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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Feb 20, 2026 | Merchant West Investments | 1.8% | 7.6% | ABG.JO, INL.JO, NED.JO, SBK.JO, SHP.JO | inflation, liquidity, Money Market, rates, South Africa | The US Fed cut rates by 25 basis points in both October and December, bringing the target range to 3.50-3.75%. The SARB cut rates by 25 basis points in November to 6.75%, with cumulative cuts of 125 basis points since September 2024. The SARB predicts a 75-basis-point decline over the next 15 months, with the repo rate expected to reach 6.0% by March 2027. SA's consumer price inflation for November 2025 came in at 3.5% and is expected to remain subdued, reaching 3.0% by February 2026. The SARB's new inflation target of 3% with a 1 percentage point tolerance band contributed to lower inflation expectations and positive sentiment. South Africa's economic growth outlook for 2025 is modest but improving, with forecasts at around 1.1% to 1.4% growth. SA's removal from the FATF greylist and the stronger rand (+4.3% against the US dollar) contributed to positive sentiment. The South African bond market produced stellar returns, gaining 9% in the quarter and 24.2% for the year. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| No pitches found. | |||||||||
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||