In November 2024, the average prudential balanced portfolio returned 1.8% (October 2024: -0.2%). The top performer is NAM Coronation Balanced Plus Fund, with 3.3%, while Momentum Namibia Growth Fund, with 0.8%, takes the bottom spot. NAM Coronation Balanced Plus Fund took the top spot for the three months, outperforming the ‘average’ by roughly 2.8%. Allan Gray Namibia Balanced Fund underperformed the ‘average’ by 1.2% 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 November 2024 reviews portfolio performances and provides insightful analyses.
An outlook on the world economy and financial markets in 2025
As we cross into 2025, the world faces many uncertainties that could severely impact economies and the financial market. During 2024, my main theme was that the world might drift into World War III. President-elect Donald Trump’s election statements on the US waging never-ending costly wars and ending the Ukraine war within 24 hours dim the prospect of a major military confrontation somewhat. My fear is, though, that there are very strong vested interests in driving global conflict. Commentators refer to these interests as the military-industrial complex in the US. Where I would have expected the US war industry to pull back in anticipation of a change of direction by President Donald Trump, I am seeing the opposite happening. Pressure on Russia and its allies is being intensified unrelentingly. Most recently, we had to witness the fresh offensive of Jihadists in Syria and social unrest in several neighbouring countries of Russia. Perhaps the US war industry intends to create facts for the new president that will force him to abandon his plans for America.
In the event of a global conflict, the dynamics would change drastically. It would severely disrupt international trade, financial flows, economies, and supply chains while reallocating resources towards the war economy and essential services.
Read paragraph 6 of the Monthly Review of Portfolio Performance to 30 November 2024 for our views on investment markets and global political developments. It also reviews portfolio performances and provides insightful analyses.