Schroders global market perspective for South African investors: Recent Episodes
Schroders (South Africa)
Keep up to date with global market analysis to help with your investment decisions in South Africa. This podcast and the information contained herein is Marketing Material for a South Africa investment professional only. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Past Performance is not a guide to future performance and may not be repeated. Schroders Investment Management Ltd an authorised financial services provider, FSP No: 48998, registration number: 01893220 (Incorporated in England and Wales). The information is not an offer, solicitation or recommendation, any funds, services or products mentioned might not be appropriate for all listeners. Please speak to a financial adviser if you are unsure as to the suitability of any investment.
Duncan Lamont, Head of Strategic Research, takes us through what happens in markets when interest rates are cut.
Real estate was the top performing asset class in South Africa in 2023 thanks to an unexpected recovery late in year. This recovery wasn't unique to South Africa - global real estate also performed well towards the end of 2023.
After years of being out of fashion, real estate has suddenly become a hot topic for investors. Listen to Tom Walker, Co-Head of Global Listed Real Assets, to find out why.
The Federal Reserve gave the clearest indication yet that their aggressive tightening cycle is coming to an end, sending the price of gold to new highs.
For nearly 15 years, the relationship between gold prices and real returns on government bonds remained strong. Whenever interest rates rose and real rates on bonds turned positive, the gold price tended to fall. But then something went wrong.
Given the conflicts in the middle East and Ukraine, worsening relations between the US and China and instability in Africa, we thought it would be useful to hear the views of General Sir Nick Carter.
Sir Nick is a former senior British Army officer who served as Chief of the Defence Staff and as commanding officer during conflicts in Bosnia and Kosovo in the late 90s.
Equity markets have shown resilience.
Consumers have continued to spend.
Central banks have conducted record interest rate hikes.
Ugo Montrucchio, Head of Multi-Asset Investments, Europe, unpicks these factors in the context of multi-asset investing in our latest global markets perspective podcast.
Sentiment in the real estate market is the worst it’s been since the Global Financial Crisis, but are there reasons to be optimistic?
In this podcast, South Africa Country Head, Kondi Nkosi, and Tom Walker, Co-Head of Listed Real Securities, explore the challenging environment for real estate over the last 12-18 months, and frames this against the fundamental drivers of the real estate market, across region and sector.
Join Kondi Nkosi, Country Head at Schroders, as he welcomes Benjamin Alt to the podcast, Head of Global Private Equity Portfolios at Schroders Capital. Fresh off his visit to South Africa for the Collaborative Exchange's Alternatives Conference, Benjamin brings a unique perspective to the private equity industry.
During this episode, Benjamin shares his insights on the evolution of deal and exit activity within the private equity space, and how the asset class is becoming more accessible than ever before. Whether you're a seasoned investor or just starting out, this podcast is a must-listen for anyone interested in the world of private equity.
Philip Robotham, Head of Intermediary, speaks with Andrew Williams, Investment Director, ahead of Andrew's trip to South Africa for The Collaborative Exchange's Meet the Managers event in early June.
In this podcast, Andrew shares his optimism about the market, as a deep value investor, noting that the cheapest quintile of the market is currently trading 25% below its long-term average.
Philip Robotham, Head of Intermediary, is joined by Aiman Shanks, Investment Director, Quantitative Equity Products, ahead of Aiman's visit to South Africa for the BCI Investment Conference in early May.
To understand whether inflation is beaten, a recession has been avoided and a breakdown of the current opportunities across global equities, please do take a listen.
In this month's Global Markets Perspective podcast, Pan European Banks Analyst Justin Bisseker tackles three questions posed by Eugenio Cicconetti, Head of Global Financial Client Group:
- Can you explain what Additional Tier 1s (AT1s) are?
- Why did writing off AT1s in the UBS/Credit Suisse deal create such a market reaction?
- What is your assessment of the European banking sector: is there a systemic risk?
Gavin Ralston, Head of Strategic Client Group and a key individual in the South Africa office poses three key questions on China and one on South Africa to our Senior Emerging Markets Economist, David Rees.
Both Gavin and David are travelling to South Africa in the first week of March for our annual investment symposium, where they'll be unpicking these subjects in greater detail - as well as many more.
