We manage both South African portfolios (shares listed on the JSE) and Global portfolios (shares listed on various developed market stock exchanges). The minimum portfolio size is R5,000,000 (or foreign currency equivalent, i.e. roughly USD350,000 or GBP250,000). Clients open a brokerage account (in their own name) with our third-party provider, Saxo Capital Markets Direct Market Access (SCM DMA) and we are appointed to manage the portfolio on a discretionary basis. We do not liaise with the client before trading on their account and indeed do not correspond much with the client at all – our time is best spent on seeking investment opportunities according to our ‘quantamental’ investment analysis process to generate above-average long-term returns for clients. Clients who have individual share portfolios are generally liable for tax every time a gain is realised, so we do not trade often. Nonetheless, we don’t allow tax to be the dominant determinant of what to do and will sell a share when the circumstances call for it, whether above or below the purchase price and irrespective of when the share was bought in the first place. Note that we do not get involved in the tax matters of clients but that there are reports available on the SCM DMA platform for client tax purposes.