The Investment Perspective, with Ninety One

The oil price is once again being shaped by forces far beyond the fundamentals of supply and demand. Geopolitics has re-entered the equation in a meaningful way, from instability in Venezuela to rising tensions in Iran. Layered onto this is Donald Trump’s political calculus. His domestic priorities are tightly interwoven with his international stance on energy and geopolitics. Paul Gooden unpacks the complex forces influencing black gold and sets out where volatility may create opportunity. 

The JSE has delivered a standout year, led by resource names, but the real story, according to John Biccard, is only just starting. He explains why SA Inc is primed for a powerful re-rating, what the bond–equity divergence really tells us, and which sectors and stocks will dominate his portfolio as it enters 2026 with conviction.

The AI boom has turned the most cyclical parts of the market into perceived safe havens, while true defensives languish. Clyde Rossouw unpacks the tension between AI euphoria, a weakening consumer, and where genuine opportunities may actually lie.

From the surprise early announcement of a lower inflation target to reduced bond issuance and cautious revenue projections, Sisamkele Kobus and Adam Furlan discuss why the market’s reaction was upbeat, and how improved fiscal and monetary alignment could support greater market stability ahead.

Ninety One marks a milestone moment with the launch of its first two actively managed exchange-traded funds (AMETFs) on the JSE, bringing almost 35 years of active investment expertise into a listed, accessible format. Siobhan Simpson explains how Ninety One is evolving to meet changing investor needs and broaden access to its active investment skill while offering a glimpse of what’s to come.

From platinum deficits to gold’s resurgence and copper’s electrifying prospects, Muhammad Docrat unpacks the powerful forces reshaping commodities. He explains why tight supply, renewed central bank demand and the global energy transition are keeping precious and base metals in focus. even as oil tells a more complex story.

Once a quiet corner of the alternatives market, private credit is now stepping into the mainstream. As investors seek yield, diversification, and real-world impact, the asset class offers a compelling blend of steady income, resilience through cycles, and tangible development benefits, particularly in emerging markets. Reabetswe Kungwane illustrates how private credit has moved from a niche alternative to a mainstream allocation in institutional portfolios.

The rand has been one of 2025’s standout performers: stronger against the dollar, steady against peers, and buoyed by solid fundamentals. A weaker greenback, firm commodity prices, and South Africa’s credible policy mix have all played a part. With global central banks shifting gears and local inflation easing, what comes next, and how will it shape the South African Reserve Bank’s path in the months ahead?

Stock markets at home and abroad have soared this year, but not all sectors are sharing in the gains. From the resource-heavy rally on the JSE to the dominance of tech in the US, Hannes van den Berg unpacks the narrow leadership behind record highs and where overlooked value may lie.