About Us

We are a knowledge and research-
focused solution for clients looking
for long-term sustainable growth.

Business Overview

Terebinth Capital is a Level One B-BBEE contributor, and 100% manager owned. Managing eight diversified strategies (Money Market, Enhanced Income, Aggressive Income, Strategic Income, Active Bond, Inflation Tracker, FI Macro Hedge and Total Return). With the launch of the equity unit, the focus shifts to active strategies in this asset class, adding to the beta equity strategies managed previously. Money and risk management is conducted in-house, with ancillary services outsourced to best-of-breed business partners. Service level agreements with compliance, legal, accounting, HR, IT, audit, and regulatory consulting specialists ensure a global best-practice approach. This model creates scale, allowing front, middle and back office to live up to Terebinth Capital’s vision.


Terebinth Capital (Pty) Ltd (FSP. 47909) is authorised under the Financial Advisory & Intermediaries Act 37 of 2002 to render investment management services and is proud to have received the 2017 award for the HedgeNews Africa Fixed Income Hedge Fund of the Year, 2018 HedgeNews Africa Single Manager Three-Year Performance Award, as well as the 2021 ABSIP Award for the Best Black Fund Manager/Team of the year – Hedge Funds. It has received numerous nominations for Overall Best Fund and Best Fixed Income Fund of the Year awards since its inception.

Accolades

2022

Fund of the Year

2021

ABSIP Award for the Best Black Fund Manager/Team of the year – Hedge Funds

2018

Single Manager Three-Year
Performance Award

2017

Fixed Income Hedge
Fund of the Year

Our Team

Nomathibana Okello

Managing Director

Nomathibana Okello

CFA, MPHIL, BSC (ACTUARIAL SCIENCE)
MD, Director, Senior Portfolio Manager, Head Of Credit Committee And Risk & Compliance Committee Member

Nomathibana is a Senior Portfolio Manager and the Managing Director of Terebinth Capital. She is the lead Portfolio Manager on the Enhanced Income, Aggressive Income and Active Bond, as well as co-manager on the Strategic Income, Money Market and Hedge strategies. As MD and Director, she has responsibilities in formulating and driving the strategic direction of the business. Nomathibana joined Terebinth from Catalyst Fund Managers, where she was an Investment Analyst specialising in listed property analysis. Prior to Catalyst, she co-managed the Strategic Cash and Money Market strategies at Coronation Fund Managers, where she also had responsibilities in credit and general fixed income research. She has also worked within various divisions in the Old Mutual Group. Nomathibana holds a Master of Philosophy degree, with a major in Mathematics of Finance from the University of Cape Town. She is a CFA charter holder with a Bachelor of Business Science, majoring in Actuarial Science.

Erik Nel

FOUNDER, DIRECTOR, CIO

Erik Nel

FOUNDER, DIRECTOR, CIO
MEMBER OF THE INSTITUTE OF FINANCIAL MARKETS (ICMQ)

Prior to pursuing his career objective of becoming a macro portfolio manager, Erik’s journey included portfolio management and macro strategy roles at Atlantic Asset Management, as well as various fixed income positions at RMB, Nedbank, and Coronation Capital.

“I am grateful for the opportunity to assist clients in securing their financial future, while at the same time living my career passion. Markets are challenging and it can sometimes be frustrating to try to solve an ever-changing puzzle, but the reward is seeing the difference we can make in people’s lives through sound stewardship of their finances. I also think it is important to give people hope. Even if it is only in a small way, I believe that Terebinth Capital strives to prove to all South Africans that our future as a country lies in being able to work together in an inclusive way. Diversity, Equity and Inclusion comes alive at Terebinth. Not only do we always put our customers first, but we also aim to set the industry standard in providing young talent with opportunities to excel and become owners of their destiny through a pay-it-forward approach.”

Mandy Pick

Head of Operations

Mandy Pick

BCOM (FINANCIAL ACCOUNTING)
Head Of Operations

Mandy is the Head of Operations at Terebinth. Mandy joined Terebinth initially as a Research Analyst from State Street Southern Africa where she was a Senior Fund Accountant in the NAV production team, focusing on client services and operations. She led two NAV production teams and mentored staff members through their mentorship program. Mandy holds a Bachelor of Commerce degree with a specialisation in Financial Accounting from the University of Stellenbosch and has completed the CFA Investment Foundations Program with the CFA Institute.

“The gratification of overcoming a challenge is encouraging and a great motivation. As an operations manager it is important that all operations are streamlined and monitored professionally. Each day is unpredictable, but with the right attitude you overcome the challenge. It is an honour to be part of a diverse and dynamic team and with a company that not only strives to achieve its goals but promotes young female talent.”

