Taking Stock: Tariffs, Trends and Term Risk

Nico Katzke, Head of Portfolio Solutions at Satrix*, recently led an insightful panel discussion with experts from BlackRock as part of the latest Satrix IndexMore webinar. The session aimed to take stock of what has happened in global markets to date. Following a volatile Q1, participants received timely insights into global fund flows, market statistics, and discussions around what is likely to happen next in the current topsy-turvy macroeconomic landscape.

Staying Invested During Market Volatility

Natasha Sarkaria, Investment Strategist at BlackRock, delved into how this year has shown that, in times of market uncertainty, doing nothing can sometimes be the best strategy. Those who stayed invested in risk assets were seen to avoid major losses. Natasha shared key insights on ETP flows and how market participants are navigating the shifting geopolitical landscape. As we move into the second half of the year, she explored whether current market trends are here to stay or whether they are merely temporary fluctuations.

Macro Trends and Strategic Outlook for H2 2025

Varia Pechurina, Director and EMEA Investment Strategist at BlackRock, also brought valuable insights to the discussion. She shared her perspective on the flow trends discussed by Natasha Sarkaria and what has made 2025 a standout year for investment managers. Varia unpacked key structural and macro signals that could potentially disrupt these trends and explored shifts in the long-term macro anchors that have historically shaped asset allocation.

She also discussed how she balances taking advantage of tactical opportunities with the need for long-term resilience. Varia highlighted the key macroeconomic issues to consider heading into the second half of the year and shared her views on various investment opportunities .

Geopolitical Shifts and Their Impact on Investment Strategy

Ben Powell, Chief Middle East and APAC Investment Strategist at BlackRock, contributed a compelling viewpoint on how geopolitical factors such as trade, defence, sanctions, and policy-setting have shaped investment outcomes in recent years. He also discussed how Europe is seeking to reduce its dependence on the US, particularly in defence, industry, and technology.

Ben also explored key trends, including the shift toward local currency emerging market debt and developed markets excluding the US, especially among investors outside the US, and what that implies about whether US outperformance can continue. 

Navigating Global Asset Flows: A South African Perspective

Kingsley Williams, Chief Investment Officer at Satrix*, discussed the latest trends in global asset flows and their impact on South Africa. He shared insights on industry flows in South Africa year to date and highlighted the best opportunities for local investors right now.

This event was CPD-certified. Watch the full webinar here.

*Satrix is a division of Sanlam Investment Management.

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