Stephan Groots speaks to Hannes van den Bergh about Ninety One's view that increased global uncertainty and war-induced market volatility are opening up selective investment opportunities in South Africa, despite ongoing economic and geopolitical risks.
Listen to the interview in the audio player below.
At the start of 2026, the global economy was in strong shape and things were looking optimistic for South Africa as well.
The strong price of gold, low oil costs and a stable rand helped keep inflation low, while improvements in power, ports and rail were expected to support growth.
But this optimism has been shaken by the increasing conflict in the Middle East.
Fears of higher oil prices could push up fuel and food prices, causing central banks to delay cutting interest rates, or even raise them.
For investors, the longer the conflict continues, the greater the economic damage.
However, investment firm Ninety One believes South Africa can still stand out.
Due to its location and improving fundamentals, the country could attract investor interest, especially if global markets do not turn completely risk-off.
Speaking to Stephen Groot on The Money Show, Hannes van den Bergh, co-head of SA equities and multi-asset within the 4Factors team at Ninety One, says that although the global outlook has become more uncertain, there are still opportunities, especially for investors looking at emerging markets like South Africa.
“In the last five years we've been through four such events. It was first Covid, then Russia-Ukraine. Then Liberation Day with tariffs and now the conflict in the Middle East. In each of these previous occasions, if you sat back and stuck to your process, and your fundamentals and what you believed would provide that investment idea, you had the opportunity to set yourself up in a volatile world.”
– Hannes van den Bergh, Co-Head of SA Equity and Multi-Asset – Ninety One
“You need to utilize this opportunity where good stocks are mispriced and position yourself accordingly.”
– Hannes van den Bergh, Co-Head of SA Equity and Multi-Asset – Ninety One
“I still think we'll have a good double-digit year. Given everything that's happened, you still look at the market after four months or three-and-a-half months, we're up 4%. I would have taken that. So I think the fundamentals will prevail. This too shall pass.”
– Hannes van den Bergh, Co-Head of SA Equity and Multi-Asset – Ninety One
Scroll to the top of the article to listen to the full interview.