This research article titled “The Peace That Passes All Understanding”, written by Tom Holland and published with kind permission from Gavekal Research, examines the complexity and fragility of the 14-day ceasefire reached on Tuesday, 7 April, just ahead of Donald Trump’s 8 pm Eastern Time deadline. While the situation remains tenuous, we believe that the…
After more than a decade of disappointment, emerging market equities mounted a strong comeback in 2025. The MSCI Emerging Equities Markets Index surged 33.6% last year, compared to a 21.1% gain posted by its developed markets equivalent. This was a remarkable turnaround from years of underperformance that saw the index drop over 40% from its…
The world economy and markets have experienced multiple disruptions over the past six years. From the COVID-19 economic shutdowns in 2020 and the cost-of-living crisis in 2022, to the 7 October 2023 attacks in Israel and this year’s war in Iran, along with the AI boom and the software bust, we have experienced what it…
US President Donald Trump’s announcement of sweeping tariffs on imports sent investors reeling in April 2025, with American stock markets losing a record-setting $6.6 trillion in value over just two days. The Dow and S&P 500 each lost more than 9 % on the first two trading days after Trump set out his “Liberation Day”…
At Dynasty, we have long endorsed an investment approach that blends active and passive portfolio management to achieve optimal, risk-adjusted returns over the longer term. As an evolution within our portfolio construction, we have recently included three Enhanced Indexation Funds in our house-view global equity portfolios. Explaining Enhanced Indexation Enhanced Indexation is an active-passive hybrid…
The strength of the rand over the past year is a most topical subject amongst our clients. In this article, penned by Alison Barker (economist at Advantage FX Solutions), with additional analysis provided by seasoned investment professional Dr Lance Vogel, we illustrate that the dollar is currently trading at levels close to its long-term equilibrium…
Gold has been on a tear in 2025, surging 50% in value and setting more than 30 nominal records for the year to date. During September alone, gold racked up a 10% gain as investors fretted about inflation and a looming US government shutdown. Gold is at the top of the performance tables for 2025,…
Many people conflate ETFs (exchange-traded funds) with ‘passive’ management and unit trusts or mutual funds (Funds) with ‘active’ management. This is a fallacy. In reality, there are both actively managed ETFs, where portfolio managers select securities in an effort to outperform a benchmark, as well as many passively managed Funds. A related myth is that…
At Dynasty, we’ve traditionally had a strong bias towards ‘quality’ in our clients’ global equity portfolios. In brief, the quality investment style favours stocks with strong balance sheets, stable earnings, and high returns on equity. Such companies have strong heritage brands, substantial pricing power, credible management teams, and operate in sectors with high barriers to…
