Quarterly Update Q2 2023

We are delighted to share our investment managers’ quarterly update for the second quarter of 2023.

Louis Antelme &
Paul Crawford

“The global bull market that started at the end of the 3rd quarter 2022 continued through the 2nd quarter of 2023 with most risk indices printing positive returns during the period…”

Dane Merrick &
Paul Crawford

“With the exception of the FTSE 100, the majors showed a plethora of good returns with the NASDAQ taking the lead (again) amongst a domination by North American indices over their European counterparts …”

Cor Booysen

Gold has been a key performance attributor over the quarter, and we took the opportunity to trim the sector position and fund other opportunities. We cannot completely rule out the risk of recession in the developed world, although most US print remains strong…”

Jacobus Lacock

“We are approaching the early recession phase and prefer to allocate capital to defensive opportunities across asset classes rather than aggressively increasing cash. Overall, the US consumer is in a far better position than during the prior economic cycles which will guide the economy to a shallow and potentially short-lived recession rather than a deep prolonged downturn…”

Rob Hart
“The second quarter proved to be challenging with continued interest rate rises in the US, concerns over the European economy, China’s disappointing reopening and low property transaction volumes globally adding opaqueness to the mix…”

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