Ninety One | The Big Picture

Dollar cycles are longer than others because four self-reinforcing forces create inertia. They rarely reverse unless all four turn at once. Trump-era policies, fiscal strain and shifting global capital could trigger such a convergence.

With the US performing strongly and China showing signs of turning a corner, a global economic recovery is building. There are abundant opportunities for investors, but 2025 requires a new investment playbook. Philip Saunders and Sahil Mahtani explore where the smart capital will be heading – and where the pitfalls lie.

Whether it’s shifting focus from the macro to the micro, or questioning the consensus, investors should look beyond the mainstream spotlight to get the best out of the asset class.

As we look ahead to 2025, the Year of the Snake, we explore the evolving opportunities and challenges in the China market. Our experts discuss how investors can navigate this landscape. From policy shifts and geopolitical developments to equity and fixed-income strategies, they share insights into what the year may hold for the world’s second-largest economy.

Higher interest rates and policy uncertainty have resulted in negative sentiment towards clean-tech sectors. This is creating a compelling opportunity for a countercyclical, diversified source of returns.

Clyde Rossouw explains why investors who buy businesses that have realisable growth – not the promise of growth - should be well placed in 2025.

Elias Erickson explains why international equities offer a diverse set of value-accretive businesses in an increasingly narrow market, presenting an attractive opportunity for active investors.

4Factor’s Rhynhardt Roodt reflects on a strong year for equity market momentum and considers where best to focus in 2025.