The Investment Perspective, with Ninety One

This year’s State of the Nation Address struck a notably confident tone: less promise, more progress. But is this truly a turning point? Alastair Herbertson explores why infrastructure is at the heart of South Africa’s growth ambitions, where private capital fits in, and why long-term investors may find this moment compelling. Hosted on Acast. See acast.com/privacy for more information.

Phase 1 of Operation Vulindlela proved reforms can unlock private capital — around R500bn worth. Now Phase 2 shifts from policy design to delivery, with infrastructure firmly in the spotlight. Investment specialist Puleng Pitso unpacks where the next wave of opportunity may emerge and what “success” could look like for investors and communities alike. Hosted on Acast. See acast.com/privacy for mor...

The dollar’s weakness is no longer a contrarian call; it’s becoming the base case. But what’s driving its persistence, and what would finally confirm a full-blown dollar bear cycle? Sahil Mahtani revisits the forces behind the “sell America” trade, the limits of Fed leadership changes, and the signals investors are watching for the next leg lower. Hosted on Acast. See acast.com/privacy for mo...

After a breathtaking surge that carried gold well beyond $5 000 an ounce, followed by a brutal pullback, investors are questioning whether the rally has finally run its course. George Cheveley unpacks what drove the frenzy, why volatility is here to stay, and why gold equities may still offer compelling value despite the metal’s wild ride. Hosted on Acast. See acast.com/privacy for more informatio...

One of Jerome Powell’s last acts as Fed chair was to do nothing. Or so it may seem. In the face of sluggish employment but lively growth, US rates were left unchanged. But will benign inflation continue and ultimately sway future decisions to ease? Philip Saunders analyses the situation. Hosted on Acast. See acast.com/privacy for more information.

A stronger rand. Lower inflation. Rate cuts on the horizon. Malcolm Charles explains why South African bonds remain one of the most attractive income trades on the board, despite a blockbuster 2025. However, with the easy gains behind us, discipline and risk management will be essential. Hosted on Acast. See acast.com/privacy for more information.

In 2025, quality investing was overshadowed by AI exuberance, precious metals and momentum-driven market leadership. As volatility re-enters the picture, those same forces are being tested. Sumesh Chetty reflects on why the balance between growth, valuation and resilience is becoming harder to ignore. From gold’s rise to a reassessment of South African assets, he explores what may matter more as 2...

The oil price is once again being shaped by forces far beyond the fundamentals of supply and demand. Geopolitics has re-entered the equation in a meaningful way, from instability in Venezuela to rising tensions in Iran. Layered onto this is Donald Trump’s political calculus. His domestic priorities are tightly interwoven with his international stance on energy and geopolitics. Paul Gooden unpacks...

The JSE has delivered a standout year, led by resource names, but the real story, according to John Biccard, is only just starting. He explains why SA Inc is primed for a powerful re-rating, what the bond–equity divergence really tells us, and which sectors and stocks will dominate his portfolio as it enters 2026 with conviction. Hosted on Acast. See acast.com/privacy for more information.

The AI boom has turned the most cyclical parts of the market into perceived safe havens, while true defensives languish. Clyde Rossouw unpacks the tension between AI euphoria, a weakening consumer, and where genuine opportunities may actually lie. Hosted on Acast. See acast.com/privacy for more information.

From the surprise early announcement of a lower inflation target to reduced bond issuance and cautious revenue projections, Sisamkele Kobus and Adam Furlan discuss why the market’s reaction was upbeat, and how improved fiscal and monetary alignment could support greater market stability ahead. Hosted on Acast. See acast.com/privacy for more information.

Ninety One marks a milestone moment with the launch of its first two actively managed exchange-traded funds (AMETFs) on the JSE, bringing almost 35 years of active investment expertise into a listed, accessible format. Siobhan Simpson explains how Ninety One is evolving to meet changing investor needs and broaden access to its active investment skill while offering a glimpse of what’s to come. Hos...

From platinum deficits to gold’s resurgence and copper’s electrifying prospects, Muhammad Docrat unpacks the powerful forces reshaping commodities. He explains why tight supply, renewed central bank demand and the global energy transition are keeping precious and base metals in focus. even as oil tells a more complex story. Hosted on Acast. See acast.com/privacy for more information.

Once a quiet corner of the alternatives market, private credit is now stepping into the mainstream. As investors seek yield, diversification, and real-world impact, the asset class offers a compelling blend of steady income, resilience through cycles, and tangible development benefits, particularly in emerging markets. Reabetswe Kungwane illustrates how private credit has moved from a niche altern...

The rand has been one of 2025’s standout performers: stronger against the dollar, steady against peers, and buoyed by solid fundamentals. A weaker greenback, firm commodity prices, and South Africa’s credible policy mix have all played a part. With global central banks shifting gears and local inflation easing, what comes next, and how will it shape the South African Reserve Bank’s path in th...

Stock markets at home and abroad have soared this year, but not all sectors are sharing in the gains. From the resource-heavy rally on the JSE to the dominance of tech in the US, Hannes van den Berg unpacks the narrow leadership behind record highs and where overlooked value may lie.  Hosted on Acast. See acast.com/privacy for more information.

The tone of the US Federal Reserve has flipped from hovering on the hawkish side earlier this summer to delving firmly into dovish territory today. With jobs, inflation and politics all demanding attention, the policy permutations are many. Alex Holroyd-Jones unpacks the Fed’s shift into risk-management mode and what it means for markets and for equities in particular. Hosted on Acast. See acast.c...

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,...

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 cha...

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...

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...