, this study examines the investors' objectives,
constraints and strategies.
In the final analysis, this study examines investment strategy and investment performance
in retrospect. It presents a ten-year historical analysis of the South African environment
which was affecting investment decisions. It was also found that investors were fulfilling
their expectations, they were looking at medium and long-term investment opportunities.
Furthermore, stock-picking was done with greater caution. The opening of global
investment markets further enhanced the investment opportunities. Moreover the
investors realised the importance of diversification in order to reduce risk.
The investors will be presented with challenges and opportunities in the next decade (or
century). Therefore this study also concludes with an assessment of possible future investment
scenarios for the South African investors.
Finally, investment decision was interpreted against the political, economical, social and
other changes that took place during the period of transition. The key to investment success
was the investor's ability to manage the changing South African environment. / AFRIKAANSE OPSOMMING: Hierdie studie is 'n oorsig van die beleggingsvaardighede gedurende die tydperk 1990 tot
1999. Vir baie beleggers was die negentigs 'n baie moeilike dekade as gevolg van die
politieke, ekonomiese en sosiale veranderings. Hierdie veranderings het onsekerheid laat
ontstaan by die beleggers. Die primêre fokus is om die implikasies van die veranderings
op die beleggingsstrategieë van die Suid Afrikaanse belegger te ondersoek. Verder, is die
doelook om insig te bekom oor die beleggingsbesluitneming gedurende die periode van
verandering en transformasie. Hierdie analise salook in besonder aandag gee aan die
belangrikheid van die gepaardgaande beleggingsomgewing en op die konstruksie en
instandhouding van die beleggingsportefeulje.
Die doel is om ook vas te stel hoe die beleggers gespekuleer het om die Suid Afrikaanse aandele
mark te klop gedurende die periode van verandering. Die samestelling van die portefeulje is
ge-evalueer sowel as die beleggers se voorkeure en menings. Daar is ook ondersoek ingestel na
die belegger se houding en filosofie. Effektiewe beleggingsbestuur was belangrik gedurende die
tydperk omdat die veranderde omstandighede uitdagend geword het. Die belegger se
beleggingssamestelling en die gepaardgaande risiko het die doeltreffendheid van die bestuur
van die portefeulje bepaal. Verder ondersoek hierdie studie ook die beleggers se doelwitte,
beperkinge en strategieë.
In die finale analise is dit hoofsaaklik 'n retrospektiewe ontleding van
beleggingbestuursvaardighede gedurende die 1990s. Dit is n tienjaar historiese analise van die
Suid Afrikaanse beleggingsomgewing wat 'n invloed gehad het op die
beleggingsbesluitnemings. Die beleggers het hul verwagtings goed hanteer en het gesoek na
medium- en langtermyn beleggingsmoontlikhede. Bowendien is die beleggings gedoen met
groter omsigtigheid. Die opening van die wêreld markte het ook groter beleggingsmoontlikhede
geskep. Verder het die beleggers ook besef dat diversifikasie belangrik is om
risiko te verminder.
Beleggers sal te staan kom voor uitdagings sovel as gunstige beleggingsmoontlikhede in die
volgende dekade (of eeu). Daarom sluit hierdie studie af met toekomstige beleggingsmoontlikhede
en die faktore wat sal bydra tot die toekomstige beleggingsaksie en
besluitneming.
Ten slotte, die beleggingsbesluit is geïnterpreteer teen die politieke, ekonomiese en sosiale
veranderinge wat plaasgevind het. Die sleutel tot die beleggingssukses was die vermoë van die
beleggers om die veranderde omstandighede te kan hanteer.
| Identifer | oai:union.ndltd.org:netd.ac.za/oai:union.ndltd.org:sun/oai:scholar.sun.ac.za:10019.1/53476 |
| Date | 03 1900 |
| Creators | Harris, Stanley E. |
| Contributors | Kinghorn, J., Stellenbosch University. Faculty of Economic & Management Sciences. Dept. of Sustainable Development Planning & Management |
| Publisher | Stellenbosch : Stellenbosch University |
| Source Sets | South African National ETD Portal |
| Language | en_ZA |
| Detected Language | Unknown |
| Type | Thesis |
| Format | 135 p. : ill. |
| Rights | Stellenbosch University |
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