Satrix recently hosted a macro-economic discussion on key themes locally and globally, and their impact on the investment landscape. Nico Katzke, Head of Portfolio Solutions at Satrix, led a panel discussion with Laura Cooper, Senior Investment Strategist for EII EMEA, BlackRock, and Arthur Kamp, Chief Economist at Sanlam Investments.
Some of the topics they gave insight into, include South Africa’s recent grey listing, an overview of the 2023 Budget, US labour market pressures, China’s re-emergence and developed market inflation. They also entered into a discussion around how to ‘fix’ South Africa.
Watch the recording:
A series of shorter videos will also be posted to LinkedIn so be sure to follow our channel. Alternatively scroll down to review the various clips.
About IndexMore:
IndexMore is an educational collaboration between Satrix, South Africa’s leading index manager and BlackRock’s iShares, one of the largest ETF provider globally. Our purpose is to provide appropriate and targeted content to the South African investor which leverages the skills and insights of both ETF providers.
About iShares:
iShares unlocks opportunity across markets to meet the evolving needs of investors. With more than twenty years of experience, a global line-up of 900+ exchange traded funds (ETFs) and $3.15 trillion in assets under management as of March 31, 2022, iShares continues to drive progress for the financial industry. iShares funds are powered by the expert portfolio and risk management of BlackRock.
*Source: BlackRock and Markit, as of 24 November 2022. Past flows into global ETPs are not a guide to current or future flows and should not be the sole factor of consideration when selecting a product.
Watch our Series of Satrix IndexMore Macro Insight Video Clips Here:
The State of the Local Economy
Arthur Kamp, Chief Economist at Sanlam Investments, offers sobering thoughts on the state of our local economy. He provides a “reading of the pulse” of the patient that is SA, the impact, and consequences of the recent grey listing, whether the budget tabled by the finance minister hit the target and more. Watch the video to listen to his thoughts recorded at our Satrix IndexMore Macroeconomic discussion.
Recent Budget
Arthur Kamp, Chief Economist at Sanlam Investments, provides his thoughts on the tabling of the most recent budget, sharing his concerns, opportunities, and thoughts on how well the minister did, given the circumstances. He also shares his views on the source of our public debt and the impact it has on our public finances. Watch the video recorded at our Satrix IndexMore Macroeconomic discussion.
Considering the concerns of not only the quantity of public debt, but also its poor quality (i.e., where debt funding is being allocated), are high-yielding interest-bearing assets in SA an opportunity currently or is it simply fair compensation given the broader risks faced?” Arthur Kamp, Chief Economist at Sanlam Investments, provides his view on inflation-linked bond yields. Watch the video to listen to his thoughts recorded at our Satrix IndexMore Macroeconomic discussion
Emerging Markets Debt
Laura Cooper, Senior Investment Strategist for EII EMEA, BlackRock, shares why BlackRock sees opportunities in Emerging Market debt, despite the increased real yields offered by developed market debt instruments. Watch the video to listen to her thoughts recorded at our Satrix IndexMore Macroeconomic discussion.
Local Currency Weakness
Arthur Kamp, Chief Economist at Sanlam Investments, shares his views on the rand – its recent weakness, outlook and why he views it to be oversold currently. He also shares thoughts on rate increases and inflation with the SA Reserve Bank’s response to the US Federal Reserve Bank’s tightening over the past year. Watch the video to listen to his thoughts recorded at our Satrix IndexMore Macroeconomic discussion.
Key Global Themes
Laura Cooper, Senior Investment Strategist for EII EMEA at BlackRock, discusses how markets will need to recalibrate their longer-term expectations as price volatility and inflationary pressures will likely remain with us for some time to come still. Watch the video to listen to her thoughts recorded at our Satrix IndexMore Macroeconomic discussion.
Global Economic Outlook
Hear from BlackRock’s Laura Cooper, as she shares her views on the effect of interest rate tightening on the US and global economic outlook at our recent Satrix IndexMore Macroeconomic discussion.
Global View on the New Investment Playbook
Laura Cooper, Senior Investment Strategist for EII EMEA at BlackRock, gives her perspectives on a change in the global investment playbook and why BlackRock remains underweight duration. Watch the video to listen to her thoughts recorded at our Satrix IndexMore Macroeconomic discussion.
Global Inflation
Laura Cooper, Senior Investment Strategist for EII EMEA at BlackRock, shares her perspectives on whether the US Fed has done enough to curb inflation, and her view on what the main sources of global inflation are. Watch the video to listen to her thoughts recorded at our Satrix IndexMore Macroeconomic discussion.
