Monthly Report | January ’24
Introduction
Tight financial conditions and slowing growth will weigh on valuations, profit margins and earnings. US valuations and earnings estimates remain 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 ease policy. In terms of performance, global equities rose 1.2%, led by US and Europe which was up more than 1.5%. The rally has been rather narrow driven by large growth stocks which were up 2.1% and tech stocks which were up 4%. Emerging markets were down 4.6% led by China, down 10.6%. South African equities were down 2.8% led by Resources, down 5.9% and Banks, down 3.7%. Global government bonds fell 1.4%.
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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