Foord Asset Management

March was a reminder of how quickly market optimism can unravel. The beginning of the month was defined by hopes that inflation had been tamed and would start to fall. But by mid-March, the escalation of the Israel-American conflict with Iran triggered an inescapable disruption the world over. Linda Eedes unpacks this shift and its immediate and far-reaching consequences on global markets during March and beyond in this episode of Markets in a Nutshell.

In February 2026, the S&P 500 stalled while international markets surged, outperforming the US by the widest margin since 2009. From ‘AI scare trades’ to US policy uncertainty, investors are questioning the long-held assumption of US dominance. Investment professional Linda Eedes unpacks why capital is shifting toward Europe, Asia and a resilient South Africa, and why gold – not US Treasuries – is the hedge of choice in the current geopolitical storm.

January started with a geopolitical bang, and the world’s risk premium rose - forcing markets to price a world in which alliances appear more transactional and institutions more exposed to politics. In this month’s Markets in a Nutshell, investment professional Linda Eedes recaps January 2026, from equity gains amid tensions to sharp commodity reversals. Volatility reminded us that crowded trades can unwind with little notice, underscoring the value of diversification, liquidity and fundamentals. The key lesson? Preparation matters more than prediction: deploy capital with discipline as opportunities broaden across regions and sectors. 

Rate cuts and resilient growth defied recession fears in 2025. Global equities delivered their strongest year since 2019, with European and emerging markets outperforming the US by double digits. Commodities surged to record highs. Linda Eedes reflects on a remarkable year of unexpected outcomes – and why misbehaving markets remain the greatest certainty as investors step into 2026.

Markets paused in November as US equities stayed flat, tech underperformed, and gold soared while Bitcoin slumped. South Africa rallied on supportive conditions, while China remained under pressure. Linda Eedes explains why diversification—blending growth with defensiveness—remains key for resilience in uncertain times.

Foord Founder Dave Foord joins Investment Professional Linda Eedes to discuss the major structural forces shaping markets over the next five years. They explore why politics now dominates economics, the unsustainable debt path of the US and Europe and the 'big train smash' coming in the private credit market.

In our monthly podcast, 'Markets in a Nutshell', Linda Eedes breaks down October's market dynamics. She explains why cyclical mining shares pulled back sharply despite rising gold prices and addresses the AI investment frenzy. Linda discusses the impressive, consistent returns of the Foord Balanced Fund and outlines why we are focused on deploying capital into low-debt, high-quality SA Inc businesses to ensure smooth, steady real returns for long-term wealth building.

In the latest episode of our monthly podcast, ‘Markets in a Nutshell’, Linda Eedes breaks down the key market trends of September 2025. September capped off another strong month for risk assets, extending a remarkable rally across global markets. Listen to the episode as we unpack the drivers of these gains, including a surge in South African equities, a rise in emerging markets and continued strength in developed markets like the S&P 500.

In our monthly podcast, ‘Markets in a Nutshell’, Linda Eedes breaks down the key market trends of August 2025. Despite some market turbulence, global markets saw gains in August, driven by positive corporate earnings and slowing inflation. Listen to the full podcast for insights on how political decisions impacted the US, the mixed performance of commodities, and the importance of cautious investing and diversified portfolios in a complex global economy.

In our monthly podcast, ‘Markets in a nutshell’, Linda Eedes unpacks July’s market performance. While global equities pushed higher, particularly in US and Chinese markets, underlying risks are emerging. US economic data showed mixed signals, with a rebound in growth but a weakening labour market. Meanwhile, rising tariffs and political pressures in the US raise concerns.

In our monthly podcast, ‘Markets in a nutshell’, Linda Eedes breaks down the key market trends of June. From the sharp recovery in US equities to emerging markets leading the charge, Linda unpacks the impact of geopolitical tensions, US policy changes, and currency movements. Tune in for insights on how Foord is navigating these dynamics while maintaining a disciplined approach to risk.

