Time to reframe risk

Time to reframe risk

November 21, 2019
Risk is something that can be measured, and we, regardless of understanding the measurements, use it to make investment decisions. The problem is, we think we are concerned about risk, but we are not. Humans are much more concerned about uncertainty!
Prescribed assets: by the numbers

Prescribed assets: by the numbers

November 21, 2019
Is it still worthwhile to invest in a retirement annuity, pension or provident fund with Prescribed Assets on the cards? Our numbers conclude that the tax benefit outweighs the negatives, even taking a big capital loss into account.
Topline Quarterly Review: Q3 of 2019

Topline Quarterly Review: Q3 of 2019

October 18, 2019
The third quarter of 2019 saw markets give up some of the gains made in the first half of the year. Oil jumped and retreated after an attack on a Saudi Arabian oil plant. Global markets are not sure what to make of the tit-for-tat trade war between the US and China. Locally, we ...
Disruption - opportunity and threat

Disruption – opportunity and threat

August 22, 2019
What are the disruptive forces at play in the world? The world as we know it, no longer exists.
How do we react to disruption with our money?

How do we react to disruption with our money?

August 22, 2019
How can we respond to disruption to protect our capital? How to protect your capital against Trump, trade wars or climate change chaos?
How do we protect our wellbeing in disruption?

How do we protect our wellbeing in disruption?

August 22, 2019
‘The first wealth is health,’ is a popular quote by Ralph Waldo Emerson. Whilst we are working, we need health in order to earn, so that we can build capital. We are converting human capital into financial capital. Without health, it is difficult to build capital.
Topline Quarterly Review: Q2 of 2019

Topline Quarterly Review: Q2 of 2019

July 25, 2019
South Africa participated in the global equities rally as the United States confirmed that there will be no more interest rate hikes in 2019. Equity markets around the globe cheered the news with double digit growth achieved in most emerging market countries for 2019. Uncertainty has become a part of our everyday lives with the developed world leading the ...
Bring the Tequila

Bring the Tequila

May 14, 2019
“Life will always be uncertain and at some point, you will undoubtedly face hardship. Yet some people manage to deal with adversity much better than others. Some people manage to transform that adversity into success. In talking to clients and people, I have been struck by recurring themes within their stories that have helped them ...
The art of budgeting

The art of budgeting

May 14, 2019
“We strongly believe in creating Wealth for Life. But, to do the things you want to do during your lifetime you need to have the capacity to do so. Therefore, we believe you need to control your needs and wants and save the rest in order to truly tick the wishes off your bucket list.”
Financial considerations at retrenchment

Financial considerations at retrenchment

May 14, 2019
“Retrenchment is an unfortunate event that can cause a lot of uncertainty and anxiety. With it come many financial and retirement implications.”
Planning for uncertainty

Planning for uncertainty

May 14, 2019
“The biggest risks you face on being retrenched are the short-term survival considerations. What do you need to do to get through the next year? What are the biggest pressure points?”
Topline Quarterly Review: Q1 of 2019

Topline Quarterly Review: Q1 of 2019

April 25, 2019
Recoveries, Buybacks and Politics The start of 2019 has seen most investors relieved by the recovery experienced on all fronts following a tough end to 2018. Markets bounced back sharply erasing most of the losses incurred in the fourth quarter. For investors that stayed the course the effects of 2018 are now negligible.  For those that jumped ...
Taking Stock of Another Year

Taking Stock of Another Year

February 21, 2019
2018 was a tough year 2018 was one of the toughest years of my career. Not only did we see a decline in global share markets, but safe asset classes did not help portfolios either. Most asset classes declined in unison. But that wasn’t the difficult part – volatility is normal in markets. For our clients, ...
Why so blue?

Why so blue?

February 21, 2019
2017 was a dark time for South Africans. We were on the verge of being downgraded to junk status and it was impossible to see our way out of the mess Zuma had left us in. More than a year later, it seems we have made a lot of progress.
How do I know my advisor makes the best decisions for me?

How do I know my advisor makes the best decisions for me?

