March’s volatility, driven by geopolitical tensions, has created more attractive entry points across equity markets while reinforcing the value of diversification. Inflation remains broadly contained despite short-term oil price pressures, and both bonds and offshore assets have provided resilience and flexibility. Overall, the environment continues to favour a disciplined, long-term approach, with opportunities emerging from the recent market dislocation.

Gold prices have surged in recent years, but a closer look at ETF flows suggests that investor demand tends to arrive only after the rally is already well underway. This leads to investors chasing past performance rather than assessing investments based on the role they play in a portfolio.

February was another strong month for risk assets, led by emerging markets and commodity-linked South African equities. Cooling inflation in the US and contained inflation locally are reinforcing expectations for eventual interest-rate cuts, creating a supportive backdrop for both equities and bonds. Meanwhile, attractive real yields continue to make South African bonds and long-duration US Treasuries compelling opportunities.