In 30 years of watching markets, this year has stood out as an anomaly, writes James Turp, Fixed Income Portfolio Manager and Head of Investment Strategy. We’ve been navigating waves of uncertainty driven by geopolitical tension, trade disputes, and trade policy whiplash. Markets can usually digest bad news – what they struggle with is unpredictability. And volatility remains one of the hardest risks to price or prepare for, precisely because it reflects not just events, but the fear of what might come next.

Sanlam Investments was a proud sponsor if Africa’s Green Economy Summit (AGES) 2025. AGES is a premier event designed to connect global capital with transformative green economy businesses and projects across Africa, ranging from entrepreneurial start-ups to large-scale national infrastructure initiatives. Last year, investments were committed towards over 30 green projects valued at more than US$1.4 billion.

In a world gripped by fragmentation and geopolitical flux, gold has emerged – again – as a hedge of choice. While we’ve seen the metal come off its record highs in recent weeks, its continued rally despite elevated interest rates speaks volumes. This signals not just market jitters, but a deeper search for something stable in an increasingly volatile environment.

An expanded telecoms tower network will change South Africa’s – and South Africans’ – stories. More connectivity means it’s easier for jobseekers to look for employment, for gogos to connect with grandkids, for little ones to learn online, for entrepreneurs to connect to clients.

The National Treasury’s 2025 Budget projected a fiscal path largely in keeping with the 2024 Medium Term Budget Policy Statement (MTBPS), although there may be a need toadjust following developments locally and globally. Arthur Kamp shares the economic outlook in the near term.

South Africa's market outlook is optimistic due to strong fundamentals, improved currency strength, and lower inflation, creating a conducive environment for investment, particularly in fixed income assets.