Kokkie Kooyman has unparalleled expertise on the world’s bank stocks. The Denker Capital financial services fund manager, who follows about 300 banks around the world, has seen his own fund’s recent performance dip as Covid-19 sends shock waves across the global economy. But, as he notes in his 30 April fund fact sheet, global equity markets had one of the worst quarters in stock market history, as the impact and spread of Covid-19 dominated headlines. The fall-out from Covid-19 containment measures reflected in stock market indices, with the S&P 500 Index losing 19.6%, the MSCI World Index 21.1% and the MSCI Emerging Markets Index 23.6% on a total US dollar return basis. Kooyman, who is looking ahead at least two years, sees this as a buying opportunity with his fund’s mandate to invest where the crowd is not invested. “In times of uncertainty, the companies we invest in are often sold down more than the market,” he tells investors in his fund. In this fascinating discussion with BizNews editor-in-chief Alec Hogg, Kooyman unpacks how banks listed on the Johannesburg Stock Exchange and elsewhere are really coping with the Covid-19 crisis. – Jackie Cameron
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