Money, Markets and Masterminds

In this special edition of the Regulatory Rulebook series, Citywire South Africa sits down with Astrid Ludin, outgoing deputy commissioner at the Financial Sector Conduct Authority and president of the International Organisation of Pension Supervisors, for a rare exit interview. From the successful rollout of the two-pot retirement system to the shift towards risk-based supervision, Ludin unpacks the defining moments of her tenure and the unintended consequences now emerging. She also addresses industry pressure points, including employer non-payment of contributions, rising withdrawals, and the growing importance of data and digital infrastructure.

Investment Solutions by Alexforbes has reached its two-year track record, giving advisers a clearer view of where the discretionary fund manager (DFM) is adding value and where the model still faces friction. In this episode, Alexforbes DFM specialist and portfolio manager Nadir Thokan discusses performance, manager selection, platform constraints, private markets, fee transparency and why the next phase of DFM growth will depend on genuine differentiation.

From complex products no one fully understands to pricing that quietly erodes value, the Financial Sector Conduct Authority lifts the lid on the biggest conduct risks still lurking in South Africa’s insurance sector in the latest segment of the Regulatory Rulebook. In this episode of Money, Markets, and Masterminds, Brenda Norton, manager in the Insurance Supervision Department within the Conduct of Business division at the FSCA unpacks why disclosure is no longer enough, where claims are still breaking down and how upcoming reforms could reshape accountability across insurers, advisers and distribution models.

In this episode of Money, Markets, and Masterminds, Cogence CEO and CIO Jonel Matthee-Ferreira explains advisers risk making poor decisions if they react to short-term volatility instead of staying focused on long-term outcomes. She further unpacks the firm’s move into private markets for retail investors, arguing that access to unlisted assets is becoming increasingly important as public markets shrink, but warning that diversification and liquidity management remain critical. Beyond portfolios, Matthee-Ferreira highlights how DFMs are evolving through technology, partnerships and behavioural insights, allowing advisers to spend less time on implementation and more time with clients. Listen below for more on where Cogence is finding opportunity – including South African fixed income, global equities and gold – while keeping a close watch on concentrated risks such as the build-out of AI.

Markets are reacting to missiles and oil spikes, but what if that is exactly where investors go wrong? In the first 2026 episode of the Long Game series, Adrian Saville, investment strategist and professor of economics and finance at GIBS, unpacks why the real drivers of returns sit far beyond the headlines and where the smartest capital is quietly positioning for what comes next. Markets price the event, but economies absorb the structure. Understanding that gap, and the lag between them, may be the difference between reacting to noise and capturing long-term alpha.

In episode two of the Regulatory Rulebook series, Takalani Lukhaimane, who leads the Financial Sector Conduct Authority's Retirement Funds Frontline Conduct Supervision team, highlights where boards are falling short - from section 13A breaches to weak oversight and rising unclaimed benefits. She points to persistent red flags, including superficial minutes, unmanaged conflicts, poor administrator oversight and growing unclaimed benefits - and warns that outsourcing does not remove accountability as outcomes-based supervision intensifies and The Conduct of Financial Institutions (Cofi) bill approaches.

When markets panic, most investors react. Discretionary fund managers are meant to do the opposite. In this episode of Money, Markets, and Masterminds, Philip Bradford, chief investment officer at PortfolioMetrix Asset Management, explains how his team constructs portfolios built to withstand volatility rather than chase trends. From managing concentration risk in the ‘Magnificent Seven’ to distinguishing disciplined rebalancing from tactical market timing, Bradford outlines what DFMs are actually paid to get right over a full market cycle.

In this episode of Money, Markets, and Masterminds, Analytics Multi-Manager CIO Daniel Schoeman argues that the real test of a fund manager comes during periods of stress and underperformance, when philosophy, process and decision-making discipline are exposed. He explains why diversified portfolios are intentionally designed to avoid extreme drawdowns, even if that means lagging peers in strong markets, and why consistency matters more than topping performance tables over a single year. Listen for Schoeman’s views on why underperformance can be a signal rather than a red flag, how DFMs think about drawdowns and diversification, and why portfolios should be designed for client behaviour as much as for markets.