Dumisani Ngwenza

Junior Portfolio Manager

Dumisani Ngwenza

MPHIL, BSC (ACTUARIAL SCIENCE)
Quantitative Analyst

Dumisani Ngwenza joined Terebinth as a Quantitative Analyst from Old Mutual Specialised Finance, where he was a Junior Quantitative Analyst, assisting in monitoring and managing interest rate management strategies and the investment guaranteed returns book. Dumisani holds a Master of Philosophy degree, with a major in Mathematical Finance from the University of Cape Town. This follows his Bachelor of Business Sciences degree, with a major in Actuarial Sciences. Dumisani has responsibilities in the oversight, client-facing duties, and further development of in-house systems and process automation. As a junior portfolio manager, his responsibilities include portfolio management, trade execution, risk monitoring and allocation, trade idea formulation and engaging clients.

Oyena Mtuzula

Head of Credit

Oyena Mtuzula

BCOM (MANAGEMENT STUDIES)
Head of Credit

Oyena Mtuzula joined Terebinth as Credit and ESG Analyst from Kagiso Asset Management where she was an Associate Analyst with responsibilities in research and view formulation. She holds a Bachelor of Commerce degree with a major in Management Studies from the University of Cape Town. Oyena’s responsibilities include formulation of Terebinth’s ESG and SRI practices and policies, modelled processes for corporate actions, as well as providing the investment team with core insights from the credit committee. As an analyst, part of her time under supervision include mentoring on portfolio management, trade execution, risk allocation, trade idea formulation and, communicating and presenting to clients.

“The idea of evaluating the long-term potential of a company, with only the future to prove me wrong is one that is quite fascinating to me. I am also enthralled by the thought of holding entities accountable for the sustainability of their business practices. The markets give problems to solve daily and with each resolution and discovery comes satisfaction. Doing what I enjoy at an institution that embraces cognitive and gender diversity is an added benefit.”

Johanna van der Bergh

Office Manager

Johanna van der Bergh

Johanna joined Terebinth Capital as office manager in 2018. With material industry experience, Johanna assists the team with a variety of office tasks. Colleagues appreciate her motherly approach, attention to detail and high work ethic.

“I am grateful for the opportunity Terebinth has given me. A new challenge and exciting journey. Terebinth is like a home to me, a family.”

Ann Sebastian

Head of Equities

Ann Sebastian

MSC (STATISTICAL SCIENCE), BSC HONS (ADVANCED MATHEMATICS OF FINANCE) AND BSC (MATHEMATICAL SCIENCES)
Head of Equities and Senior Portfolio Manager

Ann joined as Head of Equities from STANLIB Asset Management where she held the title of Senior Portfolio Manager. Her investment capabilities cover the management of listed local and global equity, property, and local nominal and inflation linked bonds, as well as Reg 28 compliant high- and low-equity multi-asset funds. In her previous role, she was the lead Portfolio Manager on multi-billion active equity portfolios, where she consistently achieved top quartile returns. Her experience in portfolio management and research includes the utilisation of best-of-all principles approach using fundamental, macroeconomic, quantitative and data principles in fund management. Ann holds a Master of Science in Statistical Sciences from the University of Cape Town. This follows the completion of a BSc Honours in Advanced Mathematics of Finance and Bachelor of Science in Mathematical Sciences from the University of Witwatersrand.

“I find it incredibly rewarding to have the opportunity to assist clients in progressing towards their financials goals. What I love about my role is that I am exposed daily to both the art and science of investing. Always appreciating the importance of having perspective when being an active participant in the investment market. I am proud to form part of the Terebinth Capital team that strives to provide excellence in all that we do. A team that showcases how excellence can be achieved through deliberate focus on robust inclusive investment debate and truly investing in diversity of thought and experience.”

Allen Murahwa

Trade Support Analyst

Allen Murahwa​

Trade Support Analyst

As Trade Support Analyst, Allen’s responsibilities include trade capturing, coordinating settlement with custodians, reconciliations, and any other operational matters on the funds. Allen Murahwa holds an Honours BCom degree in Economics from Walter Sisulu University. He started his career in 2016 as a lecturer in Business studies. After gaining experience within this arena, Allen joined Sanne, a financial services administration firm, in 2019. Where he gained knowledge and experience serving as a Fund Administrator. He was subsequently promoted to Senior Fund Administrator within the Middle Office space.

“A new challenge keeps the brain kicking and the heart ticking. I take great joy in the everyday variation of the tasks I carry out.
I am very delighted to be within an organisation that allows me an opportunity to gradually and continually reach sustained excellence.”

