--- title: Insights type: taxonomy_archive taxonomy: category slug: insights term_id: 36 permalink: "https://riscura.com/insights/" post_count: 702 description: "Explore RisCura's latest investment research, market commentaries and reports covering emerging markets, private equity and African economies." --- # Insights Posts in this archive: 702 - [China manager selection: separating skill from market exposure](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/china-manager-selection-separating-skill-from-market-exposure.md) - [South African Market Commentary: August 2026](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/south-african-market-commentary-august-2026.md) - [Global Market Commentary: August 2026](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/global-market-commentary-august-2026.md) - [RisCView: July 2026](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscview-july-2026.md) - [Emerging Markets update: The month of July in review](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/emerging-markets-update-the-month-of-july-in-review-2.md) — Emerging market equities came under pressure in July, with the MSCI Emerging Markets Index falling 3.0%, compared with a 0.5% gain for the MSCI World Index. Weakness was concentrated in AI and semiconductor stocks as investors became more cautious about future AI spending, stronger competition from China and stretched valuations. - [China’s consumption challenge](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/chinas-consumption-challenge.md) - [Residential rental: what makes it investable to institutional investors](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/residential-rental-institutional-investment.md) - [South African Market Commentary: July 2026](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/south-african-market-commentary-july-2026.md) - [Global Market Commentary: July 2026](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/global-market-commentary-july-2026.md) - [Why Africa investment reporting needs to move beyond headline returns](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/why-africa-investment-reporting-needs-to-move-beyond-headline-returns.md) — As African equities deliver exceptional returns, RisCura argues that understanding the drivers of performance matters as much as the numbers themselves - [Emerging Markets update: The month of June in review](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/emerging-markets-update-the-month-of-june-in-review.md) — Emerging market (EM) equities lost ground in June, with the MSCI Emerging Markets Index declining 1,4% as investors weighed Middle East tensions in the Middle East, shifting US interest rate expectations, and firmer oil prices. - [RisCView: June 2026](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscview-june-2026.md) - [China’s industrial technology edge](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/chinas-industrial-technology-edge.md) - [South African Market Commentary: June 2026](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/south-african-market-commentary-june-2026.md) - [Global Market Commentary: June 2026](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/global-market-commentary-june-2026.md) - [Private markets and retirement funds: access is only part of the decision](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/private-markets-and-retirement-funds-access-is-only-part-of-the-decision.md) - [Are African equity benchmarks giving investors the wrong picture?](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/are-african-equity-benchmarks-giving-investors-the-wrong-picture.md) - [Emerging Markets update: The month of May in review](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/emerging-markets-update-the-month-of-may-in-review.md) — Emerging market (EM) equities delivered a strong performance in May 2026, with the MSCI Emerging Markets Index returning 9.7% for the month and outperforming developed market (DM) peers. - [Retail development in underserved markets and the investment capability behind it](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/retail-development-in-underserved-markets-and-the-investment-capability-behind-it.md) - [RisCView: May 2026](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscview-may-2026.md) - [South African Market Commentary: May 2026](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/south-african-market-commentary-may-2026.md) - [Global Market Commentary: May 2026](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/global-market-commentary-may-2026.md) - [Managing risk in private markets - what investors often underestimate](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/managing-risk-in-private-markets-what-investors-often-underestimate.md) - [Emerging Markets update: The month of April in review](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/emerging-markets-update-the-month-of-april-in-review.md) — Emerging market equities delivered a strong rebound in April, recovering the ground lost in March as escalating tensions in the Middle East weighed heavily on global markets. The MSCI Emerging Markets Index returned 14.71%, ending the month comfortably ahead of the 9.6% gain recorded by the MSCI World Index. - [RisCView: April 2026](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscview-april-2026.md) - [South African Market Commentary: April 2026](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/south-african-market-commentary-april-2026.md) - [Global Market Commentary: April 2026](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/global-market-commentary-april-2026.md) - [Manager development behind real-world investment impact](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/manager-development-behind-real-world-investment-impact.md) - [RisCView: March 2026](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscview-march-2026.md) - [Emerging Markets update: The month of March in review](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/emerging-markets-update-the-month-of-march-in-review.md) — March proved to be a punishing month for emerging market (EM) equities. The escalation of conflict in the Middle East, centred on rising tensions with Iran and a significant disruption to shipping through the Strait of Hormuz, rattled global financial markets. This triggered a broad risk-off move, and a repricing of global inflation and growth expectations. - [Nigeria rebound exposes global benchmark blind spot in African markets](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/nigeria-rebound-exposes-global-benchmark-blind-spot-in-african-markets.md) - [South African Market Commentary: March 2026](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/south-african-market-commentary-march-2026.md) - [Global Market Commentary: March 2026](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/global-market-commentary-march-2026.md) - [RisCView: February 2026](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscview-february-2026.md) - [RisCView: January 2026](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscview-january-2026.md) - [Namibia’s capital paradox: why strong savings are not translating into growth](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/namibia-capital-paradox-institutional-investors.md) - [South African Market Commentary: February 2026](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/south-african-market-commentary-february-2026.md) - [Global Market Commentary: February 2026](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/global-market-commentary-february-2026.md) - [Middle East escalation - what investors should monitor](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/middle-east-escalation-what-investors-should-monitor.md) - [RisCView: December 2025](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscview-december-2025.md) - [RisCView: November 2025](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscview-november-2025.md) - [South African Market Commentary: January 2026](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/south-african-market-commentary-january-2026.md) - [Global Market Commentary: January 2026](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/global-market-commentary-january-2026.md) - [Emerging Markets update: The month of January in review](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/emerging-markets-update-the-month-of-january-in-review.md) — Emerging market equities delivered a strong start to the year, with the MSCI Emerging Markets Index rising 8.9% for the month and outperforming developed markets. A weaker US dollar and continued strength in technology-related sectors supported returns. Semiconductor demand and optimism around artificial intelligence (AI) were key contributors as demand expectations improved, while geopolitical risks in Eastern Europe and the Middle East remained a secondary concern for markets. - [China beyond manufacturing: Automation and the rise of services](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/china-beyond-manufacturing-automation-and-the-rise-of-services.md) — In late 2025, Chinese equities completed a full cyclical transition, moving from a period of volatile consolidation and policy support to a pre-New Year rally. The A-share market came under pressure in November before rebounding. Investor sentiment weakened amid debates around the sustainability of the AI narrative and a marginal tightening in liquidity conditions, prompting a rotation into defensive sectors such as banking and pharmaceuticals. The MSCI China A Onshore Index outperformed significantly in December (+4.8%). The MSCI China Index dipped (- 1.5%) while the China All Shares Index remained flat (+0.4%). On a full-year basis, all three indices delivered strong double-digit growth: MSCI China (+28.1%), MSCI China A Onshore (+27.0%), and MSCI China All Shares (+25.9%). - [South African Market Commentary: December 2025](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/south-african-market-commentary-december-2025.md) - [Global Market Commentary: December 2025](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/global-market-commentary-december-2025.md) - [Emerging Markets update: The month of November in review](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/emerging-markets-update-the-month-of-november-in-review.md) — Global markets delivered a mixed performance over the month as investors navigated a patchy environment amid a renewed bout of volatility. Concerns that enthusiasm around artificial intelligence (AI) may have run ahead of fundamentals resurfaced, while several regions also faced local macroeconomic headwinds. As a result, market conditions were characterised by uneven returns and shifting investor sentiment. - [China's role in the global economy](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/chinas-role-in-the-global-economy.md) — After an exceptionally strong third quarter, Chinese equities saw a modest pullback in October. Recent macroeconomic indicators point to some softening in China’s economy. Exports unexpectedly contracted by 1.1% year-on-year, marking their first decline since February, as companies awaited the outcome of the Xi-Trump summit. Despite these short-term pressures, full-year GDP growth remains on track to meet the government’s target of “around 5 percent,” and further large-scale stimulus appears unlikely unless the economy experiences a material negative shock. The MSCI China and MSCI China A Onshore indices declined by 3.8% and 0.2%, respectively. Retail sales remained subdued and property sales softened across major cities. Industrial profits fell 5.5% year-on-year ─ the largest decline since June ─ partially unwinding the double-digit growth recorded in August and September. - [South African Market Commentary: November 2025](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/south-african-market-commentary-november-2025.md) - [Global Market Commentary: November 2025](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/global-market-commentary-november-2025.md) - [RisCView: October 2025](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscview-october-2025.md) - [Emerging Markets update: The month of October in review](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/emerging-markets-update-the-month-of-october-in-review.md) — Emerging market (EM) equities continued to advance in October, supported by strong performance across the emerging Asia region. The MSCI Emerging Markets Index rose 4.2%, outperforming the MSCI World Index, which recorded a more modest 2.0% gain.  - [South African Market Commentary: October 2025](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/south-african-market-commentary-october-2025.md) - [Global Market Commentary: October 2025](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/global-market-commentary-october-2025.md) - [South Africa’s 3% inflation target: A new investment equation](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/south-africas-3-inflation-target-a-new-investment-equation.md) - [RisCView: September 2025](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscview-september-2025.md) - [Emerging Markets update: The month of September in review](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/emerging-markets-update-the-month-of-september-in-review.md) — Emerging market (EM) equities delivered strong returns in September, reaching new highs for the year. The MSCI Emerging Markets Index rose 7.1%, outpacing developed market equities, which edged up by 3.2%. The rally was driven by firm commodity prices and a weaker US dollar, which encouraged risk-taking among investors. China led the upswing, while South Africa and Brazil also outperformed on the back of their commodity exposure and currency strength. - [RisCura inspires future finance leaders through Day of the Girl 2025](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/riscura-inspires-future-finance-leaders-through-day-of-the-girl-2025.md) - [Global Market Commentary: September 2025](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/global-market-commentary-september-2025.md) - [South African Market Commentary: September 2025](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/south-african-market-commentary-september-2025.md) - [RisCView: August 2025](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscview-august-2025.md) - [Emerging Markets update: The month of August in review](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/emerging-markets-update-the-month-of-august-in-review.md) — Emerging market equities delivered another positive month, albeit underperforming relative to developed market peers. Trade tensions once again dominated the headlines with Washington’s “reciprocal tariffs” leaving many trading partners facing higher tariffs while others secured temporary truces to keep negotiations going. The MSCI Emerging Markets index was up by a modest 1.3%, largely driven by strong performance from China and the Latin America region, while the MSCI World Index gained a stronger 2.6%. - [China’s advancements in hard technology](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/chinas-advancements-in-hard-technology.md) — Chinese equities extended their rally in August, with gains largely concentrated in the AI compute chain. While consumer and healthcare sectors took a pause, the strength of the market was underpinned by visible progress and substantial market opportunities across the computing power ecosystem. This reflects both the technological drive and the unique structure and ecosystem of China’s equity market. On the macro front, inflation remains muted, but activity data signalled resilience. The MSCI China Index gained 4.9% and the MSCI China A Onshore Index advanced by 12.8%. Domestic tourism registered a 21% year-over-year increase in the first half of 2025, while county-level regions are emerging as new growth drivers. Household deposits fell by 0.7% in July, representing a withdrawal of over RMB 1 trillion. - [South African Market Commentary: August 2025](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/south-african-market-commentary-august-2025.md) - [Global Market Commentary: August 2025](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/global-market-commentary-august-2025.md) - [RisCView: July 2025](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscview-july-2025.md) - [The importance of risk management in China](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/the-importance-of-risk-management-in-china.md) — China’s equity markets posted solid gains in July, supported by improving sentiment and thematic sector strength. Mainland-listed A-shares outperformed Hong Kong-listed H-shares, reversing the relative outperformance seen in the first half of the year. The rally was led by themes such as computing power, “anti-involution” (efforts to curb excessive internal competition), biotech and new consumption. The MSCI China Index and the MSCI China A Onshore Index were up by 4.8% and 4.4% respectively. Macro-sensitive sectors, including home appliances, real estate, and food & beverage, remained muted. Inflows from retail, pension, and insurance investors remained strong, and average daily turnover surged to approximately CNY 0.8 trillion, up from CNY 0.5 trillion in June. - [Emerging Markets update: July 2025](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/emerging-markets-update-july-2025.md) — Global markets ended July on a positive note, with the MSCI World index up by 1.3%. Emerging markets (EM) continued to outperform their developed market (DM) peers, as the MSCI Emerging Markets index gained 2.0% for the month. Performance was lifted by the ongoing artificial intelligence (AI) boom, although lingering tariff risks and US dollar strength provided headwinds for EM equities.  - [Global Market Commentary: July 2025](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/global-market-commentary-july-2025.md) - [South African Market Commentary: July 2025](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/south-african-market-commentary-july-2025.md) - [RisCView: June 2025](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscview-june-2025.md) - [Emerging Markets update: June 2025](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/emerging-markets-update-june-2025.md) — Emerging market (EM) equities posted strong gains over the month, delivering a 6.0% return, outperforming relative to developed market (DM) peers. Performance was supported by easing geopolitical tensions and trade negotiations, which improved investor sentiment across global markets. For the year to date, the MSCI Emerging Markets Equity Index is up 15.3% while the MSCI World Equity index delivered a total return of 9.5%, highlighting EM’s relative strength.   - [Chinese consumer brands on the rise](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/chinese-consumer-brands-on-the-rise.md) — China was relatively muted in June, with limited policy signals from Beijing and no major announcements. Nevertheless, the equity market held up well, with key indices maintaining their upward momentum driven by improved trade dialogue with the US. and rising confidence in the economy’s stabilisation. The MSCI China, MSCI China All Shares, and MSCI China A Onshore indices saw gains, ending the month up by 3.1%, 2.95%, and 3.46%, respectively. Sector wise, semiconductors, renewable energy, and financials were the major contributors. Retail sales in May rose by 6.4% year-on-year, beating expectations and marking the strongest growth since December 2023. - [South African Market Commentary: June 2025](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/south-african-market-commentary-june-2025.md) - [Global Market Commentary: June 2025](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/global-market-commentary-june-2025.md) - [RisCView: May 2025](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscview-may-2025.md) - [Emerging Markets update: May 2025](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/emerging-markets-update-may-2025.md) — The US-China standoff remained a dominant theme in May. However, green shoots emerged as Presidents Trump and Xi agreed to a significant rollback of reciprocal tariffs.  