Visio In Brief

Visio is an investment management firm founded in June 2003 by Patrice Moyal. Visio is based primarily in Johannesburg and Cape Town, South Africa. The firm manages circa R30 billion on behalf of third party clients (pension funds, family offices, sovereign wealth funds and retail investors). Since 2004 Visio has diversified its product offering across long-only equities, multi-asset, hedge funds, global, fixed income and property. The firm is a Level 1 B-BBEE contributor.

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The firm was founded as in 2003 as Visio Capital Management( “VCM”). In 2014 , Visio Fund Management( “VFM”) was created as a wholly-owned subsidiary of VCM. It was created as an operating company to house local long-only equity mandates. VFM sold a minority investment to a strategic partner, Royal Investment Managers (“RIM”) in April 2019. Amongst one the objectives was to improve its diversity ownership (Broad-Based Black Economic Empowerment). RIM is a joint venture between Royal Bafokeng Holdings and RMI Investment Managers Group (a subsidiary of Rand Merchant Investments Holdings). Visio has offices in Johannesburg and Cape Town and a presence in London, UK.

Visio has grown from an equity hedge fund manager and owes its heritage and DNA to these alternative strategies but has over the years evolved into a diversified investment business. The firm that manages c. R38.6bn on behalf of its clients across different strategies namely, long only equity funds (local and Africa), multi-asset strategies including both flexible and high equity balanced funds (domestic and global), fixed income fund (currently an unconstrained bond fund), property and Shari’ah Equity. The firm’s alternative investment mandates consist of equity long/short hedge funds (ZAR & USD).

Our clients are primarily institutional in nature, constituting in excess of 95% of the firm’s assets under management. Visio’s client profile includes pension and retirement funds, multi-managers, universities, insurers and sovereign wealth funds

History of the firm

Today the firm primarily manages segregated long-only South African equity mandates. The company launched its first long-only multi-asset fund in 2004, and the first segregated pension fund mandate in 2007. The firm also encompassed Pan-African funds through an affiliate company, Gondo Visio Capital Management (Pty) Limited (established in 2008), under which the Africa mandates were managed. At the conclusion of the transaction with RIM, Gondo Visio Capital Management (Pty) Limited was merged into Visio Fund Management.

Visio’s funds under management consist of segregated long-only SA equity mandates, SA multi-asset flex funds, retail unit trusts, a fixed interest fund (unconstrained bond fund), equity long/short hedge funds, balanced funds, Shari’ah mandates, property funds and Pan-African equity funds. Visio hired two experienced fixed income capabilities in 2019 which has allowed the firm to launch a balanced funds.

Client Profile

The firm has both a local and offshore client base. The client profile includes pension and provident funds, endowments, insurers , family offices, retail investors and sovereign wealth funds. Thus, a significant proportion (in excess of 95%) of the firm’s clients are institutional in nature.

Visio Fund Timeline

  • 1970

    Visio BCI Global Equity Fund

    Global Equity General

    Jan 1970
  • 2003

    Visio II

    SA Equity Long/short

    Jan 2003
  • 2004

    Actinio UT

    SA Multi-Asset Flexible

    Jan 2004
  • 2006

    Visio Market Neutral

    Low Net

    Jan 2006
  • 2007

    Capped Swix Unit Trust

    General Equity

    Jan 2007
  • 2007

    Swix Unit Trust

    General Equity

    Jan 2007
  • 2009


    SA Equity Long/short

    Jan 2009
  • 2014

    General Equity Fund

    General Equity

    Jan 2014
  • 2014

    CAPI Equity Mandates

    General Equity

    Jan 2014
  • 2016

    Unconstrained Fixed Interest Fund

    Multi Asset Income

    Jan 2016
  • 2017

    SA Equity Unit Trust

    General Equity

    Jan 2017
  • 2018

    BCI Shari’ah Equity Fund

    General Equity

    Jan 2018
  • 2020

    BCI Property Fund

    Global Property

    Jan 2020
  • 2020

    SA Balanced Fund

    Global Property

    Jan 2020
  • 2020

    Visio BCI SA Property Fund

    SA Real Estate General

    Jan 2020
  • 2020

    Balanced Fund

    Multi Asset High Equity

    Jan 2020
  • 2021

    Bond Fund

    Interest Bearing Variable Term

    Jan 2021
  • 2021

    Shari'ah Worldwide Flexible Property Fund

    Worldwide equity unclassified

    Jan 2021

Our Mission & Values

As a business, we strive to provide superior risk-adjusted returns for our clients, while also being mindful of capital preservation and downside protection.

  • Vision


  • Integrity


  • Social Awareness

    Social Awareness

  • Innovation


  • Ownership


Investment Philosophy

Since inception in 2003, our investment philosophy has been firmly rooted in fundamental analysis. We believe in following a disciplined, fundamental bottom up approach while being cognisant of the world around us. This philosophy and process has been applied to hedge funds which can invest across asset classes, as well as to our multi-asset flexible fund, Actinio Unit Trust, which launched in 2004. Our approach is predominantly (90%) bottom up and sector or theme specific, with a top down macro overlay (10%).