This episode of Money, Markets, and Masterminds marks the launch of an exclusive monthly Citywire South Africa series with the financial regulator, offering a behind-the-scenes look at how regulation is evolving as technology reshapes the industry. Editor Ruan Jooste is joined by Nolwazi Hlophe, senior fintech specialist at the Financial Sector Conduct Authority (FSCA) and co-author of the joint FSCA–Prudential Authority report on artificial intelligence in the local financial sector. Drawing on the first comprehensive, data-driven study of AI adoption across banking, insurance, asset management, pensions and fintech, the discussion separates hype from reality. The conversation explores where AI is already delivering tangible benefits, where adoption remains cautious, and how issues such as bias, explainability, accountability and systemic risk are shaping regulatory thinking. It also examines why AI governance is no longer a technical issue, but a board-level responsibility, with human oversight remaining non-negotiable. This Citywire South Africa exclusive sets the tone for a monthly series designed to unpack the rules, the red tape and the regulatory judgement calls shaping the future of South Africa’s financial system.

What does it really take to navigate 2026 without falling into the prediction traps that derail so many investors? In this final Mind Over Markets with Morningstar episode on Money, Markets, and Masterminds, Citywire South Africa sits down with Dan Kemp, Chief Research and Investment Officer at Morningstar to unpack the firm’s flagship Morningstar 2026 Global Outlook. From the dangers of overconfidence and the behavioural pitfalls triggered by uncertainty, to the rise of AI-driven concentration, shifting currency valuations and where genuine value is emerging across South Africa, the UK and China, this conversation cuts through the noise and focuses on what matters most: preparation. If you want a clear, grounded framework for the year ahead – one that helps you keep clients invested, disciplined and resilient – you will not want to miss this episode.

In this episode of Money, Markets and Masterminds, we sit down with Adrian Saville, Gibs professor and investment strategist, for the latest instalment of our underlying Long Game series. He argues that we have entered an age of fracture, where political upheaval, shifting economic gravity, military realignment and rising cultural influence are reshaping the global landscape all at once. From China’s new leadership and the eastward drift of economic power to the scramble for rare resources, the sidelining of climate risks and the coming leap in quantum computing, Adrian maps out the forces that will define the world investors must navigate next. He also explains why forecasting is a fool’s errand, and why the smartest investors focus instead on the constants that never change. If you want to understand the world your portfolios are about to inherit, this conversation is essential.

In this episode of Money, Markets, and Masterminds, Citadel chief economist Maarten Ackerman joins editor Ruan Jooste to unpack what has been a volatile yet unexpectedly resilient year for global markets. From the US dodging recession fears and Europe’s fiscal rearmament to China’s structural slowdown and South Africa’s quiet progress beneath the noise, Ackerman breaks down the global economic crosscurrents shaping investment strategies into 2026.

Morningstar has taken a major step in deepening its local presence, expanding its Manager Research coverage to include South African-domiciled funds for the first time. In this episode of Money, Markets, and Masterminds – part of the monthly Mind over Markets with Morningstar series – Citywire South Africa speaks to Michael Dodd, senior fund analyst at Morningstar South Africa, about how the new analyst-driven ratings bring global standards to local strategies. We unpack what the medalist rating system means for advisers and investors, how South African managers measure up against global peers, and why independent research is key in a market where performance has been driven by a handful of stocks. Listen now to hear how data-driven insights are reshaping fund selection and what’s next for Morningstar’s research footprint in South Africa.

In this Money, Markets, and Masterminds episode, investment strategist and Gibs professor Adrian Saville joins Citywire South Africa editor Ruan Jooste to explore the psychology behind gold. They break down the myth, math, and mania behind gold’s allure - and what its rise says about our collective faith in money, systems, and sanity.

In the latest episode of Money, Markets, and Masterminds, Citywire South Africa editor Ruan Jooste is joined by Morningstar South Africa’s head of investments, Sean Neethling, to unpack one of the hottest topics in finance: the convergence of public and private markets. From hedge funds and venture capital creeping into retail portfolios to new benchmarks mixing SpaceX with the S&P 500, the duo explores whether this democratisation is truly empowering investors – or just adding more complexity. Tune in for insights on fees, transparency, and what the shift could mean for South African portfolios.

In the latest episode of Money, Markets, and Masterminds, Citywire South Africa editor Ruan Jooste sits down with Bryan Nicol, independent financial adviser at Freedom Financial Planning; Duane Naicker, corporate partnerships executive at Alexforbes; and Johann Peens, independent employee benefits Specialist and financial adviser, to unpack one of the industry’s most persistent challenges: the messy handover between employee benefits and post-retirement advice. From the surge in digital platform usage under the two-pot system to the pitfalls of duplication and over-insurance, the discussion tackles how data sharing, fee transparency, product design, and real financial advice—not just benefit counselling—can transform outcomes for members. Tune in for sharp insights on closing South Africa’s retirement savings gap, and why advisers, employers, and providers need to collaborate more closely than ever.

