Shows / The Investment Perspective, with Ninety One
The Investment Perspective, with Ninety One
Discover the latest local and global investment and industry insights from the only global asset manager rooted in South Africa. At Ninety One, our global reach becomes your investment edge. Tune in, subscribe, and unlock expert perspectives with every new episode.
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Episodes
The Investment Perspective, with Ninety One#114 Why portfolios need to be built for shorter, sharper cycles
Bonds and the dollar no longer behave the way investors expect, and big market moves now play out over weeks, not years. Jason Borbora-Sheen explains what that…
The Investment Perspective, with Ninety One#113 Energy shares are still priced for peace
Brent has swung between $70 and $120 this year, but Paul Gooden doesn’t expect a quick return to normal. Refining margins, depleted inventories and a conflict…
The Investment Perspective, with Ninety One#112 MTBPS: Treasury cuts bond issuance, adds buybacks (and finds room for fuel relief!)
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The Investment Perspective, with Ninety One#111 Markets look mad, but the strategy behind them is coherent
Memory chips up 600%, a US war with Iran, oil above $100 and equities at record highs. Philip Saunders argues the madness is mostly noise. Beneath it sit four…
The Investment Perspective, with Ninety One#110 Finding value as bond yields rise
Global bond yields are rising again, challenging decades of falling rates, but John Stopford sees a cyclical move, not a regime shock. He explains why he is…
The Investment Perspective, with Ninety One#109 Gold's slide didn't break the bull case, it tested it
Gold fell from over $5 500 to about $3 600 this year, and central banks stepped back before coming back in force in the second quarter. Muhammad Docrat…
The Investment Perspective, with Ninety One#108 Trump's welcome for Xi signals a shift markets shouldn't ignore
Xi Jinping's Washington visit was more significant than the tariff concessions it produced. The symbolism, including Trump meeting Xi on the tarmac, points to…
The Investment Perspective, with Ninety One#107 The biggest risk to SA bonds isn't the SARB decision, it’s DM yields
Three central banks moved last week. A fourth, our own, decides this week. If you're trying to draw one lesson from all of it, Ruen Naidu argues, it’s this…
The Investment Perspective, with Ninety One#106 SA’s old economy is cashing in on the new economy's boom
A JSE that looks strong on the surface is really two markets in one: diversified miners and gold and platinum names riding the global AI infrastructure and…
The Investment Perspective, with Ninety One#105 Munitions, multiples and midterms: the risks the markets might be missing now
Malcolm Charles breaks down why two wars, an AI-distorted equity market and an unpredictable US election are colliding at once, and what it means for…
The Investment Perspective, with Ninety One#104 Bessent and Warsh at loggerheads: who controls the curve?
US Treasury Secretary Scott Bessent has been buying back long bonds to calm a sell-off at the long end of the yield curve. Fed governor Kevin Warsh, fresh from…
The Investment Perspective, with Ninety One#103 The revenge of the old economy
The AI trade's next chapter is likely to run through copper, natural gas and gold, not chips. Paul Gooden sees natural resource equities in the early innings…
The Investment Perspective, with Ninety One#102 El Niño is brewing a third inflation shock, which markets have yet to price in
El Niño is converging with the Middle East energy shock and fertilizer supply disruptions to create a compounding inflation risk that markets have barely begun…
The Investment Perspective, with Ninety One#101 South Africa's budget windfall is real. So is the discipline behind it
A R30 billion tax surprise in June, driven by mining royalties, has put South Africa's fiscal turnaround back in the spotlight. Adam Furlan argues the real…
The Investment Perspective, with Ninety One#100 Nvidia is cheaper than the S&P 500. Someone is wrong.
