As we enter the home stretch of 2019, many of the same themes that have dominated headlines for the past three years continue to dictate the direction of the markets. But in addition to the volatile brew of Brexit, trade wars and instability in the Middle East, a number of analysts and economists are beginning…
We’re halfway through the year, and there are few signs that the geopolitical volatility that has characterised the past three years will abate any time soon. The same headlines continue to spell uncertainty for the markets — Trump, trade wars and Brexit. Even so, equity markets worldwide enjoyed a strong quarter and first half to…
Welcome to our update for the first quarter of 2019, which reflects a healthy recovery in local and offshore equity markets, following the downturn in the last quarter of 2018. The performance of the market over this period vindicates our approach of focusing heavily offshore, investing in quality funds and assets, and remaining invested in the…
Let’s look back at 2018, before considering why 2019 may well be a better year. Global equities ended 2018 down, with South Africa’s JSE experiencing an especially tough year. The All Share Index was down 8.5% in rand terms and 21.3% in US dollars, while locally listed property fell 25% in rand. Even traditional rand…
As we move into the last quarter of 2018, we are comfortable that the latest developments in global financial markets validate our investment approach. Though there has been some turbulence in the year to date, we have seen strong growth in developed world equity markets which have delivered robust returns. Right now, we are seeing a…
In our newsletter for the first quarter of the year, we commented on renewed optimism in the South African markets as we basked in the glow of Ramaphoria. But the second quarter has brought us back to reality, with the rand now down 19% against the dollar compared to the R11.50 February levels and with…
What a difference three months can make! In our previous quarterly newsletter, we discussed the underperformance of the South African stock market relative to its global peers, as well as the possibility of worse to follow if Nkosazana Dlamini-Zuma won the ANC presidency in the ANC elective conference in December.
The global economy is firing on all cylinders. Though 2016 and 2017 have been politically tumultuous, growth remains robust and international investors are still showing an appetite for risk. Investors in Japan, North America, Europe and emerging markets should all be pleased with the returns they have experienced in 2017 so far. In North America,…
Markets have remained resilient during the first few months of 2017, especially compared to the turbulence that 2016 brought with the shock election of Donald Trump as president of the US and the UK’s referendum vote to the leave the European Union. Investors have shown a strong appetite for stocks and emerging market assets are…