February 18, 2019
“Qualifications and great track-records go a long way, but what happens behind the scenes – in the mind of the advisor? Specifically, how do we at Foundation Family Wealth make our decisions and how do we decide on what the best advice is?”
Topline Quarterly Review: Q4 of 2018

Topline Quarterly Review: Q4 of 2018

January 24, 2019
“Aren’t we glad that 2018 is behind us? That said – we’re all asking if there’s light at the end of the tunnel or if that’s actually a train approaching?”
The Finance Series for Millennials: #5 How to Manage your Finances over the Holiday Period

The Finance Series for Millennials: #5 How to Manage your Finances over the Holiday Period

December 5, 2018
“None of us want to go on holiday and constantly think about money. We don’t want to stay home and miss out on fun activities either.” Our fifth article focuses on managing your finances over the holiday period.
Want to Make Drastic Changes to Your Financial Planning Strategy? Read this First.

Want to Make Drastic Changes to Your Financial Planning Strategy? Read this First.

October 30, 2018
“In my three decades of working in investments, I have rarely seen investor confidence as low and pessimism reign as we are seeing now. I suspect that many of our readers are questioning their financial planning strategies. We have identified three critical questions for making drastic changes to your strategy and even your advisor.”
Foreign Investment Allowances

Foreign Investment Allowances

October 30, 2018
“With the end of the year in sight, it may be a good time to get the administration in order for your tax clearance certificate…”
Should I Accrue Wealth with My Spouse?

Should I Accrue Wealth with My Spouse?

October 30, 2018
“This month we’re focusing on marriages outside of community of property, with the inclusion of the accrual system. This seems simple on paper, but can get technical and confusing.”
Topline Quarterly Review: Q3 of 2018

Topline Quarterly Review: Q3 of 2018

October 22, 2018
“The third quarter of 2018 was a tough one for emerging market economies. South Africa fell into a technical recession as economic growth contracted for the whole of 2018.”
The biggest financial risks in retirement

The biggest financial risks in retirement

September 27, 2018
“Planning for retirement can be challenging as there are many unknowns and uncertainties that you need to consider. There are a few financial risks that can have a significant impact on your capital and your ability to draw income comfortably for the rest of your life.”
Treasury withdraws punitive unit trust tax proposal

Treasury withdraws punitive unit trust tax proposal

September 27, 2018
“Treasury partially accepted the submission and the bill has been withdrawn. Government and industry has been given more time to find a solution that may have less of a negative impact on unit holders. These amendments will be considered in the 2019 legislative cycle.”
The finance Series for Millennials: #4 Smart Choice vs Popular Choice when buying a car

The finance Series for Millennials: #4 Smart Choice vs Popular Choice when buying a car

September 27, 2018
“Our fourth article focuses on buying a car. This topic is close to my heart as I believe this is the single biggest reason people are indebted for life with no material investments later in life.”
The Glass Half-Empty Syndrome?

The Glass Half-Empty Syndrome?

August 27, 2018
“We should refrain from getting too negative. This can become a self-fulfilling prophecy. South Africa is not like Zimbabwe. We have an active civil society, free media and a world-class judiciary.”
Proposed Amendments to Tax on Unit Trust Funds

Proposed Amendments to Tax on Unit Trust Funds

August 26, 2018
“Treasury recently published a draft Taxation Laws Amendment Bill, suggesting changes to the income tax treatment of disposal of assets within a collective investment scheme (CIS) or unit trust fund.”
The Finance Series for Millennials: #3 Debt and what to do with it

The Finance Series for Millennials: #3 Debt and what to do with it

August 26, 2018
“Understand that there are various types of debt, some good and some bad. Applying for a bond to purchase a house can be considered good debt. Applying for a credit card because “there are just too many days in this month” – not good debt.”
EXCON and the proceeds of a deceased estate

EXCON and the proceeds of a deceased estate

August 26, 2018
“…as South Africans emigrate and move to all corners of the world, it’s becoming increasingly important to understand our Excon-legislation for estate planning purposes, and whether a bequest will be subject to exchange control.”
What will I do if my spouse leaves me out of their will?

What will I do if my spouse leaves me out of their will?

July 26, 2018
Sometimes a will doesn’t blatantly contradict our law or good morals, but is still problematic for the testator’s survivors. We are taking a closer look at the Maintenance of Surviving Spouses Act.
Topline Quarterly Review: Q2 of 2018

Topline Quarterly Review: Q2 of 2018

July 18, 2018
Quaterly market review, Q2 of 2018.
What I Wish I Knew About Money...

