Q1 2023 CIO REPORT – SAFS NARKER

Markets continued to rebound in Q1 2023 on the back of chinese reopening and a rotation out of value stocks into growth stocks. As we face Q2 there is a stark realisation that risks are abound and higher rates are starting to prove their effect on the global economy with growth slowing. CIO, Safs Narker discusses.

Q1 2023 DOMESTIC EQUITIES COMMENTARY – SAFS NARKER

SA markets followed global markets higher over Q1 2023. Although the rate of increase was marginal - it was concentrated in tech stocks and luxury stocks. We think SA inc. value counters pose significant value - but higher rates for longer do pose a risk. We however do believe Q2 and Q3 may prove their resilience. Safs Narker discusses in this video.

Q1 2023 GLOBAL EQUITIES COMMENTARY – RORY SPANGENBERG

In a quarter that saw the demise of Silicon Valley Bank, it may be surprising to note the returns of the Nasdaq Composite Index which delivered gains of over 17% in USD, roughly 10% ahead of the broad market index. The rally was sparked by a downward shift of interest rate expectations. The yield on 2 yr treasuries declined from over 5% at the start of March - to well below 4% which sparked the rally in long duration assets. Returns were concentrated with only 8 stocks contributing more than 80% of the S&P 500 index returns for the quarter. Rory Spangenberg, head of global equities, discusses.

Q1 2023 MULTI ASSET COMMENTARY – NTSEKHE MOILOA

Expectations for growth seem to suggest that it wont be as stellar as we have seen over past few years. It appears an orderly calm is coming through. We expect interest rates are peaking, and thus we will probably see a more accommodating environment. The question for us is what do we do with that? Ntsekhe Moiloa, head of multi asset discusses.

Q4 2022 CIO REPORT – SAFS NARKER

Global markets rebounded quite strongly in Q4 of last year. Whilst the rebound was quite welcome, the markets ended the year relatively flat. Vunani Fund Managers CIO, Safs Narker discusses.

Q4 2022 DOMESTIC EQUITIES COMMENTARY – SAFS NARKER

Economists expect growth to slow in 2023, and SA will not be spared this growth slow down. SA stock valuations however remain attractive. Safs Narker elaborates in this commentary video.

Q4 2022 GLOBAL EQUITIES COMMENTARY – RORY SPANGENBERG

According to data from Morgan Stanley, 2022 was the worst year in over 150 years for both global equities and bonds. Equities declined 18% and was the fourth worst year in the past 50 years. Rory Spangenberg, head of global equities, discusses this as well as covering the portfolio's exposure to the market.

Q4 2022 MULTI ASSET COMMENTARY – NTSEKHE MOILOA

2022 was challenging for all investors, but we think the worst is behnid us. We believe opportunities will open up, especially as inflation may begin to fade away. But how quickly, is the question. Ntsekhe Moiloa, head of multi asset discusses.

Q4 2022 FIXED INTEREST COMMENTARY – ROWAN WILLIAMS-SHORT

2023 was a fantastic year for SA fixed income. The extent to which SA bonds have outperformed is off the scale. Rowan Williams-Short, head of fixed interest at Vunani Fund Managers discusses the SA bond market in detail.

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