Emerging market equities saw gains over the month, albeit underperforming relative to developed market equities. South Africa and Mexico led within emerging markets while Taiwan, Hong Kong, Indonesia and Korea were notable contributors. The MSCI Emerging Markets Equity Index ended the month 4.3% higher, while the MSCI World experienced a 5.9% uptick. - [Global Market Commentary: May 2025](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/global-market-commentary-may-2025.md) - [South African Market Commentary: May 2025](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/south-african-market-commentary-may-2025.md) - [May China Market update](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/may-china-market-update.md) - [RisCView: April 2025](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscview-april-2025.md) - [Our take on tariffs](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/our-take-on-tarrifs.md) — China’s equity markets declined by low to mid-single digits in April, marked by heightened intra-month volatility following the unexpected announcement of new Trump-era tariffs. Beneath these headlines, investors broadly sold off companies with significant overseas revenue exposure, while rotating into domestic consumption and self-sufficiency themes, perceived as beneficiaries of the ongoing US-China decoupling. - [South African Market Commentary: April 2025](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/south-african-market-commentary-april-2025.md) - [Global Market Commentary: April 2025](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/global-market-commentary-april-2025.md) - [RisCView: March 2025](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscview-march-2025.md) - [Emerging Markets update: April 2025](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/emerging-markets-update-april-2025.md) — Global equities came under pressure in April as U.S. President Trump surprised the markets with much larger than expected tariffs against virtually every trading partner in the world. On 2 April, during a ceremony in the White House Rose Garden, he introduced what he called a “reciprocal tariff” strategy, which applies a series of tariffs on all U.S. imports based loosely on each trading partner’s goods trade deficit with the U.S. - [China's rapid progress in healthcare](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/chinas-rapid-progress-in-healthcare.md) — The Chinese equity market showed a relatively positive trend in March. The market continued its spring rally during the first half of March, with risk appetite maintained during the "Two Sessions" period. Investments remained focused on policy-driven momentum and emerging industry trends. However, approaching the latter half of the month, the market was affected by the earnings reporting season. In early March, a three-year-old Chinese startup made global headlines with the launch of its first general AI agent, Manus. - [South African Market Commentary: March 2025](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/south-african-market-commentary-march-2025.md) - [Global Market Commentary: March 2025](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/global-market-commentary-march-2025.md) - [RisCView: February 2025](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscview-february-2025.md) - [Empowering Future Private Equity Leaders](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/empowering-future-private-equity-leaders.md) - [Understanding wildfire risk](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/understanding-wildfire-risk.md) - [February China Market update](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/february-china-market-update.md) - [Global Market Commentary: February 2025](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/global-market-commentary-february-2025.md) - [South African Market Commentary: February 2025](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/south-african-market-commentary-february-2025.md) - [Decent work in a changing climate: Addressing unemployment and ensuring a just transition in South Africa](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/decent-work-in-a-changing-climate-addressing-unemployment-and-ensuring-a-just-transition-in-south-africa.md) - [RisCView: January 2025](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscview-january-2025.md) - [ESG Integration in South African hedge funds: from lip service to real action (or not?)](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/esg-integration-in-south-african-hedge-funds-from-lip-service-to-real-action-or-not.md) - [Introducing the RisCura Africa RealView Index (RARI): A new benchmark for African equity markets](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/introducing-the-riscura-africa-realview-index-rari-a-new-benchmark-for-african-equity-markets.md) — RisCura is proud to launch the RisCura Africa RealView Index (RARI), a pioneering benchmark designed to offer investors a transparent and reliable measure of African equity markets, excluding South Africa. As African markets continue to evolve, RARI addresses the need to accurately reflect their unique opportunities and challenges. - [China’s AI Boom: Talent and Innovation Driving the Future](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/chinas-ai-boom-talent-and-innovation-driving-the-future.md) — China’s AI and tech sector is advancing rapidly, driven by a skilled workforce, strong government support, and a vast data ecosystem. The launch of DeepSeek’s latest AI model highlights China’s ability to innovate despite US technology restrictions. Entrepreneurs and engineers continue to push boundaries, making breakthroughs in AI applications. With robust venture capital backing and a thriving startup culture, China is cementing its position as a global AI leader. - [Global Market Commentary: January 2025](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/global-market-commentary-january-2025.md) - [South African Market Commentary: January 2025](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/south-african-market-commentary-january-2025.md) - [RisCura - SAVCA Private Equity Performance Report: South Africa Q3 2024](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscura-savca-private-equity-performance-report-south-africa-q3-2024.md) - [RisCView: December 2024](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscview-december-2024.md) - [China’s Fund Industry Got Talent](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/chinas-fund-industry-got-talent.md) — In December, the Chinese equity market experienced a rise followed by a pullback. However, offshore (Hong Kong) stocks still ended the month in positive territory, helping the overall indices to a positive end to the year. Benefitting from the year-end effect, dividend stocks have risen, while certain AI-related concepts still have momentum. Overall, the market remained in a consolidation phase following the rally since late September. - [South African Market Commentary: December 2024 ](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/south-african-market-commentary-december-2024.md) - [Global Market Commentary: December 2024](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/global-market-commentary-december-2024.md) - [RisCView: 2024](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/riscview-2024.md) — Monthly performance ranking of investment products. - [RisCView: November 2024](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscview-november-2024.md) - [Policy initiatives and sector rebounds](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/policy-initiatives-and-sector-rebounds.md) — In November, the Chinese equity market showed significant volatility, with a pattern of early gains followed by a pullback. Small-cap stocks continued to outperform large-cap stocks. The MSCI China, MSCI China A Onshore and MSCI China All Share Indices declined by 4.5%, 1.5%, and 3.3%, respectively. Although the market was down overall, there were some positive sectors including banks, other financials and telecommunications. - [Global Market Commentary: November 2024](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/global-market-commentary-november-2024.md) - [South African Market Commentary: November 2024 ](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/south-african-market-commentary-november-2024.md) - [RisCura - SAVCA Private Equity Performance Report: South Africa Q2 2024](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscura-savca-private-equity-performance-report-south-africa-q2-2024.md) - [RisCView: October 2024](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscview-october-2024.md) - [China market – the turning point?](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/china-market-the-turning-point.md) — In October, the Chinese equity market saw mixed performance across indices, with small-cap stocks continuing to outperform large-cap stocks. Major indices, which are primarily dominated by large-cap stocks, all experienced corrections. Market sentiment fluctuated between optimism and caution, as onshore "hot money" flowed into the market, while some institutional investors remained on the sidelines, waiting for further policy clarity. - [South African Market Commentary: October 2024 ](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/south-african-market-commentary-october-2024.md) - [Global Market Commentary: October 2024](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/global-market-commentary-october-2024.md) - [RisCView: September 2024](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscview-september-2024.md) - [Adapt, Innovate, Thrive: Takeaways from the SAVCA Venture Capital Conference 2024](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/adapt-innovate-thrive-takeaways-from-the-savca-venture-capital-conference-2024.md) - [RisCura participates in another successful Day of the Girl Event](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/riscura-participates-in-another-successful-day-of-the-girl-event.md) - [South African Market Commentary: September 2024 ](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/south-african-market-commentary-september-2024.md) - [Global Market Commentary: September 2024](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/global-market-commentary-september-2024.md) - [Notes from our recent trip to China](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/notes-from-our-recent-trip-to-china.md) — In September 2024 the Chinese equity markets experienced a substantial rebound. Driven by favourable policy measures, market sentiment was notably boosted. Among sectors, real estate, internet, and financials were the top performers, rising by 25.1%, 22.1% and 15.6%, respectively. The real estate sector led the gains, largely benefiting from various government measures aimed at stabilising the property market. - [RisCView: August 2024](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscview-august-2024.md) - [Stronger policies aim to boost domestic demand](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/stronger-policies-aim-to-boost-domestic-demand.md) — In August, the Chinese equity market experienced a series of fluctuations, largely driven by weaker quarterly earnings reports from many companies. Additionally, the opening of closed-end funds for redemption triggered localised liquidity events. In terms of sectors, petrochemicals and coal showed relative resilience, whereas national defence, agriculture, beauty, construction materials, and steel faced the most adjustments. Nevertheless, some sectors still exhibited overall growth and marginal improvements in quarterly performance, such as agriculture, telecommunications, electronics, insurance, wind power, chemical materials, and industrial metals. - [Navigating Uncertainty: Key Insights from the CFA Society South Africa 2024 Investment Conference](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/navigating-uncertainty-key-insights-from-the-cfa-society-south-africa-2024-investment-conference.md) - [South African Market Commentary: August 2024 ](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/south-african-market-commentary-august-2024.md) - [Global Market Commentary: August 2024](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/global-market-commentary-august-2024.md) - [RisCView: July 2024](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscview-july-2024.md) - [RisCura - SAVCA Private Equity Performance Report: South Africa Q1 2024](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscura-savca-private-equity-performance-report-south-africa-q1-2024.md) - [Resilience through a challenging macro environment](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/resilience-through-a-challenging-macro-environment.md) — Chinese equity markets experienced a dynamic month in July, but all indices ultimately ended down. While most major sectors performed better than the previous month, the cyclical sector lagged, revealing clear differences among various sub-sectors. Among all sectors, non-bank financials ranked first, while national defence also did relatively well. In contrast, the energy and consumer sectors, particularly coal, textiles, petrochemicals, light manufacturing, and non-ferrous metals, were the main contributors to the overall downtrend. - [South African Market Commentary: July 2024 ](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/south-african-market-commentary-july-2024.md) - [Global Market Commentary: July 2024](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/global-market-commentary-july-2024.md) - [RisCView: June 2024](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscview-june-2024.md) - [South African Market Commentary: June 2024 ](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/south-african-market-commentary-june-2024.md) - [Global Market Commentary: June 2024](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/global-market-commentary-june-2024.md) - [China Property Sector Rescue](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/china-property-sector-rescue.md) — Chinese equity markets dipped in June, with sector rotations continuing at a relatively fast pace and trading volume experiencing a slight decline. Real estate transactions showed a mild year-on-year (YoY) recovery following the release of a mid-May real estate policy package. From 1 to 29 June, the YoY growth rate of new home transactions in 60 cities and second-hand home transactions in 26 cities improved to -24.7% and +14.4%, respectively, from -37.5% and -4.7% in the previous month. Although mid-month credit and inflation data fell slightly below expectations, the overall economy continued to improve, with good export, employment and industrial production indicators.  - [RisCView: May 2024](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscview-may-2024.md) - [Global Market Commentary: May 2024](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/global-market-commentary-may-2024.md) - [South African Market Commentary: May 2024 ](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/south-african-market-commentary-may-2024.md) - [The Rise of Chinese Apps in the World](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/the-rise-of-chinese-apps-in-the-world.md) — Chinese equity markets demonstrated mixed performance amid a dynamic economic landscape in May. In the first half of the month, A-shares experienced slight fluctuations and a modest upward trend as a resurgence in travel activity during the May Day holiday boosted the consumer sector. Although mid-month credit and inflation data fell slightly below expectations, the overall economy continued to improve, with good export, employment and industrial production indicators.  - [RisCura - SAVCA Private Equity Performance Report: South Africa Q4 2023](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscura-savca-private-equity-performance-report-south-africa-q4-2023.md) - [Navigating the complex world of derivatives in pension fund management](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/navigating-the-complex-world-of-derivatives-in-pension-fund-management.md) - [South African Market Commentary: April 2024 ](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/south-african-market-commentary-april-2024.md) - [Global Market Commentary: April 2024](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/global-market-commentary-april-2024.md) - [China Insights: China's Shift towards Prioritising Returns](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/china-insights-chinas-shift-towards-prioritising-returns.md) — There were signs of recovering market sentiment and improved liquidity during April, marking a shift from earlier expectations which had assumed a further pullback in the absence of state support following the Two Sessions (annual gatherings of China’s political advisory committee and the country’s legislature). - [RisCView: April 2024](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscview-april-2024.md) - [Emerging Markets Offer Unprecedented Opportunities for Investors](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/emerging-markets-offer-unprecendented-opportunitues-for-investors.md) - [South African Market Commentary: March 2024 ](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/south-african-market-commentary-march-2024.md) - [Global Market Commentary: March 2024](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/global-market-commentary-march-2024.md) - [RisCView: March 2024](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscview-march-2024.md) - [China Market Commentary for February 2024](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/china-market-commentary-for-february-2024.md) — China’s equity market rebound in February can be attributed to the government's stepped-up rescue efforts, including interest rate cuts, stricter regulations on short selling, expanded investment scope of the state funds through ETF purchases, and the appointment of a new chairman at the CSRC, the country's stock market regulator. - [RisCView: February 2024](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscview-february-2024.md) - [South African Market Commentary: February 2024 ](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/south-african-market-commentary-february-2024.md) - [Global Market Commentary: February 2024](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/global-market-commentary-february-2024.md) - [RisCView: January 2024](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscview-january-2024.md) - [Why 2024 could be the year for Emerging Market (EM) resurgence](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/why-2024-could-be-the-year-for-emerging-market-em-resurgence.md) - [Global Market Commentary: January 2024](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/global-market-commentary-january-2024.md) - [South African Market Commentary: January 2024 ](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/south-african-market-commentary-january-2024.md) - [China Market Commentary for January 2024](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/china-market-commentary-february-2024.md) — In January, the Chinese small-cap and micro-cap segments were hardest hit by the economic downturn, largely due to the lack of concrete policy responses to boost business and consumer confidence. Additionally, investor sentiment was further dampened by concerns over the US-China relationship, including the possibility of Donald Trump being re-elected and his comments on imposing more tariffs on Chinese imports. - [RisCura - SAVCA Private Equity Performance Report: South Africa Q3 2023](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscura-savca-private-equity-performance-report-south-africa-q3-2023.md) - [South African Market Commentary: December 2023 ](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/south-african-market-commentary-december-2023.md) - [Global Market Commentary: December 2023](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/global-market-commentary-december-2023.md) - [China Market Commentary for December 2023](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/china-market-commentary-january-2024.md) — In December, China's leadership, at the Central Economic Work Conference, stressed high-quality growth and affirmed support for fiscal policies but fell short of specifying targets. Regulatory concerns in the online gaming sector led to a market sell-off, prompting the government to swiftly adjust its stance by approving new game titles and easing industry anxieties. Technology stocks recovered some ground in the following trading days. - [China Market Commentary for November 2023](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/china-market-commentary-december-2023.md) — In November, Chinese equities experienced positive gains, albeit lagging behind global markets which saw robust rallies amid declining inflation and optimism for a soft US economic landing. Initial enthusiasm from the mid-November meeting between Presidents Biden and Xi waned as little real progress was made despite positive behind-the-scenes developments. - [RisCView: December 2023](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscview-december-2023.md) - [South African Market Commentary: November 2023 ](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/south-african-market-commentary-november-2023.md) - [Global Market Commentary: November 2023](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/global-market-commentary-november-2023.md) - [China Market Commentary: November 2023](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/china-market-commentary-november-2023.md) — As China's economic trajectory remains uncertain, a combination of factors, including corporate buybacks, household savings trends, and government policies, will play a pivotal role in shaping the future of Chinese equities. - [RisCView: November 2023](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscview-november-2023.md) - [RisCView: September 2023](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscview-september-2023.md) - [South African Market Commentary: October 2023 ](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/south-african-market-commentary-october-2023.md) - [Global Market Commentary: October 2023](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/global-market-commentary-october-2023.md) - [RisCura - SAVCA Private Equity Performance Report: South Africa Q2 2023](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscura-savca-private-equity-performance-report-south-africa-q2-2023.md) - [China Market Commentary: October 2023](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/china-market-commentary-october-2023.md) — Chinese equities experienced modest losses in September with the MSCI China and MSCI China A Onshore indices down 2.7% and 1.8%. However, economic data suggested that recent stimulus measures are beginning to take effect with a rise in consumption and industrial activity. - [Taking the Pulse on ESG: Navigating Long and Short Strategies](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/taking-the-pulse-on-esg-navigating-long-and-short-strategy.md) — RisCura conducted a survey of South African hedge fund managers and identified a positive shift in their attitudes toward ESG integration. - [Global Market Commentary: September 2023](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/global-market-commentary-september-2023.md) - [South African Market Commentary: September 2023 ](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/south-african-market-commentary-september-2023.md) - [Glenn Silverman weighs in on the repercussions of the growing delisting trend on the JSE for South African institutional investors](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/glenn-silverman-weights-in-on-the-repercussions-of-the-growing-delisting-trend-on-the-jse-for-south-african-institutional-investors.md) - [China Market Commentary: September 2023](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/china-market-commentary-september-2023.md) — Chinese equities declined in August due to various factors, including property sector challenges and a lack of significant policy action. Towards the