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 QUARTERLY COMMENTARY 1

3 MAY 2024 

Welcome to the latest edition of our Quarterly Commentary.

In a year when many nations around the world are heading to the polls,
there is understandably some collective anxiety as we gear up for our
own national elections later this month. As stewards of your capital,
we do not have any special insight into the election outcome, but we
continue to construct our portfolios for various possible scenarios
and to focus on the long term.

As an investor, it is important to maintain perspective and be mindful
of your own behaviour – even more so during uncertain times. Holding
a diversified portfolio, including exposure to currencies, industries
and opportunities outside South Africa, reduces your risk and improves
your chances of achieving return as you are less reliant on a
particular outcome.

These themes are reflected in this edition’s selection of articles.
We hope that you find the content insightful.

 COMMENTS FROM THE CHIEF OPERATING OFFICER

 _MAHESH COOPER_

It is hard to ignore the rand and its movements relative to global
currencies. Its performance seems...

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[https://allangray.everlytic.net/servlet/link/25945/81340/53870893/378743]

 DISNEY: THE VALUE OF STRONG INTELLECTUAL PROPERTY

 _DUNCAN ARTUS AND
SIPHESIHLE ZWANE_

Since March 2022, local unit trusts...

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[https://allangray.everlytic.net/servlet/link/25945/81340/53870893/378744]

 THE TRILLION-DOLLAR ENDGAME

 _THALIA PETOUSIS_

The US government has dug itself into a debt hole. With spending being
its go-to solution for most problems...

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[https://allangray.everlytic.net/servlet/link/25945/81340/53870893/378745]

 US OPPORTUNITIES WITH A GOOD PROGNOSIS

 _POVILAS DAPKEVICIUS AND MATTEO SBALZARINI_

While the US stock market...

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[https://allangray.everlytic.net/servlet/link/25945/81340/53870893/378746]

 BEYOND OUR BORDERS: A CASE FOR INVESTING OFFSHORE

 _HORACIA NAIDOO-MCCARTHY_

While home may offer great comfort and safety in the known...

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[https://allangray.everlytic.net/servlet/link/25945/81340/53870893/378747]

 HOW TO INVEST OFFSHORE WITH ALLAN GRAY – AND ALLOW FOR THE TRANSFER
OF WEALTH

 _JULIE CAMPBELL_

Investing offshore is an important...

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[https://allangray.everlytic.net/servlet/link/25945/81340/53870893/378748]

 THE TWO-POT SYSTEM SIMPLIFIED

 _JAYA LEIBOWITZ_

South Africa’s retirement savings system is changing, with the
implementation date...

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[https://allangray.everlytic.net/servlet/link/25945/81340/53870893/378749]

 THE POWER OF PERSPECTIVE IN AN ELECTION YEAR

 _MARISE BESTER_

Many local investors are understandably worried about what the future
holds and how the election...

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[https://allangray.everlytic.net/servlet/link/25945/81340/53870893/378750]

We are in the process of certifying this Quarterly Commentary for
Continuous Professional Development (CPD) hours with the FPI. If
approved, it will be available on the FAIS Exchange platform.

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