Our Story
All Weather is a proudly South African asset manager that was founded on the belief that investing for future outcomes can shape strong disciplined thinking, diverse perspectives, and shared accountability.
It is this belief that has allowed the business to deliver meaningful outcomes, in any environment. This belief has allowed us to deliver positive outcomes for our clients, for their families and for the greater community.
What began as a small team united by a love for markets and a commitment to hard work has evolved into a multi-strategy investment firm managing capital across South Africa and offshore.
Throughout every stage of our journey, one principle has never changed:
We earn trust through transparency, integrity, and consistent performance. We have navigated rising and falling markets, volatile investment cycles, geopolitical shifts, and local complexity. Each period sharpened our process, strengthened our culture, and deepened our conviction in outcomes-focused investing.
But our story is not only about markets. It’s about the people behind them.
- The investors who trust us
- The graduates we train.
- The communities we empower.
- The teams who debate, challenge, and elevate one another every day.
Our Philosophy
Our philosophy blends hedge-fund agility, with long-only discipline, multi-asset understanding and global awareness powered by a team culture that values depth, preparation, and intellectual honesty.
Multi-Perspective, High-Conviction Investing
We draw from a blend of global intelligence, hedge-fund insights, and research built from first principles. This approach gives us the freedom to adapt across cycles and capture opportunities wherever they emerge.
Outcome-Focused
Markets change. Narratives shift. We remain consistent. By avoiding rigid styles, and fashionable themes, we focus on what truly matters: delivering long-term sustainable performance for our clients.
Transparency
We believe investors deserve clarity, not noise. Every portfolio has clear decision-makers, visible stewardship, and disciplined communication. Our team invests personal capital alongside clients, ensuring alignment at every step.
Diverse Minds, Stronger Outcomes
We build teams with different backgrounds and perspectives, strengthening debate, sharpening conviction, and improving long-term outcomes. We value different ways of thinking, using varied perspectives to challenge assumptions and make better investment decisions.
Our Values
Our values define who we are and guide how we work. They shape our culture, inform our decisions, and drive our commitment to excellence.
Accountability
Building on your trust, daily
We commit to transparent communication, disciplined process, and delivering on what we promise, in good conditions and in difficult ones.
Inclusive Excellence
Inclusive by design, performance-led in execution
Diversity is a strategic advantage. Different backgrounds, perspectives and lived experiences fuel sharper debate, richer synthesis, and better investment decisions.
Resilient Performance
“All Weather” is not a metaphor; it is a commitment.
We prepare, adapt, analyse, and execute through all market cycles with quiet discipline and long-term thinking.
Intellectual Leadership
We think independently.
We debate, challenge assumptions, and share insight. Value is not only in delivering returns, but in helping investors understand the world with clarity and confidence.
Why We're Different
In a crowded investment landscape, we stand out through our unique approach and unwavering commitment to excellence.
Dual-Manager Oversight
Inspired by aviation's two-pilot system, every investment decision is reviewed by two managers, reducing risk and improving outcomes.
A Culture Built for Performance
Not a lifestyle business. Not star-driven. Not consensus-led. We operate with discipline, energy, and shared accountability, a culture designed to produce stronger decisions and long-term outcomes.
First-Principles Research
Our process begins with independent thinking, not industry narratives. We build perspectives from the bottom up, challenge assumptions, and commit only when conviction is earned
Alignment From Ownership to Execution
All Weather is founder- and staff-owned. Our senior team invests their own money alongside clients. Incentives are tied to our outcomes based approach for our clients and our staff respectively.
For positive outcomes
Hear about how our team expresses the idea of positive outcomes and what it means for both the business and partners
Gugu: The All Weather story
July 24, 2026
4:31
The Team
Our team members drive investment and operational excellence and deliver exceptional results across all areas of the business.
Board
John Oliphant
Group Chairman and Executive Director
BSc (Actuarial Science), BSc (Hons) (Advanced Mathematics of Finance), MSc (Finance and Economic Policy)
View ProfileJohn Oliphant is a highly respected investment professional and entrepreneur with over twenty years of experience across asset management, private markets, infrastructure, property, and institutional investing. As Executive Chairman of the Third Way Asset Management Group, the controlling shareholder of All Weather Capital, he provides strategic leadership across a diversified investment platform. He is also a Director of All Weather Capital, contributing extensive expertise in portfolio construction, capital allocation, and long-term investment strategy. Previously, John served as Principal Executive Officer of the Government Employees Pension Fund (GEPF), Africa’s largest pension fund. A recognised leader in responsible investing, he has helped shape industry best practice while building successful investment businesses across the sector. John holds a BSc in Actuarial Science, a BSc (Hons) in Advanced Mathematics of Finance, and an MSc in Finance and Economic Policy.
