---
title: RisCura
type: taxonomy_archive
taxonomy: riscura_author
slug: riscura
term_id: 50
permalink: "https://riscura.com/riscura-author/riscura/"
post_count: 269
---

# RisCura

Posts in this archive: 269

- [RisCura targets first infrastructure benchmark in March 2027](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/riscura-targets-first-infrastructure-benchmark-in-march-2027.md)
- [RisCView: July 2026](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscview-july-2026.md)
- [Why benchmark selection matters for African equity investors](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/why-benchmark-selection-matters-for-african-equity-investors.md)
- [Market concentration: turning traditional portfolio diversification on its head](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/market-concentration-turning-traditional-portfolio-diversification-on-its-head.md)
- [George Tsinonis discusses what African equity benchmarks can miss](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/george-tsinonis-discusses-what-african-equity-benchmarks-can-miss.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)
- [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
- [RisCView: June 2026](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscview-june-2026.md)
- [Benchmark choice can reshape African equity performance, RisCura finds](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/benchmark-choice-african-equity-performance.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)
- [RisCView: May 2026](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscview-may-2026.md)
- [RisCView: April 2026](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscview-april-2026.md)
- [RisCView: March 2026](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscview-march-2026.md)
- [Nigeria rebound exposes a benchmark blind spot in African markets](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/nigeria-rebound-exposes-a-benchmark-blind-spot-in-african-markets.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)
- [Unlisted investments can help close the infrastructure allocation gap](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/unlisted-investments-can-help-close-the-infrastructure-allocation-gap.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)
- [African pension funds target AI themes via offshore funds and private markets](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/african-pension-funds-target-ai-themes-via-offshore-funds-and-private-markets.md)
- [Net-zero targets: Why SA pension funds must focus on the real economy](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/net-zero-targets-why-sa-pension-funds-must-focus-on-the-real-economy.md)
- [RisCView: October 2025](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscview-october-2025.md)
- [Private markets and pension funds: Moving beyond the myths](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/private-markets-and-pension-funds-moving-beyond-the-myths.md)
- [REimagine Fund targets R5bn portfolio growth](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/reimagine-fund-targets-r5bn-portfolio-growth.md)
- [Citywire South Africa Star Selector Annual 2025: Andrew van Biljon on navigating global and local investment dynamics](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/citywire-south-africa-star-selector-annual-2025-andrew-van-biljon-on-navigating-global-and-local-investment-dynamics.md)
- [RisCView: September 2025](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscview-september-2025.md)
- [RisCView: August 2025](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscview-august-2025.md)
- [RisCView: July 2025](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscview-july-2025.md)
- [RisCView: June 2025](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscview-june-2025.md)
- [RisCView: May 2025](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscview-may-2025.md)
- [RisCView: April 2025](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscview-april-2025.md)
- [RisCView: March 2025](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscview-march-2025.md)
- [Why LDI should be on every trustee’s and adviser’s radar](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/why-ldi-should-be-on-every-trustees-and-advisers-radar.md)
- [RisCView: February 2025](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscview-february-2025.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)
- [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)
- [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)
- [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)
- [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)
- [RisCView: August 2024](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscview-august-2024.md)
- [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)
- [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)
- [RisCView: June 2024](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscview-june-2024.md)
- [RisCView: May 2024](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscview-may-2024.md)
- [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)
- [RisCView: April 2024](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscview-april-2024.md)
- [RisCView: March 2024](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscview-march-2024.md)
- [RisCView: February 2024](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscview-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)
- [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)
- [RisCView: December 2023](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscview-december-2023.md)
- [The Value of Manager Development Programs](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/the-value-of-manager-development-programs.md)
- [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)
- [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)
- [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)
- [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)
- [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)
- [Naspers and pay inequality interview motivation with Adam Bennot](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/naspers-and-pay-inequality-interview-motivation-with-adam-bennot.md)
- [Private Equity Networking Event for Women with RisCura](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/women-in-private-equity.md) — Join us in registering for upcoming events as we work together to cultivate connections, ideas, and opportunities for women in the investment profession. 
- [RisCView: July 2023](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/riscview-july-2023.md)
- [RisCura Investment Strategist Glenn Silverman Discusses Trend of Foreign Capital Outflows from South African Markets](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/riscura-investment-strategist-glenn-silverman-discusses-trend-of-foreign-capital-outflows-from-south-african-markets.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)
- [Ditiro Capital has achieved a significant milestone by successfully reaching its first close.](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/ditiro-capital-has-achieved-a-significant-milestone-by-successfully-reaching-its-first-close.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)
- [Lars Hagenbuch, speaks to the Early Breakfast show about our latest report, Moving the Needle- Stewardship in India](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/lars-hagenbuch-speaks-to-the-early-breakfast-show-about-our-latest-report-moving-the-needle-stewardship-in-india.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)
- [China Market Commentary: May 2023](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/china-market-commentary-may-2023.md)
- [Stewardship in India: practices in the world's most populous country](https://riscura.com/wp-content/uploads/wp-mfa-exports/post/stewardship-in-india.md) — Join us for the launch of our latest research findings: "Moving the Needle: Stewardship in India" by RisCura.
- [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.
- [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
- [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.
- [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.
- [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.
- [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.
- [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)
- [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.
- [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)
- [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.
- [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 – 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.
- [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.
- [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)
- [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.
- [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.
- [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.
- [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
- [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
- [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 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 – 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
- [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
- [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)
- [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.
- [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
- [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
- [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.
- [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)
- [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.
- [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)
- [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.
- [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.
- [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.
- [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.
- [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).
- [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)
- [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.
- [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.
- [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.
- [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.
- [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.
- [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)
- [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.
- [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.
- [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.
- [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)
- [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.
- [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.
- [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)
- [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.
- [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.
- [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.
- [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 – 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.
- [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)
- [Market Commentary: July 2017](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-july-2017.md)
- [Market Commentary: June 2017](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-june-2017.md)
- [Market Commentary: May 2017](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-may-2017.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)
- [Market Commentary: March 2017](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/market-commentary-march-2017.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)
- [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)
- [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)
- [International Market Commentary: September 2016](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/international-market-commentary-september-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)
- [International Market Commentary: June 2016](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/international-market-commentary-june-2016.md)
- [International Market Commentary: May 2016](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/international-market-commentary-may-2016.md)
- [International Market Commentary: May 2014](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/international-market-commentary-may-2014.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)
- [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)
- [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)
- [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)
- [International Market Commentary: July 2015](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/international-market-commentary-july-2015.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)
- [International Market Commentary: May 2015](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/international-market-commentary-may-2015.md)
- [International Market Commentary: April 2015](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/international-market-commentary-april-2015.md)
- [International Market Commentary: March 2015](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/international-market-commentary-march-2015.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)
- [International Market Commentary: December 2014](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/international-market-commentary-december-2014.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)
- [International Market Commentary: April 2014](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/international-market-commentary-april-2014.md)
- [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)
- [International Market Commentary: March 2014](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/international-market-commentary-march-2014.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)
- [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)
- [International Market Commentary: October 2013](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/international-market-commentary-october-2013.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)
- [International Market Commentary: July 2013](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/international-market-commentary-july-2013.md)
- [International Market Commentary: June 2013](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/international-market-commentary-june-2013.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)
- [International Market Commentary: May 2013](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/international-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: March 2013](https://riscura.com/wp-content/uploads/wp-mfa-exports/report/international-market-commentary-march-2013.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)
- [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)
- [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)
- [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)
- [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)