The AI debate has moved past valuation and onto something harder to price: whether record capex converts into durable cash flow. From SpaceX's post-IPO wobble…
The Investment Perspective, with Ninety One#99 AI's listing boom could end two decades of US equity tailwinds
For 20 years, buybacks and shrinking share counts boosted US equity returns. Sahil Mahtani argues that AI-driven IPOs and secondary issuance are set to reverse…
The Investment Perspective, with Ninety One#98 A coordinated yen rescue can't fix Japan's real rate problem
Jason Borbora-Sheen unpacks the first coordinated US-Japan currency intervention since 1998 and why a stronger yen won't hold unless Japan's real rates move…
The Investment Perspective, with Ninety One#97 The Fed's new chair just showed markets he'd rather they guess
The US Federal Reserve held rates steady for a fifth straight meeting, but three dissents and a chair who won't give forward guidance left bond markets more…
The Investment Perspective, with Ninety One#96 After SARB surprises, all eyes turn to hawkish Fed
The SARB's split decision to leave the repo rate at 7% caught almost every economist off guard, but Ruen Naidu argues the central bank's own scenario analysis…
The Investment Perspective, with Ninety One#95 Two scoreboards: why SA credit holds up while the economy limps
SA corporate credit holds up even as GDP growth stalls and inflation risk builds. Stephen Naidoo explains why strong technicals, not improving fundamentals…
The Investment Perspective, with Ninety One#94 Growth is no longer the enemy: inside Warsh's Fed
Kevin Warsh has chaired his first Fed meeting and testified to Congress, but is he simply doing Trump's bidding? Philip Saunders doesn't think so. He makes…
The Investment Perspective, with Ninety One#93 South African value is priced like a distress sale, and the bond market disagrees
John Biccard argues that South African equities have become disconnected from the country's own improving bond market. He points to retail names trading at…
The Investment Perspective, with Ninety One#92 Beyond the index giants: the case for active EM
After a blistering 18 months for emerging market equities at an index level, the concentration risk has now become a concern for many. Portfolio Manager Varun…
The Investment Perspective, with Ninety One#91 The dollar's reversal: from debasement fears to strength
After widespread expectations in 2025 of a structural dollar bear market, conditions appear to have shifted in 2026. The greenback's status as the world's…
The Investment Perspective, with Ninety One#90 Oil is falling, but South Africa's inflation fight is far from over
Oil prices have pulled back sharply from their peak, but Vivienne Taberer warns that the relief may come too late to spare South African consumers further…
The Investment Perspective, with Ninety One#89 Peace plan, messy reality: commodities after Iran deal
The interim Iran peace plan has sent oil sharply lower, but the more interesting questions lie elsewhere. From gold's structural demand story to copper's…
The Investment Perspective, with Ninety One#88 When the rule book no longer applies
AI is reshaping the US economy in ways that confound historical precedent. Philip Saunders makes sense of a market landscape where growth is real but uneven…
The Investment Perspective, with Ninety One#87 The $1.75 trillion question: an IPO that could change everything
The SpaceX IPO is just the opening act. With Anthropic and OpenAI close behind, Anton du Plooy considers what a wave of trillion-dollar listings means for…
The Investment Perspective, with Ninety One#86 Holding its nerve: how SA is weathering the oil shock
The Strait of Hormuz closure has rattled global energy markets, but South Africa is weathering the shock better than many expected. Ruen Naidu explains what…
The Investment Perspective, with Ninety One#85 A 4% wake-up call: reading the SARB's next move
A supply shock has shifted the inflation picture, and the SARB's next move matters. Adam Furlan discusses the case for early action, the risk of second-round…
The Investment Perspective, with Ninety One#84 Beyond the index: why concentration risk may be active management's biggest opportunity
Markets are more concentrated than ever, and that changes the equation for investors. Siobhan Simpson uncovers the risks beneath the surface of major indices…
The Investment Perspective, with Ninety One#83 A very tight strait. Can oil get to $150?
With the Strait of Hormuz blockaded and global oil inventories drawing down fast, the oil market is approaching a critical inflection point. Paul Gooden cuts…
The Investment Perspective, with Ninety One#82 Who really controls the Fed?
The battle between the White House and the world's most powerful central bank isn't just political theatre. It has real consequences for markets, inflation…
The Investment Perspective, with Ninety One#81 The 5% problem: why bonds are back in the conversation
The US 30-year bond yield has broken through 5%. That might sound like a technicality, until you understand what it means for every other asset class on the…
The Investment Perspective, with Ninety One#80 The art of sleeping when markets can't
Oil at double its 2026 lows. Bond yields creeping up. Petrol prices hammering the South African consumer. And the S&P still making new highs. Sumesh Chetty…
The Investment Perspective, with Ninety One#79 When private credit flips the script
For years, developed markets were seen as the safer home for private credit, while emerging markets carried the higher-risk label. But that gap may be…
The Investment Perspective, with Ninety One#78 Cash Talk: FLAC decoded | What SA’s new bank debt means for fixed income investors
South Africa’s fixed income market is entering a new phase with the introduction of FLAC instruments, a class of bank debt designed to strengthen the financial…
The Investment Perspective, with Ninety One#77 When the taps run dry: the real story behind South Africa’s water crisis
South Africa’s water challenges are becoming harder to ignore, as supply disruptions spread beyond rural areas into major urban centres. Yet the issue is less…
The Investment Perspective, with Ninety One#76 Bond market shock: panic or opportunity?
