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Discover the latest local and global investment and industry insights from the only global asset manager rooted in South Africa. At Ninety One, our global reach becomes your investment edge. Tune in, subscribe, and unlock expert perspectives with every new episode.
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50 Episodes
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Fifty episodes, countless insights. To mark this milestone, The Investment Perspective revisits some of the most compelling moments from the past year. From the dollar bear market to renewed interest in South African equities, from oil’s uncertain path to the enduring case for gold, this episode distills the sharpest thinking from Ninety One’s investment professionals. A fitting celebration of 50, with a clear eye on what’s next. Hosted on Acast. See acast.com/privacy for more information.
Gold has surged past $3 700 an ounce and copper is climbing on tightening supply. From record central bank buying and ETF flows to mining disruptions and the spectre of a dollar bear market,George Cheveley unpacks the forces reshaping precious and base metals markets. Hosted on Acast. See acast.com/privacy for more information.
The Fed’s 0.25% cut landed as expected, but markets are left weighing a more complicated picture: cooling jobs, stubborn inflation, and a divided FOMC. Philip Saunders unpacks what the move really signals and where opportunity can be found amid the noise. Hosted on Acast. See acast.com/privacy for more information.
Money market funds remain a cornerstone of the global financial system, prized for their liquidity and stability. Yet history has shown they are not immune to stress, with mismatches between investor redemptions and underlying assets occasionally exposing vulnerabilities. Regulators have responded with reforms designed to bolster resilience and transparency. Vivienne Taberer explains why these changes should be welcomed, how they reinforce money markets’ safe-haven role, and what today’s rate environment means for investors seeking both security and yield. Hosted on Acast. See acast.com/privacy for more information.
Developed market bonds have had a turbulent year, buffeted by deficits, politics and policy uncertainty. Enter South African bonds. In contrast, they’ve been a bastion of relative calm, supported by orthodox fiscal and monetary policy. Ruen Naidu unpacks their performance and what the road ahead may hold. Hosted on Acast. See acast.com/privacy for more information.
South Africa’s high real yields have allowed conservative investors to lean heavily on income strategies for returns. However, that tailwind is fading. As inflation expectations settle and the SARB prepares to cut rates further, the return gap between bonds and equities may widen. Sumesh Chetty believes it's time to rethink what ‘cautious’ really means. Hosted on Acast. See acast.com/privacy for more information.
Once seen as safe and steady, bonds are now at the heart of market turbulence. From political pressure on the Fed to diverging central bank moves and volatile long-end yields, 2025 is rewriting the rules. Jason Borbora-Sheen makes the case for short-dated bonds, global diversification and a relentless focus on capital protection. Hosted on Acast. See acast.com/privacy for more information.
Markets are a game of probabilities, and John Biccard thinks investors are mispricing them. In this episode, he unpacks why South African banks may offer compelling value, why the case for gold still glitters, and what 25 years of value investing has taught him about conviction, misperception, and timing. Is value finally getting its moment in the spotlight? Hosted on Acast. See acast.com/privacy for more information.
This year has not been short on worries for market participants. Now, another concern is creeping onto the list: stagflation. Early signals of a slowing US economy, coupled with rising prices, have caught investors’ attention, though they are not yet fully reflected in market pricing. John Stopford unpacks the complex likelihood of stagflation taking hold, its potential impact and how he is positioned to navigate one of investors’ most persistent adversaries. Hosted on Acast. See acast.com/privacy for more information.
Infrastructure credit is emerging as a powerful way for institutional investors to combine resilient returns with real-world impact. Thanzi Ramukosi highlights a strong pipeline across energy, water, transport and digital connectivity, offering diversification, stability and support for South Africa’s development. Hosted on Acast. See acast.com/privacy for more information.
Malcolm Charles unpacks the contrasting outlooks for global bond markets, starting with a ‘sunnier’ South Africa buoyed by improving fundamentals and resilient fixed income returns, before heading offshore where clouds of policy uncertainty and tariff tensions loom large. Hosted on Acast. See acast.com/privacy for more information.
A global commodity index has hovered near multi-year highs for months, but beneath the surface, individual commodities tell very different stories. George Cheveley delves into the supply-and-demand dynamics behind key commodities, including platinum group metals, copper, oil, and gold. He discusses what’s powering the rally, and what may lie ahead. Hosted on Acast. See acast.com/privacy for more information.
The South African Reserve Bank delivered a widely expected 25 basis-point rate cut, but surprised the market with its ambition to target a 3% inflation rate sooner than anticipated. Vivienne Taberer analyses the decision, decodes the Governor’s tone and shares her take on what’s next for SA interest rates. Hosted on Acast. See acast.com/privacy for more information.
The JSE All Share Index has surged past the 100 000 mark, doubling in just 5 years. Hannes van den Berg explores the significance of this milestone, while cautioning that the rally has been narrow, driven largely by the Resources sector and a handful of heavyweight stocks. He raises the key question: can SA Inc. step up to broaden the market rally? Hosted on Acast. See acast.com/privacy for more information.
As the world’s reserve currency, the US dollar plays a pivotal role in global markets. But has it reached a critical inflection point? Sahil Mahtani, Director at Ninety One’s Investment Institute, examines four key forces that may have already ended the dollar’s long-term bull run – potentially marking the start of a multi-year bear market cycle. The implications for asset allocators and investors could be profound. Hosted on Acast. See acast.com/privacy for more information.
After a turbulent start to 2025 driven by tariff tensions, markets have found firmer footing. Sisamkele Kobus unpacks South Africa’s economic trajectory, the ups and downs of the Government of National Unity (GNU), and the South African Reserve Bank’s stance on inflation, before offering her reflections on inflation targeting. Hosted on Acast. See acast.com/privacy for more information.
Geopolitical tensions have once again exposed the oil market’s vulnerability to global events, fueling volatility and uncertainty for producers, consumers, and investors alike. Paul Gooden unpacks the forces driving recent market disruptions, including the fragile truce, the role of OPEC+ and US shale producers. Hosted on Acast. See acast.com/privacy for more information.
Fixed income has long held ‘safe-haven’ status, but that reputation is cracking. In bond markets today, old assumptions are being upended. Peter Kent unpacks the blurring lines between developed and emerging market debt, the new global order where traditional labels no longer apply, and why bonds' defensive qualities are no longer a given. Meanwhile, headwinds for emerging markets are easing – and the case for diversification is more compelling than ever. A flash in the pan? Or a new trend that has long legs? Hosted on Acast. See acast.com/privacy for more information.
With CPI consistently below the target range, the SARB is proposing a lower, more ambitious 3% anchor. Vivienne Taberer examines what a 3% target would mean for the economy, markets, the rand, and monetary policy, concluding that the long-term gain would outweigh the short-term pain. Hosted on Acast. See acast.com/privacy for more information.
After a turbulent start to the year, 2025 is evolving into a year of opportunity. Malcolm Charles unpacks the key drivers of the bond market and dives into two significant events for South Africa: Budget 3.0 and President Ramaphosa’s recent meeting with Donald Trump. He explores what these developments could mean for the economy, markets, and sets out their positioning. Hosted on Acast. See acast.com/privacy for more information.
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