October was a month of shifting momentum across markets. Locally, the resources sector pulled back sharply, with gold and platinum counters losing value after months of strong performance. In contrast, South African bonds continued to impress, delivering a robust 20% return over the past year.

Offshore, uncertainty grew as the US Federal Government remained shut down throughout October. With key economic data withheld during this period, markets were left without crucial information, while US consumer confidence slipped — a sign of rising caution among households.

Understanding where we stand in the broader economic and market cycle is essential for navigating times like these. Our investment team continues to rely on deep research and a repeatable, disciplined process — not to “time” markets, but to position portfolios toward favourable long-term outcomes. At present, we believe global markets are in the late-cycle expansion phase, typically marked by slowing growth, weakening labour markets and pressure on corporate margins.

In response, we’re tilting portfolios toward higher-quality assets, being selective about valuations, and increasing exposure to defensive opportunities.

👉 Read more in our Monthly Market & Fund Update.

Monthly Market & Fund Update

Summary  – October ’25