The past year has seen political shifts, economic challenges, and growing pressure for reform but South Africa's greatest strength may lie in what remains possible.In our latest podcast, portfolio manager Nancy Hossack and political economist Frans Cronje unpack the country’s current trajectory — from faltering business and consumer confidence to the fragile gains under the Government of National Unity. Yet amid the uncertainty, a simple but powerful insight emerged: the entire country is the low-hanging fruit.

In this episode, Foord Singapore portfolio managers Brian Arcese and Ishreth Hassen dive deep into the evolving landscape of innovation. They explore what truly defines transformative technologies versus short-lived trends, and how investors can navigate this complex space. From AI to biotech, cloud computing, and digital finance, they discuss the real value created by innovation and how it drives long-term returns.

In our monthly podcast, ‘Markets in a nutshell’, Linda Eedes explores what made May 2025 one of the strongest months for equity markets in the past year and whether the rebound is built on solid ground. She also reflects on how Foord’s portfolios performed during the month, highlighting the value of cautious optimism and global diversification.

In this episode, Foord portfolio managers Brian Arcese and JC Xue discuss the recent US-China 90-day tariff rollback and what it means for the future of trade and investment. They explore China’s shift toward high-tech innovation despite sanctions and how this is reshaping the country’s economy and long-term growth prospects.

In our monthly podcast, ‘Markets in a nutshell’, Linda Eedes unpacks the month shaped by Trump’s surprise tariff announcement, which rattled global markets and rekindled fears of a trade war and US recession. From equity market whiplash and a rare bond sell-off to gold’s ascent and copper’s slump, she explores the mounting signs of economic strain.

Join investment professional Linda Eedes and portfolio manager Wim Murray as they discuss the current state of South African equities, navigating political and economic uncertainty, and finding value in challenging markets.(01:00) - Political Landscape and Its Impact on Equities(03:00) - Is There Still Potential for Real Returns in SA Equities?(04:00) - Foord’s Investment Strategy: Focusing on Quality(06:00) - Attractive SA Businesses(07:00) - The Global Impact: US Tariffs and Trade Volatility(10:00) - Identifying Opportunities in Market Volatility(12:00) - Gold Stocks and Their Performance in 2025

In our monthly podcast, ‘Markets in a nutshell’, Linda Eedes dives into the turbulent events that shaped March 2025’s market movements. From trade tensions and fears of a US recession to the impact of tariffs and shifting investor sentiment, she breaks down what’s driving the volatility. She also explores how emerging markets have demonstrated resilience, particularly through China’s recovery and gold’s rise to new heights.

In our monthly podcast, ‘Markets in a nutshell’, Linda Eedes unpacks the latest market trends and insights from February. This month, she explores how the US market is losing momentum, with Big Tech struggling, investor confidence waning, and Trump’s tariff-heavy trade policies raising concerns. Meanwhile, European and Chinese equities are gaining ground, with China’s market surging 16% on government stimulus and shifting sentiment.

In our monthly podcast, ‘Markets in a nutshell’, Linda Eedes unpacks the latest market trends and insights from January. Linda explains the factors that helped Europe take the lead in equity performance and how Trump’s return to the White House, Chinese AI challenger DeepSeek’s emergence and Nvidia's historic market value loss are reshaping the investment landscape.

In our monthly podcast, ‘Markets in a nutshell’, Linda Eedes unpacks the latest market trends and insights from December. Linda explains the pullback in global equities and bonds, the Fed’s rate cuts, sector trends and what these developments mean for investment strategies heading into 2025.

In our monthly podcast, ‘Markets in a nutshell’, Linda Eedes unpacks the latest market trends and insights from November. Linda gives expert insights on the global markets, the US election, economic trends and investment strategies moving forward.

In our monthly podcast, ‘Markets in a nutshell’, Linda Eedes unpacks the latest market trends and insights from October. Linda breaks down the US market dynamics, gold’s record-breaking run and China’s new policies to tackle property market woes and stimulate consumer demand.

In this episode, investment professional Linda Eedes and portfolio manager Wim Murray discuss the latest developments in the South African equity market, covering the impact of the government of national unity, energy crisis, China's influence, and interest rate cuts. Wim shares insights on navigating this evolving landscape and identifying the most promising sectors and stocks for investors. (00:04) - Introduction: Optimism amid political changes (01:11) - The importance of fundamentals and economic growth (02:40) - The ongoing Eskom challenge (04:38) - China's impact on South African resources (07:05) - Consumers benefit from lower interest rates (09:24) - Banks face offsetting factors with rate cuts (11:43) - Positioning a diversified portfolio for growth

In our monthly podcast, ‘Markets in a nutshell’, breaks down the dynamic global markets of September 2024, with Chinese stocks taking the spotlight. Linda explains these game-changing developments, including the People's Bank's move to boost liquidity and support equity markets, and the Fed's long-awaited interest rate cuts in the US. From China's fiscal stimulus to the broader impact on global equities and resources, Linda highlights what this means for investors, especially in South Africa.

With a wealth of experience gathered over 50 years, veteran investor Dave Foord reflects on the milestone shifts in the investment landscape and provides valuable insight on the forces shaping economies and markets today. This is a must listen conversation with Dave Foord and Linda Eedes. (02:08) - What gives investors the edge today?(08:57) - Lesson learned of a forward thinking investor(10:11) - Investing in Asia - specifically Japan, India and China(13:47) - Understanding debt - what's good debt, what's bad debt and why?(17:23) - The future of the US dollar as the global reserve currency(19:46) - Implications of a shift towards a multipolar world order(22:54) - Crypto currencies and their place in the financial system(25:15) - The impact of de-globalization and trade wars on inflation(28:04) - Is AI the game changer for economic growth trajectories?

In our monthly podcast, ‘Markets in a nutshell’, Linda Eedes covers the global market shifts in August, from early turbulence to a rebound sparked by Fed signals. She discusses gold’s record highs, gains in fixed income markets, and how Foord Asset Management is strategically positioned to navigate these changes.

Portfolio managers Linda Eedes and Farzana Bayat provide insights to global interest rate trends and investment strategies in the fixed income space. (00:06) - Introduction to interest rates (00:46) - Global Interest Rate Trends (02:13) - Explanation of Term Premium (03:05) - South Africa's Interest Rate Context (04:01) - Economic Growth and the Government of National Unity (07:35) - Inflation Targeting in South Africa (11:28) - Fixed Income Fund Positioning

Investment professional Linda Eedes and Chief Investment Officer Nick Balkin discuss how Trump’s potential return can influence investment decisions, both locally and globally. (00:05) - Introduction to the SA investment landscape and the impact of US elections (01:40) - Discussion of the positive outcome of SA elections (03:00) - Factors that foreign investors are looking for in SA (05:37) - The potential impact of a Trump presidency on the US economy (08:34) Thoughts on the rand-dollar exchange rate

Investment professional Linda Eedes and portfolio manager Wim Murray provide an analysis of the opportunities and challenges in the South African equity market. (00:06) - Introduction to Government of National Unity (GNU) (01:44) - Factors needed for growth (04:02) - Expectations around interest rate cuts (08:48) - Implementation of the two pot pension system (10:08) - Overview of portfolio changes

With July being a pivotal month for the US market, investment professional Linda Eedes discuss the impacts of Joe Biden withdrawing from the presidential race and how the tech stocks have stumbled as a result. With the feds hinting at future rate cuts, she further analysed the market and the potential vulnerabilities that it might face. (00:07) - Overview of the markets (00:30) - Biden’s withdrawal & US market impact (2:30) - Market performance & sector shifts (05:30) Investment strategy & conclusion

In our monthly podcast, ‘Markets in a nutshell’, Linda Eedes discusses what’s happened in global markets and economies over the past month, how we see things playing out and how Foord is positioned as a result.