What I Wish I Knew About Money…

June 28, 2018
-By Sunél Veldtman I have been pondering what to write ahead of Women’s month. Today we welcomed a niece into the world and little Julia gave me a good reason to write about all the things I want her to know about money (and a little about life). She is too young now, but one day, ...
The Finance Series for Millennials: #2 Property Investments

The Finance Series for Millennials: #2 Property Investments

June 28, 2018
Property has long been considered a safe investment. There is even a Victorian saying about it: “Safe as houses,” supposedly meaning secure, with no risk of failure. In a continuation of his series for millenials, Thiart van der Merwe examines the relative attractiveness of investment properties.
The Finance Series for Millennials: #1 Building your Financial Foundation

The Finance Series for Millennials: #1 Building your Financial Foundation

May 30, 2018
“In this series of articles, we’re giving you the advice you need on how to set yourself up for financial freedom. Our aim is to give you practical steps each month – action points that you can take immediately. “
Who will look after my child's inheritance?

Who will look after my child’s inheritance?

May 30, 2018
“…of all the different aspects of our lives and estate planning, anything that relates to our minor children demands particular care. Be very clear with your bequests in your will.”
What’s the Hype about Section 12J investments?

What’s the Hype about Section 12J investments?

May 30, 2018
We’ve had a few questions from clients on section 12J investments and whether it’s something that should be considered. Some advisors and tax consultants seem to be selling this as the next best thing.
Who gets Grandma’s ring?

Who gets Grandma’s ring?

April 26, 2018
“For those with massive estates, the implications of not having a will can be disastrous. But even the poorest of poor own a trinket or two, so let’s take a look at how an estate is dissolved without a will.”
Topline Quarterly Review: A New Dawn of Hope

Topline Quarterly Review: A New Dawn of Hope

April 17, 2018
“With all the political noise detracting from economic fundamentals, it is easy to think we are in a downward spiral. Compared to mid-December 2017, we believe we are on the right track building South Africa up to where it should be”
Make Sure You Have a Valid Will

Make Sure You Have a Valid Will

March 29, 2018
“Sticking to the formalities doesn’t automatically mean that your will is valid. In addition, you must also comply with common law and the stipulations of your will must be practically enforceable. But first let’s make a giant stride to understand a few definitions and get the basics right.”
The Three Biggest Lies by the Passive Industry

The Three Biggest Lies by the Passive Industry

March 29, 2018
“Very few investors have the time, knowledge or skill to invest their own money. To suggest that investors can merely go straight to a passive product provider, select the correct product for their needs and live happily ever after, is ignoring reality. Even when investors have the skill, they most often lack time.”
When to retire from your retirement fund

When to retire from your retirement fund

March 5, 2018
Deciding when and how to retire from your retirement products can be complicated. It should not necessarily determine when and how you retire.
When is a spouse a legal spouse?

When is a spouse a legal spouse?

March 5, 2018
This month we are recapping what we know about the different types of marriages and marital regimes in our country. It’s first and foremost important to understand the legal definition of a spouse, because it has various legal implications – in particular on an individual’s estate.
How Our Identity Shapes Retirement Plans

How Our Identity Shapes Retirement Plans

January 30, 2018
-By Sunél Veldtman   In our Encore years – the new term used for those in later life, which is anyone after fifty and now includes me – we are faced with new challenges. For the corporate professional it could be looming forced-retirement or even unexpected retrenchment. For the entrepreneur, it could be the sale of your business ...
Don't Make These Mistakes When Planning for Your Retirement

Don’t Make These Mistakes When Planning for Your Retirement

January 30, 2018
-By Elke Zeki   Over the years we’ve often come across the same issues affecting retirement when dealing with new clients.  These common mistakes are not always obvious.  Unless you run the numbers and do proper cash flow analysis, it’s not easy to see how your choices will impact your retirement. We hope that these practical examples of ...
Topline Quarterly Review: Political Shifts and Renewed Optimism

Topline Quarterly Review: Political Shifts and Renewed Optimism

January 26, 2018
-By Thiart van der Merwe     As we ended off 2017, the headlines were dominated by the ANC leadership race. It came down to two candidates who represented different factions within the ANC. In the end Ramaphosa edged out a marginal victory over Dlamini-Zuma. The Rand subsequently strengthened by more than 11% as investors welcomed a business-friendly ...
2017 and the case for a low return environment

