Tavonga Chivizhe

Elevated geopolitical risks going into 2026 are likely to be offset by strong global monetary and fiscal policy support. This means global economic growth may improve from the current ‘soft-landing’ status into a much more favorable economic-expansion scenario.

For a Regulation 28 compliant portfolio this suggests growth assets have policy protection from the US, Europe, Japan, China and South Africa.

Therefore, we expect to increase our growth assets in favour of SA equities, China equities, emerging market equities, SA real estate, global real estate, global commodities and global gold.

Global monetary policy is likely to remain stable, supporting fixed income duration risk in 2026; enough to sustain our present high conviction towards longer-dated nominal and inflation-linked bonds.

Our defensive strategy for 2026 remains focused on developed market quality and developed market growth managers, complemented by gold and developed market bonds.

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