Scores of leading international equity markets saw strong double-digit growth last year, with many hitting all-time highs. The JSE had an exceptional 12 months, with a total return of 29% – its best performance in more than a decade. And the momentum has continued into 2022.
However, this optimism seems to ignore a few dark clouds.
In the US, inflation is rising, and interest rates will follow suit. The US is also taking the cheap money that has supported equity markets around the world for several years off the table. These are all events that should, in theory at least, put pressure on equity valuations.
Unfortunately, the recent performances of many markets do not suggest that much attention is paid to traditional valuation principles.
Moneyweb hosted a webinar where several of the country’s top chief investment officers shared their perceptions of what’s driving the strong market performances of late, and what they expect for 2022.
Watch the full recording of the webinar below:
Co-founder and chief investment officer at of Perpetua
Delphine has over 21 years’ financial services experience of which the past 18 years have been spent directly in investment management. Delphine co-founded Perpetua in 2012 after having spent almost 11 years at Allan Gray Limited, where she held positions of portfolio manager and executive director. She is a qualified CA(SA) and CFA charter holder. Delphine is Perpetua’s chief investment officer and accordingly has portfolio management responsibilities over all asset classes.
Chief Investment Officer at First Avenue Investment Management
Hlelo founded First Avenue in 2010 and has worked in the investment management industry since 1993. He has worked in various roles that span both the investment research and portfolio management functions. His experience at analysing a variety of sectors in the market – industrials, financials, and resources – created a strong foundation for his current role as a portfolio manager. He has worked for STANLIB, the IDC, Investec Asset Management, and HSBC (USA). Most recently, at STANLIB and the IDC, Lo headed up core investment propositions and served in senior management roles. He also gained valuable exposure to corporate governance and strategic decision making when serving as a director on the board of various IDC-held investments. Qualifications: MSc Investment Management (Cass Business School London) and BSc Business Administration (University of New Hampshire, USA).
Chief investment officer at Coronation
Karl is Chief Investment Officer (CIO) and manager of Coronation’s Houseview strategies. He joined Coronation in 2000 as an equity analyst, was made head of research in 2005 and became CIO in 2008. Karl has 21 years of investment experience. Qualifications: BBusSc, CA (SA), CFA.
Chief investment officer at Cannon Asset Managers
Tshepo Modiba is a skilled investment professional. His breadth of experience has shaped him into a well-rounded investment specialist with entrepreneurial, small business and corporate understanding. He has worked in multi-management, investment management, private equity, and corporate finance roles at Spanning Investment Solutions, Cannon Asset Managers and Seriti Asset Management, Advisory and Capital which he founded. Tshepo has quantitative and traditional finance skills gained through his studies, as a BSc (Hons) in Mathematical Statistics graduate, and through his work experience. This broad range of skills and experience allows him to bring an holistic approach to investments and problem solving.