Kamini Naidoo

Global uncertainty remains elevated, with concerns around US policy recently triggering a market correction. Over the past year, we maintained a neutral stance on global equities, expecting that any further gains would come from broader market participation. Encouragingly, this began to materialise, with European and Chinese markets outperforming earlier in the year. However, markets continue to seek greater policy clarity, while sticky inflation and the US Federal Reserve’s limited ability to cut rates are contributing to ongoing caution. 

Locally, asset classes continue to offer compelling value with local bond and equity valuations providing appealing risk premia. Given the global backdrop, volatility and downside risks persist.