South African bonds have suffered their second-worst monthly drawdown in two decades, rattled by global conflict and rising inflation fears. But beneath the…
The Investment Perspective, with Ninety One#75 Markets shaken, not broken: Middle East tensions
The sudden escalation in the Middle East has jolted global markets, reversing expectations for lower inflation and rate cuts almost overnight. Malcolm Charles…
The Investment Perspective, with Ninety One#74 When gold falls and oil calls the shots
In a market where gold no longer behaves like a safe haven and oil is rewriting the rules, investors are being forced to rethink old assumptions. George…
The Investment Perspective, with Ninety One#73 Central banks on edge: when war rewrites the rate outlook
Just as central banks looked set on a path to easier policy, geopolitics has thrown a wrench into the plan. With conflict in the Middle East driving energy…
The Investment Perspective, with Ninety One#72 When geopolitics shuts the taps
Oil markets have been jolted by a sharp escalation in the Middle East, pushing prices higher and disrupting flows through the vital Straits of Hormuz. Paul…
The Investment Perspective, with Ninety One#71 The Biccard playbook – patience, pain and payoff
After more than 25 years running the Ninety One Value Fund, John Biccard has learned that successful investing often means enduring periods of discomfort…
The Investment Perspective, with Ninety One#70 War risk and oil spikes: Shock, sell-off… or opportunity?
The military build-up signalled it was coming, and now markets must grapple with the fallout. As conflict in the Middle East escalates, energy prices jumped…
The Investment Perspective, with Ninety One#69 Goldilocks or false dawn?
After a year in which tariffs failed to ignite inflation and both bonds and equities surprised on the upside, investors are reassessing the outlook. With…
The Investment Perspective, with Ninety One#68 From election fears to fiscal discipline: What Budget 2026 means for your portfolio.
The National Treasury delivered expenditure discipline, no new bailouts, and a third consecutive primary surplus. Jaco van Tonder discusses the expanded…
The Investment Perspective, with Ninety One#67 SONA: Infrastructure at the heart of SA’s growth plan
This year’s State of the Nation Address struck a notably confident tone: less promise, more progress. But is this truly a turning point? Alastair Herbertson…
The Investment Perspective, with Ninety One#66 SA Infrastructure: the dawn of reform
Phase 1 of Operation Vulindlela proved reforms can unlock private capital — around R500bn worth. Now Phase 2 shifts from policy design to delivery, with…
The Investment Perspective, with Ninety One#65 Dollar down: Halfway there or just getting started?
The dollar’s weakness is no longer a contrarian call; it’s becoming the base case. But what’s driving its persistence, and what would finally confirm a…
The Investment Perspective, with Ninety One#64 Gold at $5 000: Bubble blow-off or just getting started?
After a breathtaking surge that carried gold well beyond $5 000 an ounce, followed by a brutal pullback, investors are questioning whether the rally has…
The Investment Perspective, with Ninety One#63 US rates on hold, questions in motion
One of Jerome Powell’s last acts as Fed chair was to do nothing. Or so it may seem. In the face of sluggish employment but lively growth, US rates were left…
The Investment Perspective, with Ninety One#62 Keep calm and carry on yielding
A stronger rand. Lower inflation. Rate cuts on the horizon. Malcolm Charles explains why South African bonds remain one of the most attractive income trades on…
The Investment Perspective, with Ninety One#61 Could the momentum run out?
In 2025, quality investing was overshadowed by AI exuberance, precious metals and momentum-driven market leadership. As volatility re-enters the picture, those…
The Investment Perspective, with Ninety One#60 Beyond supply and demand – how politics is driving oil prices
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…
The Investment Perspective, with Ninety One#59 Is SA Inc poised for a breakout?
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…
The Investment Perspective, with Ninety One#58 The dichotomy of defence: Are today’s safest bets tomorrow’s cyclical risks?
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…
The Investment Perspective, with Ninety One#57 MTBPS: Targets met, reforms on track
From the surprise early announcement of a lower inflation target to reduced bond issuance and cautious revenue projections, Sisamkele Kobus and Adam Furlan…
The Investment Perspective, with Ninety One#56 Active expertise, now on the JSE
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…
The Investment Perspective, with Ninety One#55 Precious potential: why commodities still shine
From platinum deficits to gold’s resurgence and copper’s electrifying prospects, Muhammad Docrat unpacks the powerful forces reshaping commodities. He explains…