In our final episode of the Global Markets Perspective podcast for the year, we discuss 16 mins of macro-economics with our Deputy Head of Multi Assets.
In the October edition of the Global Markets Perspective podcast, Kondi Nkosi, Country Head, is joined by David Rees, Senior Emerging Markets Economist, to discuss the key talking points in the economy. Topics include:
- An overview of the global economy
- Implications of Russia’s withdrawal from the Black Sea deal
- An update on China
- Central bank intervention in the currency markets
- A look into the crystal ball for next year
In the September edition of the Global Markets Perspective podcast, Kondi Nkosi, Country Head, is joined by Sebastian Mullins, Deputy Head of Multi-Asset, Australia, to delve into the state of the current economy. Topics include:
- Central bank intervention and how this might play out.
- The reaction in the currency markets.
- The extent to which equity markets are priced in.
- Any positive signals.
- Asset allocation in the current environment.
In the August edition of the Global Markets Perspective podcast, Phil Robotham, Head of Intermediary, is joined by George Brown, Economist, for an update on the state of the global economy. Topics include:
- Growth forecasting – the Schroders perspective
- Inflation expectations and the impact on markets
- How wage inflation could be tamed
- Fiscal policy adoption
- The Economic Symposium – why Jackson Hole?
In the July edition of the Global Markets Perspective podcast, Phil Robotham, Head of Intermediary, is joined by Scott Maclennan, Fund Manager, for an update on the market and how this is shaping portfolios. Topics include:
- Sustainable investing: definition and incorporation
- Portfolio construction
- The 'multi-stakeholder' approach
In the June edition of the Global Markets Perspective podcast, Kondi Nkosi, South Africa Country Head, is joined by Ugo Montrucchio, Head of Multi-Asset Investments, for a breakdown on the global economy and how this is impacting asset classes. Topics include:
- Market focus: Inflation vs. growth
- Global central bank responses
- Recessionary fears
- Asset pricing reactions
- Ugo’s views on commodities and other alternative asset classes
In the May edition of the Global Markets Perspective podcast, join Phil Robotham, Head of Intermediary, and Daniel McFetrich, Head of Global and International Equity Research, for an update on the global economy and a discussion on the Smart Manufacturing revolution.
Topics include:
- Inflationary pressures and whether they are mediating
- How demand for reshoring is changing and which industries are impacted
- Whether automation will replace jobs
- The identification of the winners and losers within the Smart Manufacturing revolution
In the April edition of the Global Markets Perspective podcast, join Kondi Nkosi, Country Head and Keith Wade, Chief Economist, for a discussion on the global economy. Topics include:
- Inflation in US – where is the peak?
- Economic growth in Europe and potential recessionary dynamics
- The impact of zero-Covid in China
In the March edition of the Global Markets Perspective podcast, join Philip Robotham, Head of Intermediary and David Rees, Senior Emerging Markets Economist, for a discussion on latest developments in the global economy. Topics include:
- An insight into Schroders' recent global growth forecasts
- The potential for rate hikes and the impact of the Ukraine crisis
- How EM and DM markets are responding to recent events
In the latest episode of the Global Markets Perspective Podcast, Phil Robotham, Head of Intermediary, South Africa, chats to Michael Devereux, Fund Manager, Multi-Asset, to discuss the key challenges and opportunities for the year ahead. Highlights include:
- How policymakers have reacted to the evolving economic landscape
- Short term vs. long term impact of stagflation
- An insight into the energy sector
- Emerging market debt and high yield opportunities
Kondi Nkosi, Country Head, South Africa, is joined by Remi Olu-Pitan, Head of Multi-Asset Growth and Income, for the final episode of the Global Markets Perspective series this year.
Topics discussed include:
- A balanced view on the rise of Omicron - is it all bad?
- Inflation - transitory or permanent?
