For much of the last century, investment success was often linked to foresight. The prevailing belief held that skilled investors could anticipate market cycles, economic inflection points, and policy shifts to stay ahead of the curve.
But that paradigm is shifting.
Today, markets are no longer guided solely by fundamentals like interest rates or corporate earnings. Instead, they are increasingly influenced by fast-moving, unpredictable forces: a single tweet from a political leader, an unexpected regulatory change, or a sudden shift in public sentiment can move global markets in minutes.
In this environment, attempting to forecast outcomes with consistency has begun to resemble speculation more than strategy. Political, ideological, and geopolitical developments unfold in real time and often without warning. Building portfolios based on what might happen next has become a high-risk, low-confidence exercise.
The standard disclaimer, "past performance is not indicative of future results", has never felt more relevant.
Despite the growing complexity of markets, many investors and managers still operate within a relative performance framework. Success is too often measured not by the absolute value created, but by how a portfolio compares to a benchmark or peer group.
This approach is increasingly misaligned with the needs of long-term investors. It encourages short-termism, herd behaviour, and risk-taking aimed more at outperforming others than at preserving capital or steadily compounding returns.
Moreover, short-term performance alone often tells an incomplete story. Strong results may be driven by timing, sentiment, or external events —factors that are rarely repeatable. A rally powered by momentum or favourable political developments may look impressive but may not be sustainable over time.
In contrast, genuinely resilient returns come from businesses whose fundamentals endure across cycles. They come from understanding not just what performed well, but why and whether it can be repeated.
In a world increasingly defined by uncertainty, the most useful question investors can ask is not, 'What's going to happen next?' but rather, 'How prepared are we for whatever comes?'
If we take the advice of Benjamin Franklin in the heading above, a different approach to portfolio construction is now required. Instead of trying to anticipate each twist in the market, investors should focus on building portfolios designed to withstand a wide range of possible outcomes.
It starts with owning the right kinds of businesses. High-growth, non-dividend-paying stocks, common in sectors like AI or biotechnology, may produce outsized returns in favourable conditions but are often highly sensitive to sentiment swings. Likewise, commodity and resource stocks can introduce another layer of volatility, as they're tightly linked to geopolitical tensions and fluctuating global demand.
By contrast, companies that provide essential goods and services, such as consumer staples, utilities, and healthcare, tend to offer more stable cash flows and earnings. Businesses with a track record of paying and growing dividends are particularly valuable, providing predictable income even in turbulent markets. These are the kinds of companies that form the backbone of resilient portfolios.
At Marriott, our investment philosophy is grounded in a simple but powerful principle: when investment outcomes are more predictable, investors gain greater peace of mind. That peace of mind encourages long-term commitment, enabling investors to benefit from the full power of compounding.
To support this, we construct portfolios around companies with strong balance sheets, consistent dividend histories, and clear paths to sustainable growth. These businesses do not rely on market timing or short-term catalysts. Instead, they generate dependable cash flows by meeting enduring needs.
We also avoid the temptation to chase relative performance. Doing so often leads investors toward speculative or momentum-driven positions that may perform well temporarily but lack staying power.
This approach may not always lead performance tables during bull markets, but it offers a higher degree of consistency and resilience during periods of volatility and uncertainty.
The companies we invest in share a common set of characteristics: durable business models, essential products and services, strong market positions, and consistent, growing dividends. Below are just a few examples of the kinds of businesses that help form the foundation of our portfolios:
| Company | Key Strength | Strategic Insight | Did You Know? |
 Market Position = #1 Dividend Cuts (20 yrs) = 0 |
Irreplaceable tech supplier powering next-generation semiconductor production. Their Extreme Ultraviolet (EUV) lithography machines are essential to making modern AI chips. | Critical enabler of global AI and semiconductor growth; unmatched competitive moat with rising demand for advanced chips. | ASML is the only company in the world that manufactures Extreme Ultraviolet (EUV) lithography machines, a critical and highly advanced technology used to make the most cutting-edge computer chips. |
 Market Position = #1 Dividend Cuts (20 yrs) = 0 |
