Monthly Report | June ’22
Introduction
Tight financial conditions, higher cost of living and production and increased policy uncertainty should weigh on valuations, earnings and the risk premium. Valuations have come down from elevated levels but earnings estimates remain too high. Year to date global equities were down -21%. Chinese equities were down -12%, outperforming US equities, down -20%. Growth stocks also significantly underperformed Value stocks. South African equities fared much better and was down only -6% by mid-year, with almost all of the negative performance happening in June.
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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