Fenestra Asset Management

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Fenestra Asset Management

Fenestra Asset Management (Pty) Ltd structures and manages specialist share portfolios both locally a William Meyer, B. Com.

Fenestra Asset Management (Pty) Ltd, a Cape Town based asset management company, was incorporated in July, 1992. CA (SA), CFA (USA), a founding shareholder has been CEO since inception. Fenestra structures and manages specialist share portfolios both locally and offshore. It has a most enviable performance record since startup and is about as focused a firm as you could find. Fenestra's main asset

s are its performance record, professionalism and personal approach. The firm is headed by William Meyer, a CA and one of the first South Africans to gain the highly regarded US Chartered Financial Analyst qualification. The company is registered as financial services provider with the Financial Services Board (no. 688). Fenestra strives to be a great South African and international specialist investment group. We are driven by a passion for outstanding performance and an unwavering commitment to our philosophies and core values.

21/08/2026

Marex Group has gone from quiet performer to a stock the market can no longer ignore.

Its latest quarter delivered strong revenue and profit growth across the business - but for Fenestra, the real question is whether Marex still deserves its place in a concentrated GARP portfolio after the share-price re-rating.

William Meyer looks at the numbers, acquisitions, valuation and the risks that still need watching.

Read the full article:
https://www.fenestrasa.com/marex-group-garp-investment-thesis/

Marex Group's Q2 2026 results beat expectations. Fenestra examines its growth, margin expansion, acquisition strategy and risks through a GARP lens.

24/07/2026

Micron’s share price has fallen sharply - but does that mean its long-term AI opportunity has disappeared?

We don’t believe it has.

Our latest article examines the forces behind the recent sell-off, including capital rotating into competitors, concerns about future Chinese memory-chip capacity and a technical unwind intensified by short selling.

Despite the market volatility, the underlying AI memory thesis remains intact. Demand for high-bandwidth memory continues to grow, Micron has secured substantial committed revenue, and the lower share price may have made its valuation more attractive.

Sometimes a falling share price signals a weakening business. At other times, it creates a disconnect between market sentiment and long-term fundamentals.

Read our full perspective here:
https://www.fenestrasa.com/micron-sell-off-ai-memory-investment-thesis/

Do you see the recent pullback as a warning sign - or a long-term opportunity?

𝘗𝘢𝘴𝘵 𝘱𝘦𝘳𝘧𝘰𝘳𝘮𝘢𝘯𝘤𝘦 𝘪𝘴 𝘯𝘰𝘵 𝘪𝘯𝘥𝘪𝘤𝘢𝘵𝘪𝘷𝘦 𝘰𝘧 𝘧𝘶𝘵𝘶𝘳𝘦 𝘱𝘦𝘳𝘧𝘰𝘳𝘮𝘢𝘯𝘤𝘦. 𝘐𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵 𝘷𝘢𝘭𝘶𝘦𝘴 𝘢𝘳𝘦 𝘯𝘰𝘵 𝘨𝘶𝘢𝘳𝘢𝘯𝘵𝘦𝘦𝘥, 𝘢𝘯𝘥 𝘪𝘯𝘷𝘦𝘴𝘵𝘰𝘳𝘴 𝘢𝘳𝘦 𝘴𝘶𝘣𝘫𝘦𝘤𝘵 𝘵𝘰 𝘯𝘰𝘳𝘮𝘢𝘭 𝘮𝘢𝘳𝘬𝘦𝘵 𝘳𝘪𝘴𝘬𝘴.

Fenestra explains why Micron Technology’s sell-off has not changed its long-term investment thesis for high-bandwidth memory and AI infrastructure.

18/06/2026

🚀 SpaceX has captured the world’s attention - and for good reason.

It is a remarkable business with Starlink, Starship, xAI optionality and enormous long-term potential. But at Fenestra, we believe one principle must always come first:

Price matters.

In our latest blog, William Meyer explains why Fenestra is not chasing the hype after the SpaceX listing, and why our view has moved to:

HOLD - DO NOT CHASE.

Generational assets can still become poor investments if bought at the wrong price.

Read the full blog here: https://www.fenestrasa.com/the-spacex-rocket/

If you would like a second opinion on your portfolio, please contact Fenestra for a free portfolio review.

Fenestra is a Licensed Financial Services Provider. Past performance is not indicative of future performance.

Fenestra reviews SpaceX’s Nasdaq debut, valuation, Starlink growth, xAI risk, governance concerns and why new investors should wait for a better entry point.

20/05/2026

NVIDIA Corporation remains one of the defining investment stories of the AI era.

Long regarded as a Fenestra favourite, NVIDIA continues to sit at the centre of the global AI infrastructure buildout, supported by its leadership in GPUs, data centre technology, CUDA software, and next-generation accelerated computing.

In our latest blog, we unpack why NVIDIA remains a compelling example of our GARP investment approach: growth at a reasonable price.

Read the full article here:
https://www.fenestrasa.com/nvidia-corporation-fenestra-favourite/

Fenestra’s view on NVIDIA Corporation, its AI data centre leadership, CUDA moat, Blackwell and Vera Rubin roadmap, hyperscaler demand, and GARP investment appeal.

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.

Address

West Block, Tannery Park, 20-30 Belmont Road
Claremont
7700

Telephone

+27216897855

Website

https://www.fenestrasa.com/

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