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Three fund anniversaries highlight the value created for investors.

A butterfly flaps its wings in Wuhan, China

“When the world is running down, you make the best of what’s still around.” – Musician and actor, Gordon Sumner (aka Sting)

“If you owe your bank a hundred pounds, you have a problem. But if you owe a million, it has.” – Economist John Maynard Keynes

But depressed growth and further Eskom support weigh heavily on government

“Invest for the long haul. Don’t get too greedy and don’t get too scared.” – Shelby M.C. Davis

Celebrating the anniversaries of three of our multi-asset funds

Shifting growth dynamics and inflation uncertainty

Cyril Ramaphosa’s ANC needs to save South Africa from economic déjà vu

South Africa’s prospects are looking better, but durable change needs vision and consensus

Inflation – it’s time to pay attention

But SAGBs are still an attractive investment

Confidence in recovery gains momentum

But SAGBs and ILBs still offer attractive opportunities, despite economic challenges

"Speculation … allows you to put your emotions first, whereas investment gets emotions out of the picture.” – John C. Bogle

Passing breeze or real winds of change?

How worried should investors be?

Cheap insurance at a time of heightened risk

But bond yields continue to make up for underlying risks

A well-priced opportunity and inexpensive insurance against risks.

The price is right (or at least it feels that way)

But after riding the wave of optimism, we are now cautious of South African bonds at current levels

“Your perception may not be my reality.” – Aporva Kala, author and philosopher

But SAGBs might still fare better than expected

“We demand rigidly defined areas of doubt and uncertainty!” – Douglas Adams, The Hitchhiker’s Guide to the Galaxy

Post-pandemic recovery in the balance of vaccines and a return of confidence

Let us not waste another crisis

The economic cost of rent seeking

Government’s management of the power crisis will be telling of its broader capacity for reform

“The trouble is, you think you have time.” – Gautama Buddha

“The president can't change the country on his own. But what can he do? He can give an example.” - Volodymyr Oleksandrovych Zelenskyy; President of Ukraine

While economic recovery challenges still abound, the likelihood of South Africa tumbling into a debt trap within the next five years has, thankfully, diminished.

“It does not matter how slowly you go, as long as you do not stop.” – Confucius

“Only a crisis – actual or perceived – produces real change. When that crisis occurs, the actions that are taken depends on the ideas lying around.” – Economist Milton Friedman


Discussion on the drivers of global inflation and how our portfolios are positioned to meet this challenge.

"Long-term consistency trumps short-term intensity" – Bruce Lee, martial artist, actor, philosopher.

Taking money offshore may be popular, but, at present, South African opportunities are still more attractive.