South African Equity has continued its good run of form, posting a decent 3.5% return over the month of March. Interestingly the local equity market was largely driven by the more domestically focused and smaller market cap constituents. Following in this theme SA Listed Property provided another good month of returns (1.2%), however the threat of a “third wave” and delayed roll-out of a vaccination program looms large.

Despite uncertainty both in South Africa and abroad the rand held its own against a strengthening US dollar, ending the month at R14.78/$ (2.3% stronger). Government bonds were not so lucky however as the benchmark 10-year yield moved from 9% to 9.5%, in line with rising global yields. South African fixed income continues to provide exceptionally attractive yields to both local and global investors in a low inflation environment.

Source: PortfolioMetrix

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