Rob Enslin

As we enter Q4, markets face a more challenging backdrop. Global growth momentum has slowed, geopolitical risks remain elevated and diverging monetary policy paths are unsettling bond and currency markets. Inflation trends are uneven across regions, while elevated U.S. equity valuations leave risk assets vulnerable to correction. Against this backdrop, we remain relatively defensive, positioning portfolios to weather uncertainty while pursuing selective opportunities.

Globally, we favour value-over-growth equities, a slightly shorter duration stance, and increased allocations to alternatives given their diversification and real return benefits. Emerging markets offer selective opportunities, supported by dollar weakness and attractive valuations, even as trade and tariff risks cloud the outlook.

In South Africa, strong domestic asset performance and rand resilience provide an opportunity to realise gains and reallocate offshore. We have trimmed long-dated bond duration to lock in returns, while maintaining a balanced stance on alternatives amid persistent political and global uncertainty.

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