The end of 2025 and the start of 2026 have been remarkably positive for investors. It's been one of those periods where the markets have really rewarded patience and discipline! The South African Rand has staged an impressive comeback...

We began the year with talk of a tariff driven recession, rapid interest rate cuts and the end of US dollar dominance. Instead, growth has slowed, interest rates have stayed higher, and the US dollar has strengthened. So as the next wave of forecasts start to land in your inbox, it’s worth asking: how much weight should investors really give to these calls?

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!