Podcast | Marking three years of Equity success
21 October 2024
Charl de VilliersHead: Equities
Daniel MasvosverePortfolio Manager
Share via:
The Ashburton Equity Fund celebrates three-year wins under the new team’s management. 1 October 2024 marked the third anniversary of our teams’ management of the Ashburton Equity Fund.
Listen to our Head of Equities, Charl de Villiers and Daniel Masvosvere, our Equity Portfolio Manager, tell us about the changes they’ve made and some of the successes they’ve achieved.
February delivered divergent returns across global equity markets (MSCI World Index: +1%) with emerging markets (MSCI Emerging Markets Index: +6%) once again significantly outperforming developed markets amid heightened volatility driven by AI disruption concerns, renewed tariff uncertainties, mixed interest rate expectations and ongoing geopolitical tensions, particularly between the United States (US) and Iran.
The Fund delivered +0.04% in December and -3.51% in the fourth quarter, versus +1.04% and +3.29%, respectively, for the MSCI World Index. At the start of the year, during the market drawdown between mid-February and early April, the Funds defensive characteristics contributed positively, delivering over 600 basis points of relative outperformance.
The first month of the new year was dominated by headlines surrounding geopolitical tension between the United States (US) and several nations as well as a fresh round of new tariff threats. This continued to fuel the sell America rhetoric, pushing the US dollar deeper into bearish territory towards levels last seen in 2022.
Global markets rose by 3.3% in the final quarter of the year. This was despite the longest US government shutdown in history and a softer US job market. The slowing labour market prompted the Federal Reserve to prioritise employment over inflation, cutting interest rates a further 25bps in December.
Global markets were mixed in November (MSCI World Index: +0.3%, MSCI Emerging Markets Index: -2.4%) as heightened volatility permeated through the equity and bond space. This was driven by uncertainty surrounding the United States (US) Federal Reserves path going forward as a delay in key economic releases due to the prolonged US government shutdown, left investors scrambling for clues on the Feds final move for the year.
We get it. "Financial planning" is a term that sounds like it belongs in a wood-panelled office, reserved for people who have already "made it." If you're in your twenties or thirties, you might think it's only for those nearing retirement, or that you simply don't have enough assets to justify it.
Global markets maintained positive momentum over the month of October (MSCI World Index: +2.0%) with emerging markets (MSCI Emerging Markets Index: +4.2%) outperforming once again as several regions, including Korea (MSCI Korea Index: +24.5%) and Taiwan (MSCI Taiwan Index: +10.8%), delivered robust performances amid ongoing optimism within the AI and semiconductor space.
The third quarter of 2025 ending 30th September was strong for global markets continuing the positive momentum which began in mid-April, boosted by tariff pull-backs, a de-escalation in trade tensions between the US and China and the passing of the One Big Beautiful Bill.
Financial markets performed well in August despite a cautious underlying tone across global markets. Investors continued to monitor ongoing tariff announcements, negotiations between the United States (US), Ukraine and Russia regarding a possible peace treaty, earnings from AI-related stocks, as well as key economic readings out of the US and how it may affect the US Federal Reserves interest rate path going forward.
News flow in July remained dominated by tariff negotiations, the health of the global economy and interest rate expectations. Investors kept a watchful eye on United States (US) President Donald Trump as several meetings with major trading partners took place ahead of the 1 August tariff deadline.
The second quarter of 2025 was strong for global markets. Starting off on a negative note with the announcement of President Trumps Liberation Day tariffs, global markets turned around strongly in mid-April boosted by tariff pull-backs, a de-escalation in trade tensions between the US and China and the passing of the One Big Beautiful Bill.
Despite ongoing waves on uncertainty, the recovery from the lows seen in April following President Donald Trumps Liberation Day continued into the month of May. This was a function of de-escalating trade tensions, possible ceasefires in ongoing conflicts and a reduction in the odds of a recession hitting the United States (US).
Despite ongoing waves on uncertainty, the recovery from the lows seen in April following President Donald Trumps Liberation Day continued into the month of May. This was a function of de-escalating trade tensions, possible ceasefires in ongoing conflicts and a reduction in the odds of a recession hitting the United States (US). Markets followed the whipsaw trend in reaction to President Trumps tariff announcements and delays, with key central bank meetings also dominating news flow.
Global markets experienced an extremely turbulent month, with volatility and uncertainty rising to unprecedented levels amid escalating trade tensions between the United States (US) and global trading partners, especially China, as well as a barrage of commentary from US President Trump regarding the efficiency and effectiveness of the US Federal Reserves (Fed) policy actions.
Global markets grappled with heightened uncertainty during March amid escalating tariff talks, United States (US) growth fears, and unprecedented policy uncertainty. Ongoing talks surrounding government spending cuts in the US also sparked some hesitation among market participants.
Weve made a small change to our logo. Well, a whole lot of small changes actually. And some to our corporate colours, typeface and layouts, too. In fact, when you put it all together, weve a made a big, bold and exciting change. Ashburton Investments. Fully invested.
The 2025 South African budget speech is set to be a defining moment for the country, outlining the governments fiscal strategy in a challenging economic landscape. While the State of the Nation Address (SONA) provides broad policy direction, the budget serves as a detailed plan for tackling issues such as state-owned enterprises, economic reform and fiscal sustainability.
Global markets delivered a sombre performance in July (MSCI World Index: -0.1%, MSCI Emerging Markets Index: -1%) as investors continued to assess key areas of interest including interest rate expectations, the political landscape in the United States (US), a selloff in China as well as ongoing geopolitical concerns in several regions
Our team of investment specialists is ready to discuss how we can help you achieve your financial objectives.
Our team of investment specialists is ready to discuss how we can help you achieve your financial objectives.