2017 and the case for a low return environment

December 7, 2017
-By Thiart van Der Merwe A prolonged, low-growth environment and no real returns from our market were the main talking points as we entered 2017. With constant negative press on corruption and a deteriorating political landscape, one can understand the inclination to be pessimistic. Up to the midway point the pessimists were right. The stock market surprised ...
The REAL value of a financial advisor

The REAL value of a financial advisor

October 30, 2017
-By Elke Zeki   Many people believe that financial advisors add significant value by fund & product choice, asset allocation and budgeting. What concerns us is that research shows (and has for a long time) that there are algorithms that can do this much better than any human being can. Yet advisors are slow to embrace this ...
The secret to happiness in retirement

The secret to happiness in retirement

October 30, 2017
-By Elke Zeki   Planning for retirement is one of the most interesting aspects of financial planning. Despite our vastly different circumstances and financial situations, we generally have the same underlying goal: to retire happily and in good health. The desire for happiness and health is not just exclusive to retirees though. In our later years these things ...
Topline: The Market This Quarter

Topline: The Market This Quarter

October 20, 2017
By Thiart van Der Merwe Quarter 3 Review     There’s been a rally in SA equities in the last quarter. Some sectors have done really well. If we compare the returns to the rest of the world however, we are lagging. Why? Own goals on the political front. Against our Emerging Market peers, we have underperformed by more ...
Bitcoin: The good, the bad & the ugly

Bitcoin: The good, the bad & the ugly

October 4, 2017
– By Thiart van der Merwe    Bitcoin and cryptocurrencies are a hot topic at the moment. Everyone wants to know whether they should invest in Bitcoin. It is not surprising given that $100 invested 18 months ago, would be worth $1000 now. This kind of growth attracts attention. What is Bitcoin and what is the fuss ...
The Cost Of Old Age Care

The Cost Of Old Age Care

September 27, 2017
– by Michelle le Roux   It’s fun to be young and have big dreams. We leave school and the security of living under dad’s roof; we start working and have a lifetime of salaries and bonuses ahead of us. Retirement is far into the future – after all 40 years is a long way away. But ...
The Good News You're Missing

The Good News You’re Missing

September 8, 2017
– Sunel Veldtman   Recently, I have noticed how many conversations about the world lead to a conclusion that the world is a mess. We seem anxious and insecure about the future. If I look at my social media feed, it is no wonder. Bad news abounds. Korea is angling for war. Trump plans to block immigration. ...
What is it with women and money?

What is it with women and money?

August 29, 2017
By Sunel Veldtman   Almost one out of three women believe that men are better at handling financial matters than women are. This is according to The Old Mutual Savings Monitor (2012) – one of the few surveys that have studied the attitudes of South African women towards money. Even worse though, is that 65% of men ...
Behavioural Finance:  Investors are their own worst enemies

Behavioural Finance: Investors are their own worst enemies

August 29, 2017
By Elke Zeki I heard a great analogy the other day from world-renowned researcher and storyteller, Brene Brown. She explained how often Thought and Behaviour sit in the back while Emotion drives the car. There are few things in life that stir up emotion the way money does. Even experienced investors are at risk of letting ...
Encore!

Encore!

July 28, 2017
-By Sunél Veldtman Our first Encore workshop was a huge success given the positive response from attendees. We covered all aspects about planning for the second half of life, including emotional well-being, purpose and health and we took a thorough journey through the financial preparation for retirement. We hope that the workshop contributed to new plans and ...
Quarter 2 Review 2017

Quarter 2 Review 2017

July 28, 2017
By Thiart van der Merwe A captured state exposed by a trail of emails in the hundreds of thousands. The #GuptaLeaks made headlines almost every day in major newspapers throughout the quarter. Shocking revelations of kickbacks received to Gupta-linked companies and generous gifts and holidays paid for to secure more lucrative deals just highlighted the corrupt ...
The New Old – Challenges and joys of longevity

The New Old – Challenges and joys of longevity

July 28, 2017
By Elke Zeki This month we launched our Encore workshop, specifically aimed at people approaching retirement and the challenges the “New Old” face today.   There is a distinct phase of life (we argue between 55-70) where many of the old are still young. They are active, relatively healthy, want to work (although flexibly) and spend money. ...
The randomness of returns

The randomness of returns

June 30, 2017
By Elke Zeki Financial planning is not an exact science, nor is it about getting everything right. It is about creating a plan that accounts for uncertainty and allows you to adjust quickly and easily. One such area of uncertainly, especially when planning for retirement, is expected returns. When doing a cash flow analysis, we always assume ...
Encore! Workshop

Encore! Workshop

June 28, 2017
YOU ARE INVITED TO ENCORE! If you’re thinking about slowing down, exiting corporate life or retiring, this workshop is for you! This is the new retirement and we’ve called these years – “The Encore Years” because they start long before you finally take your bow. The traditional picture of retirement looked like golf days, beaches and books, ...
Active, Passive or Both?

