On 28 July, Anchor hosted its quarterly Where The Money Will Be Made (WTMWBM) webinar, presenting key insights from The Navigator – Strategy and Asset Allocation 3Q25. The session covered Anchor’s views on global and local markets, including our overwhelmingly neutral asset allocation stance (we made only two changes this quarter, with an upgrade to global equities and a downgrade for global cash). Despite ongoing volatility, falling inflation and interest rates continue to support select opportunities across equities, alternatives, and fixed income.
Peter Armitage opened the session, highlighting high-performing global equities, led by themes like AI, defence, and healthcare. Mike Gresty discussed SA equities, where returns were driven mainly by gold and rand-hedge stocks. While SA Inc. shares lagged, disciplined stock selection remains key, with an 11% total return outlook still in play.
Nolan Wapenaar addressed global and local bond markets, favouring shorter-duration instruments amid US rate cut expectations and highlighting the potential impact of a lower SA inflation target. He forecast a stronger rand (fair value of R17.40/US dollar) and SA bond returns of 7%–13%.
Seleho Tsatsi explored physical AI, focusing on self-driving cars. Companies like Tesla, Waymo, and Baidu lead the charge, with long-term investment potential in Uber and Alphabet
Reko Nare hosted a Q&A session with fund managers David Gibb and Liam Hechter. David emphasised a high-conviction, value-based approach in the Anchor BCI Worldwide Flexible Fund. At the same time, Liam’s Anchor Stable Retail Hedge Fund maintains low volatility through precise, risk-managed investing in SA equities. Both see opportunity amid uncertainty, particularly in select global names and undervalued local consumer and bank stocks.
Following the presentations, the Anchor team answered questions from attendees and delved deeper into the topics discussed.
Should you wish to find out how Anchor can assist you in implementing the thoughts and ideas discussed in this webinar, please contact your wealth manager or email invest@anchorcapital.co.za