end of the month, market sentiment improved as the government implemented measures to support the economy and capital markets. Recent macroeconomic data indicated signs of stabilisation in the Chinese economy, with positive CPI, PPI, retail sales, and industrial production trends. However, concerns persist regarding the property sector's impact on the overall economic outlook. - [RisCura - SAVCA Private Equity Performance Report: South Africa Q1 2023](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscura-savca-private-equity-performance-report-south-africa-q1-2023.md) - [RisCura Joins CFA South Africa’s Day of the Girl Job Shadow Initiative](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/riscura-joins-cfas-day-of-the-girl-event-for-women-in-investment-management.md) - [RisCView: October 2023](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscview-october-2023.md) - [RisCView: August 2023](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscview-august-2023.md) - [​China's Rise in Electric Vehicles ](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/chinas-rise-in-electric-vehicles.md) — ​China's electric vehicle (EV) dominance has surged, propelling manufacturers like BYD and MG to international acclaim. Faisal Rafi, Head of Global Research, underscores China's rapid ascendancy across EV realms, spanning manufacturing, supply chain mastery, government backing, and worldwide market expansion. Within this article, he emphasises that Chinese firms have achieved battery production mastery, particularly in LFP technology, resulting in near-monopoly control. These companies reap benefits from an efficient industrial framework, cost-effective advantages, and a skilled workforce. - [China Market Commentary: August 2023](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/china-market-commentary-august-2023.md) — Chinese equities surged in late July after dovish signals from the Politburo meeting, surpassing expectations with MSCI China and MSCI China A Onshore indices gaining 10.9% and 5.7%. However, gains were lost in August due to a lack of policy actions and property market troubles caused by developer Country Garden's bond restructuring. - [South African Market Commentary: August 2023 ](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/south-african-market-commentary-august-2023.md) - [Global Market Commentary: August 2023](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/global-market-commentary-august-2023.md) - [RisCView: July 2023](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscview-july-2023.md) - [South African Market Commentary: July 2023 ](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/south-african-market-commentary-july-2023.md) - [Global Market Commentary: July 2023](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/global-market-commentary-july-2023.md) - [China Market Commentary: July 2023](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/china-market-commentary-july-2023.md) — The market rebounded strongly in the first half of June 2023 due to expectations of economic stimulus and the launch of the HKD-RMB Dual Counter Model. However, geopolitical tensions and a smaller-than-expected Loan Prime Rate cut affected gains later in the month. Information Technology and Consumer Discretionary sectors performed well, while Healthcare, Energy, and Telecommunications underperformed - [RisCView: 2023](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/riscview-2023.md) — Monthly performance ranking of investment products. - [RisCView: June 2023](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscview-june-2023.md) - [China Market Commentary: June 2023](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/china-market-commentary-june-2023.md) - [RisCura – SAVCA Private Equity Performance Report: South Africa Q4 2022](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscura-savca-private-equity-performance-report-south-africa-q4-2022.md) - [Market Commentary: June 2023](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-june-2023.md) - [Regulation Driving Enhanced Environmental Disclosures by Indian Companies](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/regulation-driving-enhanced-environmental-disclosures-by-indian-companies.md) - [India's Complex Social Challenges: Transforming Engagement beyond CSR](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/indias-complex-social-challenges-transforming-engagement-beyond-csr.md) - [ESG Considerations in India: The Significance of Governance](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/esg-considerations-in-india-the-significance-of-governance.md) - [RisCView: May 2023](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscview-may-2023.md) - [Market Commentary: May 2023](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-may-2023.md) - [China Market Commentary: May 2023](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/china-market-commentary-may-2023.md) - [New Bright Africa Research points to strong Private Equity Upward growth trend](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/new-bright-africa-research-points-to-strong-private-equity-upward-growth-trend.md) — Not only do pensions provide a financial and social safety net to the elderly, but they also provide long-term capital. - [Market Commentary: April 2023](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-april-2023.md) - [China Market Commentary: April 2023](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/china-market-commentary-april-2023.md) — Here are this month’s highlights: Shares of state-owned enterprises (SOEs) in the Telecom, Energy and Financials sectors also outperformed. They have been boosted by price/earnings multiple expansion, as the value style was in favour and there was positive news about SOE reforms. Overall, the managers we work with remain overweight to high-quality companies in the Consumption, Advanced Manufacturing and New Energy sectors. - [Outlook 2023, CIO and Multi-assets: It’s All About Evaluation.](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/outlook-2023-cio-and-multi-assetsits-all-about-evaluation.md) — Not only do pensions provide a financial and social safety net to the elderly, but they also provide long-term capital. - [RisCura – SAVCA Private Equity Performance Report: South Africa Q3 2022](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscura-savca-private-equity-performance-report-south-africa-q3-2022.md) - [China Market Commentary: March 2023](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/china-market-commentary-march-2023.md) — Here are this month’s highlights: February registered the first month-over-month increase in home prices after 17 consecutive months of contraction. While the recovery so far has been driven by pent-up demand from people who couldn’t spend during Covid lockdowns, it is too early to observe more sustained growth momentum. - [Market Commentary: March 2023](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-march-2023.md) — Global Market Themes: Sticky inflation compels the US Fed to hike interest rates by 25bps. Banking crisis, sparked by SVB collapse, forces government to step in. Lending conditions tighten, displaying further signals that the US economy is slowing down. China and EM markets remain buoyant, with the MSCI China Index up 4.5% along with an upbeat Manufacturing PMI of 51.9. SA Market Themes: SARB surprises the market with a 50bps interest rate hike. Rand appreciates 3.3% against the greenback. Loadshedding continues to constrain the economy, while South African PMI prints 48.1. Shoprite plans to open 400 new stores along with its first apparel outlet. - [RisCura Investment Strategist Discusses Challenges of Greenwashing in ESG Investing](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/riscura-investment-strategist-discusses-challenges-of-greenwashing-in-esg-investing.md) - [Policymakers in Africa seek improved growth and social stability through increased exposure to the real economy.](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/policymakers-in-africa-seek-improved-growth-and-social-stability-through-increased-exposure-to-the-real-economy.md) - [Breaking down barriers: empowering women in asset management.](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/breaking-down-barriers-empowering-women-in-asset-management.md) - [RisCura – SAVCA Private Equity Performance Report: South Africa Q2 2022](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscura-savca-private-equity-performance-report-south-africa-q2-2022.md) - [Market Commentary: February 2023](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-february-2023.md) — Global Market Themes: US Federal Reserve likely to hike rates by 25bps in March. Chinese markets close lower; rely on domestic consumer to spur growth. Broader markets experience knock-on effects from US interest rate revision. Bank of England expects inflation to fall to 4% by year-end. SA Market Themes: SA markets down for the month. Rand depreciates against all major currencies. Finance Minister Enoch Godongwana outlines greylisting path in the Budget speech. Government pledges to take on R254 billion of Eskom’s debt. - [China Market Commentary: February 2023](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/china-market-commentary-february-2023.md) — Here are this month’s highlights: In just two years, the MSCI India Index’s weighting to Adani companies increased from 1.2% to 5.8% in aggregate, despite many people’s concerns of poor governance. A key question that arises as a consequence of this saga is whether the “E” (within ESG) was so compelling that the “G” could be compromised. By Western standards, one of the main reasons for the poor governance in emerging markets is due to the presence of a controlling shareholder – usually the founder and their family, or the state. Private enterprises run the risk of being managed for the benefit of the majority shareholder and not stakeholders in general, which in its extreme could lead to fraud. In the private sector, we all know how much value a visionary leader, usually the founder and controlling shareholder of the business, can create over time by focusing on the strategic plans rather than quarter-over-quarter financial results – think of the founders of the great internet companies. While it is not always black or white, we argue that fund managers should always be careful when taking on poor governance as the results could be binary – all or nothing. - [Market Commentary: January 2023](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-january-2023.md) — Global Market Themes: Pace of US Fed interest rate hikes slowing down. Global markets rally off a low base, led by China. China economy reopens along with pro-growth policy, ushering in risk-on sentiment. Natural gas prices fall further following a mild winter. SA Market Themes: JSE All Share rallies 8.9% along with emerging markets. CPI reading for December 2022 prints in at 7.2%. SARB increases Repo rate by a further 25bps. Rand depreciates 2.4% against the Dollar due to worsening loadshedding conditions. - [China Market Commentary: January 2023](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/china-market-commentary-january-2023.md) — Here are this month’s highlights: It was truly remarkable to see how market sentiment went from panic to optimism in just a few weeks. When market volatility subsides and investors’ focus shifts back to fundamentals, stock selection will be a key driver for returns. - [Market Commentary: December 2022](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-december-2022.md) — Global Market Themes: Central Banks continue their fight against inflation and global growth continues to slow Chinese economic reopening buoys Chinese equities despite unclear path ahead New UK Prime Minister helps stabilise UK markets Bank of Japan surprises markets with overnight monetary policy change SA Market Themes: Local markets follow global markets lower Return to Stage 6 loadshedding CPI inflation hits a five-month low of 7.4% but remains stubbornly high - [China Market Commentary: December 2022](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/china-market-commentary-december-2022.md) — Here are this month’s highlights: The direction of Covid policy is now very clear, and a full reopening scenario is upon us. The government has stepped in to provide support to the all-important property sector. We think China is poised for a positive 2023. - [RisCView: 2022](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/riscview-2022.md) — Monthly performance ranking of investment products. - [Market Commentary: November 2022](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-november-2022.md) — Global Market Themes: US CPI Inflation surprises to the downside, catalysing a risk-on rally Federal Reserve likely to slow pace of interest rate increase going forward China reopening narrative boosts global risk appetite Economic growth continues to slow in Europe and the United Kingdom SA Market Themes: Risk appetite returns, catalysing a strong month for equities Annual inflation remains elevated, trending sideways in the mid-7% range Manufacturing activity appears resilient to ongoing loadshedding - [Don’t cancel China; sell-off is an over-reaction by foreigners](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/dont-cancel-china-sell-off-is-an-over-reaction-by-foreigners-copy.md) - [A Fund to boost Women in Finance (and the world)](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/a-fund-to-boost-women-in-finance-and-the-world.md) - [China Market Commentary: November 2022](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/china-market-commentary-november-2022.md) — Here are this month’s highlights: The recent Covid-related protests in multiple cities suggest that volatility will persist in the near term. China has more STEM graduates than India, the US, Russia, Iran, Indonesia and Japan combined. It is perhaps no surprise that China has the most unicorns (start-ups that are worth more than USD1bn) in the world after the US. - [RisCura – SAVCA Private Equity Performance Report: South Africa Q1 2022](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscura-savca-private-equity-performance-report-south-africa-q1-2022.md) - [Market Commentary: October 2022](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-october-2022.md) — Global Market Themes: Narrative of global slowing in place of interest rate hikes buoys risk assets Third quarter company earnings in line or better than expected, supporting equities Appointment of new prime minister provides stability for UK markets Xi Jinping secures third term. No end to zero-Covid policies SA Market Themes: Domestic markets post strong recovery Inflation slows marginally to 7.5% in September Tax collection benefits from higher global commodity prices Debt-to-GDP estimated to peak at 71.4% - [China Market Commentary: October 2022](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/china-market-commentary-october-2022.md) — Here are this month’s highlights: The Hong Kong’s Hang Seng Index fell by 6.4% on the Monday after the new Politburo Standing Committee was announced at the Chinese Communist Party Congress. The Golden Dragon Index of US-listed Chinese companies fell by 14.4% on the same day, driven by panic selling by foreign investors. Contrary to the market reaction by international investors, most domestic managers we spoke to are either less bearish or simply not surprised by the outcome of the Party Congress. Chinese equity markets offer a wealth of opportunities, although their composition will look quite different in the next 10 years. While this geopolitical risk is well priced into Chinese equities, it is far from fully reflected in global companies that either rely on sales to the world’s largest population or on manufacturing and imports from China. - [What we mean when we talk about Care](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/what-we-mean-when-we-talk-about-care.md) - [Market Commentary: September 2022](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-september-2022.md) — Global Market Themes: Equity and fixed-income markets experience more pain in September Bank of England abruptly reverses course on Quantitative Tightening Japanese Yen sees first currency intervention in 24 years US Federal Reserve remains resolute in raising rates SA Market Themes: Local markets follow global peers lower Loadshedding continues to take its toll on economic activity The Reserve Bank adds a further 75 basis points - [China Market Commentary: September 2022](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/china-market-commentary-september-2022.md) — Here are this month’s highlights: The bulk of the manager cohort was underweight to China compared to the neutral benchmark index weight. The median global emerging market manager has also come to realise the importance of Chinese A shares. Among Asian managers, only the 5th percentile had half of their portfolios in the country matching the MSCI Asia ex Japan Index. Managers who historically had a smaller allocation to China were forced to change tack with the opening of the A-share market. - [Market Commentary: August 2022](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-august-2022.md) — Global Market Themes: Developed Market equities fall; Emerging Markets post modest gains The Federal Reserve doubles down on interest rate policy stance Eurozone inflation accelerates, exacerbated by soaring energy prices Chinese economic activity continues to slow, despite marginal policy easing SA Market Themes: Equities lose ground while bonds flat-to-positive Inflation accelerates to an annualised 7.8% in July GDP contracts in the second quarter SA faces potential grey listing by global money monitoring watchdog - [China Market Commentary: August 2022](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/china-market-commentary-august-2022.md) — Here are this month’s highlights: The MSCI China and MSCI China A Onshore indices were down 9.4% and 6.0% respectively for the month. Value-style managers are starting to show improved results. More than two-thirds of the bottom quartile managers have outperformed the median since January 2021. Operational setup can be as important as investment acumen when evaluating a manager. - [RisCura – SAVCA Private Equity Performance Report: South Africa Q4 2021](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscura-savca-private-equity-performance-report-south-africa-q4-2021.md) - [Market Commentary: July 2022](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-july-2022.md) — Global Market Themes: Global equities bounce back with the MSCI World gaining just short of 8% United States (US) equities lead the charge (+9.2%), closely followed by European counterparts (+7.9%) Emerging Markets were modestly lower (MSCI EM -0.3%), but widely divergent within EM performances – MSCI BRIC 3.6% lower, as MSCI China dips nearly 10% Politics at play in the United Kingdom (UK) as beleaguered (ex) Prime Minister Boris Johnson leaves office Oil price softens modestly, industrial metals gain ground SA Market Themes: Unprotected strike action leads to unprecedented levels of loadshedding Efforts s to alleviate pressure on existing grid ramped up Shifting political landscape under the spotlight as President Cyril Ramaphosa’s farm robbery continues to make headlines Some respite for motorists at the petrol pump South African inflation continues to tick higher, further rate hikes on the cards Financials consequently continue strong year-to-date (YTD), performance, but Industrials deliver the strongest sectoral performance. - [China Market Commentary: July 2022](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/china-market-commentary-july-2022.md) — Here are this month’s highlights: Chinese equities are behaving very differently to developed markets. Mortgage defaults have become the latest focus for investors in China. - [Market Commentary: June 2022](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-june-2022.md) — Global Market Themes: Global markets experience their worst first half in decades Global recession fears rise Central Banks remain steadfast in their resolve to tame inflation Sovereign debt and fragmentation risks flare up in Europe Japanese Yen weakens to multi-decade lows SA Market Themes: Resources bleed as global commodity prices fall Eskom implements Stage 6 loadshedding Inflation breaches the 6% level - [China Market Commentary: June 2022](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/china-market-commentary-june-2022.md) — Here are this month’s highlights: In May, global equity markets continued their declines from April before, recovering most of the losses in the second half of the month. According to eMarketer, China accounts for 52% of all ecommerce transactions worldwide, with total online sales of over $2 trillion (about three times the US market) in 2021. Live streaming e-commerce market value grew a hundredfold between 2017 and 2021 to reach an estimated $315billion in 2021, representing roughly 16% of the online retail market in China. - [Moving the Needle: Stewardship in China research](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/moving-the-needle-stewardship-in-china-research.md) - [Market Commentary: May 2022](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-may-2022.md) — Global Market Themes: Elevated volatility amidst central bank action, Russia-Ukraine conflict – global equities mixed United States (US) equities gain modestly (0.2%); Emerging Markets (EM) tick higher (0.4%); United Kingdom (UK) bourse rides the oil-wave (1.1%); but Europe flounders (Eurostoxx -0.8%) Tightening global monetary policy – Rate hikes by United States (US) Fed and Bank of England (BoE) Energy prices continue to hot up – European embargo of Russian seaborne oil adds fuel to the fire Chinese equities gain ground as Omicron-induced restrictions let up somewhat in major cities SA Market Themes: Recurring rolling blackouts, likely to continue throughout winter, suppress green shoots of economic recovery South African Reserve Bank (SARB) hikes rates by 50 basis points (bps), in line with expectations Bonds and Inflation Linked Bonds (ILBs) consequently tick higher, gaining roughly 