Rules-based funds
It was a quieter day of company news yesterday. This gives you a great opportunity to enjoy the latest insightful piece from Kingsley Williams at Satrix.
Here’s a teaser:
“Rules-based, or indexed, balanced funds still account for only about a tenth of assets in South Africa’s Multi-Asset High Equity segment, according to our analysis of industry assets under management (AUM) data. Yet this cohort is attracting a far larger share of new money, drawing around 23% of category flows over the past year and 53% over five years.”
Why is this happening? Find out in this piece by Kingsley.
Sitting at work, dreaming of an escape? Keen to “do your own thing” and “build something” as your next big step?
You certainly aren’t alone in your thinking. Many dream of making the leap, but few actually do it.
Lorraine Mekwa wasn’t going to be one of those people who spends time thinking about going to Mecca instead of trying to get there (read The Alchemist if you haven’t done so already).
No. She opted to leave a divisional exco role at a large financial services group and dive straight in.
Brave? Crazy? A little bit of both? Get Lorraine’s story in the latest episode of The Finance Ghost plugged in with Capitec at this link.
Looking for something you’ve read recently? This link has all the previous editions of Ghost Mail (and Ghost Mail Weekender). Share it with your friends and bring them into the community!
Ghost Bites: Making sense of SENS
Keen to understand more about retail property? Vukile Property Fund (JSE: VKE) has made the presentations from the recent property tours available.
Here’s a perfect example of a slide that delivers a lot of really interesting insights:
Note how the benchmarking of a particular property against the rest of the Vukile portfolio helps them make decisions about how best to manage it. Also take note of the conversion of the grocery store to Boxer and how this gave a huge boost to grocery trading.
In township-adjacent malls, the grocery store is still a major source of footfall. I suspect that this has shifted in urban areas where on-demand delivery has become prevalent.
If you’re keen to dig in, then you’ll find the presentations here.
Vunani (JSE: VUN) released a trading statement for the six months ended August 2026. They expect to report HEPS of between 14.4 cents and 16.3 cents, representing an increase of between 52% and 72%. I look forward to seeing the details behind this jump!
Then, a selection of director dealings:
A senior exec sold another tranche of shares in Standard Bank (JSE: SBK), this time to the value of R1.5 million.
A family trust linked to the McCormick family sold shares in Exemplar REITail (JSE: EXP) worth a total of R1.27 million.
The company secretary of Blu Label Unlimited (JSE: BLU) sold shares worth R916k.
A non-executive director of AVI (JSE: AVI) and her spouse bought shares worth a total of nearly R520k.
Finally, this didn’t go out on SENS (as it must be far too small), but I received a press release about ADvTECH (JSE: ADH) acquiring the St George’s School campus in Gqeberha. This will be The Bridge School’s first Eastern Cape campus, catering specifically for neurodivergent children.
That’s a topic close to my heart for various reasons, so I’m really glad to see investment in that space!
Do your own research and speak to your financial advisor. Nothing you read or listen to in Ghost Mail should be interpreted as financial advice. This is not a complete review of SENS and does not replace the need for you to refer to company announcements and reports yourself. Every effort is made to avoid errors in Ghost Bites and related podcasts, but I am only human.
Learn from the pros
Life after JIBAR
Debt has never been simple, but the shift from JIBAR to ZARONIA has added a new layer of complexity. Ian Norden of Intengo Market is helping companies move beyond spreadsheets, improve governance and unlock funding opportunities.
Managing decision fatigue
Feeling overwhelmed? You aren’t alone. But if you aren’t careful, the impact that decision fatigue has on your long-term financial journey can be severe. Colleen Wagner, CFO of Satrix shares powerful tips to help manage the strain.
Global markets update with Shaun Murison
The Nasdaq led Wall Street lower overnight, with US markets extending losses into a third consecutive session after September consumer price inflation came in ahead of expectations.
Markets are, however, still not pricing in a US rate hike at the end of the month, although the probability of higher interest rates in December has increased.
Asian equity markets have echoed the overnight weakness on Wall Street this morning, with the AI tech supply chain bearing the brunt of the selling. Investors are weighing the rising cost of capital and its impact on these growth stocks.
Oil prices are lower this morning as markets balance the prospect of US sanctions relief on supply against continued attacks on shipping through the Strait of Hormuz. The Trump administration is considering easing sanctions on some shadow fleet vessels, allowing them to carry oil permitted under US rules.
After an initial spike yesterday, US bond yields are now trading lower, as is the dollar index, which is supporting a rebound in gold and precious metal prices this morning.
The rand is clawing back some of yesterday's losses, and the JSE All Share index could see a partial rebound at the open.
The sustainability of any recovery will be tested through the day as we await US producer price inflation (PPI) data this afternoon, which is expected to come in higher than the previous reading.
This update is provided by Shaun Murison, Senior Market Analyst at randswiss.com. Connect with him on LinkedIn here and follow him on X here.
Key Indicators:
USD/ZAR R16.57/$ | US 10yr 5.10% | Gold $4,136/oz | Platinum $1,613oz | Brent Crude $104.47