In this sponsored episode of Money, Markets and Masterminds, brought to you in partnership with Investec for Institutions, we sit down with Richard Swain, head of institutional coverage at Investec. With more than two decades’ experience across London and South Africa in derivatives, equities and multi-asset solutions, Richard shares his career journey and lessons from navigating two Russian market crises. The conversation explores how South African pension funds, life companies, asset managers and hedge funds are adapting to shifting markets, what Regulation 28 reforms mean for allocations, and how innovative structuring and technology — from AI to multi-asset solutions — are shaping the institutional investment landscape. Tune in for practical insights on balancing growth, protection and liquidity in a fast-changing world.

In this Mind over Markets episode of Money, Markets, and Masterminds, Morningstar’s head of investments, Sean Neethling, joins Citywire South Africa to unpack the ‘size debate’. From the Russell 2000 index’s rally to South Africa’s cheap but illiquid mid- and small-cap space, we explore whether the recent rotation is a fleeting sentiment-driven trade or a fundamental shift with staying power. Tune in below for insights on valuations, risks and what investors should be watching as portfolios adapt to a world of shifting capital flows.

In this special Money, Markets, and Masterminds roundtable, we take retirement planning beyond South Africa’s borders. Host Ruan Jooste is joined by Mtho Ncube, wealth manager and employee benefits consultant at GTC in Johannesburg; LeRoy Otenyo, employee and retirement benefits consultant at Zamara Group in Kenya; and Edmond Ade, certified financial planner and founder of Premier Private Wealth, with offices in Rwanda and South Africa, for a candid, qualitative look at how employee benefits and pension systems really work on the ground. From Rwanda’s government-matched micro-pension scheme to Kenya’s tech-driven push into the informal sector, to South Africa’s fee and access challenges, the panel unpacks shared hurdles – like low coverage and limited financial literacy – and the creative, culturally attuned solutions emerging across the continent. This is a conversation about lessons worth sharing, and how African markets can learn from each other to build more inclusive, sustainable retirement systems.

In the latest Money, Markets, and Masterminds Long Game episode, economist and investment strategist Adrian Saville shares an evidence-based blueprint for transforming South Africa’s economy. Drawing on six decades of global data, he argues that high savings and investment rates, greater economic openness, and targeted sector development could halve unemployment within five years. From agriculture and tourism to digital banking and business process outsourcing, Saville outlines the practical steps—and public-private partnerships—needed to shift the country from stagnation to sustainable, inclusive prosperity.

Emerging markets are making waves — and South Africa is riding high. In the latest Money, Markets, and Masterminds podcast, Citywire South Africa editor Ruan Jooste is joined by Sean Neethling, Head of Investments at Morningstar South Africa, to unpack why the MSCI EM Index is booming, how global capital is rotating away from the US, and what it means for local portfolios. From Latin America to the JSE, and from gold miners to tech giants, this episode explores where the value lies — and whether the so-called end of US exceptionalism is finally here. Neethling also explains Morningstar’s current allocation strategy, which markets they’re overweight, and how they’re balancing risk in a volatile world.

In this episode of Money, Markets, and Masterminds, Citywire South Africa editor Ruan Jooste is joined by Theoniel McDonald, Head of Financial Planning at Carmel Wealth, senior adviser at Wealth Associates, and a director at the Financial Intermediaries Association. McDonald recently spent eight months building a full cost-to-service model for his practice—and the results, he says, were eye-opening. McDonald started by mapping every step of the advice journey using the six-step FPI framework. He identified 72 underlying actions, from prospecting to annual reviews, and linked each to the responsible staff member, time spent, and tools used. This breakdown revealed where tasks could be automated, delegated, or streamlined. Listen to the conversation to determine how advisers can calculate the actual cost of doing business.

In a market obsessed with momentum and noise, standing still can feel like failure. But what if that’s the smartest move? In this episode of Money, Markets, and Masterminds, investment strategist and GIBS professor Adrian Saville returns to unpack the behavioural traps investors fall into, the global macro shifts reshaping portfolios, and why asset allocation—not flashy trades—is still the unsung hero of long-term success. From diving goalkeepers to gold allocations and Bitcoin doubts, this one’s for advisers and allocators who want signal, not noise.

