Thalia Petousis

Thalia Petousis

Thalia joined Allan Gray as a fixed interest trader in 2015 and was appointed as a portfolio manager in 2019. She started her career in the South African fixed interest market in 2010. Thalia currently manages the money market portfolio, the bond portfolio, as well as portions of the balanced fixed interest and Africa fixed interest portfolios. She holds a Master of Commerce degree in Mathematical Statistics from the University of Cape Town and is a CFA® charterholder.

Articles by Thalia Petousis

Insights categories - Markets and economy

Rate-cutting cycle kicks off

By Thalia Petousis on 25 Sep 2024

Reading time: 8 mins

During the last quarter, US equity indices reached new all-time highs as the US Federal Reserve (the Fed) commenced its rate-cutting cycle with a cut of 50...

Insights categories - Markets and economy

After four years, South Africa gets repo rate relief

By Thalia Petousis on 20 Sep 2024

Reading time: 3 mins

On 19 September, the South African Reserve Bank (SARB) cut interest rates for the first time in four years – lowering the overnight rate of interest from 8.2...

Insights categories - Markets and economy

Election fever seizes the globe

By Thalia Petousis on 09 Jul 2024

Reading time: 6 mins

According to Deutsche Bank, 2024 will see the most people vote in a single year in recorded history. As speculation fuels heightened uncertainty around the...

Insights categories - Markets and economy

The trillion-dollar endgame

By Thalia Petousis on 02 May 2024

Reading time: 13 mins

The US government has dug itself into a debt hole. With spending being its go-to solution for most problems, it is unclear how the situation will be resolved...

Insights categories - Markets and economy

What’s in store for interest rates in 2024?

By Thalia Petousis on 08 Feb 2024

Reading time: 6 mins

Over the course of 2023, the South African Reserve Bank (SARB) raised the overnight repo rate from 7.00% to a 14-year high of 8.25%. 

Insights categories - Markets and economy

Geopolitical and fiscal pressures mount as a major global election year kicks off

By Thalia Petousis on 22 Jan 2024

Reading time: 8 mins

The market seemed determined to end 2023 on a hopeful note, unwinding the intra-year losses in global stock and bond indices. The rationale rests in the eage...

Insights categories - Markets and economy

The inflation conversation is far from over

By Thalia Petousis on 23 Oct 2023

Reading time: 7 mins

If the history of debt markets repeats itself, we are now in year three of a new multi-decade bear market for bonds.

Insights categories - Markets and economy

The problem with a 12% yield

By Thalia Petousis on 04 Oct 2023

Reading time: 4 mins

The notion of a government bond trading at a 12% yield can sound very appealing, but it poses several issues.

Insights categories - Markets and economy

Shedding dark on the issue of South Africa’s economic growth

By Thalia Petousis on 04 May 2023

Reading time: 12 mins

South African companies are reallocating billions of rands towards the extraordinary costs associated with loadshedding. Government’s prospects for debt...

Insights categories - Markets and economy

Higher-than-expected rate hike improves South Africa’s attractiveness for investors

By Thalia Petousis on 03 Apr 2023

Reading time: 6 mins

A repo rate hike of 50 basis points (bps) to 7.75% was announced by South African Reserve Bank Governor Lesetja Kganyago on Thursday, 30 March, at the Moneta...

Insights categories - Markets and economy

The new normal: What lies ahead?

By Thalia Petousis on 27 Mar 2023

Listening time: 1 min

In the latest episode of The Allan Gray Podcast, portfolio manager Thalia Petousis and Sandy McGregor reflect on a range of macroeconomic issues as they...

Insights categories - Markets and economy

The 2023 Budget: A crisis of credibility in the outer years of the forecast

By Thalia Petousis on 13 Feb 2023

Reading time: 5 mins

Thalia Petousis, portfolio manager at Allan Gray, shares her views on the challenges of putting together a credible national budget

Insights categories - Markets and economy

Are inflation-beating returns on the horizon for money market investors in 2023?

By Thalia Petousis on 26 Jan 2023

Reading time: 5 mins

The 2022 calendar year was undeniably one of meaningful financial market upheaval, worsened by negative portfolio returns of a quantum that many investors ha...

