Investments

Context slaps down the SA Inc argument, most times

There is no better place for your client’s money than South African equities, which are looking absurdly cheap as we power into the final quarter of 2022. This opening statement, which is loosely informed by the “SA Inc companies are dirt cheap” view shared at countless asset manager presentations during 2022, carries two disclaimers. First, nothing in the opening statement, nor the remainder of today’s newsletter, constitutes financial advice. And second, one cannot simply regurgitate a pro SA equity view without context.

Sanlam Investments active managers find alpha in 2022 despite surging inflation, interest rates

Local active fund managers used a combination of capital protection, diversification and realignment of portfolios to achieve their mandated returns through 2022, and investors can expect more of the same through 2023, as funds respond to the high inflation, high interest rate environment and the threat of global recession.

Emerging markets: at the mercy of the mighty dollar

We’d rather be mostly right than precisely wrong