Active, Passive or Both?

May 31, 2017
-By Elke Zeki This debate is on-going and some are very passionate about it. In the South African market, quality active managers have been relatively successful in outperforming equity benchmarks over the long-term. However, recent low returns from the market (and active managers) has brought a renewed interest in passive solutions from investors. Why is this, ...
A quarter marred by political instability: First Quarter 2017 Review

A quarter marred by political instability: First Quarter 2017 Review

May 2, 2017
A quarter marred by political instability: First Quarter 2017 Review.
Cry my Beloved Country

Cry my Beloved Country

March 31, 2017
In a cabinet reshuffle that has been on the cards for some time, Zuma has finally pulled the trigger on Finance Minister, Pravin Gordhan and his deputy Mcebisi Jonas. He also changed 18 other positions. Late Thursday night the finance minister was replaced with Home Affairs minister, Melusi Gigaba. The Rand has plunged 7.5% since ...
Ease the pain for those you leave behind. Plan for death.

Ease the pain for those you leave behind. Plan for death.

March 30, 2017
Losing a spouse is always traumatic. What can add to the distress even more is the tying up of financial loose ends – especially if the deceased was the one who always handed those affairs.
Words Worth Reading

Words Worth Reading

March 1, 2017
A few interesting articles that we have come across this month.
Budget 2017 – let them pay for their sins.

Budget 2017 – let them pay for their sins.

March 1, 2017
axes for the wealthy have been rising steadily in recent budgets. This year was no different. The budget had one overriding theme – make the wealthy pay. The top tax rate is now 45% for those earning above R1.5million and for trusts. In addition, dividend tax increased to 20% from 15% with immediate effect.
Divorce and money matters

Divorce and money matters

February 17, 2017
Too many times I’ve sat across the table from a sobbing woman going through divorce. Divorce is always heart breaking – but divorce involving a woman who has sacrificed her career, her financial power and sometimes her identity is particularly traumatic.
Why should you update your balance sheet every year (and discuss it with your financial planner)

Why should you update your balance sheet every year (and discuss it with your financial planner)

February 1, 2017
This can be one of the best financial decisions you make. Make the time, it will be worth it.
Market Overview: Q4 of 2016

Market Overview: Q4 of 2016

February 1, 2017
“There are decades where nothing happens, and then there are weeks where decades happen.” Vladimir Lenin.
Is your Financial Advisor CFP® qualified? Look for the CFP® mark

Is your Financial Advisor CFP® qualified? Look for the CFP® mark

February 1, 2017
The CERTIFIED FINANCIAL PLANNER®/CFP® certification is the premier financial planning accreditation in the world and is recognised in 26 different countries.
Certainty vs. scenarios: All the ways in which we get the future wrong

Certainty vs. scenarios: All the ways in which we get the future wrong

December 9, 2016
What Brexit & Trump and all that erroneous forecasting teaches us about investments and financial advice…
Seven reasons why SA is in a better state than ever

Seven reasons why SA is in a better state than ever

December 9, 2016
As South Africans we tend to look at our glass half empty. We over-exaggerate the bad stuff and gloss over the good. In light of this, we decided to look at seven reasons why we are in a better place as a country than we’ve ever been. So pour yourself a glass half full (at least) ...
US Presidential Election 2016

US Presidential Election 2016

November 10, 2016
We haven’t paid much attention to US elections in the past…Democrats, Republicans, Bush, Clinton or Obama – there has been a broad acceptance of neo-liberal capitalist policies supported by globalisation. Yesterday, that changed.
Fees and Investments

Fees and Investments

October 25, 2016
For many, investing can be intimidating. We tend to seek out people with more knowledge than we have, to sort out our finances and invest on our behalf. This is perfectly acceptable. But, why is it that people do not know what they pay for this investment advice?
Market Overview: Q3 of 2016

Market Overview: Q3 of 2016

October 25, 2016
This quarter we faced unanswered questions on Brexit, entered a new era of politics in the USA, and changed guard at local, municipal level.
What's going on with world growth?