Shane is an Executive Director and the CIO of All Weather Capital. After qualifying as a Chartered Accountant he began his investment career at Liberty Asset Management in 1995 as an investment analyst and progressed to be a Senior Fund Manager, managing a Unit Trust, some third party pension funds and eventually the main life fund of the Liberty Group. Thereafter he spent 3 years as a Director of Corporate Finance at UBS Warburg before moving to Peregrine Capital as a Director. After 7 years at Peregrine Capital he started his own business now called All Weather Capital.
Barbara brings over three decades of experience in financial services, asset management and compliance, having held senior positions at Deloitte & Touche, UCT, Kagiso Securities, Silkroad Fund Managers, VCG Investments and VCG Flexidrive. Her expertise spans financial reporting, modelling, trading, and regulatory compliance. Appointed non-executive director of All Weather Capital in 2019, she now serves as Chairperson, providing strategic oversight and technical knowledge to guide the company's growth and governance.
Fulu Makwetla
Independent Non-Executive Director
BCom (Econometrics), BCom Hons (Economics), MSc Global Finance
View ProfileFulufhelo (Fulu) Makwetla is a respected investment leader and advocate for developmental investments, diversity advancement, and inclusion. With more than 25 years of experience in investment management, infrastructure investing, and institutional consulting, she is the Co-founder and CEO of Third Way Investment Partners, a specialist infrastructure investment firm.
Fulu has held senior roles at the GEPF and RisCura and serves on the boards of several portfolio companies. She holds an MSc in Global Finance from Bayes Business School and is a Fellow of the Africa Leadership Initiative South Africa and the Aspen Global Leadership Network.
Vuyokazi Nomvalo, CA(SA) is a seasoned infrastructure finance leader with over 15 years’ experience across private equity, structured/project finance, and large-scale capital mobilisation. She currently serves as Head of the Infrastructure Finance Unit at the Infrastructure Finance and Implementation Support Agency (IFISA), where she leads the structuring of blended finance solutions to de-risk infrastructure projects and crowd-in private sector investment
Investment Team
Sanelisiwe joined All Weather Capital as a trainee equity analyst in June 2014. As an equity analyst his responsibilities included financial analysis, modelling and forecasting on companies in various sectors, as well as making investment recommendations to the portfolio managers. Overtime, Sanelisiwe progressed from analyst to portfolio manager and eventually to Deputy CIO. His responsibilities now include managing the local equity portfolios, oversight over the investment process as well as client engagement.
Patsy has three decades’ experience in financial services. After ten years as an equities analyst at HSBC and Mcquarie, she joined the Public Investment Corporation (PIC) as a Portfolio Manager where she was responsible for the non-consumer industrials portfolio, including analysing investments in the Diversified Industrials, Telecoms, Construction, Healthcare and Technology sectors. She left the PIC after eight years to join ABSA Asset Management as a Senior Investment Analyst. ABSIP awarded her the Stock Broking Analyst of the year award in 2002 and 2005, and a lifetime achievement award in 2004. Patsy was appointed to the ABSIP Executive Committee in 2009.
Nick has 30-years’ experience in financial markets, and previously worked at Standard Bank, Peregrine Capital, and Milkwood Capital. Nick attended Executive Programs at Singularity University on Disruptive Technology, and Harvard on Investment Decisions & Behavioural Finance. He focuses on investment strategy, geopolitics, and tail risks.
Neal started his investment career at Alliance Bernstein (South Africa) as an Emerging Markets Equity Analyst after completing his articles at BDO Spencer Steward. In 2005 he moved to the company’s London office where he co-managed a US$2 billion international portfolio active in emerging markets for institutional and retail clients. In 2007 he joined GLG Partners in London, a large European hedge fund, to manage a global sector equity long/short fund with a large emerging market exposure. Two years later he moved on to Carlson Capital as an Equity Research Analyst. After moving back to Cape Town in 2012, Neal joined Sanlam Investment Management Global, which later became Denker Capital, as an Equity Analyst and later Portfolio Manager. He launched the Denker Global Emerging Markets Fund in 2015. Neal joined All Weather Capital in August 2019 to launch the Emerging Market strategy.
