Disconnect between economies and markets warrants caution

2025 was a great year to own South African financial assets despite mostly negative news headlines and lacklustre economic growth – a theme common among several markets. Returns both locally and abroad were very narrow, coming from a handful of shares. In our first investment update of 2026, chief investment officer Duncan Artus fields questions from Tamryn Lamb, head of Retail, as he sets the scene for the year ahead. He reminds investors not to expect a repeat of the unusually high returns delivered last year in an environment where risks remain heightened. Watch the 22-minute video and read the commentary below.