- The inflation response in EM and DM central banks
- Sustainability and COP26 - how it will impact investors
- A look into Remi's crystal ball for 2022
Philip Robotham, Head of Intermediary, South Africa, is joined by Simon Adler, Fund Manager, Equity Value, to discuss global equities from a value perspective. Topics covered include:
- Outlook for value investing, and how it compares to growth
- Inflationary pressures
- What is happening at the company level
- An insight into the energy sector, and other areas of opportunity for value investing
- Sustainability
Kondi Nkosi, County Head, South Africa is joined by Stephen Kam, Head of Product Management, Asia ex-Japan Equities to discuss all things China, particularly:
- Domestic developments in China over the last year
- The principle of 'Common Prosperity'
- The impact of increasing regulation on investment markets
For Women's Month, Ebeth Van Heerden speaks to Remi Olu-Pitan, Multi-Asset Fund Manager. They discuss inflation and what it means for commodities, fixed income, equities and multi-asset portfolios as well as closing with Remi's advice to other women working in financial services.
In our July podcast, Philip Robotham speaks to Martin Skanberg, Fund Manager of Schroder ISF* Euro Equity. They cover:
- A global market update, with a close look at Europe and possible reasons why we have seen an increase in allocations to European equities.
- What South African investors could consider if they wish to increase their European holding.
- Whether the EU's aim to become the world's first economic bloc to hit net zero greenhouse gas could be an area of growth opportunity.
- Inflation pressures and who/where could stand to benefit.
*Schroder International Selection Fund is referred to as Schroder ISF
In our June podcast Kondi Nkosi speaks to Azad Zangana, Senior Economist & Strategist. They cover:
- A market review of regional and global equities, fixed income and commodities
- An update on global vaccine roll outs
- A global economic forecast with a deeper dive into the US, Eurozone and Emerging Markets
In our May podcast, Ebeth van Heerden speaks to Ugo Montrucchio, Multi-Asset Portfolio Manager. They discuss:
- The outlook for global markets
- Big tech and potential inflationary pressures
- Multi-asset themes and the benefits of a balanced strategy
- The 'B' word - bitcoin!
In our April podcast Kondi Nkosi speaks to Stephen Kam, Co Head of Product Management, Asia ex Japan Equities. They cover:
- The post-Covid outlook for Asia and the pace of the economic recovery in the region
- The possible approaches for monetary and fiscal policy in China and considerations around US-China tensions under the Biden administration
- The China A share market; how can it be accessed and could there be opportunities for investors?
In our March podcast, Philip Robotham speaks to Hannah Simons, Head of Sustainability Strategy. They cover:
- What it takes to become a sustainable investment leader within the asset management industry
- Jargon busting - what the key differences are between fully integrated ESG, screened ESG and a sustainable ESG funds
- How active asset managers engage with companies to improve their ESG factors
- More on our Climate Progress Dashboard
Looking back on 2020, it is truly extraordinary that an event with the severe global impact like Covid-19, only temporarily halted flows into risk assets.
In our February podcast, Ebeth van Heerden, Head of Intermediary, speaks to a regular guest, Azad Zangana Senior Economist, for a macro-economic update including; what investors could consider for the year ahead, the outlook for US equities and emerging markets, the impact of Brexit on the UK and Europe, and if there's any truth to the Bitcoin 'bubble'.
In 2020, disruptive forces touched all aspects of our world, changing the way we consume, transact and live. Many of the themes that we saw in the last year weren’t new to us; however, they were accelerated by the pandemic and will continue throughout 2021 and over the decade to come.
In our January podcast, Philip Robotham speaks to Alex Tedder, Head of Global and Thematic Equities about the outlook for global equities, disruptive trends and a post-Covid world.
Kondi Nkosi, Country Head South Africa, receives an update from Multi-Asset Fund Managers, Ugo Montrucchio and Michael Devereux, on the global economic outlook for the coming year.
Pollsters predicted a landslide win for Joe Biden and a "blue wave" for the Democratic party, but for the second US election in a row they were drastically wrong,
We review the US election with Piya Sachdeva, an economist at Schroders. We discuss whether pollsters' time is up, why markets rallied despite the uncertainty of the election outcome and what's more important to markets: the US election or Covid-19.
