Eben Visser

As we enter the first quarter of 2026, we remain constructively positioned in equities, with a continued emphasis on the US. Equity markets are being supported by easing interest rate expectations and ongoing investment, particularly in growth-oriented sectors. That said, we are mindful of emerging signs that the US economy may slow in the new year. Inflation remains higher than ideal and there are early indications that the labour market could soften. We are therefore closely monitoring incoming economic data and corporate earnings and stand ready to adjust portfolio positioning should risks increase.

The outlook for South Africa is comparatively encouraging. A weaker US dollar and sustained strength in commodity prices have improved the country’s position and supported the rand. Inflation remains well controlled, creating scope for a more supportive interest-rate environment. While economic growth is still modest, these factors provide a constructive backdrop for selected local opportunities. As always, our focus remains on balancing opportunity with prudent risk management.

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