Private investing feel like applying for space travel?
David Seligman Fund Manager _______________________________________________________________________________________________________ Why your private investments require more paperwork than a space launch (well, almost) So, you’ve decided to make a new investment. Forget the leisurely stroll through the park; this is more like navigating a bureaucratic jungle, armed with a machete made of paperwork. You’ll soon find yourself drowning in requests for documents you didn’t even know existed: proof of address, identity documents, source of funds, and if you’re investing through a company or trust, the ever-mysterious ‘ultimate beneficial owners’. And just when you thought you were done, they ask for updated versions of everything. Yes, the paperwork never ends. Why, you might ask, does investing your hard-earned cash require you to provide what feels like your entire life story, financial history, and DNA sequence? Are they expecting you to fund a... Read More
Market Overview – First quarter 2025
In-depth market commentary Over the quarter: Local equities ended the quarter up +5.9%, with the Resources sector leading the rally as it gained +33.7%. The Financials sector shed -1.7% on profit taking, while Industrials sector, driven by a run in Richemont and Prosus, added +3.1%% over the quarter. The local property sector detracted -3.5%. South Africa’s economy expanded 0.6% in the fourth quarter, supported by a rebound in agricultural output. In March, the South African Reserve Bank kept the repo rate unchanged at 7.50% with a cautious outlook amid the current tumultuous global environment. SA inflation ended the quarter at 3.2%, within the Reserve Bank’s target range. Subdued domestic demand coupled with a deteriorating global trade outlook, could see local inflation cool even further. Local Cash yielded a return of +1.9%, outperforming local Bonds which delivered a +0.7% gain. The... Read More
