With 2024 being described by some as the biggest electoral year in world history, SA's biggest private wealth manager, Allan Gray, says it's more concerned than many of its peers and has been pursuing some defensive positioning. Risks also stem from SA as it heads to the polls in 2024, the asset manager says, given the possibility of an unstable coalition government that is in the mood for nationalisation. Its R184.5 billion flagship Balanced Fund is more than 60% exposed to foreign equities but very underweight in US stocks and overweight in the UK, Europe and Japan, Duncan Artus, Allan Gray's chief investment officer, said on Wednesday. Underweight refers to having less than would be considered normal, and contrasts with its opposite, overweight.

Source: News 24 February 12, 2024 03:39 UTC