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Listed property shows outstanding performance, despite challenging macro environment, but headwinds lie ahead

25 November 2014 | General

The listed property sector continues to show significant outperformance, despite property funds operating in a challenging environment. However, this degree of relative outperformance is not sustainable. This is according to Evan Robins, Listed Property Manager for Old Mutual Investment Group’s MacroSolutions boutique, who says that current economic headwinds are likely to dampen but not derail the dividend growth rate produced by listed property companies; and over the long run listed property is still expected to provide a good return.

Xi’s balancing act

24 November 2014 | General

China is in transition. That the country has achieved spectacular levels of growth over the past three decades is irrefutable, but the law of large numbers, overinvestment and decelerating growth is culminating in a sharper economic downturn than many expected. There is growing belief that the structural issues facing the country (gross capital misallocation, unsustainable levels of debt and the associated declining efficiency of capital) are leading to diminishing returns across a plethora of industries and bringing forward China’s own ‘Minsky moment’.

An eventful quarter at a glance

24 November 2014 | General

The last quarter was characterised by weakness in South African equity markets, after the All Share Index failed to hold onto the all-time highs reached in the previous quarter; weakness in both commodity and foreign exchange markets with the South African Rand testing levels not seen since January this year; and weakness in the credit markets with the knock-on effects of the micro-lender African Bank (ABIL) being placed under curatorship in August was felt across the market.

Policy environment still positive for markets

24 November 2014 | General

The Federal Reserve System marked its 100-year anniversary as the central bank for the US last week. It consists of 12 regional banks and a Washington-based Board of Governors (headed by Janet Yellen). Monetary policy is set by the Federal Open Markets Committee (FOMC).

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