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Golden Opportunity or Fool’s Gold?
The long-term track record of the SA gold miners suggests limited discipline in deploying capital effectively.
The past year has been remarkable for gold, with its price surging and South African gold miners delivering exceptional share price performance. These miners, highly leveraged to the gold price, now rank among the top ten best-performing shares on the JSE for the year. To put this in context, by the end of September, precious metals miners accounted for 24% of the JSE Capped Top 40—double their weighting at the start of the year. This was driven by a 46% increase in gold and a 77% rise in platinum prices.
This has had a marked effect on the relative investment results of our equity house-view model which has flowed through in varying degrees to the multi-asset strategies. It is understandable that there may be discomfort when our investment results do not align perfectly with current benchmarks, as has been the case so far in 2025.
Our investment objectives
It is worth pausing to reflect on our objectives. For clients with a Balanced strategy, our goal is to match or exceed inflation by 4% over rolling five-year periods. For Growth strategies, the target is inflation plus 5% over rolling seven-year periods. All strategies have delivered positive returns year-to-date, exceeding these inflation-plus objectives—even if they have lagged benchmarks in the short term. More importantly, over longer periods, our strategies have outperformed both benchmarks and inflation-plus objectives, thanks in part to exceptional outcomes in 2024 and 2023.
Download the full article here.