Bronwyn Buchanan

Chief Operating Officer

Bronwyn Buchanan

CA(SA), Bachelor of Business Science (Finance Honours)
COO, Risk & Compliance Committee Member

Bronwyn’s responsibility as Chief Operating Officer is to ensure that the business remains agile given different versions of the Future. Bronwyn was previously employed as an Operations Manager at M&G Investments South Africa and Ninety-One. She completed her articles at KPMG in the financial services division and obtained experience as a senior manager before venturing out into a career within the investment industry. She holds a Bachelor of Business Science degree with Honours in Finance from the University of Cape Town. In addition, Bronwyn is a CA(SA).  She has been in the financial services industry since 2007. 

“It is wonderful to have the opportunity to be working with a diverse team of experts with the common goal of ensuring that our client’s receive the best possible returns.  The investment industry is an exciting industry to be working in, it is a forever changing industry with market moves and technology, but by embracing it, it allows ourselves and Terebinth to grow to new heights. To obtain the greatest success, people, processes and systems need to be aligned.”

Kanyane Matlou

Senior Portfolio Manager – Listed Property

Kanyane Matlou

HONS (ECONOMICS)
Senior Portfolio Manager – Listed Property

Kanyane is responsible for listed property investments at Terebinth Capital. He joined the company in 2022 and has over a decade of industry experience, the bulk of which was gained as an investment analyst and co-portfolio manager on listed property mandates at Coronation Fund Managers.
Kanyane holds a Bachelor of Business Science (Economics Honours) degree from the University of Cape Town. He has previously worked as an economist at the South African Reserve Bank. Prior to that, he worked as a trainee economist at the Bureau for Economic Research (BER).

“I am amazed every day at the realisation that I am living my childhood dream of being in the ever-dynamic world of financial markets, where I contribute to safeguarding the savings of South Africans from all walks of life.
That I do so in a diverse team of smart and hardworking colleagues that constantly keep me on my toes is a privilege I do not take for granted. Terebinth Capital’s unwavering commitment to delivering the best service to our clients is humbling and keeps me grounded; a constant reminder that the ultimate goal of all our efforts is to help our clients attain their financial goals.”

Andzile Ntabeni

Head of Institutional Business Development, Authorised Representative

Andzile Ntabeni

BCOM HONS INVESTMENT MANAGEMENT
Head of Institutional Business Development, Authorised Representative

Andzile Ntabeni joined Terebinth Capital (Pty) Ltd as Head of Institutional Business in August 2022. He has 12 years’ experience in the Institutional Market managing clients and providing investment solutions across multiple asset-classes.

Andzile holds a Bachelor of Commerce in Finance and Bachelor of Commerce (Hons) in Investment Management from the University of Johannesburg. He joins us from Prescient Investment Management where he was previously a Senior Institutional Business Development Manager managing a book of clients in excess of R20 Billion. Prior to that he was an

Institutional Business Development Manager at ABSA Asset Management and Nedgroup Investments. Andzile will be responsible for Institutional Client Management and Institutional Business Development responsibilities at Terebinth Capital.

“It is an honour and a privilege to be entrusted with the critical responsibility of caring after our client’s assets and interests. The passion to serve our clients to the best of our ability is what drives me forward and encourages me to continue learning. Our mission to add value to our clients by generating leading risk-adjusted returns resonates with me and continuously reminds me how critical is for us to remain committed to managing our client’s money with the highest level of transparency and integrity.”

Celeste Anthony

OPERATIONS SPECIALIST

Celeste Anthony

INVESTMENT CERTIFICATE OF KNOWLEDGE
Operations Specialist

Celeste joined in January 2023 as Operations Specialist from M&G Investments, where she was a Reconciliation Specialist. Celeste has responsibilities in reconciliations and further development of streamlining processes. Celeste started her career in 1999 as a Data Capturer at Standard Bank. She has over 15 years’ experience in the financial services industry.

“Having joined the Terebinth team has been rewarding and mentally stimulating. The calibre of leaders, colleagues, and the culture of going beyond keeps me grounded and motivated to always strive for excellence.”

Victor Muguto

Independent non-executive director

Victor Muguto

CA (SA), MBA (Manchester)
Independent Non-Executive Director

Victor Muguto joined in August 2022 as an independent, non-executive director, after a career spanning 37 years in various roles at PwC. He was a partner/director from 1992. He has specialist experience gained as an engagement leader on assignments in SA, Botswana, Lesotho, Mozambique, Swaziland, Kenya and Zimbabwe within the banking, insurance/financial services, investment management, private equity, REITs and medical scheme industries. Before retiring in 2020, he also served as PwC’s Insurance Leader for Africa for 10 years. During this period, he was a member of the PwC Global Insurance Leaders Group, focusing on Global insurance industry developments.