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Bottom up and sector or theme specific, with a top down macro overlay

While global and domestic macro considerations can have a material impact on company performance and outlook, we believe that finding companies with strong balance sheets , sustainable cashflows and management teams who can steer these companies through challenging economic times are essential traits of sound portfolio holdings.

Every company is different and is influenced by its own unique factors, hence the need for in-depth research and analysis, regular management contact, site visits, broker and company presentations. We spend a considerable amount of time “on the road” towards achieving this end. Additional attention is devoted to companies that are either under-researched, not covered by sell side analysts or otherwise those businesses considered out of favour from time to time by the investment fraternity. There is limited use of both quantitative techniques and technical analysis in the formulation of our strategies.

Our research is not only limited to listed companies. We continuously expand our knowledge and contacts base with many unlisted companies, who are either trading partners, customers or competitors with their listed counterparts.

Our strength lies in our ability to integrate this research analysis to formulate medium to long term investment ideas for the funds. We maintain our own financial models on most of the listed companies in our investment universe.

We update, enhance and tweak those models regularly as they represent the primary tools in our decision-making process. The investment universe spans across industries, market capitalisations and using a number of different investment instruments. Those include not just listed shares, but also listed commodity ETF’s, listed fixed income instruments as well as corporate debt issues, index futures and listed options.

Portfolio ‘churn’ is low. Significant shareholdings may be accumulated in individual companies or material exposures achieved in certain sectors from time to time.

The investment philosophy has been in place since inception of the firm and there have been no changes. Over the years we have made minor improvements to the investment process, for instance enhancing our ESG assessments of companies as these issues become increasingly important. This led to the introduction of our RAP Sheets (Risk Assessment Protocol), which is an additional screen whereby we score a company on the qualitative aspects of the business.

Investment Process

As a bottom-up stock pickers , we have a slight bias to value shares but our in-depth investment process includes being macro aware, looking for both growth and value opportunities across sectors and market caps and building robust portfolios that can perform in most market environments. Visio operates a flat structure with everyone in the investment team having a title of Fund Manager / Analyst. The ideas and positioning into the Funds can come from any member of the investment team. We look at opportunities across the capital structure of a company with a view to go long or short the equity or acquire the debt. There are currently 19 investment professionals with different strengths and we follow a team based consensual decision-making process.

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The team conducts in-depth research and analysis, which entails regular management contact, site visits, and broker and company presentations. Considerable attention is devoted to companies that are either under-researched, not covered by sell side analysts or otherwise those businesses considered out of favour from time to time by the investment fraternity. We also speak to companies operating in other sectors as a read across to specific companies being researched. At times we actively engage with the boards of companies through written formal communication. This activism is focused on good governance, alignment of interests and the unlocking of value for shareholders. The team typically conducts over 1,200 company related research engagements per annum.

Companies who appear to have attractive forward-looking valuations (low PE, strong growth prospects) and meet our key investment criteria (strong balance sheets, free cash flow, good corporate governance and strong management) are then considered for inclusion in the portfolios. We maintain our own financial models on most of the listed companies. These models are updated and enhanced regularly as they form the backbone of our decision-making process. Broker research is used to a very limited extent.

We tend to manage highly concentrated portfolios versus benchmarks, we focus on including companies in which we have high conviction.

Should price targets be achieved or compromised we will not hesitate to sell a position. We aim for a disciplined exit process to be executed when price targets are reached, or if a position review does not yield enough additional return, or better opportunities present themselves elsewhere.

The Visio Difference

Patrice Moyal > Chief Investment Officer / Director

Nothing ventured, nothing gained.

Visio Difference

The competitive advantage of the Visio team is its desire to uncover stocks that may be ‘off the radar screen’ and to draw deeper into companies to understand where unearthed value possibly lies. This includes ‘activism’- where the team actively engages with the boards of companies to unlock value. The team’s activism is heavily focused on ESG.

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Our strength lies in our ability to integrate the information which we continuously gather to formulate medium to long term investment ideas for the funds. We maintain our own financial models on most of the listed companies in our investment universe.

Diverse Team Skills

The diverse skills of the team ranging from asset management, hedge funds, corporate finance, healthcare and engineering creates a powerful combination thereby enabling the application of a range of approaches to investment analysis and to decision making.

Capital Preservation Mindset

We do not believe in “hugging the benchmark” and prefer a concentrated portfolio of best ideas. Our investment philosophy always has the capital preservation mind-set foremost in our approach given Visio’s hedge fund roots and historic absolute return focus. Our more concentrated portfolios have tended to preserve capital well in down markets across both absolute return and benchmark cognisant funds.

In Depth Research

We have a stable team with significant market experience and we are a team of generalists. We are fundamental investors where significant work goes into “kicking the tyres” of both potential investments, as well as competitors, suppliers and customers – to ensure we have a holistic view of the nvestment and its environment. Our hedge fund history drives an absolute return mentality – we aim to have a low correlation with the market and avoid popular stocks where appropriate.

Visio Team

Visio’s culture has been born out of a passion for the markets and investing. We ‘eat, sleep and breathe’ investing and engender this approach across the firm. The team are encouraged to be self-starters, and are co-invested in some of the firm’s funds, ‘eating their own cooking’ so to speak. This culture is encouraged on an ongoing basis.

