Fenestra Asset Management

26/03/2026

At Fenestra, we see Alphabet as far more than an advertising business.

With the continued strength of Search, the rapid expansion of Google Cloud, growing AI adoption through Gemini, and the financial strength to keep investing at scale, Alphabet appears to us to be entering a new phase of long-term compounding.

In our latest article, The Everything Machine: Alphabet’s AI Flywheel, we explore why we believe the market may still be underestimating Alphabet’s full platform potential.

Read more on the Fenestra website: https://www.fenestrasa.com/the-everything-machine-alphabets-ai-flywheel/

Discover why Fenestra sees Alphabet as a long-term AI and cloud growth opportunity, backed by strong cash flow, scale and valuation upside.

26/02/2026

Most people think hotel giants like Marriott and Hilton make their money by owning hotels.

They don’t.

Both brands use an asset-light model; meaning they manage and franchise properties rather than owning most of the real estate. This reduces risk and increases returns.

But here’s the twist…

They’re now using advanced AI systems to adjust room pricing in real time based on demand, events, seasonality and booking behaviour.

It’s not just hospitality anymore; it’s data-driven platform strategy.

The article breaks down:
✔️ Why asset-light models win
✔️ How AI pricing changes profitability
✔️ What investors can learn from Marriott & Hilton
✔️ Why this model is spreading beyond hotels

Read the full article here:
👉 https://www.fenestrasa.com/marriott-vs-hilton-asset-light-ai-pricing/

Compare Marriott and Hilton in 2026: asset-light franchise models, AI-driven pricing, RevPAR growth, and loyalty programs that can drive long-term returns.

09/02/2026

🚀 𝐀𝐩𝐩𝐥𝐞 & 𝐆𝐨𝐨𝐠𝐥𝐞: 𝐀𝐧 𝐀𝐈-𝐏𝐨𝐰𝐞𝐫𝐞𝐝 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐃𝐮𝐞𝐭 – 𝐖𝐡𝐚𝐭 𝐈𝐧𝐯𝐞𝐬𝐭𝐨𝐫𝐬 𝐒𝐡𝐨𝐮𝐥𝐝 𝐊𝐧𝐨𝐰

𝐀𝐩𝐩𝐥𝐞 𝐚𝐧𝐝 𝐆𝐨𝐨𝐠𝐥𝐞 𝐡𝐚𝐯𝐞 𝐭𝐚𝐤𝐞𝐧 𝐚 𝐬𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐜 𝐥𝐞𝐚𝐩 𝐢𝐧 𝐭𝐡𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐀𝐈 𝐫𝐚𝐜𝐞 by announcing a multi-year partnership that will see Google’s advanced Gemini AI models powering Apple’s next generation of artificial intelligence features — including the much-anticipated upgrade to Siri.

This collaboration is significant for investors for two key reasons:

📌 𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐩𝐨𝐬𝐢𝐭𝐢𝐨𝐧𝐢𝐧𝐠:
Apple gains AI capabilities without overextending in-house R&D, while Google expands the footprint of its leading AI models across millions of iOS devices.

📌 𝐃𝐢𝐟𝐟𝐞𝐫𝐞𝐧𝐭𝐢𝐚𝐭𝐞𝐝 𝐠𝐫𝐨𝐰𝐭𝐡 𝐩𝐫𝐨𝐟𝐢𝐥𝐞𝐬:
• Google offers stronger growth potential through its diversified services and AI monetisation strategy.
• Apple delivers resilience and cash generation, balancing innovation with financial discipline.

For long-term investors, this partnership isn’t just about technology — it’s about 𝐫𝐢𝐬𝐤, 𝐫𝐞𝐭𝐮𝐫𝐧, 𝐚𝐧𝐝 𝐩𝐨𝐬𝐢𝐭𝐢𝐨𝐧𝐢𝐧𝐠 𝐢𝐧 𝐚𝐧 𝐀𝐈-𝐝𝐫𝐢𝐯𝐞𝐧 𝐦𝐚𝐫𝐤𝐞𝐭. Strategic allocation and risk management remain crucial.