“I am honoured and privileged to have joined the Board of Terebinth Capital, a multiple award winning independent boutique asset manager. It gives me comfort to work with such a strong owner/manager team. Their vision, knowledge, research focus, and investment in building strong, diverse teams places Terebinth on a good growth path, which I am proud to be part of.”

Sinazo Sibisi

Independent Non-Executive Director & Chairperson

Sinazo Sibisi

MBA (UCT)
Independent Non-Executive Director & Chairperson

Sinazo Sibisi joined the team in August 2022 from Wyzetalk where she was the Managing Director for Africa, Canada & Australia. Before this, she was the founder and CEO of SI Global, a strategic consultancy specialising in social innovation, spent several years with the Development Bank of Southern Africa in various executive positions and served as a Director and Member of the Executive Committee of Deloitte Southern Africa. Sinazo brings a wealth of experience in business strategy, organisational development, performance improvement, change management, project management and marketing & communication.

Carmen Nel

Head of Multi-Asset

Carmen Nel

CFA, FRM, BSC HONOURS ADVANCED MATHS OF FINANCE, BSC HONOURS MATHEMATICAL STATISTCS, BSC ACTUARIAL SCIENCES
Head of Multi-Asset

Carmen Nel is Head of Multi Asset and is responsible for co-ordinating the multi-asset strategy, working closely with the asset class specialists across equities, fixed income, and listed property. Prior to joining Terebinth Capital in 2023, she worked as a macro and fixed income strategist at Matrix Fund Managers, was co-portfolio manager on long-only bond mandates, and a lead member of the asset allocation committee.

Carmen started her career on the sell-side as a quantitative analyst covering equities and portfolio analysis. She moved into economics at Deutsche Bank and worked as an economist at Citi and Bank of America Merrill Lynch.

She spent the bulk of her career at Rand Merchant Bank where she was co-head of the Global Market Research team, responsible for co-ordinating the macro and fixed income views and marketing to the bank’s institutional client base. She has won numerous industry awards over the years.

She has 22 years’ financial market and macro experience.

“It is a privilege to work in financial markets with the dynamism and the challenges from one day to the next. I get a sense of purpose from being part of the Terebinth team and delivering on our commitments to our clients, without whom we would not be in business. I value that we are like-minded in our pursuit of excellence, yet diverse in thought process and points of view.”

Athenkosi Mjebeza

Equity Analyst

Athenkosi Mjebeza

MCOM INVESTMENT MANGEMENT
Equity Analyst

Mjebeza joined Terebinth Capital from PSG Wealth and previously worked for Kagiso Asset Management – now known as Camissa Asset Management – and Sanlam. He has a master’s in investment management from the University of Cape Town and an honours in finance from the University of the Western Cape.

As an equity analyst he is responsible for assisting with portfolio management and conducting fundamental research. His focus is on interrogating stock selection considering a bottom-up and top-down, communication of findings, recommendations and assist in expanding the process.

 

Our Vision

To be widely considered amongst our clients and peers as the number one absolute return boutique by consistently delivering leading risk-adjusted returns for our clients, and the natural home for ambitious talent.

Our Investment Philosophy

Terebinth Capital is a research-focused, client-centric money manager. We subscribe to the theory of cycles. Using scenario analysis, we construct diversified portfolios that always reflect our best-investment view. Our active approach incorporates disciplined risk management.

Markets are inherently cyclical, prone to periods of over-optimism and extreme pessimism. We apply a two-fold approach to determine asset allocation, combining macro analysis and quantitative precision. A macro philosophy leads to low correlation with broader markets and reduces volatility of returns. We value scenario analysis, as it is impossible and imprudent to position for a single outcome.

Our Investment Process

Knowledge and research are fundamental to assessing the merits and value of any investment today and into the future. Our research strategy combines both macro analysis and quantitative rigour. A focus on the fundamental determinants of macro-economic cyclicality allows us to separate out the behavioural elements from market trends. Some of the biggest, long-term investment opportunities in markets are not necessarily driven by structural inefficiencies, as much as it is by a lack of appreciation and application of the trend macro drivers of the global economy. Our macro approach is a natural decorrelator and non-biased style. Our quantitative process limits behavioural biases and assists with understanding the many nonlinear inter-relationships in a portfolio.

We forecast the future performance of asset classes using a thorough analysis of three key market factors:

Strategic

Developing macro-economic opportunities for investment ideas.

Structural

Evolving shifts in supply and demand

Tactical

Trades, events and attractive entry and exit points

Our Service Partners

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Regulatory Details

Disclosure Notice

Disclosure Notice In Terms Of Financial Advisory & Intermediary Services Act No. 37 Of 2002