Louis Bekker

As we enter the third quarter of 2025, the Glacier Invest Asset Allocation team maintains a neutral stance on the South African cash allocation and has reduced its allocation to South African inflation-linked bonds to a maximum underweight position. This decision reflects the South African Reserve Bank’s intended policy change to target 3% inflation over the long term. From a short-term tactical view, we have scaled back our exposure to both global developed market equity and emerging market equity to neutral, while increasing our allocation to global cash from underweight to neutral. This adjustment is in response to weakening global leading economic indicators, which typically point to lower earnings growth. Despite this near-term caution, we remain positive on the global developed market and emerging market equity over the longer term, supported by robust earnings growth forecasts that continue to outpace inflation. The team also maintains a neutral position on South African listed property, global listed property and global nominal bonds.