1% and 2% Financials fly high on rate hikes, subindex 3.5% higher, while industrials and resources dip South African equities end modestly higher, gaining 0.5% in May A volatile Rand hits a fresh yearly low against the dollar at mid-month, before clawing back to R15.58/USD - [China Market Commentary: May 2022](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/china-market-commentary-may-2022.md) — Here are this month’s highlights: In April, global markets experienced a major sell-off amid a weakening growth outlook due to heightened inflation, rising interest rates, a slowdown in China and geopolitical uncertainty. The offshore China market fared better than its A-share counterpart, with the MSCI China index returning -4.1% versus -10.2% for the MSCI China A Onshore index. At RisCura we believe in diversification across different styles and avoid any persistent bias to Value or Growth across most asset classes. - [Market Commentary: April 2022](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-april-2022.md) — Global Market Themes: No peaceful end in sight to Russia-Ukraine conflict Global food and energy prices tick higher, further fuelling inflationary fears United States (US) equities slumped, as earnings disappointment added to investor jitters – S&P500 8.8% lower for March European equities lacklustre, powerhouse German bourse (DAX) loses more than 2% Energy-rich United Kingdom (UK) sees equities buck trend and FTSE100 modestly in the green Risk aversion, political wrangling and poor performance from Chinese stocks drags Emerging Markets (EM). MSCI EM closes 5.5% lower SA Market Themes: As Covid-related National State of Disaster (SoD) ends, floods force the declaration of another SoD Costs of flooding in KwaZulu-Natal (KZN) and the Eastern Cape mounting – estimated at R17 billion South African (SA) consumers spared worst of petrol price increase, as general fuel levy reduced Equities end in the red, Capped SWIX nearly 4% lower Local currency plunges against greenback, with nearly 8% depreciation Inflation Linked Bonds (ILBs) gain ground, bucking the broad trend - [China Market Commentary: April 2022](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/china-market-commentary-april-2022.md) — Here are this month’s highlights: To prevent a spike in deaths we expect lockdowns will continue in China and are likely to disrupt its economy. The most compelling reason to invest in China right now is the depressed valuations whilst fundamentals for many companies remain robust. China has a one-party system that can drive substantial change quickly if it wants to. Despite significant pressure for most of last year due to tight credit conditions, real estate will remain a dominant sector. - [RisCura and UCTGSB launch sixth African Investing for Impact Barometer](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/riscura-and-uctgsb-launch-sixth-african-investing-for-impact-barometer.md) - [The opportunity in China small cap](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/the-opportunity-in-china-small-cap.md) - [Another turbulent year for investors: China in 2021](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/another-turbulent-year-for-investors-china-in-2021.md) - [African Investing for Impact Barometer](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/african-investing-for-impact-barometer.md) - [Is your goal income or capital?](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/is-your-goal-income-or-capital.md) - [Market Commentary: March 2022](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-march-2022.md) — Global Market Themes: Ukraine dominates sentiment, tensions escalate between Russia and NATO-allied nations Further sanctions, supply chain disruptions boost global energy prices United States (US) announces the release of crude oil reserves, somewhat tempering surging oil prices US stocks close 3.7% higher, but volatility remains elevated US Federal Reserve Bank (Fed) sounds a more hawkish tone as it raises the repo rate by 25 basis points (bps) Bank of England follows suit, as United Kingdom (UK) inflation ticks higher. European Central Bank (ECB) takes a wait-and-see stance China lags Emerging Market (EM) peers, MSCI China 8% lower in USD, amidst the resurgence of Covid-cases in Shanghai SA Market Themes: Local equities continue their climb during March, Capped SWIX gains 1.5% To combat higher inflation, South African Reserve Bank (SARB) hikes interest rates as expected Financials deliver stellar performance, advance more than 11.5%, boosted by SARB decision Year-to-date gains in resources subsector pared by 1% dip during March Rand posts solid gains against major currencies South Africans heave a sigh of disappointment as lockdown extended until April 2022 - [China Market Commentary: March 2022](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/china-market-commentary-march-2022.md) — Here are this month’s highlights: Domestically, a resurgence of COVID-19 cases has led to local lockdowns in multiple cities including Shanghai and Shenzhen. Although volatility may persist in the near term, we remain constructive on Chinese equities given the cheap valuations and strong policy support. - [RisCura – SAVCA Private Equity Performance Report: South Africa Q3 2021](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscura-savca-private-equity-performance-report-south-africa-q3-2021.md) - [Making infrastructure more accessible](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/making-infrastructure-more-accessible.md) - [Three shifts shaping the PE landscape](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/three-shifts-shaping-the-pe-landscape.md) - [Africa’s GDP could leapfrog developed economies, but vaccinations are lagging](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/africas-gdp-could-leapfrog-developed-economies-but-vaccinations-are-lagging.md) - [The Russian Invasion of Ukraine](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/the-russian-invasion-of-ukraine.md) - [Market Commentary: February 2022](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-february-2022.md) — Global Market Themes: Heightened tension, volatile markets as Russia invades Ukraine European equities largely lower, UK boosted by oil giants Sanctions and threats, frozen asset-holdings hit Russia and its political elite Risk aversion weighs on Emerging Markets (EM) Commodity-rich EM buoyed by higher oil and metal prices SA Market Themes: South African equities post solid gains, as resources surge Higher oil prices put consumers under pressure, and inflation ticks higher Cyril Ramaphosa’s State of the Nation Address delivers few surprises, muted response Budget 2022 – Godongwana’s tough love stance - [China Market Commentary: February 2022](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/china-market-commentary-february-2022.md) — Here are this month’s highlights: The MSCI China A Onshore index fell by 8.8% and the MSCI China index had a 3% decline. There are very few fund managers operating in the smaller companies’ space despite the vast investment opportunity. - [South African Hedge Funds: ESG and Materials sector doing good?](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/south-african-hedge-funds-esg-and-materials-sector-doing-good.md) - [South Africa is a shared responsibility, and your choices have an impact](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/south-africa-is-a-shared-responsibility-and-your-choices-have-an-impact.md) - [How retail investors can “invest for the good” – sustainable investment for the man on the street](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/how-retail-investors-can-invest-for-the-good-sustainable-investment-for-the-man-on-the-street.md) - [Climate change – How institutional investors can drive real world outcomes](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/climate-change-how-institutional-investors-can-drive-real-world-outcomes.md) - [Micro pensions ideal for a two-pot retirement system](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/micro-pensions-ideal-for-a-two-pot-retirement-system.md) - [Market Commentary: January 2022](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-january-2022.md) — Global Market Themes: Global equities largely lower, roiled by escalating Russia-Ukraine tensions, inflationary fears and hawkish central banks Highly volatile US equities lose more than 5%, entering correction territory UK, European equities buck the trend, ending in the green Chinese equities continue to lose ground, against the backdrop of slowing growth and regulatory hurdles Emerging Markets (EM) end January lower, but outperform Developed Markets (DM) Oil and gas prices rally, industrial resources post stellar returns SA Market Themes: South African equities buck the trend, ending in positive territory Resources and Financials post over 3% Consumer Price Index (CPI) ticks higher South African Reserve Bank announces hike in the repo rate, meeting expectations South Africans reel from sharp increases in oil prices, Rand battles back from December doldrums - [RisCura – SAVCA Private Equity Performance Report: South Africa Q2 2021](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscura-savca-private-equity-performance-report-south-africa-q2-2021.md) - [Market Commentary: December 2021](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-december-2021.md) — Global Market Themes: Mounting Omicron cases in Europe, United States (US) despite highly vaccinated population Developed Market (DM) equities stage a recovery and end the year with double-digit gains Chinese equities slump, Chinese and US regulators remain at odds Major Emerging Markets (EM) rally, but still end the year 2.5% lower SA Market Themes: Global peers recognise prematurity of bans, ease restrictions Economic data paints a rather gloomy picture South African equities tick higher, Financials lead the way Precious metals and Industrial metals post solid gains, lifting miners Local inflation hedges – listed property and Inflation-Linked bonds – post solid gains Rand shows modest improvement against major currency pairs - [China Market Commentary: December 2021](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/china-market-commentary-december-2021.md) — Here are this month’s highlights: For December, the MSCI China index was down 3.2% and the MSCI China A Onshore index was up 0.7%. Offshore listed companies in Hong Kong and US ADRs fell indiscriminately. By contrast, onshore China A shares delivered stronger returns on the back of many sectors doing well. - [RisCView: 2021](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/riscview-2021.md) — Monthly performance ranking of investment products. - [Market Commentary: November 2021](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-november-2021.md) — Global Market Themes: Markets roiled by the emergence of new COVID-19 variant (Omicron) United States (US) equities lower, nonetheless outperforming Developed Market (DM) peers Emerging Markets (EM) bear the brunt of global risk aversion Chinese equities mainly lower, on “zero-tolerance” and regulatory uncertainty Oil prices slump, hit 20-month low, on Omicron fears SA Market Themes: Local election results deliver notable surprises in major metros South African scientists report new COVID-19 variant, Omicron, sparking reinstatement of travel bans South African equities seemingly shrug off global fears, close higher led by resources and industrials South African Reserve Bank (SARB) implements first interest rate hike Rand tumbles to fresh lows, closing at more than R16/USD - [China Market Commentary: November 2021](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/china-market-commentary-november-2021.md) — Here are this month’s highlights: The MSCI China and MSCI China A Onshore indices were up 3.2% and 2.2% respectively. Over the last three years, our multi-manager strategy has experienced both severe bull and bear markets, has navigated fears and the impact of trade wars, a global pandemic, regulatory scrutiny and subsequent market recoveries. - [How the investment industry can further back South Africa](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/how-the-investment-industry-can-further-back-south-africa.md) - [Moving the Needle – Stewardship in South Africa](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/moving-the-needle-stewardship-in-south-africa.md) - [SA institutional investors see potential of Chinese equities](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/sa-institutional-investors-see-potential-of-chinese-equities.md) - [Diversifying the financial services industry needs alternative thinking](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/diversifying-the-financial-services-industry-needs-alternative-thinking.md) - [Market Commentary: October 2021](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-october-2021.md) — Global Market Themes: Global equities stage broad rally, led by Developed Markets (DM) Emerging Markets (EM) post lacklustre returns, amidst China-spill over impacts United States (US) equities post fresh record highs Global property rebounds, as Evergrande fears ease Slowing Chinese demand a drag on iron ore and coal, other commodities soar SA Market Themes: South African equities post solid gains, with resources leading the way Economic recovery threatened by new bouts of load shedding Composite Purchasing Managers’ Index signals economic contraction Rand weakness continues Inflation trending higher ahead of November Monetary Policy Committee (MPC) meeting - [China Market Commentary: October 2021](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/china-market-commentary-october-2021.md) — Here are this month’s highlights: Chinese equities had a small rebound before Evergrande’s debt crisis news and a widespread power shortage weighed on investor sentiment. Asset owners, especially in Europe and increasingly so in Southern Africa, have never been under as much pressure to demonstrate action towards net zero and undoubtedly there is more regulation to come. - [RisCura wins Africa Global Funds Award for excellence in private equity research](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/riscura-wins-africa-global-funds-award-for-excellence-in-private-equity-research.md) - [RisCura – SAVCA Private Equity Performance Report: South Africa Q1 2021](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscura-savca-private-equity-performance-report-south-africa-q1-2021.md) - [Market Commentary: September 2021](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-september-2021.md) — Global Market Themes: US stocks pull back on interest rate and inflation fears, uncertainty over stimulus. US narrowly avoids a government shutdown, though concerns about debt ceiling linger. Fears of low-growth-high-inflation equilibrium dampen European investors’ enthusiasm. Chinese jitters spill over to global equity markets. Evergrande saga unsettles market participants, sends global property markets lower. Oil prices rise to three-year high, as some OPEC countries renege on production commitments. SA Market Themes: South Africa moves to lockdown level 1, with significant easing of restrictions. South African markets fare modestly better than global peers, amidst China fall-out. Resources bear the brunt of the sell-off, while Financials gain ground. Rand avoids a taper-tantrum. Electioneering continues apace ahead of local government elections on the 1 November. - [China Market Commentary: September 2021](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/china-market-commentary-september-2021.md) — Here are this month’s highlights: In August, Chinese equity markets showed signs of stabilising despite investor sentiment in the offshore market remaining weak. At the macro level, economic activities in the summer were negatively impacted by floods in central China and pockets of Covid-19 lockdowns. The imminent collapse of Evergrande, one of China’s largest property developers, saw investors globally worry that a default of its USD300bn debt could create a systematic risk. - [Regulation of Chinese Technology Companies](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/regulation-of-chinese-technology-companies.md) - [Local managers more positive on SA assets than expected](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/local-managers-more-positive-on-sa-assets-than-expected.md) - [Finding exposure to impact themes on the JSE – not as easy as you might think](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/finding-exposure-to-impact-themes-on-the-jse-not-as-easy-as-you-might-think.md) - [Market Commentary: August 2021](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-august-2021.md) — Global Market Themes: Developed and Emerging Market equities post solid returns in August No new market guidance out of Jackson Hole Symposium Despite increasing regulatory scrutiny of US Big Tech, stock prices push higher Chinese regulatory crackdown continues, leaving investors fretting OPEC agrees to gradual boost in oil supply SA Market Themes: Impact of Naspers/Prosus evident in divergent local equity indices Naspers and Prosus fall materially on Chinese regulatory pressure in August Financials buck the trend, gaining more than 12% on positive earnings results Fixed income delivers solid performance, led by listed property South Africa still counting the cost of looting and unrest, economic news mixed - [China Market Commentary: August 2021](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/china-market-commentary-august-2021.md) — Here are this month’s highlights: Regulatory activity led to a broad sell-off across Chinese markets amid concerns on China’s policy direction. Following recent market dislocation, RisCura is in the process of rebalancing client portfolios and topping up some recent underperformers. We look at the concept of ‘Common Prosperity’ which has received renewed attention from the Chinese Communist Party. - [The Case for China](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/the-case-for-china.md) - [RisCura – SAVCA Private Equity Performance Report: South Africa Q4 2020](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscura-savca-private-equity-performance-report-south-africa-q4-2020.md) - [RisCura welcomes industry heavyweights](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/riscura-welcomes-industry-heavyweights.md) - [Market Commentary: July 2021](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-july-2021.md) — Global Market Themes: Developed Market (DM) equities continued to perform well, MSCI World gains 1.7% in USD Emerging Market (EM) equities decline, against the backdrop China’s additional regulations Safe haven assets find favour amidst concerns around Delta variant and slowing global growth Commodities led higher by gold SA Market Themes: Wide-spread unrest dominates local news, causing investor jitters Local equities shrug off socio-political concerns, closing over 4% higher. Resources lead the charge on the local equity front - [China Market Commentary: July 2021](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/china-market-commentary-july-2021.md) — Here are this month’s highlights: This month, we review the recent market sell-off and regulatory concerns. Chinese markets saw incredible volatility recently but none of it unprecedented. When investing in China, investors should understand and respect the social objectives of the Chinese state capitalist system. - [Risk – Do we really understand what this means to investors?](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/risk-do-we-really-understand-what-this-means-to-investors.md) - [RisCura launches impact exposure reporting tool to bolster institutional impact investing](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/riscura-launches-impact-exposure-reporting-tool-to-bolster-institutional-impact-investing.md) - [Market Commentary: June 2021](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-june-2021.md) — Global Market Themes: Solid month for Developed Market (DM) equities as Covid-19 restrictions ease US stocks shine, supported by favourable economic data Widening gap between vaccine roll-out in DM and Emerging Markets (EM) takes its toll on the latter’s stocks Chinese stocks dip due to profit-taking and open market operations by People’s Bank of China (PBOC) Commodities post substantial losses SA Market Themes: South African equities slump, with resources and commodities the biggest drag on performance SARB reiterates belief that inflation is transitory, but longer-term upward pressures on the horizon GDP growth comes in stronger than expected for Q1 2021 Tighter restrictions as South Africa moves into Adjusted Lockdown Level 4 - [China Market Commentary: June 2021](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/china-market-commentary-june-2021.md) — Here are this month’s highlights: The MSCI China and MSCI China A Onshore indices were down 6.9% and 2.2%, respectively. On the macro front, the Chinese Yuan appreciated strongly in May to a three-year high against the US dollar. China has delivered multiple multi-billion-dollar companies to match the size of their American peers. China is the only country, after the US, to achieve this. - [The Investable Africa We Want and Agenda 2063](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/the-investable-africa-we-want-and-agenda-2063.md) - [DFM considerations for retail and institutional advisers](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/dfm-considerations-for-retail-and-institutional-advisers.md) - [A retirement revolution](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/a-retirement-revolution.md) - [Investing in the Future – RisCura CIO Jarred Glansbeek in conversation with ITN Productions](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/investing-in-the-future-riscura-cio-jarred-glansbeek-in-conversation-with-itn-productions.md) - [Market Commentary: May 2021](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-may-2021.md) — Global Market Themes: Improved COVID-19 numbers boost global growth prospects US equities post solid performance, while UK and European stocks outperform Emerging markets outperform developed peers for the first time since January 2021 Divergence between China Onshore