In the latest episode of Money, Markets, and Masterminds, editor Ruan Jooste speaks with Samukelo Zwane, product head at FNB Wealth and Investments, about the findings of this year’s retirement survey—and what they mean for financial advisers. While awareness around retirement is rising, execution remains weak, and a gap has opened between clients’ confidence and the quality of their plans. Zwane explained why inertia, not apathy, is the biggest threat to retirement readiness, how the two-pot system is reshaping advice, and why a good plan requires more than a checklist—it demands behavioural guidance and the emotional intelligence to meet each client where they are.

In the latest episode of Money, Markets, and Masterminds, Citywire South Africa is joined by Roné Swanepoel, head of sales at Morningstar Investment Management South Africa, for a conversation that brings the behavioural side of investing into sharp focus. This episode marks the 14th instalment of our Mind Over Markets podcast series with Morningstar and tackles one of the most pressing questions facing advisers and investors right now: How do you stay the course when the world feels like it’s coming apart? Swanepoel, who draws on Morningstar’s global research and behavioural frameworks, introduces listeners to the concept of mining for goals – a technique developed by the firm’s behavioural science team to help clients move from vague intentions to specific, emotionally grounded objectives. As she explains, when clients understand why they’re investing — whether it’s freedom, security, or legacy — the noise of the market becomes less distracting. This episode is a must-listen for any adviser navigating client conversations in today’s high-noise, low-conviction environment. Whether you’re facing clients spooked by headlines or needing to revisit your planning frameworks, this is a timely reminder that behaviour matters as much as allocation. Listen below for more below.

In this episode of Money, Markets, and Masterminds, Citywire South Africa editor Ruan Jooste speaks with Premier Miton’s Global head of distribution, Jonathan Willcocks, and head of fixed income, Lloyd Harris about how the firm is navigating today’s fixed income environment and what it means for South African investors. The conversation covers Premier Miton’s Section 65 rollout, portfolio strategy, macro risks, credit markets, ESG integration and how the Premier Miton Strategic Monthly Income Bond fund fits into South African advice models. Whether you’re rethinking duration, credit exposure, or income anchors, this episode offers valuable perspectives from one of the UK’s leading boutique managers.

In the second podcast from Citywire’s London studios, Money, Markets, and Masterminds tackles one of the hottest issues in advice today: regulation. Citywire South Africa editor Ruan Jooste is joined by Jack Gilbert, editor of sister title Citywire New Model Adviser, to map how the global counterparts – South Africa’s Financial Sector Conduct Authority (FSCA) and the UK’s Financial Conduct Authority (FCA) – are reshaping the landscape. The changes include South Africa’s sweeping Conduct of Financial Institutions bill and the UK’s new consumer duty regime, a new set of rules aimed at improving consumer protection in the UK financial services industry. Listening to this podcast will give readers insights on tech-driven supervision, finfluencer crackdowns, crypto rules and the data demands coming every adviser’s way.

In this episode of Money, Markets, and Masterminds, editor Ruan Jooste sits down with Joseph Stephens, senior analyst at Guinness Global Investors, to unpack how their global equity income and innovation strategies are positioning amid rising tariffs, sector volatility, and shifting investor sentiment. With clarity on dividends, resilience, and risk, the conversation offers timely insight for fund selectors navigating today’s uncertainty. Watch the vodcast version, recorded in London, on www.citywire.co.za.

What if Monopoly wasn’t just a board game but a behavioural finance simulator? Adrian Saville, MBA professor at Gibs, joins Money, Markets, and Masterminds for the fourth instalment of our ‘Long Game’ series — and it’s not child’s play. Citywire South Africa explores how he and his Gibs colleague, Professor Charlene Lew, reimagined the game to mirror real-world investing conditions. Their version introduces income inequality, random shocks, and moral quandaries — all to expose the investor’s greatest risk: themselves. From overconfidence and first-order thinking to coalition dynamics and ethical blind spots, Saville shares the hard-hitting insights that have emerged from 15 years of running this simulation with MBA students. Whether you’re an adviser, fund selector, or simply fascinated by financial decision-making, this episode will challenge the way you think about strategy, risk and behavioural finance.

When a parent passes away, benefits meant for their children often get caught in legal red tape. In this episode, we unpack beneficiary funds, guardianship gaps and why a will may not be enough. Fairheads’ chief executive David Hurford (pictured above) joined Citywire South Africa to explore how advisers can protect families from painful – and costly – estate planning oversights.

