- JSE All Share (ALSI) 114,067.56
- Rand/Euro R 19.71
- Rand/Pound R 22.66
- Rand/US Dollar R 17.20
- Rand/Aus Dollar R 11.77
Regime Shifts Don’t Knock
Markets entered 2026 with high expectations and little room for disappointment. During the first quarter, that margin for error was tested by three overlapping developments: AI shifting from improving productivity to replacing parts of existing software workflows, early signs of liquidity stress in parts of the private credit market, and renewed geopolitical risk following the escalation of the Iran conflict, with implications for energy prices. These are not separate issues. All three affect markets through the same channels of earnings expectations, interest rates and liquidity.
Our approach remains balanced and disciplined, reflecting diversified equity exposure, conservative global income positioning, and a continued focus on real returns.
