It's incredible to think we are wrapping up yet another year! This one has been special, not just for the quality of returns, but for the depth of rhythm the F&A practice has entered in to. We deeply value our special relationships with each of you, and it gives us great satisfaction to deliver on the trust you have placed in us!
Read MoreIn investments, it is very seldom that the portfolio manager and the investor experience the same return figures. We’re going to explore two ways to measure performance and unpack where the portfolio manager’s responsibility starts and ends. Spoiler: investor composure is only part of the story.
Read MoreIn investing, uncertainty is often cast as the villain. It unsettles markets, shakes confidence, and tempts us to retreat to the safety of cash. But this view misses a fundamental truth: uncertainty is not the enemy—it is the very condition that makes reward possible.
Read MoreAs passive investing continues its surge in popularity, it would be natural to ask why anyone would pay more for active management. At PortfolioMetrix, we do pay more for active management, but we are very selective in only paying for proven skill, as well as being precise about when, where, and how much we invest in active management…
Read MoreWe're back with your latest quarterly and monthly updates. In this edition, we take a look at the key factors that shaped the investment landscape in Q2 2025, along with a quick wrap-up of June's market activity. As always, these insights are brought to you by our partners at PortfolioMetrix. We hope you find them relevant, informative, and worthwhile.
Read MoreOver the past decade, PortfolioMetrix has pioneered a paradigm shift away from the traditional "art and science" of investing to a more rigorous, risk-calibrated approach. While this delivers discipline and consistency, it cannot address one crucial factor: behaviour. Markets are not governed by immutable laws but by the impulses of human psychology. This is where advisers exhibit great value.
Read MoreGeopolitical uncertainty is rising - but rather than fixating on what’s unknowable, investors are better served by focusing on what we do know. In this piece, we explore how uncertainty distorts decision-making, why strong institutions matter more than forecasts, and the critical role advisers play in helping clients stay grounded.
Read MoreWe’re back with your latest quarterly and monthly updates. In this edition, we’re sharing a look at what shaped the investment landscape in Q1 2025, plus a quick monthly wrap of what went on in March. As always, these insights come from our partners at PortfolioMetrix, and we hope you find them useful and easy to digest.
Read MorePresident Trump’s re-election in late 2024, often dubbed “Trump 2.0”, initially sparked a renewed sense of American exceptionalism. While his return to office has generated far more excitement and action than his first term, this period has also seen several notable market responses, alluding to a shift in economic dynamics; with the most recent downturn of the stock market…
Read MoreJanuary saw a major shake-up in the artificial intelligence (AI) investment landscape. A relatively unknown Chinese tech start-up, DeepSeek, announced the release of R1, an open reasoning large language model (LLM)…
Read MoreWhat a year 2024 ended up being for our strategies! Returns were pleasing across the board, providing necessary resilience to the long-term views we take. This win is a testament to the patience and trust shown by you, and in turn, us all, in the process we follow…
Read MoreAnother year draws to a close, and what a treat it has been for us South Africans! In a society that has gotten too used to challenging news, the positives of this year far outweigh the negatives! And so our smiles are up!
Read MoreOver the past century, bonds have been steady investments, offering lower returns with lower risk. This has given them the reputation of being reliable preservers of capital in portfolios. However, this isn't always true. In 2021, as economies began blowing away the COVID cobwebs, demand outpaced supply, driving up prices…
Read MoreThis entry includes both the Quarterly Investment Update & Fund Commentary for Q3 2024, and the September 2024 Monthly Update.
Read MoreAs we navigate the dynamic world of financial markets, it's important to revisit a critical subject: market volatility. The recent shifts in early August 2024 remind us of the unpredictable nature of markets, influenced by weaker economic data and persistent geopolitical strife.
Read MoreIn July, markets delivered mixed results across different asset classes. Global bonds performed well as yields fell, driven by softer-than-expected economic data from the US, including a decline in the Consumer Price Index. These lower-than-expected inflation figures led investors to anticipate that the US Federal Reserve might cut interest rates sooner than expected.
Read MoreWe have seen positive developments and some lovely trends starting to present. Much noise is already coming out from various newly appointed Ministers, noting previous poor governance, maladministration and probable corruption. This transparency, although uncomfortable, is essential in the country’s move to a more accountable environment.
Read MoreWhat an incredible few weeks its been in SA. This keen mix of nerves and hope as we went to the polls, followed by a devastating and deserved loss of outright control by the ANC, a stunning move towards a Government of National Unity and now the various steps towards co-governance...
Read MoreStickier-than-expected inflation and geopolitical tension were the overarching themes for April. The US, UK and Euro area all saw more stubborn than expected inflation. This was alongside some marginally more positive than expected economic data across major markets, which caused markets to re-evaluate the timing and pace of interest rate cuts by central banks, particularly the US…
Read MoreMarch saw the end of the last standing negative interest rate, with Japan’s central bank raising its policy rate into positive territory. Globally, equity markets continued trending upwards in the face of broadly neutral economic news, as market participants continued to discount the chance of a recession, which also contributed to solid, if unspectacular, fixed income returns…
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