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Yield and Uncertainty Everywhere - A review of 2018 and our outlook for 2019

06 February 2019Martin Hammond, Portfolio Analyst and Trader at Prescient Investment Management
Martin Hammond, Portfolio Analyst and Trader at Prescient Investment Management

Martin Hammond, Portfolio Analyst and Trader at Prescient Investment Management

Review Of 2018

2018 was a tough year across asset classes. Listed property sold off aggressively at the start of the year on valuation and governance concerns, which saw Resilient Property and related entities losing more than half their market cap. Property continues to struggle, with tenants aiming to minimise rental increases or even reduce their rental payments. South African equity and offshore equity were both down over 8% in an increasingly jittery market environment. From a South African investor perspective, offshore equity losses were mitigated by the rand depreciating 16% over the course of the year. Preference shares recovered from a disastrous 2017 to return 15% to their owners in 2018.

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