Foreword | Issue 73 | 1st Quarter 2025
DID YOU KNOW? GLOBAL SOUTH
The term Global South refers broadly to emerging and developing countries, mostly in Asia, Africa, and Latin America. First used in the 1960s, the term gained wider prominence in the 1980s through the Brandt Report, which highlighted the stark divide in wealth and development between the industrialised ‘North’ and the poorer ‘South.’
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.
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.
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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.
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.
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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.
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MARKETS IN A NUTSHELL
We summarise the market movements for the latest quarter.
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