Ntobeko Stampu
Head of Fixed Income and Balanced Funds
BCom (Hons), CAIA, CQF, CFA, MBA
View ProfileNtobeko joined All Weather Capital in March 2023, bringing 25 years of industry experience in fixed income and multi-asset portfolio management. Previously Co-Head and Portfolio Manager of Fixed Interest at Vunani Fund Managers, he holds an MBA from Welch Management Institute, Strayer University (USA), a BCom Honours degree, and is a CFA Charter holder.
Richard is an Emerging Markets Co-Portfolio Manager at All Weather Capital, where he co-manages the global emerging market equity strategy. He joined the firm in June 2019 to establish and develop its emerging markets capability. He began his career at RSM International, where he qualified as a Chartered Accountant (SA) and spent 11 years, ultimately serving as a Consulting and Audit Partner. In 2008, he transitioned into asset management, establishing and actively managing domestic and international investment portfolios. In 2011, he joined Sanlam Investment Management Global (later Denker Capital) as an Equity Analyst, focusing on global equities. He became part of the Emerging Markets team in 2015, playing a key role in the launch of the Denker Global Emerging Markets Fund and subsequently serving as Co-Portfolio Manager following his supervisory period. Richard holds a BCom (Accounting), a Postgraduate Diploma in Accounting (PGDA), and is a CA(SA).
Jarred joined All Weather Capital in March 2020 initially as an Equity Analyst covering Financials, Property, Hold Co's and TMT. He currently fulfils the role of Fund Manager (Hedge and Best Ideas) and Equity Analyst. Jarred started his career in financial services in 2012 as insurance and technical analyst. He then moved into discretionary fund management in 2014 before joining a Johannesburg based hedge fund (Acanthin) in 2016 as an equity analyst.
Chris is a Portfolio manager and Trader at All Weather Capital, covering both Hedge Funds and Property. He has over 20 years of financial markets experience spanning equities, fixed income, corporate finance and strategy consulting.
Prince holds a Bachelor of Science (BSc) in Mining Engineering from the University of the Witwatersrand. He joined All Weather Capital in August 2018 as an Equity Analyst, where he has been part of the investment team since. Prior to this, he worked at Benguela Global Fund Managers for two and a half years (January 2016 – June 2018), also as an Equity Analyst.
Dumisani started his career at Standard Chartered in the Middle office and operations division before joining the Investment Industry through the All Weather Graduate Training Programme in 2016. He moved to Oystercatcher Investments and re-joined All Weather as an Equity Analyst. Dumisani is now a Co-Portfolio manager for the BCI Property fund while continuing as a senior Equity Analyst.
Lwando joined All Weather Capital in August 2023. She started her career as an investment professional in 2017 at Benguela Global Fund Managers as a trainee equity analyst. In 2018, she joined Sasfin Wealth as an equity analyst.
Jared Hoover
Equity Analyst
B.Com (Accounting), PGDip (Accounting), PGDip (Tax law), CA(SA)
View ProfileJared joined All Weather Capital in 2025 after serving almost nine years at RMB Morgan Stanley as a highly rated sell-side equity analyst, covering multiple sectors. Prior to that, he worked in EYs Transaction Advisory Services (Corporate Finance) division, helping to advise on medium to large cross-border buy-side and vendor due diligence projects. He also served his accounting articles with the same firm.
Nomsa Sibanda is a Credit & Risk Analyst at All Weather Capital, where she has held several roles since joining in July 2021. She began as a Portfolio Assistant before transitioning to the investment team, progressing through ESG and portfolio risk roles into her current position in credit and risk. She is a CA (SA), having completed her SAICA articles in external audit, and holds a Bachelor of Accounting Science and a Postgraduate Diploma in Accounting Science from the University of Johannesburg.
Batheeng Mashoeshoe
Co-Portfolio Manager & FI Trader - Fixed Income & Multi-Assets
BCom (Hons)
View ProfileBatheeng joined All Weather Capital in 2025 as a FI trader and Assistant Portfolio Manager and has 9 years of industry experience. Batheeng began his career in asset management in 2017. He holds a BCom (Hons) and has completed the SAIFM Exams. He joins from Vunani Fund Managers, where he was previously a Multi-Asset Trader responsible for the execution and administration of local and global equities, bonds, money market instruments, foreign exchange, and derivatives.
Kagiso completed her articles at Deloitte within the Financial Services team and gained international experience at the Deloitte London office. She joined All Weather Capital in 2021 as a Global Emerging Markets Analyst and covers Emerging Market equities.
