Independent Securities

Your Investment Partner

What can we do for you?

Who We Are

Independent Securities is focused purely on delivering superior investment performance for clients at a reasonable cost. Our disciplined and systematic investment process has resulted in our long-term performance track record of outperforming relevant benchmarks and peer groups. Our investment strategy is to simply invest in great companies that can be purchased at an attractive price and hold these companies for the long-term.

Independent Securities is a JSE member that specialises in full discretionary portfolio and asset management across various mandates. Our business is well-established and has been a JSE member since 1998. The company is privately owned by management and the founders continue to be integrally involved in the business on a day to day basis. Our portfolio managers have significant investment experience and are supported by stable and highly competent administrative team. We have a robust and flexible investment administration platform catering to all our clients’ needs.

We have in excess of R22bn of funds under administration and management. This is spread over 2,300 clients. The company operates from three offices: Illovo (head office), Stellenbosch and Pretoria. We employ 31 people, 17 of whom are portfolio managers. In addition to our JSE license, we also have FSB category 2, 2A licenses. Only fifteen of approximately 60 JSE members have CSP license which signifies the high levels of internal control and segregation of duties embedded into our internal processes

Fun Facts

0 Billion in Assets
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Our Services

Local Portfolio Management

Invest in a managed long-term share portfolio that owns high quality JSE listed companies with a highly compelling investment case.

Global Portfolio Management

Invest in a managed long-term share portfolio that owns high quality Globally listed companies with a highly compelling investment case.


We can manage your retirement annuity, living annuity, preservation provident / pension fund or portfolio and invest directly in JSE and Globally listed companies.

Unit Trust

Own some of the greatest businesses in the world by investing in our Dublin based fund.


Enjoy above average interest rates on cash investments.


Buy and sell shares on the JSE, or transact in over 20,000 shares Globally.

Our Value Proposition


We are a focused investment manager and do not offer ancillary services so we can concentrate on allocating your investment capital in the most optimal manner.


Our clients have a personal and one on one relationship with our portfolio managers and can speak to the person making the actual investment decisions at any time.

Track Record

We have a long-term track record of outperforming our benchmark and peer group.


Our investment team has been incredibly stable for an extensive period and they have a collective experience span of 415 years, or 23 years per member.


We started over 20 years ago and have developed a disciplined investment process and a highly efficient administrative platform.


Fees count in the long-term so we ensure our fees are competitive and we don’t charge performance or upfront fees.

Our Investment Philosophy

Great Companies

Invest in businesses that have exceptional and sustainable business models.


Only commit capital to businesses where we believe the purchase price is attractive and probable of delivering acceptable long-term investment performance.


Aim to buy and hold companies indefinitely as this is the surest way to generate superior investment performance.

Market Timing

We simply don’t believe in market timing because of the opportunity cost, higher fees and tax implications.


Our concentrated portfolios hold between 15-25 shares so our high conviction ideas have a meaningful impact on investment performance.

Stock picking

We use a fundamental bottom-up approach that assesses both quantitative and qualitative aspects to select businesses for portfolios.

“Revenue is vanity profit is sanity but cashflow is reality.”


Our Latest Research

Valuable insights

29 Sep 2020

Creative Destruction

British American Tobacco (BAT) was founded in 1902 and today has more than 150 million daily consumer interactions, operates in over 180 markets and has 11 million points of sale. Despite this enormous scale and entrenched position, global trends are shifting...

13 Mar 2020

Keep Calm and Wash Your Hands

Global financial markets are in absolute turmoil! The record-beating 11-year old U.S. bull market has now come to an end, and with it, the fastest bear market in history. Bear markets, which are defined as a 20% decline from the peak, have historically taken months to be reached.

12 Mar 2020

Keep the Faith

Oh my! What a gut-wrenching, nerve-shattering, and emotionally draining week for investors. To what end do we endure vertiginous volatility and material capital drawdowns? Instinctively, our inherent psychological biases kick in, causing mayhem in any logical thought process.

25 Feb 2020


Broadband internet connectivity has forever changed how media content is distributed and consumed. The days of a family sitting each Tuesday evening cosily at 8 pm to watch their favourite television program are gone...

10 Jan 2020


With a population of 1.4 billion people and 700 million internet users it does not take much to figure out there is a significant long-term and structural opportunity in the nascent Chinese online video industry..

25 Jun 2019


“AI will further cleave open the divide between the haves and the have-nots. The positive-feedback loop generated by increasing amounts of data means the AI-driven industries naturally tend toward monopoly...

20 Jun 2019


Naspers wishes to reduce the long-term discount (currently 34%) that its share trades at relative to net asset value (NAV). They believe the biggest structural reason for the valuation discount is because Naspers comprises almost 25% of the JSE Shareholder Weighted Index, compared to 5% in 2013. Simply stated, South African investors cannot buy anymore Naspers as it is already their largest investment holding by far...

11 Jun 2019

Walt Disney - 96 Years Old and Still Evolving

Disney is the quintessential staple in every family’s entertainment. Catering for all age groups, from the little ones enjoying Disney Junior, or visiting Disneyland, to an array of adults catching the latest sports match, or teenagers simply anticipating the next Avengers blockbuster movie...

11 Jun 2019


We are frustrated shareholders in FedEx on behalf of investors which, after initially producing a decent return, is now 25% off its twelve-month share price high...

28 Jan 2019


A client recently asked us why do we continue to allocate funds to Facebook? Quite simply, because the numbers are staggering!

28 Jan 2019

2018 Signing Off - Welcome 2019

There was no place to hide in 2018. Even for a well-diversified global portfolio returns were appalling. All 17 asset classes measured by Morgan Stanley produced negative returns in 2018 which is a rarity even when measured over the last century....

28 Jan 2019

Global Outlook 2019

Global equities have experienced a material sell-off over the last few months with the MSCI World being 15.4% off its high...

16 Nov 2018


“Changing the course of human health through bold pursuits in science.”

06 Nov 2018

The Greatest Risk

Returns from South African equities over the last four years can only be described as horrendous. These miserable returns have accelerated over the past two months because of investor concerns...

09 Oct 2018

Value Gap - Aspen Pharmacare

An Aspen Headache? The JSE has certainly seen its fair share of large-cap sell-offs over the last 12 months. Aspen is a recent member of that list....

27 Sep 2018

Value Gap - EPP

EPP is a pure Polish property play that is listed on the Johannesburg and Luxembourg stock exchanges...

27 Sep 2018

Value Gap - Box

We have observed two significant and disruptive technological waves over the last two decades. The first was the internet wave. And the second was the mobile wave. Both had an indelible and unimaginable transformative impact on mankind...

20 Jun 2018


Irresistible Investment Ideas

08 Jun 2018

For Your Perusal - Sticking to the Road

Understandably, investors on the JSE are frustrated. The All Share Index (Alsi) has wobbled ceaselessly for the last four years like a rudderless dinghy on a perilous ocean...

Assets Under Management

Unit Trust

Our People

We are here to help you with your investments

Get In Touch

Don't hesitate to contact us

Johannesburg Office 39 Ferguson Road, Illovo, 2196 E: [email protected] P: 011 489 5400 Pretoria Office Cnr Dyer & Lynnwood Road, Hillcrest, 0075 E: [email protected] P: 012 362 2772 Stellenbosch Office 153 Dorp Street, Stellenbosch, 7600 E: [email protected] P: 021 882 8680
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