Finance Minister Enoch Godongwana delivered his inaugural Budget Speech on 23 February 2022, the content of which has already been widely publicised and digested by different stakeholders. Of greater interest to us were certain Exchange Control amendments announced by the Reserve Bank after this date, which we believe to be of particular relevance to our domestic,…
With international markets facing headwinds in 2022, one would have expected the rand to be on the back foot. After all, rising interest rates in the developed world, growing inflationary pressures, “risk-off” due to the war in Ukraine, and sanctions on Russia would all seem to point to international investors gravitating towards safe haven assets.…
In one of our first communications in January, we indicated that inflation would be the big story of 2022. Even before war broke out in Ukraine, there were indications that the nature of inflation in the US and the rest of the world was shifting from transitory to persistent. And this, as we predicted, would…
As mentioned in our Market Update, the quarter was characterized by concerns around higher-than-expected inflation, a more hawkish policy response by the US Fed in terms of rate hikes, and the war in Ukraine. How have these factors impacted our portfolio positioning? Dynasty-selected portfolios that are aligned with a quality style investment philosophy, generally underperformed…
