EM by EM #43: Rand’s Reckoning?
Just as the markets were speculating about which spring month would see the first Fed rate cut of the cycle, a surprisingly high CPI report from...
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Funds in Focus Q4 2024 & 2024: A Better Quarter & Year for Active SA Equity Managers
During the last quarter of 2024, 55% of active SA equity funds outperformed their benchmarks. This is ahead of preceding quarter where 48% of...
179 Views
Macro Regime Indicator – Growth is the dark horse in July..
Coming into June, we wrote that the biggest “risk” was that we moved towards a goldilocks scenario. While our portfolio returns have mostly...
241 Views
Positioning Watch – Turmoil in Markets Is Returning
Hello everyone, and welcome back to our weekly positioning watch. The divergence between market-cap weighted and and non market-cap weighted...
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NPN X PRX Discount Update Discounts Widen to Pare Back Strong YTD Gains
During the last 3 weeks, Naspers and Prosus have come under pressure relative to their underlying portfolios. Since reaching a new all-time low on...
387 Views