SA Investment Strategy | Review of 2019 for SA investors: Rand surprise on the upside
From an SA asset-allocation perspective, SA Bonds (ALBI +10.3%) outperformed cash (STEFI +7.3%) and equities (Capped SWIX +6.8%) in 2019. The rand was the sixth best performing EM currency in 2019, appreciating by 2.5% against the dollar, underpinned by improved EM risk appetite , while investors appear less pessimistic on SA, encouraged by the government's resolution on SAA, allowing it to go into business rescue and some real progress in economic reforms. In dollars, MSCI SA (+7.4%) underperformed MSCI EM (+15.4%) in 2019, although it outperformed in the latter half of the year, led by SA Resources.
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Our research quality is consistently recognised in local and global surveys, with 18 analysts currently rated in their respective sectors (FM 2017). Value add through in-depth, innovative, high quality and consistent research with comprehensive underlying fundamental modelling supported by regular analyst and roadshow interactions.
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