“Extreme scepticism, which is typical of initial reactions to truly transformative events whether in geopolitics or financial markets, will probably turn out to be wrong.” These words from Anatole Kaletsky, Chief Economist at Gavekal Research, are a powerful reminder of the reality that equities markets often surprise fearful investors by rapidly rebounding from events that…
Emerging market equities have enjoyed a remarkable bull run over the past 18 months, staging a turnaround after more than a decade of subdued performance. During 2025 and the first half of this year, the MSCI Emerging Markets Index comfortably outpaced the S&P 500 and the MSCI World Index in US dollar terms. A commodities…
In response to concerns raised by clients around the potential for continued dollar weakness going forward, we have the pleasure of including a recently posted 8-minute podcast by Jason Borbora-Sheen, Portfolio Manager at Ninety One, who discusses how, after expectations of a structural US dollar bear market in 2025, conditions appear to have shifted. The…
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…