👉 Read the full Fenestra analysis to explore what this means for your portfolio:

📎 https://www.fenestrasa.com/apple-google-ai-powered-investment-duet/

Apple’s AI capabilities will be rapidly and greatly advanced and Google benefits by placing its AI at the core of Apple’s global device base.

27/10/2025

Capitec shines, Pick n Pay stumbles - lessons for SA investors.

South Africa’s market continues to separate the winners from the laggards. In this month’s Diamonds & Dogs, William Meyer unpacks why Capitec remains a core holding, and why Pick n Pay still looks high-risk.

💎 Diamond - Capitec (Buy)
- Headline earnings up 26% (H1 FY26); ROE at 31%.
- Growth engines beyond banking: value-added services, insurance/fintech (Capitec Connect), and a fast-growing business-banking arm.
- Scale matters: 25m+ clients enable powerful cross-sell and data-driven expansion.

🐶 Dog - Pick n Pay (Sell)
- Guides –28% to –34% HEPS for H1; turnaround relies on Boxer conversions targeting breakeven only by FY28.
- R3.2bn net loss in 2024 and continued market-share pressure; the R12.5bn Boxer IPO + rights issue provides only temporary relief amid material ex*****on risk.

What this means for portfolios

Quality, ex*****on, and runway still win in a tough macro. We favour compounders with clear growth vectors and disciplined capital allocation, and avoid structures needing perfect ex*****on to survive.

Read the full analysis here 👉 https://www.fenestrasa.com/capitec-shines-while-pick-n-pay-struggles/

If you are not happy with your portfolio performance or would like a second opinion, please do not hesitate to contact Fenestra for a free, independent, objective and confidential review of your portfolio. William Meyer – 0796244031.

Capitec delivers stellar growth while Pick n Pay seems to slump. Read Fenestra Asset Management’s October stock insights and expert portfolio advice.

16/10/2025

From Mobility Giant to Profit Powerhouse - Certain companies don’t just change industries, they redefine them. Uber is one of those.

With over 180 million monthly users, operations in 10,000+ cities, and a 74% share of the U.S. ride-sharing market, Uber’s dominance is clear. But what’s even more remarkable is its strategic shift from chasing growth to driving profitability, and it’s paying off.

In our latest article, we explore Uber’s journey toward sustained profitability, how it’s leveraging market leadership, and what its evolution says about the future of platform-based business models.

Read the full post:
👉 https://www.fenestrasa.com/uber-driving-rapidly-to-greater-profits/

Discover how Uber became a profit powerhouse — from ride-sharing dominance to AI-driven margins, autonomous vehicles, and massive share buybacks.

23/07/2025

🚀 Nvidia Hits $4 Trillion – A Corporate Story Like No Other

From powering video games to driving the AI revolution, Nvidia’s meteoric rise has captivated markets; and it’s showing no signs of slowing down.

In just one week, Nvidia added over $200 billion in market value, more than the entire value of Shell Plc. With 75% of the world’s most powerful supercomputers running on Nvidia chips, it's clear this is more than just a tech trend... it’s a market-defining movement.

🔍 We break down the numbers, the milestones, and what this could mean for your investment strategy in our latest blog post.

📖 Read it here: https://www.fenestrasa.com/nvidia-greatest-story-corporate-history/

If you’re curious about your portfolio’s performance in today’s AI-driven market, reach out to us for a free, independent and confidential review.

William Meyer
079 624 4031

Nvidia surpasses $4 trillion in value, adds $200B in a week, and leads the AI chip market. Explore the greatest corporate growth story in history.

20/06/2025

📈 Diamond & Dog Investments: Spotting Winners and Losers
Every portfolio needs diamonds, and needs to cut loose the dogs.

