EM is back on the radar
After two years of underperformance, emerging market equity has reasserted itself. Whether this is the start of a multi-year cycle or a counter-trend rally is the question our asset allocation committee has spent most of September debating.
Why we've added EM exposure across the Growth mandates
We increased EM equity weighting by 3% in the Growth strategy and 2% in Balanced, funded from developed market large-caps. The thesis: valuation spread between EM and DM has widened to historical extremes, with earnings revisions now turning positive.
Three scenarios for the rand over the next 18 months
Our base case has the rand settling between R17.50 and R19.00 to the US dollar through mid-2027. Below the range, we start increasing offshore exposure. Above it, we slow new offshore transfers and favour local asset-swap capacity.
HW-GEQ-2025-03 — global equity basket with enhanced upside
Our Q3 product launch offers exposure to a basket of 15 global quality stocks with 150% participation in upside and a 30% soft protection buffer at maturity. Minimum R250,000, 5-year term, open for subscription until 15 November.
Retirement annuity deep dive
The new edition of our RA explainer covers the 2025 Regulation 28 amendments, contribution strategies for high earners, and how to think about your RA within a broader retirement plan.