Investment Review – June 2019

Market Indicators

  • JSE All Share (ALSI) 58,203.84
  • Rand/Euro R 16.01
  • Rand/Pound R 17.88
  • Rand/US Dollar R 14.08
  • Rand/Aus Dollar R 9.89

How do we overcome the ‘SA Inc’ hangover?

The fortunes of a broad number of counters on the JSE are closely tied to the health of the global economy. For these companies (the likes of Richemont, Naspers and British American Tobacco) they can appear immune from the issues we are having at home.

The balance of our equity market however is directly tied to the local economy – the so called ‘SA Inc’s’ – where their success or failure typically relies on the health of more localised factors such as how much debt the average household is carrying, or general confidence levels and the appetite to spend.

In this month’s comment we discuss the prospects for domestic shares which have lagged the broader market.

(Click link to download PDF)

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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.