Specialists in fixed income and credit.

Lethabo Leoka

Managing Director and Portfolio Manager

BCom, BCom (Hons) – University of the WitwatersrandMSc Finance – Birkbeck, University of LondonCFA, FRM

Lethabo established Vachellia Investments after having been a Portfolio Manager for Absolute Return funds at Sanlam Investments. Prior to this, he was Director, Credit Portfolio Management at Libfin, Liberty Group’s proprietary investments business, as well as a debt transaction Originator in the Libfin Markets Credit business.

His experience includes working in derivatives sales at Société Générale in London and at J.P. Morgan in Johannesburg, as well as in Debt Capital Markets at J.P. Morgan in Johannesburg. He began his career as a Graduate at Merrill Lynch in Johannesburg.

Magugu Ntubuzi

Fixed Income Analyst and Associate Portfolio Manager

BCom (Actuarial Science) – University of Cape Town

Magugu is a Fixed Income Analyst and Associate Portfolio Manager at Vachellia Investments, where he contributes to research, investment strategy, and portfolio construction with a focus on fixed income assets.

Previously, he worked in Product Performance and Portfolio Analytics at Argon Asset Management, supporting portfolio managers with construction accuracy, performance monitoring, and risk reporting, while driving automation through SQL, VBA, and Power BI. Prior to that, he was a Fixed Income Dealer and Analyst at Avior Capital Markets, executing trades in bonds and interest rate derivatives, delivering market insights, and ensuring regulatory compliance.

Magugu began his career as an Actuarial Specialist at Old Mutual, where he built pricing and valuation models under IFRS 17 and SAM capital frameworks, producing reserving, VNB, and capital metrics. His actuarial background provides a disciplined and risk-aware approach to investment decision-making.

Koketso Setshogoe

Credit Analyst and Associate Portfolio Manager

BBusSc Finance with Accounting (Hons) – University of Cape Town

Koketso is a Credit Analyst and Associate Portfolio Manager at Vachellia Investments, where she combines fundamental credit research with active portfolio management.

Her experience spans both listed and private credit instruments, covering corporates, infrastructure assets, and sub-sovereign entities. Notable transactions include financing a USD facility for a gas distributor in Nigeria, conducting a credit appraisal of a leveraged buyout in South Africa, and the post-investment review of a key West African aviation hub.

Prior to Vachellia, Koketso was a Credit Analyst at Ninety One. Before that, she was an intern at Allan Gray and was also selected for Bain & Company’s Women’s Accelerate Program. She is currently pursuing her CFA Level II.