and China A shares — domestically-driven growth continues at steady pace Stronger commodities aid EM rally, particularly in Latin America SA Market Themes: SA equities post gains, but fixed income outperforms Naspers-Prosus share-swap proposal is widely criticised Sharp rise in local, global inflation, in line with higher input prices Rand rallies against major global currencies, stays below R14/$ Coronavirus cases surge, stricter lockdown and ongoing corruption allegations Loadshedding hits businesses and sentiment hard - [China Market Commentary: May 2021](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/china-market-commentary-may-2021.md) — Here are this month’s highlights: In April, amid a global equity rebound, US markets reached record highs on the back of dovish signals from the Fed and optimism over economies reopening thanks to the COVID-19 vaccine rollout in the US and the UK. - [African demographics changing rapidly, forcing governments to re-think pensions](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/african-demographics-changing-rapidly-forcing-governments-to-re-think-pensions.md) - [RisCura – SAVCA Private Equity Performance Report: South Africa Q3 2020](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscura-savca-private-equity-performance-report-south-africa-q3-2020.md) - [Market Commentary: April 2021](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-april-2021.md) — Global Market Themes: Global equity rally continues, as vaccine rollout gathers momentum Biden’s climate policy lauded as a step in the right direction Eurozone enters technical recession in first quarter of 2021 India’s surging coronavirus cases grab global headlines China reports its highest GDP growth rate on record Sharp rise in commodity prices SA Market Themes: Drop in Naspers and Prosus share prices weighs on local equity indices March inflation numbers come in hotter than expected Rand comes under pressure towards month-end Public sector wage talks off to a rough start ANC in-fighting and Zondo Commission dominate political headlines - [Private equity investors take to online retail, education and communications](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/private-equity-investors-take-to-online-retail-education-and-communications.md) - [Market Commentary: March 2021](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-march-2021.md) — Global Market Themes: Global equities higher on vaccine hopes Biden’s stimulus bill and infrastructure plan steady markets, despite rising Treasury-bill yields Federal Reserve Bank foresees no rate hikes until 2023 Additional lockdown restrictions loom in Europe, but stocks rally SA Market Themes: Better than expected outlook for SA growth, and GDP expands by 6.3% q/q in final quarter SA Corporates show improved performance Local bonds do not escape global jitters Sharp increase in energy prices in April Limited additional restrictions for Easter break, boon to local business - [China Market Commentary: March 2021](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/china-market-commentary-march-2021.md) — Here are this month’s highlights: Chinese equities started February strong but dropped towards the end of the month Investor sentiment dampened by Hong Kong government’s move to increase equity trading stamp duty Southbound trading saw record daily outflows since the inception of Stock Connect The indices ended the month down with Technology stocks diving 15.2% as measured by the Hang Seng Tech Index - [Innovating to impact South Africa](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/innovating-to-impact-south-africa.md) - [Why Impact Investing](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/why-impact-investing.md) - [Why you need to know your funding level when saving for retirement](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/why-you-need-to-know-your-funding-level-when-saving-for-retirement.md) - [Choosing employee benefits that go the distance](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/choosing-employee-benefits-that-go-the-distance.md) - [An African solution to a South African problem](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/an-african-solution-to-a-south-african-problem.md) - [Guiding your clients to a better 2021](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/guiding-your-clients-to-a-better-2021.md) - [A thriving South Africa will take alternative thinking](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/a-thriving-south-africa-will-take-alternative-thinking.md) - [Private Equity – How does Africa fare in tough times?](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/private-equity-how-does-africa-fare-in-tough-times.md) - [Bright Africa](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/bright-africa.md) - [Market Commentary: February 2021](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-february-2021.md) — Global Market Themes: US bond yields spike amidst inflationary fears Rotation from tech stocks sends NASDAQ plummeting US Fed keeps dovish stance, Congress votes on stimulus bill Energy stocks post substantial gains SA Market Themes: South African unemployment at record highs Budget 2021 – few surprises, concern about further SOEs bailouts Limited progress in vaccine rollout sparks disillusionment South Africa returns to lockdown level 1, effective 1 March 2021 - [China Market Commentary: February 2021](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/china-market-commentary-february-2021.md) — Here are this month’s highlights: Chinese equities had a strong month again, with the MSCI China and MSCI China A Onshore rising by 7.4% and 3.7%, respectively. On the macro front, Chinese economic data such as PMI, retail sales and exports remained strong as the economy continued to recover. Institutional investors’ attention to the rapid growth of Asian stock markets was matched by rising concerns regarding ESG in the region, and especially in China. - [Market Commentary: January 2021](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-january-2021.md) — Global Market Themes: Developed markets give up initial gains, emerging markets outperform as reflation trade buoys risk assets European lockdowns extended and markets unsettled as concerns surface about vaccine roll-out US announces further $1.9 trillion stimulus package A tumultuous week in US politics with the storming of Capitol Hill ahead of Biden inauguration Commodities boosted by reflation trade SA Market Themes: December economic data comes in better than expected SARB leaves rates unchanged, citing upside risk to inflation due to higher fuel costs, administered prices and rand weakness Eskom tariff increase on the cards, as power utility battles ongoing breakdowns Vaccine news fuels hope and COVID-19 infection rates tick steadily downward - [Market failure analysis: IPOs on selected African stock exchanges (2014 – 2019)](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/market-failure-analysis-ipos-on-selected-african-stock-exchanges-2014-2019.md) - [RisCura presents Upshot — stories of financial futures](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/riscura-presents-upshot-stories-of-financial-futures.md) - [Market Commentary: December 2020](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-december-2020.md) — Global Market Themes: Global equities continue risk-on rally, despite resurgent COVID-19 Emerging Markets climb as commodities shine, Chinese GDP growth accelerates US markets shrug off election fall-out Extension of CARES Act benefits COVID-19 vaccine roll-out as Europe battles second wave Brexit concludes with a fizzle SA Market Themes: Mutation in COVID-19 fuels contagion and higher death tolls President Cyril Ramaphosa places South Africa on Adjusted Alert Level 3 Lockdown Alcohol companies take on renewed ban on liquor sales Additional restrictions weigh on consumer-, domestic- and travel-and-tourism sectors SA stocks benefit from global risk-on sentiment, despite challenging domestic fundamentals - [RisCView: 2020](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/riscview-2020.md) — Monthly performance ranking of investment products. - [Market Commentary: November 2020](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-november-2020.md) — Global Market Themes: Vaccine hopes and a Biden presidential victory spur global markets higher Dollar weakness, accommodative Federal Reserve Bank policy further boost Emerging Markets France goes ahead with digital taxation of US tech giants Oil and industrial metal prices surge on hopes of economic recovery SA Market Themes: South African markets rally in line with global risk-on sentiment Monetary Policy Committee leaves rates unchanged, inflation outlook stable South Africa suffers further downgrades from major ratings agencies South Africa in the grip of a second wave of COVID-19 infections, tighter regulations loom - [China Market Commentary: November 2020](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/china-market-commentary-november-2020.md) - [China Market Commentary: January 2021](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/china-market-commentary-january-2021.md) — China Market Themes: Chinese markets fell by 15% from their January peaks. The unique Chinese system helped to manage the virus outbreak. Surprisingly many equity indices ended the year at higher levels than the start of the year. New antitrust rules were brought in to curb anti-competitive behaviour. - [RisCura wins fifth consecutive award for private equity service provider excellence in Africa](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/riscura-wins-fifth-consecutive-award-for-private-equity-service-provider-excellence-in-africa.md) - [RisCura – SAVCA Private Equity Performance Report: South Africa Q2 2020](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscura-savca-private-equity-performance-report-south-africa-q2-2020.md) - [Market Commentary: October 2020](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-october-2020.md) — Global Market Themes: Developed market equities underperform Emerging Market (EM) Chinese equities lead EM higher as China set to record positive economic growth in 2020 US GDP growth recovery threatened by a lack of agreement on renewed fiscal stimulus Tech earnings slump as executives are grilled by US Commerce Committee Lockdown 2.0 threatens Europe’s nascent economic recovery Oil prices slump on COVID-19 demand and election speculation SA Market Themes: Local equity markets struggle, led lower by diversified miners MTBPS signals political commitment to structural reform despite concerns around SAA bail-out Expropriation Bill signals certainty around Expropriation without Compensation Post-COVID-19 Recovery Plan outlines five pillars to boost GDP growth - [RisCura appoints Robert Ross as Senior Advisor](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/riscura-appoints-robert-ross-as-senior-advisor.md) - [Making room for alternatives in pension funds’ asset allocations](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/making-room-for-alternatives-in-pension-funds-asset-allocations.md) - [Going above and beyond in ESG – the neglected S](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/going-above-and-beyond-in-esg-the-neglected-s.md) - [Market Commentary: September 2020](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-september-2020.md) — Global Market Themes: Technology stocks’ rally interrupted as Softbank emerges as NASDAQ “whale” Heated first round of US presidential debates leaves investors fretting Uncertainty about further US fiscal stimulus European recovery tentative amidst second round of coronavirus-related lockdowns SA Market Themes: South African recession worsens as second quarter GDP contracts sharply Broad-based increase in unemployment, despite misleading official unemployment rate number South African Reserve Bank sticks to its inflation-targeting mandate in the face of growing fiscal unsustainability - [RisCura – SAVCA Private Equity Performance Report: South Africa Q1 2020](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscura-savca-private-equity-performance-report-south-africa-q1-2020.md) - [Market Commentary: August 2020](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-august-2020.md) — Global Market Themes: Lack of agreement over new round of US fiscal stimulus US equities reach new all-time-highs, US dollar declines US Federal Reserve Bank adjusts inflation targeting framework Additional stimuli, economic support from France, Germany SA Market Themes: South African businesses warn of more retrenchments on the way A bumpy and likely long road to recovery Sasol’s woes continue President Cyril Ramaphosa sends a strong message to corrupt officials - [RisCura – SAVCA Private Equity Performance Report: South Africa Q4 2019](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscura-savca-private-equity-performance-report-south-africa-q4-2019.md) - [A Technology Cold War?](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/a-technology-cold-war.md) - [Pension fund reform is crucial in an environment of persistently low interest rates](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/pension-fund-reform-is-crucial-in-an-environment-of-persistently-low-interest-rates.md) - [Market Commentary: July 2020](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-july-2020.md) — Global Market Themes: Data points to continued recovery in China, it leads Emerging Markets higher. Resurgence of US-China tensions: Embassies close, Hong Kong special trading rights revoked, US considers travel bans and national security risks of TikTok and Wechat. US GDP growth plunges and the US Congress fails to agree on extension of enhanced unemployment benefits. European leaders agree on historic Euro 750 billion recovery fund. SA Market Themes: IMF grants South Africa a $4.3 billion loan. Inflation remains low and the SARB implements a further rate cut. Loadshedding hits struggling economy again. - [RisCura receives Level 1 BEE contributor certificate](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/riscura-receives-level-1-bee-contributor-certificate.md) - [When could a multi-manager approach be particularly effective?](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/when-could-a-multi-manager-approach-be-particularly-effective.md) - [Market Commentary: June 2020](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-june-2020.md) — Global Market Themes: The US Fed and other central banks pump liquidity An uneven and unpredictable road to recovery Global bodies predict record contractions in GDP for 2020 Economic indicators show a few encouraging signs Markets swing between exuberance and caution amidst second wave of Coronavirus infection fears SA Market Themes: SA remains in recession as Q1 2020 GDP contracts by 2% Emergency budget paints a gloomy picture Risk-on appetite and commodities rally spur JSE higher Easing of severity of Level 3 lockdown, even as warnings come of a new hard lockdown - [South African hedge funds: Taking granular approach](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/south-african-hedge-funds-taking-granular-approach.md) - [Understanding private equity valuations in tumultuous times](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/understanding-private-equity-valuations-in-tumultuous-times.md) - [Market Commentary: May 2020](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-may-2020.md) — Global Market Themes: United States unemployment soars to record highs US futures pricing in negative federal funds rate in 2021 UK short-term rates go negative UK faces no-trade deal Europe and Japan stimulus measures Sino-US tensions escalate – Phase One deal in jeopardy Hong Kong adds fuel to the fire – new Chinese national security law puts special status at risk SA Market Themes: SA Reserve Bank cuts a further 50 bps Lockdown moves to Level 3 from 1 June Tax revenue collection under pressure Rand recovery to be gradual yet volatile - [RisCura says YES to a virtual onboarding process](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/riscura-says-yes-to-a-virtual-onboarding-process.md) - [Chinese equities – are investors ignoring the free lunch from diversification?](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/chinese-equities-are-investors-ignoring-the-free-lunch-from-diversification.md) - [Market Commentary: April 2020](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-april-2020.md) — Here are this month’s highlights: April was a month of record lows all-round with the global economy forecasted to see its steepest decline since the Great Depression of the 1930s. The South African Reserve Bank reduced the repo rate by a further 100 basis points; South Africa exited the FTSE World Government Bond Index (WGBI) on 30 April; local equity indices rebounded strongly following global peers higher; SA listed property recovered in April in line with equities and bonds; new economy companies such as Amazon, Netflix and Microsoft were net beneficiaries as the world further embraces e-commerce, media streaming and online gaming; and currency performance was mixed. - [African insurance sector a key source of capital for the continent](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/african-insurance-sector-a-key-source-of-capital-for-the-continent.md) - [Market Commentary: March 2020](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-march-2020.md) — Here are this month’s highlights: The world economy continues to feel the impact of the COVID-19 outbreak and subsequent spread. The South African Reserve Bank cut its repo rate by 100 basis points. Inflation-linked bonds experienced its worst month on record. Local equity indices experienced its most severe declines since the Global Financial Crisis. Declines in Property effectively halved the value of the SA Property Index in just three months. Globally, there was a large-scale scramble for safe-haven assets and there is a general consensus among major global banks of a global recession in 2020. - [RisCura – SAVCA Private Equity Performance Report: South Africa Q3 2019](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscura-savca-private-equity-performance-report-south-africa-q3-2019.md) - [Weathering the coronavirus storm](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/weathering-the-coronavirus-storm.md) - [Market Commentary: February 2020](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-february-2020.md) — Here are this month’s highlights: Cash was up 47 basis points in February and bonds were largely flat. South Africa entered a technical recession. The US and China lowered existing import tariffs per the phase 1 trade agreement. This was largely overshadowed by the spread of the coronavirus outbreak that saw global markets fall. - [Market Commentary: January 2020](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-january-2020.md) — Here are this month’s highlights: The South African Reserve Bank reduces interest rates; local equity suffered the effects of the coronavirus outbreak as did the property sector which experienced persistent downward selling pressure and commodities were also significantly affected with investors pricing in the potential slow-down in China and its impact on global growth. Investors seek safety in global fixed income assets during times of market uncertainty. Brexit finally occurred and the phase-one deal was signed by the US and China, but was largely overshadowed due to the coronavirus outbreak. - [RisCura launches new Bright Africa investment research](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/riscura-launches-new-bright-africa-investment-research.md) - [Tomorrow’s retirement industry will be radically different – So what should pension funds be thinking about now?](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/tomorrows-retirement-industry-will-be-radically-different-so-what-should-pension-funds-be-thinking-about-now-2.md) - [Market Commentary: December 2019](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-december-2019.md) — Here are this month’s highlights: Inflation is expected to remain the same going into 2020. However, consumers can expect increasing electricity, water and fuel prices in the new year. Local bond markets ticked up and local equities posted decent gains with SA Inc stocks trading at significant discounts, creating opportunities for astute investors. The South African listed property sector was the worst performing asset class. Emerging Markets ended the year on a positive note, while the US and China reached a phase one trade deal. The rand proved resilient despite the Eskom-induced gloom. - [RisCView: 2019](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/riscview-2019.md) — Monthly performance ranking of investment products. - [Market Commentary: November 2019](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-november-2019.md) — Here are this month’s highlights: South African assets struggled in November, underperforming global peers. Sentiment regarding trade talks swung between optimism and concern: A ‘Phase One’ trade deal seemed imminent after China promised improved policing of Intellectual Property Rights but appeared to be at risk after US President Donald Trump provoked Beijing’s displeasure by supporting pro-democracy protests in Hong Kong. Risk-on, however, remained the prevalent sentiment and November was a particularly good month for developed market equities. - [RisCura – SAVCA Private Equity Performance Report: South Africa Q2 2019](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscura-savca-private-equity-performance-report-south-africa-q2-2019.md) - [RisCura welcomes new Executive Director Isaac Ramputa](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/riscura-welcomes-new-executive-director-isaac-ramputa.md) - [RisCura wins fourth consecutive award for PE service provider excellence in Africa](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/riscura-wins-fourth-consecutive-award-for-pe-service-provider-excellence-in-africa-2.md) - [Market Commentary: October 2019](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-october-2019.md) — Here are this month’s highlights: Global equity markets were boosted by easing trade tensions between the US and China, as