Global markets continued to defy expectations in H1 2025. Despite persistent geopolitical and policy uncertainty, equity markets delivered strong returns.
Key highlights from our latest report:
• South African equities led global performance, up 31.2% year to date
• Developed market bonds showed emerging market-like volatility
• U.S. equity strength remains narrow and valuations are elevated
• Europe, Japan and emerging markets offer stronger relative value
• Short-duration bonds and quality-focused equity strategies are favoured
We cover equity leadership, fixed income shifts, currency movements, and portfolio positioning going into Q3.