Insights categories - Markets and economy

The price of money, the shortage of energy, and the monster of inflation

By Thalia Petousis on 27 Oct 2022

Reading time: 10 mins

Thalia Petousis discusses its impact on financial markets, global trade financing and the energy sector, as well as how central banks are now waging a war...

Insights categories - Markets and economy

On the commodity boom and other South African fables (and foibles)

By Thalia Petousis on 28 Jul 2022

Reading time: 8 mins

Just as the economic destruction from the COVID-19 pandemic rose to crisis levels, strong commodity export prices swept in to alleviate South Africa’s fiscal...

Insights categories - Markets and economy

Podcast: Can optimism rise from the inflationary ashes?

By Thalia Petousis on 25 Jul 2022

Listening time: 43 min

In conversation with portfolio manager, Thalia Petousis, Sandy McGregor reflects on the very real geopolitical and economic challenges currently affecting th...

Insights categories - Markets and economy

The SARB hikes rates as food inflation threatens to erode the income of the working class

By Thalia Petousis on 19 May 2022

Reading time: 3 mins

Raising rates by 50-basis points to take the SA repo rate to 4.75%, the South African Reserve Bank (SARB) delivered what may have been a ‘credibility move’....

Insights categories - Markets and economy

Food price inflation: Are we watching “That ‘70s Show”?

By Thalia Petousis on 12 May 2022

Reading time: 7 mins

Unaffordable food and fuel prices are raising developed market consumer inflation to multi-decade highs, while the Federal Reserve recently announced a...

Insights categories - Markets and economy

The long road to debt reform: SA’s Budget underwhelms bond investors

By Thalia Petousis on 24 Feb 2022

Reading time: 3 mins

Despite the positivity priced into the Budget from the much-publicised tax revenue overruns, the outcome has positively underwhelmed South African bond...

Insights categories - Markets and economy

‘Hopeful Budget’ may strike right notes, but tax clarity and economic reforms are needed

By Thalia Petousis on 17 Feb 2022

Reading time: 5 mins

This year’s Budget speech, set to be delivered on 23 February by Finance Minister Enoch Godongwana, is likely to strike an optimistic chord thanks to a numbe...

Insights categories - Markets and economy

Sticking to the slow and steady path of normalisation, for now

By Thalia Petousis on 28 Jan 2022

Reading time: 3 mins

At the January meeting of the Monetary Policy Committee (MPC), South Africa’s repo rate was raised by another 25 basis points (bps) to 4.00%.

Insights categories - Markets and economy

The divided Committee draws a line in the sand, but gradually

By Thalia Petousis on 19 Nov 2021

Reading time: 3 mins

At the November meeting of the Monetary Policy Committee (MPC), South Africa’s repo rate was raised by 25 basis points (bps) to 3.75%. The recent dissenting...

Insights categories - Markets and economy

Can we expect an interest rate hike in November?

By Thalia Petousis on 04 Nov 2021

Reading time: 4 mins

South Africa should prepare for interest rate hikes given the rising inflationary pressures and global energy shortage currently unfolding. Thalia Petousis...

Insights categories - Local investing

How we approach fixed interest

By Thalia Petousis on 26 Jul 2021

Reading time: 10 mins

Aside from our dedicated local fixed interest funds, being the Allan Gray Money Market Fund and the Allan Gray Bond Fund, we also invest in fixed interest...

Insights categories - Markets and economy

MPC rates decision: Where to from here?

By Thalia Petousis on 22 Jul 2021

Reading time: 4 mins

The South African Reserve Bank’s Monetary Policy Committee (MPC) today made the unanimous decision to keep the repo rate unchanged at 3.5%.

Insights categories - Local investing

Where to from here for interest rates and money market returns?

By Thalia Petousis on 07 May 2021

Reading time: 3 mins

Lower interest rates, although a life jacket for those in debt or with home loans, have negative consequences for savers. 

Insights categories - Local investing

Anaemic rate environment for money market funds

By Thalia Petousis on 20 Oct 2020

Viewing time: 17 mins 43 seconds

We have undoubtedly entered a difficult period for money market funds, with the overnight repo rate at its lowest in South Africa’s history. Meanwhile, other...

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