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Insights & Research

Independent analysis and market commentary from our investment team.

Thematic Research1 March 2026

Middle East Escalation and Global Market Implications

The coordinated US-Israeli military strikes on Iran and Iran's retaliatory strikes across the Gulf represent a significant geopolitical escalation. We map three scenarios, assess the structural drivers, and outline how we are positioning portfolios in response.

Anchor Intelligence

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Macro Research10 March 2026

Anchor rand view: Rand under pressure as geopolitical tensions drive oil higher

The recent escalation of conflict in the Middle East has caused a surge in oil prices, putting pressure on emerging market currencies like the South African rand. This complicates the inflation outlook for South Africa and makes interest rate cuts less likely in the near future.

Nolan Wapenaar

Macro Research19 January 2026

The Navigator – Anchor’s Strategy and Asset Allocation, 1Q26

The Navigator is Anchor’s quarterly review of the major themes affecting markets and gives an overview of our current strategy and asset allocation. This document provides clients with insight into Anchor’s thoughts on various asset classes and our near-term market outlook.

The Anchor Investment Team

Macro Research19 January 2026

The New Geography of Prosperity: Shifting Centres of Global Capital

Global wealth continued to expand in 2024, with average wealth per person rising 4.6% YoY. The report highlights the rise of “Everyday Millionaires” and the growing macroeconomic resilience of emerging markets.

Casey Sprake, Economist

Local Research3 March 2026

February local commentary: The JSE’s outperformance continues amid precious metals rally

South African equities once again found themselves at the front of the pack in February, with the JSE being among the top-performing major markets globally. Precious metal shares were a key driver of returns for the month, contributing c. 60% of February’s JSE index returns with strong commodity price gains.

Peter Little

Local Research3 February 2026

January local commentary: The JSE starts 2026 strong with robust precious metals and banking gains

The JSE continued its strong performance into January, driven by precious metal miners and banks. Despite a month-end dip, the bourse saw significant gains, while the SARB kept rates on hold amidst muted inflation.

Peter Little, Fund Management

Local Research2 March 2026

Nerves, noise and a late comeback on global markets in February as resources reasserted control on the JSE

Most major global equity markets delivered a mixed but resilient performance in February, with major indices oscillating between losses and rebounds amid volatility linked to artificial intelligence (AI) sentiment and ongoing macroeconomic and geopolitical pressures. A central theme was the scale and sustainability of technology investment, with a focus on companies generating sustainable earnings growth.

Marco de Matos

Global Research3 March 2026

February global commentary: Equity markets digest AI sentiment, rotation and macro signals

Global equity markets delivered an eleventh consecutive monthly gain (MSCI World +0.8% MoM) despite a drawdown in US stocks (S&P 500 -0.8% MoM). The rotation out of US growth stocks continued into February with global value stocks (MSCI Global Value +2.9% MoM) outperforming US growth stocks (Russell 1000 Growth Index -3.4% MoM), the latter cohort having underperformed their global value peers by 12.6% YTD.

Peter Little

Global Research8 February 2026

THE NEW ARMS RACE: THE RACE FOR COMPUTING POWER

The market was left stunned as the Magnificent Seven or Big 7 tech giants (Alphabet, Amazon, Apple, Meta, Microsoft, NVIDIA, and Tesla) reported results recently and outlined capex plans, projecting 40%-plus increases in their investment budgets for 2026. Instead of being applauded, many of these announcements were met with sharp share price declines, as investors expressed scepticism about whether incremental profits would be sufficient to justify the eye-watering investments.

Peter Armitage, CEO/Co-CIO and Peter Little, Fund Management

Global Research3 February 2026

January global commentary: Equity markets kick off 2026 with rotation, energy surge and tech volatility

Global equity markets started the year on a positive note, with value shares outperforming growth. However, the tech sector saw volatility with some mega-cap stocks declining after their earnings announcements.

Peter Little

Company Research9 February 2026

Kneading out the profits: The structural winners in the SA bread market

The outlook for South African (SA) food producers is increasingly positive heading into 2026, supported by tailwinds including easing input costs, cost efficiencies driven by investment-led economies of scale, and an emerging inflection in industry volume growth. In this note, we focus on the bread market—an industry with a complex history in SA following deregulation, pricing scandals, and, more recently, intensifying competition.

Sean Culverwell, Investment Analyst

Company Research19 January 2026

The power of ‘I don’t know’: Investing in an age of AI uncertainty

The article discusses the importance of acknowledging uncertainty in financial markets, particularly in the context of AI's potential impact. It argues that being comfortable with saying "I don't know" is a sign of wisdom and that investors should adopt a flexible, risk-managed approach to AI-related investments rather than making all-or-nothing bets.

James Bennett

Macro Research19 January 2026

STRATEGY AND ASSET ALLOCATION, 1Q26

The global economy showed surprising resilience in 2025, but underlying issues are now emerging as we head into 2026. Rising protectionism, geopolitical fragmentation, and loose fiscal policies are creating a more fragile global economic environment.

The Anchor Investment Team

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Insights & Research

Middle East Escalation and Global Market Implications

Anchor rand view: Rand under pressure as geopolitical tensions drive oil higher

The Navigator – Anchor’s Strategy and Asset Allocation, 1Q26

The New Geography of Prosperity: Shifting Centres of Global Capital

February local commentary: The JSE’s outperformance continues amid precious metals rally

January local commentary: The JSE starts 2026 strong with robust precious metals and banking gains

Nerves, noise and a late comeback on global markets in February as resources reasserted control on the JSE

February global commentary: Equity markets digest AI sentiment, rotation and macro signals

THE NEW ARMS RACE: THE RACE FOR COMPUTING POWER

January global commentary: Equity markets kick off 2026 with rotation, energy surge and tech volatility

Kneading out the profits: The structural winners in the SA bread market

The power of ‘I don’t know’: Investing in an age of AI uncertainty

STRATEGY AND ASSET ALLOCATION, 1Q26

Our Research, Your Inbox