The South African unit of M&G, the UK fund manager overseeing more than R6 trillion in assets, sees opportunities in investing in the nation’s industrial and financial companies as earnings growth may surprise. “People have under-estimated the ability of earnings” to rebound, said Kaitlin Byrne, a Cape Town-based equities fund manager at the firm, explaining that “given the valuations [they’re] seeing, it is more difficult deciding which stocks to exclude from [their] portfolios than finding good ideas”. Some of these stocks, Fin24 reports, include the Foshini Group, MTN, luxury retailer Richemont, and the banks.