Tag: FinancialMarkets

There is no shortage of reasons for investors to feel uneasy at the moment. Geopolitical tensions between the United States and the Middle East continue to make headlines. Oil prices have also spiked in parallel. Locally, the economy remains trapped in a low-growth environment. Unemployment and the escalating cost of living also continue to weigh heavily on South African households.

As we settle into the second half of 2026, global market returns continue to reflect themes pulling markets in different directions. There has been an almost unprecedented combination of geopolitical tension, volatile oil prices, persistent inflation and uncertainty over interest rates. Added to this are the extraordinary gains delivered by Artificial Intelligence (AI). These gains have become concentrated in a small number of large companies.

South Africa is sitting on a growing backlog of mature private equity assets. Managers cannot exit them, and investors cannot access them. The global solution already exists, but we are not using it yet. Exits depend on a cooperative stock exchange, willing trade buyers and investors patient enough to wait out a fund’s full life.

Most traders spend their lives searching for the perfect strategy. They believe the next indicator, the next system or the next prediction will finally unlock their success. They are wrong. In Jack of All Trades, the author reveals a truth that few traders are willing to confront. Consistent profitability has nothing to do with finding the perfect trade. Instead, it has everything to do with becoming the right trader.

The shift from Johannesburg Interbank Average Rate (JIBAR) to South African Rand Overnight Index Average (ZARONIA) marks a turning point in South Africa's financial landscape. It forms part of a global movement toward more reliable and transparent interest rate benchmarks. However, for businesses, it represents far more than a regulatory change.

Our philosophy has not changed; the environment in which we execute it has. For over two decades, our investment philosophy has been grounded in a simple principle. High-quality companies that can reliably grow dividends tend to deliver more predictable long-term outcomes. This principle remains the foundation of how we invest. However, the environment in which we apply this philosophy has changed.

The South African financial landscape is currently undergoing one of its most significant structural shifts in decades. As a result, businesses must prioritise navigating the transition from Johannesburg Interbank Average Rate (JIBAR) to South African Overnight Index Average (ZARONIA) with urgency and precision.

Despite the private capital industry’s proven track record, many investors still view Private Equity (PE) and Venture Capital (VC) as inherently risky investments. However, this perception does not fully reflect how private capital markets actually function. This conversation around risk in private capital markets is long overdue for reframing. Risk in private capital markets differs fundamentally from that experienced in public markets.