This month Gavin Ralston, Head of Strategic Client Group, and Piya Sachdeva, Economist, discuss the following:
- What the latest data is telling us about the pace of recovery in the US and Europe
- Why the US economy has been less affected during the coronavirus outbreak than Europe (given the US's poor performance in suppressing infection rates)
- The potential impacts of the upcoming US election, including what this could mean for US-China trade relations
This month Azad Zangana, Senior Economist, provides a macro-economic update with a particular focus on US equities and the upcoming presidential race. Michael Devereux, Fund Manager - Global Managed Growth, also gives his insight into multi-asset allocation.
This month Azad Zangana, Senior Economist, and Alex Tedder, Head/CIO of Global and US Equities, discuss the global economy and the upcoming US earnings season, with a particular focus on:
- The likelihood of an economic recovery in areas such as the US, Europe and China
- The continuation of strong share price performance and whether there are any areas for concern
- Tensions between the US and China, and the upcoming US presidential election
Whether the gold rally can continue
Gavin Ralston, Head of Strategic Client Group, and Azad Zangana, Senior Economist consider the outlook for the macro economic environment as Covid-19 restrictions start to ease and consumer confidence hesitantly starts to rebuild. They also share their thoughts on the upcoming US elections and the UK Brexit negotiations.
Craig Botham, Senior Emerging Markets Economist, and Sean Markowicz, Strategist - Research & Analytics, share their insight on the economic outlook and the recent surge in stock markets.
While tens of millions of Americans were losing their jobs, the stock market in April produced its best monthly return in over 30 years. They examine what is behind this apparent disconnect and what the future could hold.
Read the supporting article:
Slumping economy, surging stock market – what's going on?
Gavin Ralston, Head of Strategic Client Group, and Azad Zangana, Senior Economist continue to look at the impact of COVID-19, comparing April's data with that from our last podcast in March. This includes:
- The scale of the recovery in risk assets and if economic fundamentals support an optimistic market outlook
- How governments and central banks continue to respond to the crisis
- The possibilities of a 'V' shaped economic recovery or whether a 2nd outbreak could result in a 'W' shaped recovery
- How a drop in global demand has led to a collapse in oil prices
- How the USD has acted as a safe haven currency and its future outlook
This month Gavin Ralston, Head of Strategic Client Group, and Azad Zangana, Senior Economist focus on the impacts of COVID-19 and discuss the following:
- Our latest economic forecasts; considering the potential outcome of country shut downs
- Changes to government spending as they aim to support businesses and workers
- The outlook for China as restrictions begin to be lifted
- Whether the banking systems are robust enough to cope with the crisis
- Flight to the dollar as a safe haven currency
This podcast and the information contained herein is Marketing Material for a South Africa investment professional only. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Past Performance is not a guide to future performance and may not be repeated.
Schroders Investment Management Ltd is an authorised financial services provider, FSP No: 48998, registration number: 01893220 (Incorporated in England and Wales). The information is not an offer, solicitation or recommendation. Any funds, services or products mentioned might not be appropriate for all listeners. Please speak to a financial adviser if you are unsure as to the suitability of any investment.
This podcast and the information contained herein is Marketing Material for a South Africa investment professional only. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Past Performance is not a guide to future performance and may not be repeated.
Schroders Investment Management Ltd is an authorised financial services provider, FSP No: 48998, registration number: 01893220 (Incorporated in England and Wales). The information is not an offer, solicitation or recommendation. Any funds, services or products mentioned might not be appropriate for all listeners. Please speak to a financial adviser if you are unsure as to the suitability of any investment.
Is global growth weak enough to justify further cuts from the Fed? Is the bond market being too pessimistic on growth? What’s the ‘London’ perspective on the SA Rand? Where can investors look to get inflation-busting returns this year? Is now the time to invest in value stocks?
Tackling these questions is Remi Olu-Pitan, Multi-Asset Fund Manager. Hosted by Gavin Ralston, Head of Official Institutions and Thought Leadership.
This podcast and the information contained herein is Marketing Material for a South Africa investment professional only. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Past Performance is not a guide to future performance and may not be repeated.
Schroders Investment Management Ltd is an authorised financial services provider, FSP No: 48998, registration number: 01893220 (Incorporated in England and Wales). The information is not an offer, solicitation or recommendation. Any funds, services or products mentioned might not be appropriate for all listeners. Please speak to a financial adviser if you are unsure as to the suitability of any investment.
