Jan Vlok

As we enter Q3 2025, the global macro environment is increasingly being shaped by geopolitical friction and policy divergence. The Trump administration’s tariff implementation is beginning to bite, particularly in trade-exposed regions such as the Eurozone and China, while the US economy remains resilient, supported by deregulation and fiscal stimulus. This divergence is likely to delay Federal Reserve rate cuts, while the European Central Bank and the People’s Bank of China continue easing. 

US mega-cap tech remains attractive on a relative basis, but volatility around US policy and the earnings season caution us against aggressive positioning. Commodities are showing signs of a cyclical rebound, but global demand risks temper enthusiasm. Offshore equity still holds the edge over local. However, volatility in rates and foreign exchange has been opportunistically used to increase local fixed income exposure. With volatility ruling the landscape, active management and selective exposures remain key, while staying close to all developments and prioritising flexibility and risk management. 

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