Colin Smith
Managing Partner, All Africa Partners. On 1 show, 1 appearance. The Shows tab opens the full record on each.
investorfounderathleteallafricapartners.com ↗Wikipedia ↗
Colin Smith is a co-founder and Managing Partner at All Africa Partners, an investment firm focused on African listed equities. He previously managed equity portfolios at Blakeney and Neptune Investment Management, and won an Olympic silver medal rowing for Great Britain in 2008.
1shows
1appearances
21statements
9resolved
4supported
1contradicted
44%fully supported
Everything Colin Smith said on any show that made the record, most notable first. Each card names its show and opens the statement there.
Smith: Deglobalization will make African markets even less correlated with the US
“The world is not necessarily integrating any further at the moment. If anything, people are taking a bit of a step back, and we think that's going to make places like Africa even less correlated with the U.S. Markets”
Smith: All Africa Partners avoids Zimbabwe over currency repatriation and liquidity risks
“In terms of picking countries, I mentioned we didn't invest in Zimbabwe at the moment, and that's really on the basis of liquidity. Because we're investing in listed markets, and we promise to give money back to our investors if they ask for it back, we need t…”
Smith: Kenya's Equity Group compounded dollar EPS at 20% annually for 20 years
“It started as a listed entity around 20 years ago, and since then it has grown its dollar EPS by over 20% per annum.”
Smith: Africa consistently accounts for half of the world's fastest-growing economies
“If you look at the top 10 or top 20 fastest growing economies in the world, Africa always makes up
Half of those, and has done for many years, and is expected to continue to do so.”
Smith: By 2100, four in every ten people worldwide will be African
“By the end of the century, that's going to be 40%.
By the end of the century, four in every 10 people are going to be African, and the urbanization story that goes along with that is absolutely colossal.”
Smith: IFRS accounting is standard across all 20 African stock exchanges we trade
“In all 20 of the exchanges that we invest in, IFRS is standard and required.”
Smith: Our portfolio would gain 50% just by re-rating to historical median valuations
“If our portfolio today, just re-rated to their own historic valuations, would be up over 50%. In dollar terms.”
Smith: A 20-year US inflation differential perfectly explains African currency depreciation
“The most important thing for us, the starting point is that if we look at any of our floating currencies over a 20 year period, the inflation differential to the US perfectly explains the depreciation.”
Smith: One-third of the investable African equity universe has zero sell-side analyst coverage
“Out of our opportunity set, a third has zero analyst coverage whatsoever.”
Smith: Investors subconsciously anchor on valuation before even starting formal fundamental research
“One of the really key things we've learned is that the decision to pursue work on a particular company is usually done with an idea of what you think the valuation is before you've done the valuation.”
Smith: Inter-country correlation is much higher than sector correlation across African equity markets
“We know that inter-country correlation is much, much higher than sector correlation across Africa, for example.”
Smith: Some top US endowments have significant exposure and strong performance in Africa
“But although there aren't a lot of people investing in Africa today, we know of some of the most successful of the large endowments and foundations in the U S today have very significant exposure to Africa and are achieving very good performance in those marke…”
Smith: Reporting corporate results strictly in local African currency is extremely misleading
“In the context of Africa, I would say for me and probably for us, it's reporting in local currency without reporting in dollars as well. That can be extremely misleading in high inflation environments, and I really think that that shouldn't be allowed, basical…”
Smith: South Africa accounts for roughly 60% of investable African equities
“South Africa is a very, very big part of that, about 60% in terms of number of names, as well as market cap.”
Smith: 98% of Kenya's Equity Group transactions happen electronically outside physical branches
“So they were very, very quick to adopt all sorts of technology over time to the point now where 98% of their transactions are electronic transactions that happen away from any sort of bank branch.”
Smith: MTN Nigeria trades at a single-digit P/E and yields a 7% dividend
“And Ted, you can buy MTN Nigeria for single digit PE. You can buy Equity Group in Kenya for less than book value. Both of them pay us seven percent. Div yield at the moment.”
Smith: African stock markets represent just 20% to 25% of regional GDP
“African stock markets are still, what, you know, 20 to 25% of GDP. Miles behind the rest of the world. You know, China is up at 80, 90%. The U.S. Is well over a hundred.”
Smith: Eight of ten All Africa portfolio CEOs were educated in the US or Europe
“Eight out of the 10 CEOs of the companies in which we invest in today were educated in either Europe or the US.”
Smith: Our African portfolio trades at half the valuation and triple the yield of MSCI ACWI
“Basically, Ted, our portfolio trades at half the price and triple the yield of ACQUI.”
Smith: African equity trades require extensive offline legwork and negotiation
“There's a lot of legwork that goes into it and very few of the trades are just as simple as going to your online account and plugging in a number and pressing go.”
One line per show, most statements first. The link opens Colin's full record on that show: the calibration, argument clarity, speaking style and every statement made there.
| Show | Role there | Eps | Statements | Record | |
|---|---|---|---|---|---|
 CAPITAL ALLOCATORSLEDGER | Managing Partner, All Africa Partners | 1 | 21 | 44% 4/9 | full record on Capital Allocators → |