Excelsia Capital is an independent, owner-managed investment management firm founded in 2016.
The act of surpassing expectation or achieving a high level of performance or proficiency in a particular activity, skill or endeavour.
A vast area, a sizable land mass, a country, a continent.
A place for people of excellence, where everyone is given the environment to excel in their work and life.
Charlie Munger
"All intelligent investing is value investing – acquiring more than you are paying for it. You must value the business in order to value the stock"
Who We Are

Excelsia Capital is an independent owner-managed investment management company founded in 2016. The team has grown to include professionals with over 100 years of combined experience. Our mission is excellence in investment management which pivots on performance, people, and client service. This is achieved through consistent application of our investment philosophy and process, and enhanced through our team diversity. We ensure transparency in everything we do and have built trusted long-term partnerships with our clients and service providers. As an active investment manager with a fundamental valuation-driven investment philosophy, our core belief is that markets are not efficient in the short term, and move in cycles from fear to greed, and back again – this creates opportunities for long-term investors. Our strategies offered include Core and Aggressive SA Equity, Domestic Balanced, Global Balanced and Global Equity.

Our Investment Philosophy

The guiding principle of our investment philosophy is that we are buying a business and not a stock. This focuses our minds on thinking long term and assessing the key variables that drive value for a business. We are interested in buying businesses that we believe are selling at a discount to our assessment of their intrinsic value. We use multiple valuation methodologies to determine the value of a business. Normalisation of earnings is a key part of understanding business cycles and fair value. We also account for probability of outcomes around intrinsic value and possible time frames over which such value can be unlocked. Included in the valuation process are both quantitative and qualitative factors to help evaluate the key revenue drivers of the business, its risks/rewards, and the industry dynamics in which the business operates.

The key aspects of our philosophy are:

Margin of safety
Investments are made when companies sell at attractive discounts to our estimates of their intrinsic values, and where we feel there is sufficient margin of safety. While margin of safety does not guarantee the success of an investment, it does help protect against the effects of unforeseen and unforecastable events. By using the margin of safety principle across a diversified basket of businesses, our investment portfolios aim to deliver alpha to clients over the long term.
Fear and greed
Businesses are not always priced to accurately reflect their true intrinsic values. At the extremes, this price distortion can be irrational. We seek to profit from this difference between price and intrinsic value. Market “fear and greed”, when emotions and momentum drive prices (and valuations become irrelevant), provides this opportunity.
Macro forecasting
We believe consistent out-performance can only be achieved through superior knowledge and understanding of companies, not through attempts at predicting what is in store for the economy, interest rates or the markets. Therefore, our investment process is bottom-up based upon company specific research. However, we do use overall portfolio structuring as a defensive tool to help avoid unintended concentration to macro factors.
Long-term approach
We take a long-term approach to investing, with a typical investment horizon of 3-5 years. Outperformance in the long-term is driven by focusing on the long-term value of a business. In the short-term, a company’s price tends to be driven primarily by market sentiment and news flow rather than the underlying value of the business.


Excelsia Capital has a range of strategies designed to meet the needs of investors. Our skills and experience in these strategies have been crafted over decades and brought together in team Excelsia. Our valuation-based philosophy and process is consistently applied across all strategies. Our team-based approach together with the inherent diversity within the team ensures robust debate of investment ideas.

Further information on our strategies can be obtained as below:



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Rajay Ambekar
CA(SA), CFA CIO, Portfolio Manager
Rajay, founder of Excelsia Capital, started his investment career in 2003 at African Harvest Fund Managers and has over the years worked at Cadiz Asset Management, Prudential Portfolio Managers, and Investec Asset Management. He was a Senior Audit Manager at KPMG prior to joining African Harvest as an Equity Analyst. His extensive portfolio management experience has ranged from relative value (Cadiz and Prudential) to deep value (Investec). At Investec he co-managed the Value franchise together with John Biccard and in 2015 left Investec to establish Excelsia.
Richard Middleton
BSc Eng, MBA Portfolio Manager
Richard began his career in 1997 at RMB Asset Management as a Precious Metals Mining Analyst before joining Liberty Asset Management. With the formation of Stanlib Asset Management, he headed up their Growth franchise. He left Stanlib to join Investec Asset Management, where he managed the Growth franchise as well as Emerging Companies strategy before transferring to Investec Wealth where he managed the income generating and value orientated, Progressive Yield mandate. He joined Excelsia in 2019.
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Sithembiso Garane
BCom (Hons), MCom Head of Fixed Income, Portfolio Manager
Sithembiso has over 15 years of fixed income experience having started his career as a Credit Sales Dealer at Nedbank in 2009. He was a Credit Analyst at Aluwani Capital Partners before joining Prescient Investment Management as a Credit Portfolio Manager in 2018 where he took responsibility for Prescient’s credit process and portfolios across all fund strategies. He also managed the Prescient Income Plus Fund and the Clean Energy & Infrastructure Development Fund. He then joined Futuregrowth Asset Management as Head of Listed Credit where he led the listed credit analytical process as well as being a member of the credit and structured product committees.
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Mark Narramore
BCom, CFA Senior Equity Analyst
Mark started his career in financial services in 2011 at JP Morgan before joining Novitas Capital as a Corporate Finance Executive in 2013. His role involved assisting both listed and private companies raising capital, concluding sale mandates, M&A and corporate restructuring. He then joined Warwick Wealth as an Investment Analyst and Portfolio Manager before leaving to join Excelsia in 2016.
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Andrew Bishop
CA(SA), CFA Senior Equity Analyst
Andrew started his career in financial services in 2008 at Element Investment Managers after completing his articles at Deloitte. He was appointed as a portfolio manager in 2017 and was responsible for managing the equity (SA and Global) and multi asset portfolios. He joined Excelsia in 2023.
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Kristen Adams
BBusSci, CFA Equity Analyst
Kristen started her career in financial services at Old Mutual Investment Group in 2016 as a Client Liaison Officer. She then progressed to be a Data and Valuations specialist in 2017 before joining Excelsia as an Equity Analyst in 2019.
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Nancy Bambo
BCom (Hons) Equity Analyst
Nancy started her career in investment management in 2016 at Momentum Securities as a Trainee Equity Analyst and progressed over six years to be an experienced Equity Analyst. She joined Excelsia in 2022. She has passed CFA Level II.
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Chanté Cain
BCom (Hons) Equity Analyst
Chanté graduated with a BCom (Hons) in Financial Management. She joined Excelsia as a Trainee Equity Analyst in 2022. She has passed CFA Level II.
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Tshepiso Molopa
NDip Metallurgy, BCom Trainee Equity Analyst
Tshepiso graduated with a National Diploma in Metallurgy. He worked at Mintek as a Metallurgy Intern and then went on to complete a BCom in Finance. He joined Excelsia as a Trainee Equity Analyst in 2023. He has passed CFA Level I.
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Derek McDonald
CA(SA) Head of Risk and IT
Derek started at Coronation Asset Management in 1996 after completing his articles with Deloitte, and was involved with the financial, compliance and operational aspects of the business. With the listing of the group, his role focused on heading up the compliance/internal audit function and providing company secretarial support. He left Coronation to join Tantalum Capital, where he was responsible for the setup and management of all non-investment related functions as CFO, COO and Compliance Officer. He joined Excelsia in 2016.
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Sharifa Jaffer
BCom Chief Financial Officer
Sharifa has extensive investment management financial, operational and compliance experience, 18 years of which was spent at Element Investment Managers. She joined Excelsia in 2021.
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Lindsay Tolmay
BBusSci (Hons) Chief Operating Officer
Lindsay started her career in operations at a London hedge fund in 2009 before returning to South Africa where she took up a position as Operations Manager at Capricorn Fund Managers. She has also held operational roles at Abax Investments and Ninety One. She joined Excelsia in 2022.
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Keyara Valaitham
BBusSci Operations
Keyara is a recent graduate who joined Excelsia in 2024 as an operations administrator.
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Business Development

William Moutloatse
BCom Head of Business Development
William started his career in 1993 as an Executive Trainee at First National Bank. He then worked at Stanlib as a portfolio manager before moving to Transnet Pension Fund Administrators, where he became Senior Manager responsible for equities, bonds and alternative assets and represented the fund on various governing boards and investment committees. He joined Novare as Head of Fund Consulting and was promoted to CEO of Novare Actuaries and Consultants. He left Novare to join Maru Asset Managers as CEO. William joined Excelsia in 2018.
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Thank you for visiting Excelsia Capital’s website. We welcome client interaction and would be happy to introduce our business to you. If you are an institution, a consultant, an independent financial advisor or a retail investor and would like to learn more, please contact us. We look forward to answering your questions.

3rd Floor, Sunclare Building
21 Dreyer Street
Claremont, 7708
Cape Town
Get In Touch
Tel: +27 21 276 1740
Email: info@excelsia.co.za