Kamogelo is a Global Emerging Markets Equity Analyst with a strong interest in financial markets and equity investing. She began her career as a Graduate Trainee, developing a solid foundation in fundamental research and investment analysis. Kamogelo is committed to producing clear, insight-driven analysis and continues to build her expertise across global equity markets
Njabulo joins All Weather Capital as an ESG analyst, supplementing our existing ESG functions, and supporting our commitment to responsible investing. Njabulo joined All Weather Capital as part of the Graduate skills transfer programme offered and has a post Grad Diploma in Finance, Banking & Investment Management. He has supplemented his passion for ESG by qualifying for various ESG certifications while he was a part of our Graduate programme. The courses include an ESG certificate from Bloomberg; Environmental, Social and Governance Specialisation from Corporate Finance Institute (CFI) as well as a Corporate ESG and sustainability-101 level masterclass from Udemy.
Ryan began his career at Citibank as a graduate in the Equity Research division, where he helped cover the South African food producers and retail sectors, developing strong expertise in financial modelling, valuation, and fundamental equity analysis. He holds a Bachelor of Business Science (Honours) in economics, graduating Magna Cum Laude.
Roxanne began her career at All Weather in early 2026 as Executive Assistant to All Weather Capital's CEO/ CIO. She is an ambitious and adaptable professional whose strengths as a communicator and planner contribute to the smooth running of his schedule and workload, allowing him to focus on high-level decision making. She is also closely involved in preparing fund presentations and monthly performance communications and attributions. She continues to bring curiosity and a drive for continuous improvement to mastering systems and optimising processes.
Operations
Mark joined All Weather Capital as the Operations Manager and Fund Accountant in October 2014. Prior to joining All Weather he worked for Barclay’s Capital as a Senior Assistant Vice President for 8 months, working on the Product Control for the New York trading desk. Before Barclays Mark worked for Capricorn Hedge Fund Managers for five and a half years as the Fund Accountant.
Nonhlanhla joined All Weather Capital as a Fund Accountant in March 2023. Prior to this, she completed her articles at RSM South Africa in January 2023, where she gained experience across various industries and was seconded to the RSM Australia office. Nonhlanhla oversees All Weather Capital’s financial and accounting functions to ensure that the firm complies with its financial regulatory requirements.
Chante joined All Weather as a Portfolio Assistant/ Fund Accountant in May 2019. She previously worked at Curo Fund Services as a Senior Fund Accountant. Prior to Curo Fund Services, Chante worked as a Junior Fund Accountant at State Street while completing her Honours in Finance and Investment Management.
Deon Kondleka is a Portfolio Assistant at All Weather Capital, having joined the firm in May, 2025. He previously worked as a Market Maker at Cloud Atlas Investing and as an Associate Equity Swaps Specialist at Deutsche Bank South Africa, where he gained experience across equity markets and derivatives. Deon holds a Bachelor of Science in Mathematics and Information Systems from the University of South Africa and is currently completing a BCom Honours in Financial Modelling, with both majors and research modules completed. He is a holder of the SAIFM Registered Persons Examinations in Equity and Derivatives Markets and is a registered JSE Securities Trader.
Tlotlo Lekgoba
AI & Automation Analyst
BSc (Actuarial Science & Mathematical Statistics)
View ProfileTlotlo joins All Weather Capital as the first Technology Analyst, driving the adoption of modern technology, automation, and machine learning to enhance investment efficiency and decision-making. She brings 2.5 years of experience as a Data Scientist at Navigare Securities, where she specialized in financial data engineering, large-scale alternative data analysis, and the development of AI-driven data systems.
Kiyona joined All Weather Capital as a Data Engineer in June 2026, focusing on data engineering, automation, and operational efficiency to support investment decision-making. She holds an MBA in Data Science and Machine Learning from the Business and Hospitality School of Switzerland, along with professional certifications in Generative AI, AI in Digital Marketing, and Blockchain & AI. Prior to joining All Weather, she spent a year as a Data Science intern at Xaltius, where she worked with ESG datasets to build predictive models examining the relationship between environmental performance scores and company financial performance. She brings expertise in Python, data preprocessing, exploratory and statistical analysis, machine learning, and data visualization.
Business Development
Mandilakhe Ngqoza joined All Weather Capital in September 2022 as Head of Client Strategy and Investor Relations. Mandi has over 17 years in financial services where he honed his investment knowledge. He started his career at Allan Gray in their client servicing department before moving to State Street Global Services in their institutional client servicing team providing custody and trading support for their South African clients. He spent the next 6 years at RisCura in their investment consulting team starting as a client services manager and moving all the way to an investment consultant providing investment strategy to his own range of clients. He then moved to Alexander Forbes where he became a Senior Consultant also providing strategy and investment support to a wide variety of clients.
Natalie Smith
Head Retail Business Development
B A (Arts), AFM (Higher certificate Financial Markets and Instruments)
View ProfileNatalie Smith is Head of Retail Business Development at All Weather Capital with over 25 years of experience in financial services, investment management and fiduciary solutions. She has held senior leadership roles at Novare Investments ,Cadiz Asset Management and Coronation Fund Managers amongst others, and has extensive expertise in business development, strategic partnerships and advising high net worth individuals, family offices and institutional clients. Natalie is passionate about building trusted relationships and delivering long-term value through strategic thinking and client-focused solutions.
Jade Houreld
Head Global Business Development
Professional Diploma in Marketing Management (IMM)
View ProfileJade started at All Weather in January 2022, with over 20 years' experience in financial services. Before joining, she was an Investment Consultant at 36ONE Asset Management. Jade also worked for AlexForbes Investments for 7 years, filling multiple roles, including offshore capital-raising for the firm’s alternative investment offerings, institutional client account management and an executive management role for the broader client channels team. Prior to joining AlexForbes Investments, she spent 5 years working at Old Mutual. Jade has a Professional Diploma in Marketing Management from the IMM Graduate School of Marketing.
Tshegofatso Morifi is a Business Development Analyst with a strong foundation in Economics and Accounting, holding a Bachelor of Commerce in Investment Management. She began her journey at All Weather Capital as a Graduate Trainee, gaining hands-on experience in equity research and investment strategy. In her current role, she supports strategic initiatives and due diligence processes, bringing strong analytical insight and a passion for long-term, inclusive value creation.
Mmaphiri joined AWC in 2024 and supports the business development and client servicing teams in coordination, marketing execution and client communication processes. Prior to joining AWC, she worked at Third Way Investment Partners for 6years, where she gained experience in investment support and distribution administration. She plays a key role in ensuring efficient client onboarding, marketing material coordination and relationship management support.
Our History
A decade on of positive outcomes, innovation, and recognition in the investment management industry.
Founded
All Weather was established with a vision to deliver exceptional investment returns through disciplined asset management. First mandates received from clients for Hedge Funds.
THIRDWAY joins All Weather
THIRDWAY Asset Management Group (formerly Zava Financial Services) acquired a controlling stake in the business.
SA's first retail hedge funds launched
Became a signatory to the Principles for Responsible Investment (PRI) and launched one of South Africa's first retail hedge funds.
Enhanced the firm's responsible investing capabilities
Enhanced the firm's responsible investing capabilities through the appointment of a dedicated ESG analyst and the integration of ESG considerations into the investment process.
Global Emerging Markets Equity Fund launched
Acquisition of the Global Emerging Markets team and the launch of a dedicated Global Emerging Markets strategy.
Staff Share Scheme established
All Weather Staff (Pty) Ltd acquired a 15% ownership stake in the firm.
Established Fixed Income and Multi-Asset
Fixed income and multi-asset capabilities.
All Weather Best Ideas Fund launched
Launched the All Weather Best Ideas Fund.
Global Resources Fund and the Global Emerging Markets ZAR Feeder Fund launched
Launch of the Global Resources Fund and the Global Emerging Markets ZAR Feeder Fund
Our Shareholders
All Weather is proudly owned by a combination of management, employees, and strategic shareholder. This ownership structure has ensured alignment of interests and long-term stability throughout the growth of the business.
49.6%
Management and staff Ownership
50.4%
Strategic shareholder
Employee Ownership
We believe that employee ownership creates a culture of accountability and long-term thinking. Our employee share ownership program ensures that everyone has a stake in our collective success.
B-BBEE Compliance
Since the founding of the business, we have been unwavering in our commitment to transformation, diversity and inclusion. This commitment reflects in our B-BBEE Level 1 rating, our commitment to gender parity in terms of our staff complement and overall broad management structure. Our shareholder structure reflects our dedication to economic empowerment and inclusive growth in South Africa.
Social Investing & Impact
We believe that successful investing goes beyond financial returns.
Our commitment to social responsibility drives us to create positive change in the communities we serve. Through our ESG integration, community partnerships, and transformation initiatives, we're building a more inclusive and sustainable future.
Our commitment extends to:
- Training graduates and developing young South African talent, building the next generation of investment leaders.
- Advancing financial literacy, helping investors make informed, confident decisions.
- Supporting inclusive opportunity, ensuring our industry reflects the diversity and potential of the country.
- Responsible investing, grounded in long-term thinking, disciplined governance, and accountability for real-world outcomes.
- Building wealth and building a nation are not separate goals. They are part of one positive outcome.