In this month’s Mind Over Markets episode, we unpack the first ever South African Active/Passive Barometer from Morningstar. Citywire South Africa editor Ruan Jooste sits down with Michael Dodd, senior fund analyst at Morningstar South Africa, to break down which managers outperformed in 2024 — and which ones didn’t make the cut. From local equity and bonds to global property and emerging markets, this data-driven conversation offers selectors and advisers clear direction on when active adds value… and when passive wins hands down. Tune in for more details.

In this episode of Money, Markets, and Masterminds, recorded in situ at the Independent Wealth Retreat at Fancourt, Citywire South Africa sits down with Stuart Green, portfolio manager at Platinum Portfolios. With a career spanning the UK’s Treasury, institutional multi-management, and private wealth, Green shares how his team builds a fund of funds that advisers can actually use — without crossing into discretionary fund manager (DFM) territory. We also talk about investment positioning, offshore exposure, adviser partnerships, and where Platinum Portfolios sees global opportunity today. Tune in below for more.

Markets are jittery. US tariffs are biting. AI is going global. In this episode of Money, Markets and Masterminds, Morningstar SA’s head of investments, Sean Neethling, returns to the Citywire South Africa studio to unpack the biggest themes from Trump’s first 100 days from US tech’s fall from grace to a surging gold price. What does it all mean for investors? How should South Africans think about local bonds, global rotation, and fair value for the rand? Tune in for timely insights—and a sharp take on what comes next.

In the latest episode of Money, Markets and Masterminds, academic and investment specialist Adrian Saville returns to the Citywire South Africa studio for a wide-ranging conversation on what he calls a ‘Through the Looking Glass’ moment in global economics. Drawing parallels with Lewis Carroll’s surreal classic, Saville argues that the rules of the economic game are being rewritten in real time – and warns investors against clinging to outdated playbooks. As Donald Trump’s sweeping tariffs rock markets, Saville unpacks why the recent drop in the S&P 500 – erasing trillions of dollars in market value – is more than a cyclical correction, it is structural. Instead, he outlines a disciplined strategy anchored in diversification, decorrelation and defensiveness. From shifting allocations away from overvalued US tech stocks to tapping opportunities in China, Japan and defensive sectors, Saville illustrates how his team has stayed ahead of the MSCI All Country World index this year by adapting early. Listen to the discussion for more expert insight.

Is it time for South African pension funds and private investors to reassess their bias toward developed markets – especially the US – and look to the East? In this double interview, Citywire South Africa speaks with RisCura founder and director Jarred Glansbeek and Altvest chief investment officer Akshay Karan about China’s economic choreography, valuation mismatches, and why early-stage Chinese tech could be a worthwhile high-conviction bet. Listen to the recording for an analysis of China’s investment influence.

Behind every piece of great advice is a solid foundation. In this episode of Money, Markets, and Masterminds, Citywire South Africa sits down with Rita Cool, the head of individual consulting strategy and part of the Best Practice division at Alexforbes, to discuss what best practice really means for financial advisers and in the South African context. From standardising client experiences and preparing for intergenerational wealth transfer to adapting advice for local realities like black tax and traditional marriages, this conversation is a must for advisers aiming to future-proof and standardise their practice.

In this episode of Money, Markets & Masterminds, Citywire South Africa is joined by Morningstar SA’s head of investment Sean Neethling to unpack the so-called Trump tariff tantrum. With sweeping US tariffs hitting markets globally – and South Africa not spared – we explore what this geopolitical jolt means for investors, asset prices, inflation, and interest rates. Neethling offers a level-headed analysis of the risks and opportunities emerging from this protectionist pivot, including which sectors and countries are most exposed, why US small caps might still offer value, and how local bonds are holding up under pressure. Whether you’re feeling fearful or greedy, this episode is your anchor in uncertain waters – full of insights to help you ask the right questions and position portfolios for whatever is next. Tune in to find out more.

In this episode of Money, Markets, and Masterminds, Citywire South Africa sits down with Chantelle Baptiste, portfolio manager and head of equity research at Fairtree, to discuss the biggest financial trends shaping 2025. With market swings following every Trump statement, growing policy uncertainty, and South Africa’s own economic challenges, how can investors stay ahead? Baptiste shares insights on inflation risks, gold as a safe haven asset, China’s changing role, and practical strategies to protect and grow portfolios in turbulent times. Join us for a deep dive into market resilience, investment opportunities, and the power of staying nimble.

