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We see no compelling case for adding broad equity risk at these levels, and the emerging oil-driven CPI risk only reinforces that view. The bear case for equities here does not require a recession. It simply requires that the current configuration holds: a risk-free rate that already sits inside the band of equity earnings yields, with no credible catalyst to reverse that. Every series on this chart has been converging toward the risk-free rate since 2022, and nothing in the

The Simonis Storm South African Equity Portfolio delivered a year-to-date return of 34.62% and a one-year return of 32.30% , underscoring how effectively our positioning captured the dominant earnings and macro drivers of the 2025 South African equity cycle. The consistency between the YTD and one-year outcomes highlights a key differentiator of our approach: alpha generated steadily across the entire period , not luck, short-term momentum or isolated events.

China’s post-Covid recovery has fallen short of expectations, with economic performance consistently lagging behind forecasts. This has led to mounting global expectations for bold action from Beijing. But what’s behind this slowdown, and which steps should policymakers consider to bring growth back on track?