What’s going on with world growth?

September 12, 2016
Despite years of unprecedented stimulus from authorities all over the world, the global economy is sluggish. Global growth expectations are continually adjusted downwards and are still well below long-term averages. This year the World Bank adjusted its global growth forecast downwards to 2,4% from 2,9% in January. So, what’s happening with economic growth and why is ...
Unpacking the taxation of trusts

Unpacking the taxation of trusts

September 12, 2016
The taxation of trusts has been a grey area for some time. The proposed changes in legislation was published for comment recently.
Splashing out on a car or investing in your future?

Splashing out on a car or investing in your future?

September 12, 2016
Our Wealth Analyst Thiart van der Merwe writes the first article in our series on general financial planning for yuppies. Thiart is passionate about the everyday decisions we make, and how these affect our futures much more than our investment returns.
Market Overview: Q2 of 2016

Market Overview: Q2 of 2016

July 25, 2016
“Every once in a while, the market does something so stupid it takes your breath away.” This famous saying by Jim Cramer pretty much sums up the second quarter of 2016, more specifically the last week of June.
Robo-Advisors: The financial planners of the future

Robo-Advisors: The financial planners of the future

July 22, 2016
There’s much talk about jobs like financial planning and wealth management becoming careers of the past. Futurists like Graeme Condrington are even suggesting that by 2025, these jobs, as we know them will be gone. Replaced by algorithms.
Market Overview: Q1 of 2016

Market Overview: Q1 of 2016

April 15, 2016
While it is always difficult to predict where we were heading at the beginning of 2016, we could feel a bit more optimistic than we were at the start of the year. The constitution held up and a big victory for our democracy as the message was clear, no one is above the law in ...
Tax Update: Property REIT Structures

Tax Update: Property REIT Structures

April 8, 2016
Since April 2013 most listed property companies converted to internationally recognised REIT structures from property loan stocks and unit trusts. This move brought South African listed property companies in line with global standards which also offered certain tax benefits to the structures. How does this affect the shareholder? Historically income distributions from property shares were primarily declared ...
Budget Review – A Step in the Right Direction

Budget Review – A Step in the Right Direction

April 6, 2016
Minister Pravin Gordhan managed to keep most parties happy with a sound budget that contained fiscal consolidation targets and suggested commitment to growth. While it is a step in the right direction, South Africa still faces a likely downgrade by a least one of the rating agencies by December. Treasury has opted not to increase top ...
The United States, a Declining Power or the “Indispensable Nation”?

The United States, a Declining Power or the “Indispensable Nation”?

March 3, 2016
PortfolioMetrix’s Brandon Zietsman wrote an interesting piece on the possible shift of power away from America to the likes of China, and whether you should look at size in isolation or is there more to a power shift than just the production numbers of a country. An interesting read. American exceptionalism has defined the way Americans ...
Market Review 2015

Market Review 2015

January 27, 2016
2015 was a tough year for markets around the world. The Rand crumbled to an all-time low. The currency lost 35% during the year and as at 31 December one dollar could get you R15.58 (compared to R11.56 at the beginning of the year). The only upside of this was that global investments held in dollars ...
Significant tax changes finalised in Taxation Laws Amendment Act

Significant tax changes finalised in Taxation Laws Amendment Act

January 27, 2016
Earlier this month, the Taxation Laws Amendment Act was passed in parliament. The Act included significant retirement reforms. Although these reforms follow years of negotiations, it has still been met with resistance especially by labour unions. What do these reforms mean for high net worth individuals and families? We believe these changes go some way to simplify ...
Capital Gains Tax on Foreign Assets

Capital Gains Tax on Foreign Assets

January 26, 2016
As the tax season is upon us and we see an increasing amount of assets being bought offshore we want to shed some light on the Capital Gains Tax implications of these assets.
Third Quarter Market Review: 2015

Third Quarter Market Review: 2015

October 23, 2015
The third quarter of 2015 presented challenging market conditions. Global equity markets declined by 11% measured in US Dollars. According to the MSCI Index this is the worst performance since the third quarter in 2011, when markets declined by over 20%. South African equities declined by 2% in local currency terms but by 17% in ...