With value-added tax (VAT) hikes, rising income tax burdens, and thousands of non-compliant taxpayers, has South Africa’s economy reached its tax tipping point? In this episode of Money, Markets, and Masterminds, Citywire South Africa and Keith Engel, CEO of the South African Institute of Taxation, break down the true impact of government tax policies. We explore whether the country is pushing past the top of the Laffer Curve, how tax complexity is strangling businesses, and the economy, and why endless hikes might do more harm than good. Is the government collecting enough—or just wasting more? Engel exposes tax loopholes, compliance failures, and the risks of squeezing businesses too hard. With practical solutions and bold insights, this episode uncovers what needs to change in South Africa’s tax system before it’s too late.

In this episode of Money, Markets and Masterminds, Citywire South Africa is joined by economist Professor Adrian Saville for the second instalment of the bi-monthly chapter of ‘The Long Game’. We break down economic principles, challenge political rhetoric and assess US President Donald Trump’s economic policies against real-world data. From tariffs and trade wars to the strength of the US dollar and global growth trends, this discussion offers sharp, data-driven insights for fund selectors, financial advisers, and institutional investors. Tune in below for expert analysis on how Trump’s tariff policies distort trade, why a weak dollar may hurt rather than help US competitiveness, what market signals like the S&P 500 and policy uncertainty index reveal about his presidency, and where investors can find real growth opportunities in global markets.

In this episode of Money, Markets and Masterminds, we dive into the ‘Deep Seek effect’ and how this Chinese AI start-up is shaking up investor sentiment and challenging long-held market narratives. With geopolitical uncertainty, shifting global equity trends and the dominance of US tech under scrutiny, Sean Neethling, head of investments at Morningstar South Africa, joins us to unpack what this means for investors. Is it time to look beyond the US for opportunities? Will AI disrupt market leadership sooner than expected? And how should investors navigate the growing volatility in global markets? Tune in below for expert insights to these questions, actionable takeaways and a fresh perspective on the evolving investment landscape

The US equity market has been a dominant force in global investing for decades, but is it now too concentrated – and too expensive? In the latest episode of Money, Markets and Masterminds, Citywire South Africa sits down with Anton Eser (pictured below), CIO at 10X Investments, to discuss the state of the US market, the risks of a potential bubble, and what it all means for South African investors. With nearly 30% of local retirement funds now allocated to US equities, the implications of a market correction could be significant. Eser unpacks the dangers of over-reliance on the Magnificent Seven tech giants, shares historical parallels to past market bubbles, and explains why fund selectors should be looking beyond the US for value. He also explores the growing appeal of dividend stocks, the role of defensive strategies in an uncertain geopolitical landscape, and why, for the first time in two decades, global fixed income assets might offer a compelling alternative. Tune in below to hear why the biggest opportunities may lie outside of the world’s most dominant stock market.

In this episode we sit down with Rudolph Geldenhuys, the 2024 Financial Planning Institute (FPI) Planner of the Year, to discuss his experience competing for the FPI award. Geldenhuys, who is a senior financial planner at WealthUp, explained the rigorous three-round evaluation process, which tested his financial planning expertise, business acumen and leadership potential. While technical skills were crucial, he highlighted that strong relationships and mentorship played a key role in his success. The conversation then shifted to the evolving role of technology in financial planning and we looked to the future, identifying key opportunities for financial planners in South Africa. Tune in below for a lively discussion on what it takes to stand out in the financial planning industry.

In this episode of Money, Markets & Masterminds, we continue our Mind Over Markets series in partnership with Morningstar South Africa. I sat down with Michael Dodd, senior fund analyst at Morningstar, to discuss a major shift in South Africa’s equity fund landscape - the reclassification of unit trust categories. The Association for Savings and Investment South Africa (Asisa) has introduced a classification change, separating SA-only equity funds from general equity funds that include offshore allocations. This development is set to enhance transparency, improve fund comparability, and influence how discretionary fund managers (DFMs) and asset managers structure their portfolios. Dodd explained why Asisa introduced these category changes and what they mean for fund selection and how increased offshore limits (up to 45%) have influenced fund performance. Listen to our conversation on how fund managers, DFMs, and retail investors should navigate these changes and what trends will shape SA equity funds going forward.

