THE ECONOMIC EFFECTS OF WAR

Russia’s invasion of Ukraine strikes us as one of the most-expected unexpected events of recent times. Steeped in a revisionist ideal of Russian identity, President Putin is rattling the cage of the current world order. NICK CURTIN writes about the inflationary pressures that result from the war.

The cupboard is now bare

It is difficult to remember the heady days of the 2010 Soccer World Cup and the general sense of national euphoria and ‘gees’ we experienced. Business development manager Nick Curtin writes how the national mood is very different as we limp into 2021.

MARKETS IN A NUTSHELL — FOR APRIL 2025

April began as if the markets had fallen victim to an April Fool’s joke — but investors weren't laughing. US President Trump’s much anticipated ‘Liberation Day’ tariffs took effect on 2 April, and all countries suffered a 10% baseline tariff. Additional reciprocal tariffs targeted 60 countries and territories with swingeing duties in proportion to their trade surpluses with the US. China was hit especially hard in aggregate.

Investing With Confidence for Safety and Growth

In an increasingly unpredictable global market, uncertainty continues to dominate the investment landscape. From inflation and interest rate volatility to geopolitical conflict and currency instability, investors face a complex array of risks. In such a climate, sound investment decisions go beyond chasing short-term gains — they require a clear focus on capital protection, risk management, and long-term resilience. Investment professional LINDA EEDES explains how Foord is positioning portfolios to balance growth with resilience.

SA Equities — Beyond the Gloom

South Africa's stock market has endured a challenging decade marked by sluggish economic growth, policy uncertainty, and capital flight. The advent of the GNU brought with it the prospect of political stability, and the market subsequently rerated. Recently, tariffs and GNU-worries have again seen certain SA Inc. counters retrace. Portfolio manager WIM MURRAY looks at some exciting long-term opportunities now on offer for discerning investors.

China: Tailwinds Persist Despite Trade Turbulence

Chinese equities entered 2025 with positive momentum. Years of policy overhangs were finally beginning to lift. The combination of renewed stimulus, stabilising property markets, and a tech-sector rebound had markets pricing in a turning point. That optimism was tested in March, when the United States imposed sweeping new tariffs on Chinese imports — with Beijing responding in kind. The tariff war rattled sentiment. But despite the trade war escalation, portfolio manager BRIAN ARCESE writes that Foord remains cautiously optimistic.

America's Future Lies in Innovation — Not Factories

US President Donald Trump has put tariffs aggressively back on his policy agenda in his second term, reigniting debates about America’s ability to reclaim its industrial past through protectionist policies. The administration argues tariffs will level the playing field, shrink the trade deficit, and restore jobs lost to globalisation. But, as portfolio manager RASHAAD TAYOB argues, America’s future lies in innovation, not factories.

The SA construction sector — foundation for growth

South Africa's construction industry has endured a bruising decade. Gross fixed capital formation — a key measure of infrastructure investment — lingers at record lows. The construction sector once teemed with giants like Murray & Roberts, Group Five, Aveng, Basil Read and WBHO. Portfolio manager NANCY HOSSACK takes a closer look at the sector and the last man standing: WBHO.

Foord Insights | SA Equities. No growth? No problem!

Join investment professional Linda Eedes and portfolio manager Wim Murray as they discuss the current state of South African equities, navigating political and economic uncertainty, and finding value in challenging markets.

Foreword | Issue 73 | 1st Quarter 2025

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