the two countries reached an interim trade-deal at month-end. Renewed risk-appetite saw emerging markets outperform developed peers, and global government bond yields ticked higher. Local investor sentiment was weighed down by a tepid response to the MTBPS, Moody’s looming review and political uncertainty. - [New guide to boost private equity investing by pension schemes in Kenya](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/new-guide-to-boost-private-equity-investing-by-pension-schemes-in-kenya.md) - [Market Commentary: September 2019](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-september-2019.md) — Here are this month’s highlights: South African assets struggled during September, with Cash proving one of the better performing local investments. Local equities had a lacklustre month, but notable company news included the listing of Naspers spin-off Prosus. International equities were broadly higher, despite some unsettling macroeconomic and geopolitical news. Developed markets outperformed emerging market peers, and Chinese equities were weaker as the trade spat with the US continued. - [Private Equity Investment Guide and Market Study](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/private-equity-investment-guide-and-market-study.md) - [Institutional DFMs - an excellent solution for retirement funds](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/institutional-dfms-an-excellent-solution-for-retirement-funds.md) - [Private equity multiples in Africa by sector 2016](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/private-equity-multiples-in-africa-by-sector-2016.md) - [The fruit of green investing](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/the-fruit-of-green-investing.md) - [RisCura – SAVCA Private Equity Performance Report: South Africa Q1 2019](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscura-savca-private-equity-performance-report-south-africa-q1-2019.md) - [ILPA Principles 3.0: Embracing the emerging trends of ESG and impact investing](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/ilpa-principles-3-0-embracing-the-emerging-trends-of-esg-and-impact-investing.md) - [Private Equity impact investing in Namibia](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/private-equity-impact-investing-in-namibia.md) - [Market Commentary: August 2019](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-august-2019.md) — Here are this month’s highlights: Global equities had a tough August, with little respite from the trade war between the US and China, and no end in sight to Brexit wrangling. The inversion of the US yield curve has also fuelled fears of an imminent recession, and downbeat sentiment saw investors turn to safe-haven assets. Gold, the US Dollar and the Japanese Yen were therefore in high demand, while Emerging Markets struggled against their Developed Market peers. - [ESG – A Global Issue?](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/esg-a-global-issue.md) - [Millennials aren’t saving enough for retirement – now what?](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/millennials-arent-saving-enough-for-retirement-now-what.md) - [Market Commentary: July 2019](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-july-2019.md) — Here are this month’s highlights: Geopolitical factors and monetary policy action gave investors pause for thought this month, and global equities closed modestly higher. The Federal Reserve Bank lowered interest rates as expected, trade tension simmered and the UK saw a new Prime Minister elected. Developed Market equities outperformed Emerging Markets, with South African equities notably lagging peers. - [Pension funds - should performance fees be retired?](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/pension-funds-should-performance-fees-be-retired-2.md) - [Market Commentary: June 2019](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-june-2019.md) — Here are this month’s highlights: It was a volatile month for global risk assets. The oil price ticked up on supply concerns, as tensions between Iran and the US escalated and OPEC agreed to maintain production cuts. Sentiments on a resolution to the trade-spat between the US and China swung from negative to positive as Presidents Xi Jinping and Donald Trump met at month-end on the sidelines of the G20 summit in Osaka, Japan. Central Banks reaffirmed their commitment to an accommodative monetary policy environment, acknowledging that global growth was a concern. Easy money boosted the appetite for risk assets (equities, high yield bonds and Emerging Markets), as growth jitters boosted demand for safe haven assets (developed market equities, gold and government bonds). - [Shanghai-London Stock Connect Scheme launch further demonstrates China’s commitment to opening its market to global investors, says RisCura](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/shanghai-london-stock-connect-scheme-launch-further-demonstrates-chinas-commitment-to-opening-its-market-to-global-investors-says-riscura.md) - [RisCura – SAVCA Private Equity Performance Report: South Africa Q4 2018](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscura-savca-private-equity-performance-report-south-africa-q4-2018.md) - [The rise of China’s A-shares is gathering momentum despite ongoing trade tensions, says RisCura](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/the-rise-of-chinas-a-shares-is-gathering-momentum-despite-ongoing-trade-tensions-says-riscura.md) - [Market Commentary: May 2019](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-may-2019.md) — Here are this month’s highlights: Global Equities dipped sharply, in the face of tougher trade talk and global growth headwinds. The knock-on effect of Sino-US trade tension and slowing Chinese growth has taken its toll emerging markets and commodities. Local equities managed to outperform global peers, as local elections spurred investor confidence. The rand, however, was noticeably volatile. Safe-haven asset classes and defensive sectors performed better than riskier counterparts. - [For CAs in the making, the right graduate training is crucial](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/for-cas-in-the-making-the-right-graduate-training-is-crucial.md) - [Closing Africa’s Infrastructure Gap](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/closing-africas-infrastructure-gap.md) - [Private Equity in Africa: The Myth of the Weak Exit Environment](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/private-equity-in-africa-the-myth-of-the-weak-exit-environment.md) - [Market Commentary: April 2019](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-april-2019.md) — Here are this month’s highlights: Global equity markets put in a strong showing in April. Concerns around global growth ebbed, as key players including China and the US registered stronger-than-expected GDP growth rates for the first quarter. The still-dovish tone of Central Banks supported overall risk-appetite: Emerging Markets closed higher, government bond yields rose and high-yield bonds outperformed investment grade and government peers. South Africa was one of the best performing Emerging Markets, rallying ahead of the May election. - [The rise of China’s A-shares: Seminar](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/the-rise-of-chinas-a-shares-seminar.md) - [Impact Investing](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/does-investing-for-a-better-south-africa-require-prescription-2.md) - [Does investing for a better South Africa require prescription?](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/does-investing-for-a-better-south-africa-require-prescription.md) - [Hedge Funds did better than equities last year – but so what?](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/hedge-funds-did-better-than-equities-last-year-but-so-what.md) - [RisCura – SAVCA Private Equity Performance Report: South Africa Q3 2018](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscura-savca-private-equity-performance-report-south-africa-q3-2018.md) - [Market Commentary: February 2019](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-february-2019.md) — Here are this month’s highlights: Global markets were largely upbeat in February, as there appeared to be progress in US-Sino relationships, even as those with North Korea worsened. Earnings results boosted sentiment, and the Federal Reserve’s newly dovish tone reassured investors as to the pace of. Emerging Markets were mixed. Of the BRICS, Chinese equities closed nicely higher; Brazil, India and Russia were lower; and South African equities posted a more modest gain. - [A generation of unwilling pensioners](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/a-generation-of-unwilling-pensioners.md) - [Market Commentary: January 2019](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-january-2019.md) — Here are this month’s highlights: Global markets, after a wobbly start to the year, closed the month on a high note. The Federal Reserve sounded a decidedly more dovish note, the US government shutdown came to an end, and a resolution to the Sino-US trade war appeared to be on the cards, all serving to whet investors’ risk appetite. - [2019 changes in IPEV standards](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/2019-changes-in-ipev-standards-effective-in-january.md) - [Clean energy – are definitions and the lack of standardised metrics holding back investment?](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/clean-energy-are-definitions-and-the-lack-of-standardised-metrics-holding-back-investment.md) - [Market Commentary: December 2018](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-december-2018.md) — Here are this month’s highlights: Global risk assets saw little festive cheer in December, with stocks experiencing their worst quarterly drop since 2011. Having hit notable highs during the year, equities sold off sharply in December as investors continued to fret about the pace of US monetary policy normalisation, simmering US-Sino trade tension, Brexit and geopolitical tensions. Stock and sector-specific concerns weighed on technology and oil counters, while safe-haven buying saw gold tick higher. - [RisCView: 2018](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/riscview-2018.md) — Monthly performance ranking of investment products. - [Market Commentary: November 2018](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-november-2018.md) — Here are this month’s highlights: Developed market equity markets staged a rally at month-end on news of a likely trade-compromise between China and the US, and a more dovish tone from the US Federal Reserve. While Emerging Markets benefited from risk-on sentiment, South African equities were under pressure and underperformed peers. The rand strengthened against the USD, oil prices continued to slip and gold posted a modest gain. - [Investment in Africa](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/investment-in-africa.md) - [RisCura – SAVCA Private Equity Performance Report: South Africa Q2 2018](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscura-savca-private-equity-performance-report-south-africa-q2-2018.md) - [Africa’s first infrastructure performance index](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/africas-first-infrastructure-performance-index.md) - [Is there really such a thing as passive investing – and does it matter?](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/is-there-really-such-a-thing-as-passive-investing-and-does-it-matter.md) - [Private equity could boost African entrepreneurs](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/private-equity-could-boost-african-entrepreneurs.md) - [Addressing pension fund issues is key to Africa’s sustainable development](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/addressing-pension-fund-issues-is-key-to-africas-sustainable-development.md) - [Private Equity Multiples in Africa by Price Range](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/private-equity-multiples-in-africa-by-price-range.md) - [Market Commentary: October 2018](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-october-2018.md) — Here are this month’s highlights: October proved to be a tough month for global risk assets, dubbed Red October by market watchers. Developed and emerging equities were volatile and ended sharply lower, with a tech sell-off grabbing headlines. Energy prices declined sharply at month-end, while Gold was higher on safe-haven buying. - [RisCura wins third consecutive accolade for private equity service provider excellence in Africa](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/riscura-wins-third-consecutive-accolade-for-private-equity-service-provider-excellence-in-africa.md) - [Sukuk – a new avenue for funding African infrastructure](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/sukuk-a-new-avenue-for-funding-african-infrastructure.md) - [South Africa no longer dominates private equity transaction in Africa](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/south-africa-no-longer-dominates-private-equity-transaction-in-africa.md) - [Credibility of PE impact investing in Africa](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/credibility-of-pe-impact-investing-in-africa.md) - [Market Commentary: September 2018](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-september-2018.md) — Here are this month’s highlights: September was a month of contrasts: Even as new trade tariffs took effect in the Sino-US standoff, the US, Canada and Mexico brokered a deal on NAFTA; While South African growth languished, the US economy steamed ahead and the Federal Reserve fulfilled expectations of a rate hike toward month end. - [Investing into private equity for African institutions](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/investing-into-private-equity-for-african-institutions.md) - [Market Commentary: August 2018](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-august-2018-2.md) — Here are this month’s highlights: It was a mixed month for global risk assets – Emerging market equities struggled, with geopolitical tension and dollar strength feeding into perceived vulnerabilities. US growth continued to be particularly strong, while consumers globally felt the bite of sharp oil-price increases. - [Market Commentary: August 2018](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-august-2018.md) — Here are this month’s highlights: It was a mixed month for global risk assets – Emerging market equities struggled, with geopolitical tension and dollar strength feeding into perceived vulnerabilities. US growth continued to be particularly strong, while consumers globally felt the bite of sharp oil-price increases. - [Bright Africa continues to shine](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/bright-africa-continues-to-shine.md) - [RisCura – SAVCA Private Equity Performance Report: South Africa Q1 2018](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscura-savca-private-equity-performance-report-south-africa-q1-2018.md) - [The Retirement Journey – Cradle to Grave](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/the-retirement-journey-cradle-to-grave.md) - [Why women need to save more for retirement](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/why-women-need-to-save-more-for-retirement.md) - [Market Commentary: July 2018](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-july-2018.md) — Here are this month’s highlights: Global equities had a positive month, with developed markets edging out emerging market peers. Corporate earnings’ season started on a positive note, despite concerns regarding the impact of ongoing geopolitical noise and simmering trade tension. Global bond markets were mixed, a hawkish Federal Reserve Bank statement sent the dollar higher towards month-end and oil prices declined as OPEC and Russia agreed to increase output. - [Changing Africa’s infrastructure funding’s status quo](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/changing-africas-infrastructure-fundings-status-quo-2.md) - [Market Commentary: June 2018](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-june-2018.md) — Here are this month’s highlights: The second quarter of 2018 ended on a bumpy note. Global trade tensions, the stalemate between Britain and the EU, and geopolitical spill-overs made headlines. Sentiment-driven emerging markets, technology stocks and cyclicals were noticeably volatile. South African equities, after an initial sharp sell-off, recovered toward month-end to close higher. Local bond and fixed income investors remained jittery, and the currency depreciated sharply against the greenback. - [Pension provision in Africa remains low](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/pension-provision-in-africa-remains-low.md) - [How to find the right firm for a Chartered Accountant training programme](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/how-to-find-the-right-firm-for-a-chartered-accountant-training-programme.md) - [African Urbanisation – A Changing Dynamic](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/african-urbanisation.md) - [Market Commentary: May 2018](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-may-2018.md) — Here are this month’s highlights: May saw little respite from geopolitically-driven volatility. Corporate earnings were largely positive, but global investors were left uneasy by the abrupt reversals in US rhetoric on Asia. Emerging markets bore the brunt of global risk-off sentiment. Whilst some markets were boosted by ever-higher oil prices, EMs with large current account deficits were particularly vulnerable. South African assets were not spared the broad-based sell-off. SA equities, fixed income and property markets all declined, and the rand slid against the dollar. - [RisCura – SAVCA Private Equity Performance Report: South Africa Q4 2017](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscura-savca-private-equity-performance-report-south-africa-q4-2017.md) - [A Nairobi Dream](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/a-nairobi-dream.md) - [Market Commentary: April 2018](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-april-2018.md) — Here are this month’s highlights: April saw a continuation of the risk assets rollercoaster. The Syrian strike and additional US sanctions against Russia unnerved investors, China’s more conciliatory tone soothed the markets, and a mixed month-end saw the potential implosion of the Iran-nuclear deal even as peace on Korean peninsula seemed imminent. Despite resurgent oil prices and some renewed risk-appetite, Emerging Markets posted their weakest relative performance for the year-to-date. South African equities outshone global peers, largely boosted by the rally in resources and Rand-hedge blue chips. The US dollar regained its ascendancy, and buoyant corporate earnings boosted developed market equities. - [Market Commentary: March 2018](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-march-2018.md) — Here are this month’s highlights: March was a particularly volatile month for global equities, as politics, tech and trade concerns weighed on investor sentiment. Monetary policy developments were mainly as expected, including decisions by the South African Reserve Bank to cut the repo rate, the US Federal Reserve Bank’s Federal Funds Rate increase, and the Bank of England keeping rates unchanged. Despite a shot-in-the-arm from the Moody’s ratings reprieve, local markets were weighed down by global trade jitters. - [Housing shortage an opportunity for high investment yields](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/housing-shortage-opportunity-high-investment-yields.md) - [Navigating Naspers in retirement portfolios](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/navigating-naspers-retirement-portfolios.md) - [RisCura – SAVCA Private Equity Performance Report: South Africa Q3 2017](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscura-savca-private-equity-performance-report-south-africa-q3-2017.md) - [Market Commentary: February 2018](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-february-2018.md) — Here are this month’s highlights: Developed and Emerging market equities, in a particularly volatile month, closed mostly lower. Investors were unsettled by prospects that the Federal Reserve may hike interest rates at a faster than expected pace and talk of trade-wars. Boosted by local political developments, however, South African equities outperformed global peers. The Rand and local bond markets rallied in response to a disciplined budget, and a reformist Cabinet reshuffle. - [Market Commentary: January 2018](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-january-2018.md) — Global Risk Assets had a strong start to 2018: Developed markets were boosted by macroeconomic data and upbeat corporate earnings. A commodity boom – as oil prices topped USD70 per barrel for the first time in three years and precious and industrial metals shone – lifted Emerging Markets. The declining USD also proved a boon to Emerging Market balance sheets. Local Fixed Income assets were mixed, with the property market dipping on Steinhoff knock-on effects (Resilient Group). Similarly, the local equity market suffered sharp declines, with Financials marred by Viceroy Research’s release of an inflammatory report on Capitec Bank. - [Complex pension trends are leaving retirees cash-strapped](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/complex-pension-trends-leaving-retirees-cash-strapped.md) - [Navigating Naspers](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/navigating-naspers.md) - [Will gas transform Africa?](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/will-gas-transform-africa.md) - [Market Commentary: December 2017](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-december-2017.md) — Global Risk Assets ended the year on a high note: Emerging Markets saw their best returns since 2009, while US equities consolidate their excellent year-to-date performance. Resurgent oil prices and the energy sector led overall sectoral gains. Macro-economic and inflationary data supported a view that during 2018 global monetary policies would produce few surprises. South African investors were cheered by