Our Story
After a mid-career break, I established an investment boutique in 2013 specialising in the management of commodity portfolios.
In 2016 two significant fuel news items sparked a leap of logic that was destined to redefine the fuel price risk management industry.
First, South African Airways reported hedging fuel purchases at $108 per barrel. This resulted in another massive loss, effectively wiping out its capital base. Also in 2016, the South African Strategic Fuel Fund reported selling most of South Africa’s remaining fuel reserves at $28 per barrel. At the time these transactions were reported, the crude oil price was about $50 and both transactions had lost significant amounts of taxpayer money.
The scale of this palpably flawed ubiquitous approach to fuel price risk management laid the foundation for what will become an industry-changing approach to fuel price risk management.
The application of the risk management techniques that Coherent has applied to commodity investment portfolios daily for the last decade have been integrated into FUELZA and are now available to all fuel consumers in the real economy.
Our Team
Andy Pfaff
Chief Investment Officer
LLB, Fellow of the Institute of SA Financial Markets.
Andy is a multiple hedge fund award-winning money manager with over 30 years of experience in local and international financial markets.
Email Andy:
andypfaff@coherentcommodities.com
Graham Evans
Agronomist
B.Sc. Agricultural Economics, Member of the S.A. Angus Council.
Graham is a specialist agronomist and a member of the S.A. Angus Council. His years of experience in agriculture provides our team and clients with unique insights.
Ndu Mdletshe
Analyst
Com (Hons) Marketing & Economics, Postgraduate diploma in finance, banking, and investments.
Ndu has a strong academic background and practical experience as a lecturer in finance, quantitative statistics, economics, sales, and marketing. His diverse expertise supports our strategic analysis and risk management.
Wendy Funnell
Marketing
With over 25 years of experience in the financial industry, Wendy has led one of South Africa’s largest asset manager’s dealing desks and has significant expertise in business development and middle office management.
Bru
(late) Chief Canine Officer
Bru, a distinguished pit bull, held his position with unparalleled dedication and charm. He brought 14 years of wisdom, loyalty, and the occasional risk management growl to our team. Known for his keen sense of timing, Bru ensured that no meeting went uninterrupted and that every break included an obligatory dose of fetch.
Bru’s journey with FUELZAvings began when he and I moved into my old family home on the KZN South Coast not long before COVID-19. Bru assumed his risk management role diligently, alternating patrolling the property perimeter and exercising his unique brand of office supervision. Whether it was sleeping on the floor with me before the furniture was unpacked or providing unsubtle nudges to ensure the team met deadlines, Bru’s presence was felt in every aspect of our work.
His most memorable contribution came just a month before he passed away. On one of our routine afternoon perimeter patrols, Bru intimated that he would stay until our long-delayed fuel hedge project went live. True to his promise, Bru passed away on Saturday May 18th 2024 and FUELZA was listed on the JSE the following week. He had given his final paw of approval.
Bru may no longer be with us, but his indefatigable spirit, loyalty, and impeccable timing will always be a part of our team. Here’s to FUEL ZAVINGS, my Bru.