Investment Review – September 2020

Market Indicators

  • JSE All Share (ALSI) 54,264.96
  • Rand/Euro R 19.57
  • Rand/Pound R 21.56
  • Rand/US Dollar R 16.69
  • Rand/Aus Dollar R 11.95

Failing to Succeed

For many investors keeping track of their portfolios is an anxious pursuit. Markets seem to behave in a non-sensical way at times, with any manner of factors causing anguish. Inflation expectations, GDP growth, sentiment, the oil price, central bank policy, debt levels, company mergers and acquisitions, cases of fraud and market disruption. These are all examples of news items which can materially impact the value of your retirement savings, amongst thousands of others. Moreover, as soon as you think you have a handle on things today, they change tomorrow. This is a tough position to be in when your retirement savings are at stake. How can we ever gain confidence that the investment strategy we follow will deliver the goods when it is needed?

This month we look at why we need to be comfortable failing in the short run, so that we can succeed over the long run, and why equities are a safe bet when compared with bonds and cash.

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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.