a change in the ruling party’s leadership, although the stock market was dragged down by the Steinhoff scandal. The Rand, in line with Emerging Market peers, posted considerable gains against the USD, and local fixed income assets rallied. - [RisCView: 2017](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/riscview-2017.md) — Monthly performance ranking of investment products. - [SMEs provide opportunity for Africa to grow its debt market](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/smes-provide-opportunity-africa-grow-debt-market.md) - [Market Commentary: November 2017](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-november-2017.md) — Here are this month’s highlights: Cash still well-ahead of inflation, SA Bonds continue to fall, while SA Property sustains its uptick from October. Looking ahead, the ANC’s elective conference will grab the headlines in December, and the importance of transparent and clear thinking by economic decision-makers in 2018 cannot be overstated. November carried hope and high expectations for the global investor and a weak USD continued to provide a boost for multinational companies. - [RisCura wins AGF 2017 Service Provider private equity award](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/riscura-wins-agf-2017-service-provider-private-equity-award.md) - [Beyond the grid](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/beyond-the-grid.md) - [RisCura – SAVCA Private Equity Performance Report: South Africa Q2 2017](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscura-savca-private-equity-performance-report-south-africa-q2-2017.md) - [Market Commentary: October 2017](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-october-2017.md) — Here are this month’s highlights: Developed and Emerging market equities ticked up during October, with South African equities outperforming global peers. The Rand and SA government bonds remained under pressure as fiscal slippage and domestic politics weighed on the local markets. Strong earnings, and tech sector gains led international markets higher, but investors will keep a close eye on Brexit negotiations and tax reform progress toward year-end. - [Private equity multiples in Africa cost of equity](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/private-equity-multiples-in-africa-cost-of-equity.md) - [Should pension funds be financing infrastructure in Africa?](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/pension-funds-financing-infrastructure-africa.md) - [Retirement industry moves toward a Cradle to Grave approach](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/retirement-industry-moves-toward-cradle-grave-approach.md) - [Rethinking retirement – why not take the bus?](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/rethinking-retirement-not-take-bus.md) - [Private Equity Multiples in Africa Over Time](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/private-equity-multiples-in-africa-over-time.md) - [RisCura – SAVCA Private Equity Performance Report: South Africa Q1 2017](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscura-savca-private-equity-performance-report-south-africa-q1-2017.md) - [Digital currency could spark African financial revolution](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/digital-currency-spark-african-financial-revolution.md) - [Some SA start-ups not that affected by junk status](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/sa-start-ups-not-affected-junk-status.md) - [Pension funds can play a pivotal role in African aspirations for 2063](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/pension-funds-can-play-pivotal-role-african-aspirations-2063.md) - [Market Commentary: July 2017](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-july-2017.md) - [The Road to Retirement](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/the-road-to-retirement.md) - [Market Commentary: June 2017](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-june-2017.md) - [Lessons learnt - seven ways PE managers can ride the current tough wave](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/lessons-learnt-seven-ways-pe-managers-can-ride-current-tough-wave.md) - [Investing in SA’s hedge fund market](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/investing-sas-hedge-fund-market.md) - [Trustees said Moody’s would downgrade, Rand will depreciate](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/trustees-said-moodys-downgrade-rand-will-depreciate.md) - [Market Commentary: May 2017](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-may-2017.md) - [Africa patients offered online helping hand](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/africa-patients-offered-online-helping-hand.md) - [Market Commentary: April 2017](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-april-2017.md) - [RisCura – SAVCA Private Equity Performance Report: South Africa Q4 2016](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscura-savca-private-equity-performance-report-south-africa-q4-2016.md) - [Progress on hold as trade barriers constrain Africa](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/progress-hold-trade-barriers-constrain-africa.md) - [Market Commentary: March 2017](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-march-2017.md) - [Structure is business-friendly, but new laws are not](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/structure-business-friendly-new-laws-not.md) - [Changing the retirement landscape](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/changing-retirement-landscape.md) - [African fixed income investments coming into their own](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/african-fixed-income-investments-coming.md) - [Market Commentary: February 2017](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-february-2017.md) - [Market Commentary: January 2017](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-january-2017.md) - [Improving the way we benchmark private equity performance](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/improving-the-way-we-benchmark-private-equity-performance.md) - [RisCura – SAVCA Private Equity Performance Report: South Africa Q3 2016](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscura-savca-private-equity-performance-report-south-africa-q3-2016.md) - [Pension fund investing – a specialist or a balanced portfolio?](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/pension-fund-investing-specialist-balanced-portfolio.md) - [International Market Commentary: December 2016](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/international-market-commentary-december-2016.md) - [RisCView: 2016](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/riscview-2016.md) — Monthly performance ranking of investment products. - [RisCura – SAVCA Private Equity Performance Report: South Africa Q2 2016](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscura-savca-private-equity-performance-report-south-africa-q2-2016.md) - [South African private equity returns highlight the value of the asset class in building resilient portfolios](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/south-african-private-equity-returns-highlight-value-asset-class-building-resilient-portfolios.md) - [Updated IPEV guidelines](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/updated-ipev-guidelines.md) - [AGF Awards 2016](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/agf-awards-2016.md) - [Has the Zimbabwean pension's industry really migrated to DC schemes?](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/zimbabwean-pensions-industry-really-migrated-dc-schemes.md) - [Currency devaluation could be good for private equity](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/currency-devaluation-good-private-equity.md) — An infographic highlighting 3 private equity opportunities in African manufacturing - [International Market Commentary: September 2016](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/international-market-commentary-september-2016.md) - [Q & A with Prasheen on Investing in Africa](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/q-prasheen-investing-africa.md) - [Bright Africa report - 2015](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/bright-africa-report-2015.md) - [El Niño report - June 2016](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/el-nino-report-june-2016.md) - [Winemag.co.za presents the RisCura White Hot Wine Awards 2016](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/winemag-co-za-presents-riscura-white-hot-wine-awards-2016.md) - [RisCura - SAVCA Private Equity Performance Report: South Africa Q1 2016](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscura-savca-private-equity-performance-report-south-africa-q1-2016.md) - [Currency Devaluation, Where are the Opportunities?](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/currency-devaluation-opportunities.md) - [Private Equity: A force for good](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/private-equity-force-good.md) - [International Market Commentary: June 2016](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/international-market-commentary-june-2016.md) - [Winemag.co.za presents the RisCura Red Hot Wine Awards 2016](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/riscura-red-hot-wine-awards-2016.md) - [El Niño - beware the lag effect of this "weather bandit"](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/el-nino-beware-lag-effect-weather-bandit.md) - [International Market Commentary: May 2016](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/international-market-commentary-may-2016.md) - [The effect of El Niño on key Southern African countries](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/effect-southern-african-countries.md) - [Opportunities arise from the storm](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/opportunities-arise-storm.md) - [Country responses](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/country-responses.md) - [International Market Commentary: May 2014](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/international-market-commentary-may-2014.md) - [Private Equity Sector Focus](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/private-equity-sector-focus.md) - [Private Equity Sector Focus 2016](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/private-equity-sector-focus-2016.md) - [Listed EV/EBITDA Multiples 2016](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/listed-ev-ebitda-multiples-2016.md) - [SA Private Equity records a decade of market outperformance](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/sa-private-equity-records-decade-market-outperformance.md) - [RisCura - SAVCA Private Equity Performance Report: South Africa Q4 2015](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscura-savca-private-equity-performance-report-south-africa-q4-2015.md) - [A big year for private equity fundraising in Africa](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/big-year-private-equity-fundraising-africa.md) - [Tough at the top](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/tough-at-the-top.md) - [Is it Time to Realize Governments' Unlisted Assets?](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/time-realize-governments-unlisted-assets.md) - [RisCura - EAVCA East Africa Private Equity Deal Dashboard](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/riscura-eavca-east-africa-private-equity-deal-dashboard.md) - [New Data on East African Private Equity Activity](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/new-data-on-east-african-private-equity.md) - [RisCura - SAVCA Private Equity Performance Report: South Africa Q3 2015](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscura-savca-private-equity-performance-report-south-africa-q3-2015.md) - [SA Private Equity Resilient Amid Volatile Financial Market Conditions](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/sa-private-equity-resilient-amid-volatile-financial-market-conditions.md) - [Could Selling State Assets Fund Governments Shortfalls?](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/could-selling-state-assets-fund-governments-shortfalls.md) - [International Market Commentary: December 2015](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/international-market-commentary-december-2015.md) - [RisCView: 2015](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/riscview-2015.md) — Monthly performance ranking of investment products. - [International Market Commentary: November 2015](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/international-market-commentary-november-2015.md) - [RisCura - SAVCA Private Equity Performance Report: South Africa Q2 2015](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscura-savca-private-equity-performance-report-south-africa-q2-2015.md) - [International Market Commentary: October 2015](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/international-market-commentary-october-2015.md) - [Africa: Supply and Demand of Private Equity Funding Capital Skewed](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/africa-supply-and-demand-of-private-equity-funding-capital-skewed.md) - [Meaningful African Markets for Investment](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/african-markets-investment.md) - [Is East Africa's Gas Asset Boom About To Go Bust?](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/is-east-africas-gas-asset-boom-about-to-g-bust.md) - [International Market Commentary: September 2015](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/international-market-commentary-september-2015.md) - [International Market Commentary: August 2015](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/international-market-commentary-august-2015.md) - [Making Sense of Derivatives in Your Investment Strategy](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/making-sense-of-derivatives-in-your-investment-strategy.md) - [International Market Commentary: July 2015](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/international-market-commentary-july-2015.md) - [Unlisted Investment as a Driver for Namibia's Economic Growth](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/unlisted-investement-as-a-driver-for-namibias-economic-growth.md) - [Katutura Old Age Home Gets Green, Solar Driven Water Heating System](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/katututa-old-age-home-gets-green-solar-driven-water-heating-system.md) - [Survey Data: A Blunt Toon in the Toolkit](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/survey-data-a-blunt-toon-in-the-toolkit.md) - [Evaluating Risk in the African Energy Market](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/evaluating-risk-in-the-african-energy-market.md) - [Deriving Value from Derivitives](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/deriving-value-from-derivitives.md) - [Hedge Funds have been Declared Collective Investment Schemes from 1 April 2015. Is this Regulation Expected to Encourage Investment in Hedge Funds?](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/hedge-funds-have-been-declared-collective-investment-schemes-from-1-april-2015-is-this-regulation-expected-to-encourage-investment-in-hedge-funds.md) - [Redressing the Infrastructure Gap - Still a Bridge Too Far?](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/redressing-the-infrastructure-gap-still-a-bridge-too-far.md) - [African Pension Funds Growing at Fast Pace, Creating Local Pools of Investment Capital](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/african-pension-funds-growing-at-fast-pace-creating-local-pools-of-investment-capital.md) - [International Market Commentary: June 2015](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/international-market-commentary-june-2015.md) - [RisCura - SAVCA Private Equity Performance Report: South Africa Q1 2015](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscura-savca-private-equity-performance-report-south-africa-q1-2015.md) - [Africa its Own Biggest Investor](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/africa-its-own-biggest-investor.md) - [International Market Commentary: May 2015](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/international-market-commentary-may-2015.md) - [RisCura Red Hot Wine Awards](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/riscura-red-hot-wine-awards.md) - [Private Equity Geographic Focus](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/private-equity-geographic-focus.md) - [International Market Commentary: April 2015](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/international-market-commentary-april-2015.md) - [Africa's energy infrastructure](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/africas-energy-infrastructure.md) - [Africa's rail infrastructure](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/africas-rail-infrastructure.md) - [Africa's road infrastructure](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/africas-road-infrastructure.md) - [Infrastructure development in Africa](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/infrastructure-development-in-africa.md) - [Africa’s Global Links](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/africas-global-links.md) - [M&A Activity in Africa](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/ma-activity-in-africa.md) - [International Market Commentary: March 2015](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/international-market-commentary-march-2015.md) - [Bridging the African Infrastucture Gap: Politics or PPPs](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/bridging-the-african-infrastucture-gap-politics-or-ppps.md) - [RisCura - SAVCA Private Equity Performance Report: South Africa Q4 2014](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscura-savca-private-equity-performance-report-south-africa-q4-2014.md) - [International Market Commentary: February 2015](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/international-market-commentary-february-2015.md) - [International Market Commentary: January 2015](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/international-market-commentary-january-2015.md) - [Changing the Zimbabwean Retirement Landscape](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/changing-the-zimbabwean-retirement-landscape.md) - [Goals Based Investing](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/goals-based-investing.md) - [How smart is your Investment Strategy?](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presspress-roomhow-smart-your-investment-strategy.md) - [East vs West](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presspress-roomeast-vs-west.md) - [RisCUpdate: Q4 2014](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presssurveysriscupdate-q4-2014.md) — Quarterly South African market and economic update - [Growing African pension funds an opportunity for private equity](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presspress-roomgrowing-african-pension-funds-opportunity-private-equity.md) - [International Market Commentary: December 2014](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/international-market-commentary-december-2014.md) - [Accessing African Growth](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presspress-roomaccessing-african-growth.md) - [RisCUpdate: Q3 2014](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presssurveysriscupdate-q3-2014.md) — Quarterly South African market and economic update - [The African financial services gold rush](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presspress-roomafrican-financial-services-gold-rush.md) - [Africa on board with renewable energy](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presspress-roomafrica-board-renewable-energy.md) - [Ebola crisis affects cocoa industry](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presspress-roomebola-crisis-affects-cocoa-industry.md) - [RisCura - SAVCA Private Equity Performance Report: South Africa Q2 2014](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscura-savca-private-equity-performance-report-south-africa-q2-2014.md) - [International Market Commentary: July 2014](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/international-market-commentary-july-2014.md) - [RisCura - SAVCA Private Equity Performance Report: South Africa Q1 2014](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscura-savca-private-equity-performance-report-south-africa-q1-2014.md) - [Good Thinking for South Africa’s Most Exciting New Wines](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presspress-roomgood-thinking-south-africas-most-exciting-new-wines.md) - [African Eurobond issues on the rise](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presspress-roomafrican-eurobond-issues-rise.md) - [Distribution in Africa: Finding the path to market](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presspress-roomdistribution-africa-finding-path-market.md) - [RisCUpdate: Q2 2014](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presssurveysriscupdate-q2-2014.md) — Quarterly South African market and economic update - [Africa 'bright' indeed](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presspress-roomafrica-bright-indeed.md) - [Proving the Attractiveness of Listed Markets in Africa](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presspress-roomproving-attractiveness-listed-markets-africa.md) - [Defined benefit plans – less is more](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presspress-roomdefined-benefit-plans-less-more.md) - [International Market Commentary: April 2014](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/international-market-commentary-april-2014.md) - [RisCUpdate: Q1 2014](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presssurveysriscupdate-q1-2014.md) — Quarterly South African market and economic update - [RisCura - SAVCA Private Equity Performance Report: South Africa Q4 2013](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscura-savca-private-equity-performance-report-south-africa-q4-2013.md) - [Winners for a reason](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presspress-roomwinners-reason.md) - [Africa: a period of elections and the economic