Investment Review – April 2023

Market Indicators

  • JSE All Share (ALSI) 78,218.37
  • Rand/Euro R 20.18
  • Rand/Pound R 23.00
  • Rand/US Dollar R 18.29
  • Rand/Aus Dollar R 12.09

Look both ways before you cross the BRICS Road

The ongoing shift in economic and political influence from the West, represented by the United States and the G7, to the East, represented by China and the BRICS bloc of nations, has been grabbing headlines over the past few years. While this East versus West divide has seen periodic flare-ups, such as the Trump-inspired trade wars in 2018, South Africa has managed to stay out of the spotlight. Unfortunately, this is no longer the case, with South Africa increasingly in global news headlines due to its stance regarding the ongoing Russian invasion of Ukraine.

In this month’s commentary, we will evaluate why South Africa increasingly finds itself in a compromised position, why it matters, and what the consequences would be for investors of a clear shift towards either the East or the West.

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The Allan Gray-Orbis Global Equity Feeder Fund remains fully invested in global equities. The objective of the Fund is to outperform the FTSE World Index at no greater-than average risk of loss in its sector.