In August, global and South African markets delivered solid performances despite ongoing macroeconomic uncertainties. U.S. equities led gains, supported by strong corporate earnings and expectations of Federal Reserve rate cuts, though inflation and concentration risks persist. European markets lagged due to weak growth and political uncertainty, while Asian markets, particularly Japan and China, showed strength driven by domestic demand and stimulus expectations.

Emerging markets remain attractive with strong earnings growth and discounted valuations. In South Africa, the All Share Index posted a sixth consecutive monthly gain, led by resource stocks amid stronger commodity prices.

Inflation remained contained, and while the SARB held rates steady, markets are pricing in cuts. Inflation-linked bonds outperformed, and the rand strengthened on U.S. dollar weakness.

Overall, despite global headwinds, both global and South African markets present selective opportunities, especially in undervalued sectors and regions poised for structural or earnings-driven growth.

By remaining disciplined, adaptive, and forward-looking, investors can better navigate volatility, capture selective growth opportunities, and protect long-term wealth in an uncertain global environment.

We trust you have enjoyed and benefited from this report and please do not hesitate to contact Orion Investment Managers at: info@orionim.biz should you have any questions or queries.

Sincerely,

Adrian Meager
Orion Investment Managers
Managing Director and Chief Investment Officer