Francois Botha

2024 proved to be a solid year for most asset classes, and we are pleased with the decent returns our clients have experienced. It’s a positive outcome for the investment community as a whole.

Looking ahead to 2025, we remain optimistic. We continue to see potential upside in local asset classes. Equities still offer value, and while bond yields decreased in 2024, they remain attractive. Our portfolios remain predominantly tilted towards local investments.

Globally, we anticipate the US will maintain strong GDP growth, though we do have some concerns around valuations and the potential impact of Trump-era policies. We are prepared to navigate the volatility these factors could introduce. In Europe, while growth and political developments pose risks, equity valuations present interesting opportunities. We remain overweight in Japan, although we hold a more cautious view on the Chinese market.

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