In our latest analysis, Bidcorp Group emerges as a diamond: steady growth, reliable dividends, global reach, and smart strategic acquisitions. It's a cornerstone investment and a smart currency hedge.

On the flip side, Aspen Pharmacare struggles under pricing pressures, government interventions, and declining performance; a classic “dog” stock that’s better left out of your portfolio.

Ready to sharpen your investment strategy?

👉 Read the full analysis here: www.fenestrasa.com/diamond-dog-investments-bidcorp-aspen/

Explore Bidcorp's robust growth and strong dividend history versus Aspen Pharmacare's ongoing challenges. Learn why Bidcorp thrives and Aspen underperforms.

20/06/2025

🚀 Why do our biggest goals often slip away when we chase them directly?

Discover the power of Obliquity—the art of achieving your goals indirectly. From Boeing’s legendary success with the 737 and 747, to Johnson & Johnson's people-first mission, true greatness often emerges not through a strict pursuit of profit, but from higher-level, purposeful objectives.

Could this counterintuitive approach change how you lead, invest, and grow?

Explore this fascinating concept in depth in our latest blog post:
👉 https://www.fenestrasa.com/obliquity-achieving-your-goals-without-intending-them/

The term “Obliquity” was first coined by Sir James Black The term “Obliquity” was first coined by Sir James Black, a British chemist, who was also a Nobel P ...

29/01/2025

🚀 𝗕𝗼𝘅𝗲𝗿 𝗥𝗲𝘁𝗮𝗶𝗹 𝗟𝗶𝗺𝗶𝘁𝗲𝗱: 𝗔 𝗛𝗶𝗴𝗵-𝗚𝗿𝗼𝘄𝘁𝗵 𝗜𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁 𝗢𝗽𝗽𝗼𝗿𝘁𝘂𝗻𝗶𝘁𝘆 📈

Boxer Retail Limited has been making waves in the 𝗦𝗼𝘂𝘁𝗵 𝗔𝗳𝗿𝗶𝗰𝗮𝗻 𝗿𝗲𝘁𝗮𝗶𝗹 𝗺𝗮𝗿𝗸𝗲𝘁 since its 𝗝𝗼𝗵𝗮𝗻𝗻𝗲𝘀𝗯𝘂𝗿𝗴 𝗦𝘁𝗼𝗰𝗸 𝗘𝘅𝗰𝗵𝗮𝗻𝗴𝗲 (𝗝𝗦𝗘) 𝗹𝗶𝘀𝘁𝗶𝗻𝗴 in November last year. Opening at 𝗥𝟱𝟰.𝟬𝟬 𝗽𝗲𝗿 𝘀𝗵𝗮𝗿𝗲 and closing at 𝗥𝟲𝟯.𝟬𝟬 𝗼𝗻 𝘁𝗵𝗲 𝗳𝗶𝗿𝘀𝘁 𝗱𝗮𝘆, it delivered a 𝟭𝟲% 𝗽𝗿𝗲𝗺𝗶𝘂𝗺 on the issue price—an early sign of its 𝘀𝘁𝗿𝗼𝗻𝗴 𝗴𝗿𝗼𝘄𝘁𝗵 𝗽𝗼𝘁𝗲𝗻𝘁𝗶𝗮𝗹.

