Welcome to the latest edition of the Angles & Perspectives - Q4 2025

Angles & Perspectives Q4 2025

At the beginning of each calendar year, market participants rush to bring their forecasts to market. Many of these predictions are doomed to fall by the wayside, as there is an inherent mismatch between the short-term, sentiment-dominated drivers of market direction, and the factual fundamentals that are likely to triumph in the long term. PSG Asset Management is a bottom-up manager – but we are macro aware, meaning that we use macro thinking as part of our portfolio construction toolkit to ensure our portfolios are resilient and can deliver for clients in a variety of market conditions. Our focus is always on patiently applying our 3M investment process, grounded in our in-depth and independent research. This process leads us to seek out mispriced, quality assets trading at a discount to inherent value – which are most often found outside the popular and crowded areas of the market. We believe this approach offers enormous value to our clients, and helps us to construct robust portfolios that are well positioned to continue rewarding our clients as market conditions change.

In the first article – Boom or bust in 2026? That is the wrong macro question! – Head of Research Kevin Cousins highlights the limitations of macro forecasts and shares how our approach to portfolio construction helps us to ensure our client portfolios are resilient.

Next, in Finding opportunities that will reward investors in most environments, Chief Investment Officer John Gilchrist shares deeper insights into our stock selection process and explains how our preference for opportunities in typically overlooked areas of the market delivers returns for our clients.

Fund Manager Marc Beckenstrater then lifts the lid on The myth of size, scale and location in active asset management. He shares our analysis on this topic, and makes the case that the ability to deliver long-term outperformance is not dependent on manager size.

Finally, Fund Manager Duayne le Roux explains Why inflation-linked bonds make sense even when inflation is low. Although inflation expectations have trended down and South Africa has moved to a lower inflation target, as a small, open economy, the country remains vulnerable to potential inflation shocks.

We trust that you will find these articles insightful, and their guidance valuable in these turbulent times.

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