Global Opportunities
Laura Cooper, Senior EMEA Investment Strategist, discusses why BlackRock remains bullish on short duration bonds. Watch the video to listen to her thoughts recorded at our Satrix IndexMore Macroeconomic discussion.
Emerging Market Equities
Hear from BlackRock’s Laura Cooper as she outlines why BlackRock is overweight Emerging Market equities. Watch the full interview at the recent Satrix IndexMore Macroeconomic event.
Valuation of Assets
Arthur Kamp, Chief Economist at Sanlam Investments, shares some great insights on the new emerging global investment playbook, the valuation of risky assets and the new normal we might come to experience in years to come. Watch the video to listen to his thoughts recorded at our Satrix IndexMore Macroeconomic discussion.
The Magic Wand
Arthur Kamp, Chief Economist at Sanlam Investments, and Laura Cooper, Senior Investment Strategist for EII EMEA at Blackrock, have been given a “magic wand” - Arthur discusses how you can avoid seemingly inevitable draconian fiscal spending reforms by increasing capital expenditure – and Laura provides her views on what she’d do differently for central banks in developed markets and the US Fed. Watch the video to listen to their thoughts recorded at our Satrix IndexMore Macroeconomic discussion.
About the Speakers:
Laura Cooper, Senior Investment Strategist for EII EMEA, BlackRock
Laura is a Senior Investment Strategist for EII EMEA. She leads tactical multi-asset research to deliver investment trade ideas and market insights to iShares, Wealth, and Institutional clients. Prior to joining BlackRock, Laura spent just over a decade in various roles from capital markets to wealth management. Most recently, Laura was the European-based macro strategist for Bloomberg where she had a column on emerging macro themes, wrote frequent market commentary with multi-asset trade ideas, and was a daily contributor across Bloomberg media platforms including television and radio. Prior to this, Laura was Director, Head of FX Strategy at RBC Wealth Management, where she led an investment team, set the global house view for G10 currencies and rates, and served on the firm's Investment Committee and Global Portfolio Advisory Committee. Laura's career began as an economist in Toronto, before moving to London in 2017. She holds a Masters in Science degree in Economics from the London School of Economics. Her research has appeared in The Economist, she is a frequent guest lecturer at her alma mater, and is an active participant in SheEO, a global initiative transforming the funding and support of women-led ventures.
Nico Katzke, Head of Portfolio Solutions, Satrix
At Satrix, Nico is the head of portfolio solutions. Previously, he worked at ASISA, Fairtree Capital, the BER & Prescient Securities and also provided statistical consulting to several public institutions, including the South African and Nigerian Reserve Banks, as well as private institutions for several years. He has published a number of academic papers and lectures Master’s level courses in data science and quantitative finance part-time at the University of Stellenbosch. He was awarded first place for risk management in the 2020 Financial Mail rankings and achieved second place in the quantitative analyst category. Nico has a BCom Honours in Economics & Mathematical Statistics and a Masters in Economics (cum laude) from the University of Stellenbosch and University of Tuebingen, Germany. He is also reading towards a PhD in quantitative finance at UCT, and is a chartered statistician and board member of the ICCSSA statistics council.
Arthur Kamp, Chief Investment Economist at Sanlam Investments
Arthur Kamp has been chief investment economist at Sanlam Investments since 2005, providing economic input on the domestic and global economy to the asset allocation team. This includes researching and presenting material on the economy, analysis of inflation, interest rates, currencies, trends in the components of final demand in the economy and the implications of changes in the economic policy environment, including monetary and fiscal policy.
Prior to Sanlam Investments, Arthur worked as an economics consultant in the Management Consulting Group at Eskom from 1990 to 1995 and thereafter spent 10 years working as the South African economist at stock broking firm, Simpson McKie, which was later purchased by the global investment bank, HSBC. His role included interacting with HBSC’s South African and global fund manager client base. Prior to this, he worked as assistant lecturer at the University of Stellenbosch Business School in 1989.
Arthur holds a B Econ Hons (Economics) cum laude from the University of Stellenbosch and a MSc in Financial Economics from the University of London.
Disclosure
Satrix Investments (Pty) Ltd is an approved FSP in term of the Financial Advisory and Intermediary Services Act (FAIS). The information does not constitute advice as contemplated in FAIS. Use or rely on this information at your own risk. Consult your Financial Adviser before making an investment decision.
While every effort has been made to ensure the reasonableness and accuracy of the information contained in this document (“the information”), the FSP’s, its shareholders, subsidiaries, clients, agents, officers and employees do not make any representations or warranties regarding the accuracy or suitability of the information and shall not be held responsible and disclaims all liability for any loss, liability and damage whatsoever suffered as a result of or which may be attributable, directly or indirectly, to any use of or reliance upon the information.
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