Is the growth outlook so poor that a 75bps easing prediction is justified? Will bond yields be as low in the US in 6 months time? Why is inflation in the US not coming through yet despite strong results? What's happening with demand in the UK given the looming Brexit? What's the outlook for interest rates in emerging markets?
Tackling these questions is Azad Zangana, Schroders Senior Economist. Hosted by Gavin Ralston, Head of Official Institutions and Thought Leadership.
This podcast and the information contained herein is Marketing Material for a South Africa investment professional only. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Past Performance is not a guide to future performance and may not be repeated.
Schroders Investment Management Ltd is an authorised financial services provider, FSP No: 48998, registration number: 01893220 (Incorporated in England and Wales). The information is not an offer, solicitation or recommendation. Any funds, services or products mentioned might not be appropriate for all listeners. Please speak to a financial adviser if you are unsure as to the suitability of any investment.
With markets becoming increasingly volatile recently, can value stocks offer investors defensive exposure in a sell off? Why is value underperforming growth and quality right now? Can looking backwards help predict the future when the world is changing at such a substantial pace? Are banks a good place to invest right now?
Tackling these questions is Simon Adler, Equity Value Fund Manger. Hosted by Doug Abbott, Country Head - South Africa.
This podcast and the information contained herein is Marketing Material for a South Africa investment professional only. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Past Performance is not a guide to future performance and may not be repeated.
Schroders Investment Management Ltd is an authorised financial services provider, FSP No: 48998, registration number: 01893220 (Incorporated in England and Wales). The information is not an offer, solicitation or recommendation. Any funds, services or products mentioned might not be appropriate for all listeners. Please speak to a financial adviser if you are unsure as to the suitability of any investment.
How are the US/China trade wars affecting the markets? Where are the cheap areas of the market and where are the opportunities right now? How is ESG and sustainability being addressed?
Tackling these questions is Tom Mann, Schroders QEP portfolio manager. Hosted by Kondi Nkosi, Head of Business Development - Gauteng.
This podcast and the information contained herein is Marketing Material for a South Africa investment professional only. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Past Performance is not a guide to future performance and may not be repeated.
Schroders Investment Management Ltd is an authorised financial services provider, FSP No: 48998, registration number: 01893220 (Incorporated in England and Wales). The information is not an offer, solicitation or recommendation. Any funds, services or products mentioned might not be appropriate for all listeners. Please speak to a financial adviser if you are unsure as to the suitability of any investment.
Global Equities are up in the first quarter. Will we see any more rises this year or have they had their time? Which areas of the market have been left behind in the recent rally? What's earnings growth predicted to be this year? What is the outlook for the big tech stocks this year? Is there any growth potential in Europe?
Tackling these questions is Alex Tedder, Head and CIO of Global and US Equities. Hosted by Gavin Ralston, Head of Official Institutions and Thought Leadership.
This podcast and the information contained herein is Marketing Material for a South Africa investment professional only. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Past Performance is not a guide to future performance and may not be repeated.
Schroders Investment Management Ltd is an authorised financial services provider, FSP No: 48998, registration number: 01893220 (Incorporated in England and Wales). The information is not an offer, solicitation or recommendation. Any funds, services or products mentioned might not be appropriate for all listeners. Please speak to a financial adviser if you are unsure as to the suitability of any investment.
Risk assets have made a strong start to 2019. Why so different to 2018? What's happening with central banks? Will the Fed raise rates again this year? How is the trade war affecting global economies? Will China make concessions to the US? What's in store for China in 2019? How is Europe being affected by Brexit?
Tackling these questions is Azad Zangana, Schroders Senior Economist. Hosted by Gavin Ralston, Head of Official Institutions and Thought Leadership.
This podcast and the information contained herein is Marketing Material for a South Africa investment professional only. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Past Performance is not a guide to future performance and may not be repeated.
Schroders Investment Management Ltd is an authorised financial services provider, FSP No: 48998, registration number: 01893220 (Incorporated in England and Wales). The information is not an offer, solicitation or recommendation. Any funds, services or products mentioned might not be appropriate for all listeners. Please speak to a financial adviser if you are unsure as to the suitability of any investment.