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From day one our investment professionals are given the title Fund Manager because we want them to think like portfolio and risk managers, as opposed to siloed analysts focusing on a few stocks in a select sector. The philosophy of acting as generalists is for fund managers to develop the skill of why we hold one company and sector versus another, encouraging them to think like a portfolio manager from day one.

We operate with a ‘flat structure’ culture of ownership. There is no hierarchy per say, with all team members being heard and given the opportunity to contribute ideas to the investment process. We are nimble, dynamic, entrepreneurial, flexible, proactive, and performance driven. Senior team members demonstrate the above-mentioned characteristics in their day to day activities to build and maintain the culture and investment approach.

In addition to the varied backgrounds of our investment professionals (ranging from engineering, accounting professionals and mathematicians), and our appreciation for how each individual looks at investments from a different perspective. We also have a multi-cultural and multi-lingual team (with 9 languages spoken within the team).

Filter By

  • Patrice Moyal

    Chief Investment Officer / Director

  • Kerris Foster

    Associate: Global & SA Equity

  • Ofri Kahlon

    Head of Hedge Funds

  • Douglas Wallace

    Global & SA Equity

  • Jonathan Myerson

    Head of Fixed Income & Head of Multi-Asset

  • Phihlelo Matjekana

    Head of Africa, Fund Manager & Analyst

  • Tassin Meyer

    Fund Manager & Analyst

  • Sindiso Mujaji

    Fund Manager & Analyst

  • Mpumelelo Kondlo

    Fixed Income Analyst

  • Kyle McMahon

    Risk Manager/Quants Analyst

  • David Talpert


  • Vizikhungo Mpono


  • Jandré Pieterse


  • Mike Flax

    Associate: Head of Property

  • Haroon Jeena

    Associate: Property

  • Craig French

    Head of Business Development

  • Vulani Mampane

    Business Development

  • Ulrike Engling


  • Jason Gunn

    Fund Accountant

  • Althea Modiselle

    Head of Administration

  • Sharon Buis


Risk Management

We view investment risk as the permanent loss of client capital. Investment risk management is an integral part of our portfolio construction process. The team constructs each portfolio under the risk parameters that are drawn up per portfolio on the basis of performance and risk objectives as well as mandate and regulatory restrictions as defined by the mandate.

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Risk management comes down to the fundamental analysis performed on each company finally included in the portfolio. The individual risk/return merits for positions will determine conviction and ultimately sizing. Following the mandated exposure guidelines, the portfolio will then result from favoured exposures aggregating into the resultant gross and net sector portfolio exposures.

We have a “model portfolio” approach when it comes to preferences for certain companies, sectors and themes which the mandates are managed pari passu with. The mandate constraints of each vehicle will limit how we express our views. Another factor that may cause a deviation from our best ideas/model portfolio would include liquidity, both mandate and counter wise.

We monitor the following risks on an ongoing basis:

  • Investment risk

    Investment risk

  • Portfolio Risk

    Portfolio Risk

  • Mandate-specific risk

    Mandate-specific risk

  • Benchmark risk

    Benchmark risk

  • Liquidity risk

    Liquidity risk

Our company specific risk management process is focused on the following four steps:

  • 1

    Identify the specific risks to the business

  • 2

    Analyse and evaluate risks identified

  • 3

    Manage the risks

  • 4

    Monitor and review the risks

Our Funds

Visio funds target positive returns on capital invested, irrespective of market conditions. Visio funds are traditionally net long and carry limited derivative positions. Portfolio churn is low and the average holding period for investments in the portfolios exceeds 12 months.

Responsible Investing

We view environment, social and governance (ESG) considerations as core to our investment philosophy and a critical part of our investment process. The team recognise that sustainability and “going concern” go hand-in-hand and will drive long term returns. To this end, Visio has been a signatory to the UNPRI since July 2012 in its current capacity, with the original UNPRI signing dating back in November 2007.

The firm also endorses the CRISA principles as part of our “Responsible Investing Policy”.

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Integral part of investment process

The entire team is involved in generating ideas relating to better ESG incorporation in our investment management process. We use a proprietary ESG system in our investment process.

Penalties for non-compliance

We are acutely aware that companies with weak governance and unsustainable environmental and social practices are at risk for a range of penalties – these could include issues like monetary fines, additional taxes, weak share price performance or the complete failure of a company in a worst-case scenario.

Company engagement on ESG

Visio has always seen company engagement on areas of concern as a core part of our investment process. Our focus has historically been primarily on governance-related issues, where we believe we have the expertise to make recommendations we continue to engage on a broad range of issues. We also pride ourselves on avoiding companies we perceive to be exposed to meaningful ESG risks.

Social Investments

As a team, Visio is devoted to supporting a number of social initiatives that drive purposeful socioeconomic changes in the lives of disadvantaged people in South Africa. We are actively involved in:

View all our community projects

African Art

African Art

Art is educational, life-enhancing and helps to define personal and national identities.
Visio is proud to support up and coming artists from across the African continent.

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