Dear Reader,

Equities continue to benefit from resilient corporate earnings, innovation-led growth, and supportive central bank policies, although valuations warrant selective positioning. Fixed income markets offer renewed opportunities as yields stabilise and the disinflation trend strengthens, providing scope for balanced income generation.

In South Africa, improving economic data, easing inflation, and a firmer rand underpin a constructive outlook for bonds and a more stable investment climate. Amid continued global volatility, adopting a forward-looking investment approach—anchored in quality, valuation awareness, and prudent risk management—remains essential.

As global markets transition through an environment defined by shifting monetary policies, geopolitical uncertainty, and moderating inflation pressures, investors are encouraged to maintain discipline, diversification, and a strong focus on fundamentals.

By combining strategic patience with tactical agility, investors can effectively navigate evolving conditions, preserve capital, and capture sustainable long-term returns across asset classes in an increasingly complex market landscape.

We trust you will enjoy and benefit from reading this Global Review and please do not hesitate to contact Orion Investment Managers at: info@orionim.biz should you have any questions or queries.

Sincerely,

Adrian Meager
Orion Investment Managers
Managing Director and Chief Investment Officer