outlook](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presspress-roomafrica-period-elections-and-economic-outlook.md) - [East Africa set to rise](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presspress-roomeast-africa-set-rise.md) - [International Market Commentary: March 2014](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/international-market-commentary-march-2014.md) - [Global survey demonstrates pension funds are turning their attention to Africa](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presspress-roomglobal-survey-demonstrates-pension-funds-are-turning-their-attention-africa.md) - [Watch trading costs and help guard retirement savings](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presspress-roomwatch-trading-costs-and-help-guard-retirement-savings.md) - [International Market Commentary: February 2014](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/international-market-commentary-february-2014.md) - [International Market Commentary: January 2014](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/international-market-commentary-january-2014.md) - [RisCura -SAVCA Private Equity Performance Report: South Africa Q3 2013](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscura-savca-private-equity-performance-report-south-africa-q3-2013.md) - [Understand Africa’s uniqueness and be rewarded in 2014](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presspress-roomunderstand-africas-uniqueness-and-be-rewarded-2014.md) - [RisCUpdate: Q4 2013](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presssurveysriscupdate-q4-2013.md) — Quarterly South African market and economic update - [International Market Commentary: December 2013](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/international-market-commentary-december-2013.md) - [International Market Commentary: November 2013](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/international-market-commentary-november-2013.md) - [Turning on the Christmas lights](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presspress-roomturning-christmas-lights.md) - [Replacement ratios in retirement](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presspress-roomreplacement-ratios-retirement.md) - [International Market Commentary: October 2013](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/international-market-commentary-october-2013.md) - [International Market Commentary: September 2013](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/international-market-commentary-september-2013.md) - [RisCUpdate: Q3 2013](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presssurveysriscupdate-q3-2013.md) — Quarterly South African market and economic update - [Bright Africa 2014: a request for data](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presspress-roombright-africa-2014-request-data.md) - [South African private equity delivers steady first-half returns](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presspress-roomsouth-african-private-equity-delivers-steady-first-half-returns.md) - [RisCura - SAVCA Private Equity Performance Report: South Africa Q2 2013](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscura-savca-private-equity-performance-report-south-africa-q2-2013.md) - [International Market Commentary: August 2013](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/international-market-commentary-august-2013.md) - [Hedge funds – local is different](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presspress-roomhedge-funds-local-different.md) - [RisCura expands UK team with two more specialist hires](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presspress-roomriscura-expands-uk-team-two-more-specialist-hires.md) - [Announcing SA’s top three Sauvignon Blanc-Semillon blends](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presspress-roomannouncing-sas-top-three-sauvignon-blanc-semillon-blends.md) - [Raise your glasses to the top three wines](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/whitehot.md) - [Returns from Africa come from growth and expansion, rather than debt leveraging](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presspress-roomreturns-africa-come-growth-and-expansion-rather-debt-leveraging.md) - [Debt a small portion of African Private Equity deals](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presspress-roomdebt-small-portion-african-private-equity-deals.md) - [International Market Commentary: July 2013](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/international-market-commentary-july-2013.md) - [RisCUpdate: Q2 2013](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presssurveysriscupdate-q2-2013.md) — Quarterly South African market and economic update - [International Market Commentary: June 2013](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presspress-roominternational-market-commentary-june-2013.md) - [International Market Commentary: June 2013](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/international-market-commentary-june-2013.md) - [Private Equity Performance Report South Africa: Q1 2013](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presssurveysprivate-equity-performance-report-south-africa-q1-2013-0.md) - [RisCura - SAVCA Private Equity Performance Report: South Africa Q1 2013](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscura-savca-private-equity-performance-report-south-africa-q1-2013.md) - [Returns of the past](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presspress-roomreturns-past.md) - [International Market Commentary: May 2013](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/international-market-commentary-may-2013.md) - [International Market Commentary: May 2013](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presspress-roominternational-market-commentary-may-2013.md) - [International Market Commentary: April 2013](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/international-market-commentary-april-2013.md) - [International Market Commentary: April 2013](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presspress-roominternational-market-commentary-april-2013.md) - [Getting up to speed](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/getting-speed.md) - [Concerns about risk and volatility risk won’t affect investment in Africa](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presspress-roomconcerns-about-risk-and-volatility-risk-wont-affect-investment-africa.md) - [Pension fund investing - the specialist vs. balanced debate](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presspress-roompension-fund-investing-specialist-vs-balanced-debate.md) - [Retirement fund industry struggles with Regulation 28](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presspress-roomretirement-fund-industry-struggles-regulation-28.md) - [International Market Commentary: March 2013](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/international-market-commentary-march-2013.md) - [RisCUpdate: Q1 2013](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presssurveysriscupdate-q1-2013.md) — Quarterly South African market and economic update - [International Market Commentary: March 2013](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presspress-roominternational-market-commentary-march-2013.md) — The significant rise in world equity markets since the latter half of last year continued into the first half of March but petered out in the second half, with the MSCI World index up 2.1% for the month after being flat for February and up 5% in January.  It should be noted that much of the March gain was due to strong performance in Japan and the US, as well as smaller contributions from the three largest European markets (Germany, UK, and France).  However, many other major markets, including China, Brazil, Russia, India, Australia, and Canada, were down, with the BRIC countries in particular suffering the worst declines.  - [Bright Africa: A look at transaction multiples across the continent](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presssurveysbright-africa-look-transaction-multiples-across-continent.md) - [Bright Africa: a new report from RisCura Fundamentals](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presspress-roombright-africa-new-report-riscura-fundamentals.md) - [RisCura - SAVCA Private Equity Performance Report South Africa: Q4 2012](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscura-savca-private-equity-performance-report-south-africa-q4-2012.md) - [Bright Africa: A look at equity investing across the continent](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/eventsbright-africa-look-equity-investing-across-continent.md) - [Valuation, Performance Measurement and Risk Management in Private Equity](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presspress-roomvaluation-performance-measurement-and-risk-management-private-equity-0.md) - [Investing in Africa in 2013](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presspress-roominvesting-africa-2013.md) - [Choosing your fund manager](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presspress-roomchoosing-your-fund-manager.md) - [International Private Equity and Venture Capital Valuation Guidelines - Dec 2012](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/ipev-guidelines-dec-2012.md) - [RisCUpdate: Q4 2012](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presssurveysriscupdate-q4-2012.md) — Quarterly South African market and economic update - [RisCura - SAVCA Private Equity Performance Report: South Africa Q3 2012](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscura-savca-private-equity-performance-report-south-africa-q3-2012.md) - [African private equity coming of age](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presspress-roomafrican-private-equity-coming-age.md) - [Know your funding level when saving for retirement](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presspress-roomknow-your-funding-level-when-saving-retirement.md) - [Property the darling of the third quarter](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presspress-roomproperty-darling-third-quarter.md) - [Large asset managers outperform inflation](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presspress-roomlarge-asset-managers-outperform-inflation.md) - [RisCUpdate: Q3 2012](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presssurveysriscupdate-q3-2012.md) — Quarterly South African market and economic update - [AfricaSIF.org Launches First-Ever Pan-African Research Project on Investment Management and ESG](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presspress-roomafricasiforg-launches-first-ever-pan-african-research-project-investment-management.md) - [RisCura - SAVCA Private Equity Performance Report: South Africa Q2 2012](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscura-savca-private-equity-performance-report-south-africa-q2-2012.md) - [Driving the improvement of retirement fund investing standards](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presspress-roomdriving-improvement-retirement-fund-investing-standards.md) — Over our twelve-year business history, the foundation of our business has been to drive the improvement of retirement fund investing standards in South Africa and beyond. Our push for technical excellence has made us develop tools for the South African and African financial services industries that assist in making the industry a more transparent, more appropriate, less risky and safer place to invest for institutional investors. We are proud of our achievements and the resultant positive impact they have had on the broader investment industry. - [RisCura - SAVCA Private Equity Performance Report: South Africa Q1 2012](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscura-savca-private-equity-performance-report-south-africa-q1-2012.md) - [RisCUpdate: June 2012](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/riscupdate-june-2012.md) — Quarterly South African market and economic update - [Regulation 28: Hedge Funds Performance – The South African experience](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presspress-roomregulation-28-hedge-funds-performance-south-african-experience.md) - [Regulation 28: Hedge Funds – Additional Scope for Pension Funds](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presspress-roomregulation-28-hedge-funds-additional-scope-pension-funds.md) - [Regulation 28: Should SA pension funds allocate more capital to private equity?](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presspress-roomregulation-28-should-sa-pension-funds-allocate-more-capital-private-equity.md) - [Responsible investing - where do you start?](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presspress-roomresponsible-investing-where-do-you-start.md) - [RisCUpdate: March 2012](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/riscupdate-q1-march-2012.md) — Quarterly South African market and economic update - [Regulation 28 puts responsible investing firmly on the agenda](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presspress-roomregulation-28-puts-responsible-investing-firmly-agenda.md) - [Spoilt Votes August 2011, The landscape of proxy voting at South African asset managers.](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/spoilt-votes-august-2011-landscape-proxy-voting-south-african-asset-managers.md) - [IFC Press](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presspress-roomifc-press.md) - [Spoilt Votes](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/spoiltvotes-july-2011.md) — The Landscape of Proxy Voting at South African Asset Managers - [Sustainable Investment in sub-Saharan Africa](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/sustainable-investment-in-sub-saharan-africa.md) - [RisCura South Africa Private Equity Performance Report](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presspress-roomriscura-south-africa-private-equity-performance-report-0.md) - [RisCUpdate: December 2010](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/riscupdate-december-2010.md) — Quarterly South African market and economic update - [Catalyst: Revision to Reg 28 gives private equity a chance to prove its worth](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presspress-roomcatalyst-revision-reg-28-gives-private-equity-chance-prove-its-worth.md) - [RisCura - SAVCA Private Equity Performance Report: South Africa Q2 2010](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscura-savca-private-equity-performance-report-south-africa-q2-2010.md) - [RisCUpdate: September 2010](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/riscupdate-september-2010.md) — Quarterly South African market and economic update - [RisCUpdate: June 2010](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/riscupdate-june-2010.md) — Quarterly South African market and economic update - [RisCUpdate: March 2010](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/riscupdate-march-2010.md) — Quarterly South African market and economic update - [thinktank March 2010](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/pressresearchthinktank-march-2010.md) — Profile: Kagiso Matlala - [RisCUpdate: September 2009](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/riscupdate-september-2009.md) — Quarterly South African market and economic update - [thinktank September 2009](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/pressresearchthinktank-september-2009.md) — Profile: Vusi Khumalo - [RisCUpdate: June 2009](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/riscupdate-june-2009.md) — Quarterly South African market and economic update - [RisCUpdate: March 2009](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/riscupdate-march-2009.md) — Quarterly South African market and economic update - [thinknotes - February 2009](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/thinknotes-february-2009.md) — Introducing the Stutzer Index - [RisCUpdate: December 2008](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/riscupdate-december-2008.md) — Quarterly South African market and economic update - [thinktank January 2009](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/pressresearchthinktank-january-2009.md) — Profile: Santosh Ramkissoon - [thinknotes - November 2008](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/thinknotes-november-2008.md) — Analysis of Overlap - An Application Portfolio Analysis - [RisCUpdate: September 2008](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/riscupdate.md) — Quarterly South African market and economic update - [RisCUpdate: June 2008](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/riscupdate-june-2008.md) — Quarterly South African market and economic update - [thinktank June 2008](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/pressresearchthinktank-june-2008.md) — Profile: Fikile Shabangu - Client Manager - [RisCUpdate: March 2008](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/riscupdate-march-2008.md) — Quarterly South African market and economic update - [thinktank February 2008](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/pressresearchthinktank-february-2008.md) — Profile: Malcolm Fair - Chief Operating Officer - [RisCUpdate: December 2007](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/riscupdate-december-2007.md) — Quarterly South African market and economic update - [thinktank November 2007](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/pressresearchthinktank-november-2007.md) — Profile: Kaajal Ethwar - Risk analyst - [RisCUpdate: September 2007](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/riscupdate-september-2007.md) — Quarterly South African market and economic update - [RisCUpdate: June 2007](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/riscupdate-june-2007.md) — Quarterly South African market and economic update - [thinktank June 2007](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/pressresearchthinktank-june-2007.md) — Profile: Clinton Pillay - Head of Pension Fund Reporting - [RisCUpdate: March 2007](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/riscupdate-march-2007.md) — Quarterly South African market and economic update - [thinktank March 2007](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/pressresearchthinktank-march-2007.md) — Profile: Fulu Makwetla - Business Development/Consultant - [RisCUpdate: December 2006](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/riscupdate-december-2006.md) — Quarterly South African market and economic update - [RisCUpdate: September 2006](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/riscupdate-september-2006.md) — Quarterly South African market and economic update - [thinktank September 2006](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/pressresearchthinktank-september-2006.md) — Profile - Mehluli Ncube, Consultant - [RisCUpdate: June 2006](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/riscupdate-june-2006.md) — Quarterly South African market and economic update - [thinktank May 2006](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/pressresearchthinktank-may-2006.md) — Profile - Karlien de Bruin, Quants manager - [RisCUpdate: March 2006](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/riscura-march-2006.md) — Quarterly South African market and economic update - [thinktank February 2006](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/pressresearchthinktank-february-2006.md) — Profile - Annah Kose, quantitative analyst - [thinktank November 2005](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/pressresearchthinktank-november-2005.md) — Profile: Fezekile Jebese, risk analyst - [RisCUpdate: September 2005](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/riscupdate-september-2005.md) — Quarterly South African market and economic update - [thinknotes - September 2005](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/thinknotes-ideas-from-riscuras-research-team-2.md) — Active Returns: Arithmetic or Geometric? - [RisCUpdate: June 2005](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/riscupdate-june-2005.md) — Quarterly South African market and economic update - [thinktank May 2005](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/pressresearchthinktank-may-2005.md) — Profile: Pamella Magcoba - consultant - [RisCUpdate: March 2005](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/riscupdate-march-2005.md) — Quarterly South African market and economic update - [RisCUpdate: December 2004](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/riscupdate-december-2004.md) — Quarterly South African market and economic update - [thinktank November 2004](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/pressresearchthinktank-november-2004.md) — Profile: Nadine van de Venter - [RisCUpdate: June 2004](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/riscupdate-june-2004.md) — Quarterly South African market and economic update - [RisCUpdate: March 2004](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/riscupdate-march-2004.md) — Quarterly South African market and economic update - [thinknotes - April 2004](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/thinknotes-ideas-from-riscuras-research-team-3.md) — A Closer Look at Risk-adjusted Performance Measures - [Report February 2004, Calculating Credit Spreads Using the BEASSA Zero Curve](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presspress-roomreport-february-2004-calculating-credit-spreads-using-beassa-zero-curve.md) - [thinktank February 2004](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/pressresearchthinktank-february-2004.md) — Profile: Mandisa Mbilini - [thinknotes - July 2003](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/thinknotes-ideas-from-riscuras-research-team-4.md) — Introducing the Yield Curve as a tool in credit risk analysis - [Report July 2003, Introducing the Yield Curve as a Tool in Credit Risk Analysis](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/presspress-roomreport-july-2003-introducing-yield-curve-tool-credit-risk-analysis.md) - [thinktank May 2003](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/pressresearchthinktank-may-2003.md) — Profile: René Dodgen - [thinktank February 2003](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/pressresearchthinktank-february-2003.md) — Profile: Mxolisi mbekwa