In April 2022, the average prudential balanced portfolio returned -0.7% (March 2022: -1.0%). The top performer is Allan Gray Balanced Fund with 1.2%, while NAM Coronation Balanced Plus Fund with -2.4% takes the bottom spot. For the 3-months Hangala Prescient Absolute Balanced Fund takes the top spot, outperforming the ‘average’ by roughly 1.2%. NAM Coronation Balanced Plus Fund underperformed the ‘average’ by 1.6% on the other end of the scale. Note that these returns are before (gross of) asset management fees.

The Monthly Review of Portfolio Performance to 30 April 2022 provides a full review of portfolio performances and other insightful analyses. 

Invest in what you consume to hedge against inflation?

Little has changed in global investment markets since last month’s commentary. Energy costs, inflation, and international interest rates, including S.A. and Namibia, continue to increase. Food shortages are growing, and the Ukraine crisis shows no sign of remission; instead, it is heating up further.

The Ukraine crisis is just a symptom of politics that investors must understand before investing. Politics constitute the outer framework within which economies and markets operate. As much as one may think that we live in a free-market economy, the market is not really free as the political framework sets it narrow constraints.

 The Monthly Review of Portfolio Performance to 30 April 2022 also reflects the editor’s views on current developments and their impact on investment markets.