Industry report: Fund manager changes Q3 2020

Please see the Fund Manager Changes industry report that highlights the business and team related changes that occurred during the previous quarter.

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SA’s second downgrade for 2020 leaves markets cold

Fitch and Moody’s adjusted their ratings for the SA government, moving it one notch deeper into ‘junk’ status.

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Solving the fiscal puzzle

Mission impossible. That is certainly the way most commentators would describe the daunting task of solving South Africa’s fiscal puzzle. Encouragingly, the National Treasury has become more explicit in its acknowledgement that we are on an unsustainable fiscal path and that time is of the essence.

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The United States of Uhmmerica – where the pen is mightier than the sword

In what is an all-but-confirmed outcome as President Trump’s camp calls ‘foul’, main-stream media houses have called the US Election in Joe Biden’s favour – the past week has certainly captivated the hearts and minds of people across the world.

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Why invest in South Africa and why invest now?

We are of the view that South Africa is cyclically well-positioned for global recovery with a cheap currency, attractively priced bonds, undervalued equity market and the possibility for continued USD weakness.

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October 2020 economic review

As we enter into the final quarter of what has been a tumultuous year thus far, we saw October’s narrative being dictated by the US elections as well as COVID-19 second wave fears.

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Low interest rates and how to solve for them

In this article Adam Bulkin, our head of Manager Research, explores three possible scenarios fund managers may attempt, to solve for the low-return problem we face.

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A less aggressive fiscal consolidation than envisaged in June 2020

Arthur Kamp comments on Treasury’s 2020 MTBPS and points out that only government expenditure cuts and no shift from consumption to capital investment is illusionary progress.

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Millions, Billions, and Trillions – Medium-Term Budget’s figures

Today Finance Minister, Mr Tito Mboweni, delivered the Medium-Term Budget Policy Statement (MTBPS), outlining government’s revenue and expenditure expectations for the forthcoming periods.

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Events that moved the market l Q3 2020

Global tech companies shone brightly in the third quarter of 2020, with Apple becoming the first US company to surge past a market capitalisation of $2 trillion. Most businesses dimmed investor expectations, though, with plummeting profit levels and reduced or no dividend declarations. Sasol, for example, announced an impairment bigger than its market cap. What else happened during the quarter?

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