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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Despite tariff disputes and AI bubble anxieties, global markets wrapped up a blockbuster 2025, highlighted by South African outperformance and the ABA trade, confirming the value of patient, global diversification."
In 2025, global equity markets delivered double-digit gains despite severe tariff volatility, AI bubble fears, and geopolitical tensions. The 'Anywhere but America' (ABA) trade proved highly effective as lower valuations and a weaker dollar drove UK, European, Japanese, and emerging markets to beat the S&P 500 and Nasdaq. Concurrently, South Africa recorded an outstanding rally, with the FTSE/JSE All Share Index surging 0.42 led by safe-haven gold mining shares, and the JSE All Bond Index returning 0.242. Looking ahead, high optimism priced into markets leaves little room for disappointment, making broad portfolio diversification and ongoing patience the manager's primary recommendations for 2026.
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