Sanlam

Few insurance players in Sub-Saharan Africa match the executional depth of Sanlam. From Cape Town, the group manages a workforce of approximately 22k and generates close to $9B in revenue, while steadily widening the gap with regional peers.

The group's regional balance sheet allows it to invest counter-cyclically, an advantage few competitors can match in the current rate environment.

“Sanlam is, in its category, exactly the kind of compounding regional champion the next decade of capital allocation will reward.”

Few catalysts on the horizon look bearish; the central scenario is a continued, controlled compounding story.