We enter the final third of 2026 with corporate earnings broadly supportive, but with inflation persistent, fiscal constraints growing and interest rates likely to remain higher for longer than markets previously expected.

For South African investors, August reinforced the value of diversification. Local equities advanced strongly, but returns were concentrated in resource shares while most other major sectors declined.

 

Successful investing does not depend on predicting every policy decision or market move. We believe investors are best served by maintaining diversified portfolios, focusing on quality assets and remaining disciplined through changing market conditions. Patience, discipline and a long-term perspective remain central to long-term wealth creation.