STANLIB Multi-Asset sees the US election as the biggest macroeconomic risk for Q4 2024

Marius Oberholzer, Head of Multi-Asset, says SA equities performed strongly in Q3, led by financials and property, and there was a strong performance from the SA All-Bond Index as well, in response to global and local interest rate cuts. China’s recent announcement on economic stimulus has propelled Chinese asset markets and South African resources stocks. In Q3, the rand strengthened almost 5% to R17/$ and also against other key currencies, which held back offshore returns for South African investors. The STANLIB Multi-Asset Cautious Fund did almost as well as the Global Growth Fund – showing that all assets are risk assets. Marius says the biggest macroeconomic risk on the horizon is the US presidential election, which will influence markets. He also discusses some of the benefits of using multiple strategies, for example in Q3 the team successfully hunted for value among mid-cap SA Inc stocks.