Q1 2023 Update & Fund Commentary
Our Quarterly Commentary aims to carry and share the bulk of our reflections and analysis of the previous quarter. We have aimed to provide the following different ways of working through an entire Quarter’s worth of news and data
We’ve now included a short video commentary (± 10 min) if you prefer.
The full recorded feedback session (± 1 hour) and presentation slides are also linked below.
For the real meat, scroll further still and you will see full detailed commentaries on South African (44 pages) and Global markets (14 pages) and portfolios
For a recap of previous commentaries, please visit our blog.
As always, if you would like to chat more here, please give us a shout.
Sending love to you and yours,
Richard and the F&A Team
This piece was compiled by Brendan de Jongh, SA Head of Research at PortfolioMetrix.
On the face of it the first quarter of 2023 was positive for investors as both equities and bonds rallied after a torrid year last year. However, the return figures for each asset class hide a lot of detail and certainly much of the volatility, particularly in the bond market. Markets moved materially based on expectations of future changes to the Fed Funds rate. And these expectations changed significantly throughout the quarter. The increased volatility was compounded by the failure of numerous US banks and the forced takeover of Credit Suisse in March. Again, a significant re-pricing occurred following these events which drove market performance in a completely different way to what was experienced in 2022.
The tables below summarise the asset class movements over various time frames.
FIVE YEAR ASSET CLASS RETURNS MATRIX (in rand terms)
The PortfolioMetrix team has recorded a short summary video discussing a few key aspects from this last quarter. We hope this is useful to you.
If you would like to watch the full feedback session, you can do so here. Or you can access the presentation slides here.
For the full Local & Global Quarterly Fund Commentaries, please click the links below.
Local Fund Commentary
Provides a commentary on the past quarter, its events and their impacts; as well as more intimate commentary on each moving part within your portfolios.
Global Fund Commentary
Provides intimate commentary on each moving part within your portfolios.