Leiden has high number of young professionals (esp. in Biosciences and Space agency) and is high demand commuter town to Amsterdam and The Hague, in old historic building in center of town overlooking parks.

These apartments are newly renovated and ideally located in iconic city addresses. Stylish design and elegant finishes will make your stay at a Pilgrims’ House City Living apartment, a memorable one. Smart, connected and stylishly conceived, every space has been created to work as hard as its residents. Our living spaces are beautifully designed and appeal to those who enjoy clean, modern, and creative spaces.

Pilgrims’ House has been shaped by the historic location, the picturesque scenery and in remembrance of the pilgrims that sought refuge in the town of Leiden in 1609. Pilgrims’ House offers modern and affordable student accommodation in a very secure, newly renovated and professionally-managed private student residence.

Surrounded by like-minded, hard-working students, move in and experience all-inclusive student living. Pilgrims’ House is suitable for both under-grad and post-grad students. Smart, connected and stylishly conceived, every space has been created to work as hard as its residents. Our living spaces are affordable and appeal to those who enjoy clean, modern, and creative design elements.

Introduction

Tight financial conditions and slow 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 cut rates. Local bond yields are attractive. Local core inflation remains contained but upside risks are high. Headline inflation has peaked, and we expect the SARB to cut rates this year. The sovereign credit premium remains elevated. Global developed market bonds remain attractive given the outlook for softer growth.

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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%.

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Spatial Atomic Layer Deposition

Image: Thin film semiconductor wafer (L); Cross-sectional scanning electron microscope image of an Al₂O₃ ALD film with a thickness of 300 nm on a silicon wafer with a trench structure (R)

Thin films and specialised coatings have been the enabling technology for many ground-breaking innovations in modern life, including OLED screens, solar cells and battery technology. To make these products more efficient, expand their lifetime, or miniaturise them further, it is important that the thin film that is incorporated in the product, or is covering the product, is of a consistent and high quality. The deposition of thin films also has to happen at a sufficiently high rate to enable economically viable production at a cost price which can facilitate wide-scale adoption. Current technology has to trade-off high production throughput with high quality and conformity of the film.

Solving this has the ability to unlock transformational applications in several next generation innovations such as:

1. Energy storage: Next generation solid state lithium batteries (with potentially 3x the lifespan, 3x the energy density and 1/6 the charge time of current cells)
2. Flexible electronics: Thin film coatings can coat flexible substrates such as flexible OLED displays, wearable electronics and bendable sensors that can be used in various applications such as foldable phones, wearables and car windscreens.
3. Solar power: Coatings for next generation solar cells such as perovskite solar cells that offer a step change in efficiency, cost and applications (a perovskite tandem cell offers a theoretical efficiency limit of 43% vs 29% for silicon cells)
4. Barrier coating in packaging: Barrier coatings such as ultra-thin moisture barrier coating in recyclable food and beverage packaging, eliminating plastics and widening the application of carton packaging.
5. Biomedical applications: Thin film biocompatible coatings on medical implants, devices, and diagnostic tools can enhance biocompatibility, reduce friction, and prevent bacterial adhesion, resulting in improved patient outcomes and device longevity.
6. Optical coatings: Thin film coatings can be used in anti-reflective coatings, optical filters, and mirrors for applications in optics, photonics, and solar panels.
7. Semiconductors: Thin, uniform coatings on packaging materials used in the semiconductor industry. These coatings can improve moisture resistance, thermal stability, and adhesion, enhancing the reliability and performance of semiconductor devices.

Introduction

Local equity markets had a negative month during October, as global factors had a significant impact on emerging markets sentiments. Loadshedding was substantially lower during the fourth quarter of 2023, as several power units came back online. Consumers are also under pressure due to higher interest rates and are therefore pulling back on credit extension and consumption. Headline inflation has surged on the back of higher food prices, while core inflation remains close to the midpoint of the target range. The South African elections will play a relevant role in 2024, but the uncertainty thereof is putting pressure on investor confidence.

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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%.

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Introduction

Tight financial conditions and slow 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 cut rates. Local bond yields are attractive. Local core inflation remains contained but upside risks are high. The sovereign credit premium remains elevated. Global developed market bonds remain attractive given the outlook for softer growth.

Download the report