Iconic beverage giant with an unmatched global distribution network and resilient demand. | Generates strong cash flow with low capital needs. A defensive but growing company which benefits from emerging market demand, product innovation, and real pricing strength globally. | Coca-Cola is consumed 1.9 billion times a day, making it the most widely consumed branded product on Earth. |
 Market Position = #1 Dividend Cuts (20 yrs) = 0 |
Premier digital infrastructure provider at the core of cloud, finance, and telecom traffic. | Benefitting from the explosion in cloud computing, AI workloads, and global data consumption as digital infrastructure becomes essential. | Equinix operates 250+ data centres globally and powers the digital infrastructure of over half the Fortune 500. |
 Market Position = #1 Dividend Cuts (20 yrs) = 0 |
Diversified healthcare leader with a focus on Innovative Medicine and MedTech. | Stable cash generator in a volatile market, with growth from new pharmaceutical pipelines and medical technology innovation. | J&J has increased its dividend for over 60 consecutive years, while serving over a billion people every day through health innovations. |
 Market Position = #1 Dividend Cuts (20 yrs) = 0 |
Global beauty powerhouse combining scientific R&D with luxury brand strength and innovation. | Leveraging global beauty demand and scientific innovation, with rising opportunity in skincare and high-growth emerging markets. | L'Oréal reaches consumers across 150+ countries, owns over 35 different beauty brands, ranging from luxury houses like Lancôme to mass-market icons like Garnier and Maybelline. |
 Market Position = #1 Dividend Cuts (20 yrs) = 0 |
Trusted market leader with powerful cloud, software, and AI solutions. | Microsoft's strong cloud and AI leadership, combined with its broad ecosystem, creates a lasting competitive advantage and loyal customer base. Its heavy investment in AI and infrastructure positions it to lead the ongoing digital transformation. | Over 1.5 billion people rely on Microsoft software daily, and 95% of Fortune 500 companies use Azure for cloud services. |
 Market Position = #1 Dividend Cuts (20 yrs) = 0 |
Global leader in consumer staples with deep brand loyalty, pricing power, and scale. | Positioned to thrive irrespective of the macro environment due to its trusted brands and focus on innovation, backed by a strong global supply chain. | Over 5 billion people use P&G products daily – and more than 20 brands each generate $1B+ in sales annually. |
 Market Position = #1 Dividend Cuts (20 yrs) = 0 |
Dominant global payments network with unmatched scale, security, and reliability. | Well-positioned to capitalize on the global shift to digital and cross-border payments, especially as e-commerce and fintech expand. | Visa processes over 260 billion transactions annually and touches nearly every digital payment globally – without taking on credit risk. |
| Source: Bloomberg and company website/presentations | |||
In today's unpredictable markets, we believe resilience is a more dependable strategy than prediction. At Marriott, we focus on quality businesses with stable cash flows, consistent dividend growth, and durable competitive advantages companies that can perform through all market conditions. By maintaining this disciplined approach, we aim to preserve capital, deliver steady compounding returns, and provide our investors with greater financial peace of mind.
Please see the latest commentary on each fund in our factsheets, available on our website.
| As at 31 July 2025 | Total Return | Income Produced# | ||||
| 1 year | 3 years* | 5 years* | 1 year | 3 years | 5 years | |
| Core Income Fund (A) | 11.2% | 10.5% | 8.0% | R80 882 | R251 876 | R360 604 |
| Core Income Fund (C – LISPs only) | 11.5% | 10.8% | 8.3% | R83 751 | R260 513 | R374 662 |
| High Income Fund (A) | 10.9% | 10.3% | 7.9% | R79 420 | R247 337 | R355 472 |
| Income Fund (R) | 10.7% | 9.8% | 7.6% | R84 653 | R249 139 | R348 040 |
| Sector Average (SA – Multi Asset – Income) | 10.3% | 9.6% | 8.4% | R76 019 | R230 209 | R334 513 |
| *Annualised #Assuming R1,000,000 invested Source: ProfileData | ||||||
| As at 31 July 2025 | Gross Return Since Inception – 18 Dec 2023 | ||
| Currency | Cumulative | 1 Year | |
| Smart International Income Portfolio – Dollar | USD | 8.7% | 4.9% |
| Smart International Income Portfolio – Sterling | GBP | 7.7% | 4.4% |
| Performance is gross of fees and withholdings tax Source: Marriott | |||
| As at 31 July 2025 | Total Return | Income Produced# | ||||
| 1 year | 3 years* | 5 years* | 1 year | 3 years | 5 years | |
| Dividend Growth Fund (R) | 6.2% | 9.1% | 9.4% | R24 021 | R99 861 | R169 245 |
| Sector Average (SA – Equity – General) | 17.4% | 13.3% | 14.2% | R24 449 | R91 069 | R171 366 |
| First World Equity Feeder Fund (A) | 7.3% | 8.6% | 6.5% | R20 266 | R68 835 | R105 222 |
| Sector Average (Global – Equity – General) | 15.3% | 16.0% | 10.7% | R2 584 | R10 682 | R13 661 |
| *Annualised #Assuming R1,000,000 invested Source: ProfileData | ||||||
| As at 31 July 2025 | GBP | USD | EUR | ||||||
| 1 year | 3 years* | 5 years* | 1 year | 3 years* | 5 years* | 1 year | 3 years* | 5 years* | |
| ISP – Income Growth Portfolio | 6.7% | 4.2% | 7.6% | 9.9% | 7.1% | 7.8% | 4.0% | 3.1% | 8.5% |
| *Annualised Gross of Investment Management Fee Source: Bloomberg | |||||||||