In this episode, investment professional Linda Eedes sits down with Nick Balkin, Chief Investment Officer in South Africa, to discuss the shrinking JSE and how Foord is adapting its position accordingly. (00:43) - Shrinking number of companies listed on the JSE (01:40) - The structural and cyclical elements to the shrinking JSE (02:30) - Impact on Foord’s multi-asset portfolio construction (04:40) - Liquidity issues from a smaller opportunity set (05:33) - Allocation of research responsibilities within the team

Investment professional Linda Eedes came together with investment analyst Dhersan Chetty to discuss the recent National Health Insurance bill signed into law by President Ramaphosa. They uncover the promises and challenges of the NHI, exploring its impact on the South African healthcare system and the broader economy. (01:12) - Process of bill signed into law (03:46) - Why the private sector is reacting negatively (05:00) - Impact of NHI bill signing on the timeline for implementation (08:52) - Potential outcomes if section 33 of NHI Act remains

Portfolio manager Mike Townshend and investment professional Linda Eedes sat down to discuss the latest developments in the resources industry. They explore the dynamic interplay between Anglo American and BHP Billiton and the evolving landscape of major mining companies and what these changes mean for investors. (00:35) - Recent developments between Anglo American and BHP Billiton (01:52) - BHP’s interest in Anglo American (03:07) - Possibility of BHP revisiting its bid for Anglo American in the future

Investment professional Linda Eedes talks to portfolio manager, Rashaad Tayob about the resilience of gold in 2024. The conversation dives into the unexpected simultaneous rise of gold and US equity markets, the ongoing fiscal challenges facing the US, and the enduring value of gold as a monetary asset. (00:59) - Prediction for gold in 2024 (02:56) - Correlation between US equity markets and gold (04:39) - Gold as a monetary asset (05:35) - Bitcoin as digital gold

Despite a stagnant economic backdrop, discover how Foord’s equity fund has thrived through strategic stock selection and a balanced portfolio of multinational and local companies. Learn about identifying high-quality companies, assessing management teams and spotting structural growth opportunities. (00:11) - Introduction to South African Equity (00:57) - Top down and bottom up approach to stock selection and valuation (01:25) - Identifying quality companies (03:52) - Assessing management teams (08:24) - Finding growth in industries independent of overall economy

Investment professional Linda Eedes talks to portfolio managers, Farzana Bayat and Rashaad Tayob about the role of inflation-linked bonds in South Africa’s current economic environment.

In our monthly podcast, ‘Markets in a nutshell’, Linda Eedes discusses what’s happened in global markets and economies over the past month, how we see things playing out and how Foord is positioned as a result.

Portfolio managers Brian Arcese and JC Xue provide an update on the fund’s performance through Q1 2024 and how Foord Asset Management navigates complex market conditions.

In this podcast, Dave Foord and Linda Eedes discuss the performance of the Foord International Fund and Foord Flexible Fund of Funds. And provide interesting perspective on Asian markets.

Portfolio managers Brian Arcese, JC Xue and Ishreth Hassen provide analysis on the performance of the Foord Global Equity Fund for Q1 2024.

Linda Eedes talks to Foord South Africa Chief Investment Officer Nick Balkin about how Foord’s multi-asset strategies have performed, what’s happening in the market and how Foord is positioned going forward.

Linda Eedes talks to portfolio managers Farzana Bayat and Rashaad Tayob about how Foord’s fixed income funds performed in Q1 2024, what’s happening in the market and how Foord is positioned going forward.

Ishreth Hassen, head of research and portfolio manager on the Foord-Hassen Shariah Equity Fund, provides an update on the fund’s performance through Q1 2024.

Linda Eedes talks to portfolio manager Wim Murray about how Foord’s South African equity strategies have performed, what’s happening in the market and how Foord is positioned going forward.

In our monthly podcast, ‘Markets in a nutshell’, Linda Eedes discusses what’s happened in global markets and economies over the past month, how we see things playing out and how Foord is positioned as a result.

In our monthly podcast, ‘Markets in a nutshell’, Linda Eedes discusses what’s happened in global markets and economies over the past month, how we see things playing out and how Foord is positioned as a result.

In our monthly podcast, ‘Markets in a nutshell’, Linda Eedes discusses what’s happened in global markets and economies over the past month, how we see things playing out and how Foord is positioned as a result.

Multiple-counsellor portfolio manager on the Foord International Fund, Brian Arcese talks to investment professional, Lind Eedes about the fund’s performance in 2023 and how it is positioned going forward.