Monthly Report | December ’23
Introduction
Tight financial conditions and slow growth will weigh on valuations, profit margins and earnings. US valuations and earnings estimates remains elevated. We prefer South Africa and emerging market equities with better valuations, less exposure to inflation risks and more exposure to a China recovery and the potential to cut rates. In terms of performance, global equities rose 4.9% while Emerging Markets rose 3.9%. Chinese equities were down-2.4% and South African equities were up 2.9%. Global government bonds rose 4.2% while South African government bonds were up 1.5%.
Previous Reports
Quarterly Report | Q1 ’25
The South African Reserve Bank (SARB) decreased interest rates by 25 basis points at the January Monetary Policy Committee (MPC) meeting.
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