| As at 31 July 2025 | Total Return | Income Produced# | ||||
| 1 year | 3 years* | 5 years* | 1 year | 3 years | 5 years | |
| International Real Estate Feeder Fund (A) | -5.8% | 0.6% | 3.0% | R29 423 | R96 438 | R157 941 |
| Sector Average (Global – Real Estate – General) | 1.3% | 2.4% | 3.9% | R11 958 | R36 074 | R64 938 |
| *Annualised #Assuming R1,000,000 invested Source: ProfileData | ||||||
| As at 31 July 2025 | GBP | ||
| 1 year | 3 years* | 5 years* | |
| First World Hybrid Real Estate plc (A) | 5.3% | -1.7% | 4.5% |
| *Annualised Gross of Investment Management Fee Source: Marriott | |||
| As at 31 July 2025 | Total Return | Income Produced# | ||||
| 1 year | 3 years* | 5 years* | 1 year | 3 years | 5 years | |
| Property Income Fund (A) | 21.4% | 13.1% | 14.7% | R60 569 | R199 634 | R389 480 |
| Sector Average (SA – Real Estate – General) | 22.4% | 15.7% | 16.6% | R53 086 | R190 070 | R366 080 |
| *Annualised #Assuming R1,000,000 invested Source: ProfileData | ||||||
| As at 31 July 2025 | Total Return | Income Produced# | ||||
| 1 year | 3 years* | 5 years* | 1 year | 3 years | 5 years | |
| Balanced Fund (A) | 9.8% | 8.9% | 7.5% | R44 253 | R148 275 | R232 640 |
| Balanced Fund (C) | 10.4% | 9.5% | 8.1% | R50 057 | R166 018 | R262 531 |
| Sector Average (SA – Multi Asset – High Equity) | 15.3% | 13.0% | 11.9% | R27 069 | R97 234 | R163 792 |
| Essential Income Fund (C) | 13.9% | 12.0% | 11.5% | R62 117 | R209 450 | R363 541 |
| Sector Average (SA – Multi Asset – Flexible) | 14.4% | 12.4% | 12.5% | R31 498 | R110 908 | R187 893 |
| International Growth Feeder Fund (A) | 5.3% | 5.9% | 5.0% | R21 482 | R71 447 | R108 534 |
| Sector Average (Global – Multi Asset – Flexible) | 10.4% | 12.5% | 7.7% | R2 350 | R9 239 | R13 479 |
| Worldwide Fund (A) | 8.2% | 7.8% | 6.1% | R28 227 | R98 941 | R144 565 |
| Worldwide Fund (C) | 8.9% | 8.4% | 6.7% | R34 037 | R117 149 | R174 637 |
| Sector Average (Worldwide – Multi Asset – Flexible) | 15.4% | 14.0% | 10.1% | R12 694 | R43 355 | R60 906 |
| *Annualised #Assuming R1,000,000 invested Source: ProfileData | ||||||
| As at 31 July 2025 | GBP | USD | EUR | ||||||
| 1 year | 3 years* | 5 years* | 1 year | 3 years* | 5 years* | 1 year | 3 years* | 5 years* | |
| ISP – Balanced Portfolio | 7.4% | 3.3% | 7.1% | 10.6% | 6.2% | 7.3% | 4.7% | 2.3% | 8.0% |
| *Annualised Gross of Investment Management Fee Source: Bloomberg | |||||||||
Please note that where the term ‘yield/yields’ is used, these are historic yields
Collective investment schemes are generally medium to long-term investments. The value of participatory interests or the investment may go down as well as up. Past performance is not necessarily a guide to future performance. Collective investment schemes are traded at ruling prices and can engage in borrowing and scrip lending. If required, the manager may borrow up to 10% of the market value of the portfolio to bridge insufficient liquidity. Forward pricing is used. The ruling price of the day is calculated at approximately 15h00 SA time each day. Purchase and repurchase requests must be received by the manager by 15h00 SA time each business day. Prices are published on a daily basis on the Marriott website, www.marriott.co.za. Unit trusts are calculated on a net asset value basis. Net asset value is the value of all assets in the portfolio including any income accrual and less any permissible deductions from the portfolio. Marriott does not provide any guarantees with respect to the capital or the return of the portfolio. A schedule of fees and charges and maximum commissions is available on request from Marriott. Where initial fees are applicable, these fees are deducted from the investment consideration and the balance invested in units at the net asset value. Commissions and incentives may be paid and if so, would be included in the overall costs. Different classes of units apply to the fund and are subject to different fees and charges. Declaration of income accruals are monthly. Performance figures are based on lump sum investment. Individual investor performance may differ as a result of initial fees, the actual investment date, the date of reinvestment and dividend withholding tax. Past performance is not indicative of future performance. This portfolio may be closed to new investors in order to manage it more efficiently in accordance with its mandate. The TER shows the percentage of the average Net Asset Value of the portfolio that was incurred as charges, levies and fees relating to the management of the portfolio. A higher TER ratio does not necessarily imply poor return, nor does a low TER imply a good return. The current TER cannot be regarded as an indication of future TERs. Transaction Costs are a necessary cost in administering the Financial Product and impacts Financial Product returns. It should not be considered in isolation as returns may be impacted by many other factors over time including market returns, the type of Financial Product, the investment decisions of the investment manager and the TER. Marriott Unit Trust Management Company (RF)(Pty) Ltd is a member of the Old Mutual Investment Group. Old Mutual is a member of the Association for Savings and Investment South Africa (ASISA).
Local
Offshore