Market Update: Perspective in Uncertain Times

Dear Clients,

I trust that you are well.

We continue to navigate a period of heightened market volatility, influenced by evolving geopolitical dynamics, trade tensions, and shifting global economic relationships. While short-term movements can appear unsettling, they are often part of a broader and more structural repositioning taking place globally.

For your interest, we have included a recent research note from Nedbank Private Wealth, authored by independent political and economic analyst JP Landman. The note provides valuable perspective on current global developments, including:

• The ongoing shift of economic influence toward the East, particularly China
• The persistence of trade tensions and tariff structures involving the United States
• Strengthening trade relationships between South Africa, Asia, and the European Union

These insights reinforce the importance of maintaining a diversified and resilient investment approach, particularly in uncertain and changing environments.

Please also find below a link to the latest bi-monthly podcast, offering a concise 7-minute summary of current market and economic developments: