Market Indicators
- JSE All Share (ALSI) 115,832.28
- Rand/Euro R 19.49
- Rand/Pound R 22.35
- Rand/US Dollar R 16.59
- Rand/Aus Dollar R 11.11
Investment Outlook Q4 2025
The past year has reminded investors that markets can climb a wall of worry even as the news cycle feels unsettled. Artificial intelligence has remained the dominant capital spending theme, equity leadership has narrowed, and safe‑haven demand has driven gold to repeated highs.
Inside the piece:
Equities: Global ex-US remains around fair value; the US is expensive. Local markets are close to fair value after a strong rally. Select opportunities remain.
- Equities: Global ex-US remains around fair value; the US is expensive. Local markets are close to fair value after a strong rally. Select opportunities remain.
- Bonds: Global yields in aggregate remain too low relative to the high debt burden, with inflation risks higher. Local yields are closer to fair value.
- Currencies: EUR, GBP and ZAR look close to fair value. The USD remains the primary reserve currency, alongside the EUR.
- Risk balance: Opportunities include lower global inflation and easing interest rates; risks include geopolitics, debt and index concentration.
- Gold: Insurance first, return seeking second.
Overall, the outlook remains supportive, but comes with a fairly healthy dose of caution. This is best applied through sound diversification and the selection of high-quality funds within a consistent portfolio framework.
For a clear view of our positioning, and what it means for portfolios and client conversations, see the full outlook.
