Is local Lekker?

Rehana Khan and Hannes van den Berg (Portfolio managers - Ninety One Equity Fund) discuss the outlook for SA and global equities.

Sep 28, 2021

32 minutes

Rehana Khan
Hannes van den Berg
Rehana Khan and Hannes van den Berg (Portfolio managers - Ninety One Equity Fund) discuss the outlook for SA and global equities.

The fast view

  • Despite the noise, global growth remains intact and this bodes well for risk assets
  • The 5 years before COVID was all about owning Naspers (41% contribution to the ALSI’s total cumulative gain) and resources
  • The SA equity opportunity set has widened post COVID with Naspers only contributing 6% of the ALSI’s gain, resources 50% and SA Inc 30%
  • The Ninety One Equity Fund is well positioned for SA opportunities across resources, local cyclicals and tech
  • But the Portfolio Managers equally see opportunity offshore where the 25% allocation compliments the local portfolio with a fine balance between growth, defensive and cyclical businesses


Related content

Rehana Khan
Portfolio Manager
Hannes van den Berg
Co-Head of SA Equity & Multi-Asset

Important information

The information contained in this Viewpoint is intended primarily for professional investors and should not be relied upon by private investors or any other persons to make financial decisions. All of the views expressed about the markets, securities or companies in this document accurately reflect the personal views of the individual fund manager (or team) named. While opinions stated are honestly held, they are not guarantees and should not be relied on. Ninety One SA (Pty) Ltd in the normal course of its activities as an international investment manager may already hold or intend to purchase or sell the stocks mentioned on behalf of its clients. The information or opinions provided should not be taken as specific advice on the merits of any investment decision. We do not undertake to update, modify or amend the information on a frequent basis or to advise any person if such information subsequently becomes inaccurate. Ninety One SA (Pty) Ltd is an authorised financial services provider.