In this episode of Money, Markets, and Masterminds, Citywire South Africa sits down with Trevor Garvin, head of multi-management at Nedgroup Investments, to discuss two decades of insights from managing fund of funds unit trusts. From strategic asset allocation and the rise of passive investing to the impact of liquidity crises and cost-conscious portfolio construction, Garvin has seen it all. Listen to our conversation where he shares hard-earned lessons on navigating the evolving investment landscape.

This week, we explore the challenges of market prediction and investment strategies in its latest episode of the new underlying series called the Long Game with Adrian Saville – economist, investor, and academic. The discussion highlights why financial markets resist simple forecasts due to their dynamic and interconnected nature. In this instance, two works are considered by Saville. The first piece of work comes from Bloomberg’s John Authers. At the end of each year, he writes an article for his imagined investment firm, Hindsight Capital, which makes fantastically astute decisions because they know – with the benefit of hindsight – what to buy and what to avoid. The fantasy shows just how hard it is to imagine what each year delivers. The second piece of work comes from Cliff Asness, co-founder of AQR Capital Management, who, in a recent article leaps forward a decade, imagining the errors that will become evident in hindsight by 2035. Drawing on these two works, the episode tackles the futility of prediction and the importance of building resilient investment portfolios from the get-go. The conversation also delves into current market trends, including risks in the US equity rally, debt challenges with US Treasuries, and China’s economic slowdown and potential parallels with Japan.. Emphasising discipline and preparation, the podcast offers actionable insights to help investors align portfolios with their long-term goals.

Welcome to a brand-new year and the latest episode of ‘Money, Markets, and Masterminds’, the Citywire South Africa podcast that unpacks the intricate world of finance and investments. In this episode – our first for 2025 and the eighth in partnership with Morningstar South Africa – I’m joined by Sean Neethling , Morningstar’s head of investments, to gaze into the crystal ball for the year ahead. As we leave 2024 behind, with its surprises, market highs and political shifts, we tackle pressing questions: • Will US equities sustain their stellar performance, or is caution warranted? • How will global interest rates and inflation shape developed and emerging markets? • Can South Africa build on the positive momentum from last year’s elections? Whether you’re a financial adviser, fund selector, or institutional investor, this episode delivers actionable insights, expert analysis and strategic tips to help you navigate the uncertainties of 2025.

For many employers, umbrella funds promise simplicity, cost-effectiveness and the benefits of scale. But beneath the surface, there are pressing concerns. Critics have pointed out issues ranging from hidden costs to limited transparency. Employers often focus solely on administration fees, overlooking other significant expenses like investment fees, which can leave their staff worse off financially. There’s also the question of who truly benefits from economies of scale. Is it the member, or is it the fund sponsor and service providers? And, as the market grows more complex, advisers and consultants face challenges in being able to see through the marketing to provide sound, impartial advice. To help us unpack these issues, we’re joined by Andrew Crawford, CEO of Seshego Benefit Consulting, an expert in retirement fund solutions and a thought leader who’s been very vocal about the need for greater transparency and accountability in the umbrella fund space.

This episode serves as a year-end analysis, providing insights into how investors can navigate the uncertainties ahead. As markets reacted positively to Donald Trump’s presidential win, with both equity futures and the US dollar rising significantly, questions arise about the sustainability of these trends. Joined again by Sean Neethling, head of investments at Morningstar South Africa, we delve into asset allocation strategies in a changing political landscape, identifying sectors that may benefit from ‘Trumponomics’ while also considering potential risks. We also highlight the importance of understanding trade policies and their impact on international relations, particularly with China, as well as the implications for South Africa amid its own political challenges. Listen to the conversation below to find out how these developments influence investment decisions and portfolio construction.

For most of the last three years US markets, led by large-cap growth companies, have surged while other developed and emerging markets have struggled to keep up. As a grouping, emerging markets seem to have lost their lustre and global investors appear more willing to rotate allocations within the US, as opposed to allocating capital outside its borders. The result is that the valuation gap between the US and emerging markets is widening, as broader developing regions haven’t seen the level of flows to support sustained investment performance. Some of the big questions looming are whether investors will continue to shun emerging markets, or if lower valuations and recent stimulus measures introduced by China will see these markets rally? Are there other countries or regions that we should be looking at? And do these locations have a place in investor portfolios? We had Sean Neethling – the head of investments at Morningstar SA – back in the studio to provide us with some of the answers to these questions.