Global markets are firmly late‑cycle
February underscored that global markets are firmly late‑cycle, characterised by tightening valuations, persistent geopolitical risks and uneven inflation. Yet resilience remains a defining feature. For South African investors, domestic conditions have improved meaningfully, with disinflation, stronger fiscal positioning and supportive commodity markets creating a constructive backdrop.
A well‑positioned portfolio in 2026 should blend:
- South Africa’s high real yields and strong financial institutions
- Meaningful global diversification across regions and sectors
- A quality‑first approach to equity selection
- Strategic exposure to alternatives for resilience
- Adequate liquidity to take advantage of emerging opportunities
This combination provides a robust foundation for navigating late‑cycle risks while capturing selective upside in a complex and evolving global environment.
The below FSCA regulated companies, who conduct asset management and investment services, are owned by Orion Investment Managers (OIM). These subsidiary companies operate in a number of different jurisdictions, and each provides investment management and products to their clients. Orion Investment Managers, is, in turn, owned by Spirit Invest International, which owns a portfolio of companies in the investment sector...
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