Operating in the 𝗺𝗶𝗱 𝘁𝗼 𝗹𝗼𝘄-𝗶𝗻𝗰𝗼𝗺𝗲 𝘃𝗮𝗹𝘂𝗲-𝗰𝗼𝗻𝘀𝗰𝗶𝗼𝘂𝘀 𝘀𝗲𝗴𝗺𝗲𝗻𝘁, Boxer is not just surviving but 𝘁𝗵𝗿𝗶𝘃𝗶𝗻𝗴. With a 𝟱% 𝘀𝗮𝗺𝗲-𝘀𝘁𝗼𝗿𝗲 𝘀𝗮𝗹𝗲𝘀 𝗴𝗿𝗼𝘄𝘁𝗵 𝗿𝗮𝘁𝗲, an 𝗮𝗴𝗴𝗿𝗲𝘀𝘀𝗶𝘃𝗲 𝗲𝘅𝗽𝗮𝗻𝘀𝗶𝗼𝗻 𝘀𝘁𝗿𝗮𝘁𝗲𝗴𝘆 of 𝟯𝟬+ 𝗻𝗲𝘄 𝘀𝘂𝗽𝗲𝗿𝘀𝘁𝗼𝗿𝗲𝘀 𝗮𝗻𝗱 𝟯𝟬–𝟰𝟬 𝗻𝗲𝘄 𝗹𝗶𝗾𝘂𝗼𝗿 𝘀𝘁𝗼𝗿𝗲𝘀 𝗮𝗻𝗻𝘂𝗮𝗹𝗹𝘆, and plans to 𝗱𝗼𝘂𝗯𝗹𝗲 𝘁𝘂𝗿𝗻𝗼𝘃𝗲𝗿 𝗶𝗻 𝗳𝗶𝘃𝗲 𝘆𝗲𝗮𝗿𝘀, this is a company on the move! 🚀

Perhaps most significantly, 𝗕𝗼𝘅𝗲𝗿 𝗥𝗲𝘁𝗮𝗶𝗹 𝗟𝗶𝗺𝗶𝘁𝗲𝗱 𝗵𝗮𝘀 𝗯𝗲𝗲𝗻 𝗮 𝗹𝗶𝗳𝗲𝗹𝗶𝗻𝗲 𝗳𝗼𝗿 𝗣𝗶𝗰𝗸 𝗻 𝗣𝗮𝘆, whose financial struggles were eased by the capital injection from Boxer’s listing. Now, Pick n Pay is even converting its own stores to the 𝗕𝗼𝘅𝗲𝗿 𝗳𝗼𝗿𝗺𝗮𝘁—a testament to Boxer’s 𝗿𝗲𝘀𝗶𝗹𝗶𝗲𝗻𝘁 𝗮𝗻𝗱 𝗽𝗿𝗼𝗳𝗶𝘁𝗮𝗯𝗹𝗲 𝗺𝗼𝗱𝗲𝗹.

💡 𝗞𝗲𝘆 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗛𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁𝘀:
✅ 𝟭𝟵% 𝗮𝗻𝗻𝘂𝗮𝗹𝗶𝘇𝗲𝗱 𝘀𝗮𝗹𝗲𝘀 𝗴𝗿𝗼𝘄𝘁𝗵 over the past three years
✅ 𝗧𝗿𝗮𝗱𝗶𝗻𝗴 𝗺𝗮𝗿𝗴𝗶𝗻𝘀 𝗲𝘅𝗰𝗲𝗲𝗱𝗶𝗻𝗴 𝟱%
✅ 𝗥𝗲𝘁𝘂𝗿𝗻 𝗼𝗻 𝗶𝗻𝘃𝗲𝘀𝘁𝗲𝗱 𝗰𝗮𝗽𝗶𝘁𝗮𝗹: 𝟮𝟳%
✅ 𝟲𝟬+ 𝗻𝗲𝘄 𝘀𝘁𝗼𝗿𝗲𝘀 𝗼𝗽𝗲𝗻𝗶𝗻𝗴 𝗶𝗻 𝘁𝗵𝗲 𝗻𝗲𝘅𝘁 𝟭𝟮 𝗺𝗼𝗻𝘁𝗵𝘀

With its 𝗰𝗼𝗻𝘀𝗶𝘀𝘁𝗲𝗻𝘁 𝗲𝘅𝗲𝗰𝘂𝘁𝗶𝗼𝗻, 𝘀𝘁𝗿𝗼𝗻𝗴 𝗰𝘂𝘀𝘁𝗼𝗺𝗲𝗿 𝘃𝗮𝗹𝘂𝗲 𝗽𝗿𝗼𝗽𝗼𝘀𝗶𝘁𝗶𝗼𝗻, 𝗮𝗻𝗱 𝗶𝗺𝗽𝗿𝗲𝘀𝘀𝗶𝘃𝗲 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹𝘀, Boxer Retail Limited is shaping up to be 𝗼𝗻𝗲 𝗼𝗳 𝘁𝗵𝗲 𝗺𝗼𝘀𝘁 𝗰𝗼𝗺𝗽𝗲𝗹𝗹𝗶𝗻𝗴 𝗶𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁 𝘀𝘁𝗼𝗿𝗶𝗲𝘀 𝗶𝗻 𝗦𝗔 𝗿𝗲𝘁𝗮𝗶𝗹.

🔗 Read the full analysis here: https://lnkd.in/gpbmVeft

📊 𝗔𝗿𝗲 𝘆𝗼𝘂 𝗰𝗼𝗻𝘀𝗶𝗱𝗲𝗿𝗶𝗻𝗴 𝗕𝗼𝘅𝗲𝗿 𝗥𝗲𝘁𝗮𝗶𝗹 𝗟𝗶𝗺𝗶𝘁𝗲𝗱 𝗳𝗼𝗿 𝘆𝗼𝘂𝗿 𝗽𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼? Let’s discuss in the comments! 💬👇

26/11/2024

📈 𝗪𝗵𝗮𝘁 𝘁𝗵𝗲 𝗦𝗺𝗮𝗿𝘁 𝗠𝗼𝗻𝗲𝘆 𝗜𝘀 𝗗𝗼𝗶𝗻𝗴: 𝗕𝘂𝘆 𝗦𝗵𝗼𝗽𝗿𝗶𝘁𝗲, 𝗦𝗲𝗹𝗹 𝗦𝗮𝘀𝗼𝗹

🔹 𝗕𝘂𝘆: 𝗦𝗵𝗼𝗽𝗿𝗶𝘁𝗲
Shoprite stands out as a quality retail operation and a great investment proposition. With excellent management, clever advertising, an expanding footprint, and a great delivery service, Shoprite continues to dominate the market.

📊 Over the last five years, Shoprite’s share price has doubled while Pick n Pay’s has halved. Shoprite is well-positioned to gain even more market share and outperform its competitors. Investors, take note!

🔹 𝗦𝗲𝗹𝗹: 𝗦𝗮𝘀𝗼𝗹
Sasol, a well-known JSE stock, has faced significant challenges. With a 32% decline this year and over 50% in three years, the numbers speak for themselves. The latest financials show decreased earnings, reduced free cash flow, and increased debt. Political and environmental pressures add to the struggles.

While the share may be technically oversold, it’s a high-risk play. Caution is key when considering this stock.

👉 Read more about these insights here: www.fenestrasa.com/smart-money-buy-shoprite-sell-sasol/

21/11/2024

🚀 All Aboard the ET Trade Train! 🚀

Are you ready for the next big investment opportunity? 🌟 The extraordinary partnership of Elon Musk and Donald Trump is reshaping the market landscape, propelling stocks like Tesla and Trump Media to new heights.

In our latest blog post, William Meyer dives into:

📈 Winning strategies in the "Elon Trump Trade" (ETT)
💡 Why the markets are surging with optimism
💰 How investors can capitalize on this unique moment

Don’t miss out on insights that could optimize your portfolio and protect your wealth. Click below to read the full article and discover how to stay ahead in the market:

👉 www.fenestrasa.com/elon-musk-donald-trump-trade-train/

Let’s make investing easier, together. 🌟

Explore winning stock strategies with the Elon Trump Trade. Learn how Tesla, Trump Media, and key industrial shares are reshaping investment opportunities.