What local asset managers are buying - and selling - in this tough market | Business

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Some local asset managers are offloading high-performing stocks in anticipation of tough times. They are returning to safe havens like bonds, gold, and resilient companies. | News24_Business

Allan Gray's offshore partner calls it"an everything bubble" with more market pain to come. Old Mutual Investment managers predict a sharp fall in global equity prices. Ninety One says many businesses were ill-prepared for the rapid interest rate hikes. But each investment house still has its own investment favourites in this tough market - with all agreeing that semiconductor chip manufacturers are the flavour of the year.

Local portfolio managers admit this is likely to be another bad year for equities, with forecasts of a US recession getting stronger. Investors are already moving their money to cash and bonds in droves. With a bond yield closer to 12%, SA's government bonds have increasingly become a great alternative for high returns without the risks equities present. Interest rates are also the highest in over a decade, making cash almost as attractive.

 

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