News and Insights

Matrix Monthly – November 2023

By Kim Silberman | 16th November 2023

Download PDF SA bonds offer value, while global rates shift lower The global monetary policy cycle is bullish for bonds, as evidenced by central banks keeping policy rates on hold in October. The US Federal Reserve Bank (Fed) kept the…
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Matrix Monthly – October 2023

By Kim Silberman | 10th October 2023

Download PDF Bond markets expect the US economy to defy historical precedent and avoid recession. August’s global and domestic macroeconomic trends extended into September. Global rates shifted higher across the curve and equity markets continued to generate negative returns on…
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Matrix Monthly – August 2023

By Kim Silberman | 11th September 2023

Download PDF The Cost of unsustainable Fiscal Policy South Africa’s fiscal deterioration has resulted in a series of sovereign downgrades, from BBB+ in 2015 to BB- in 2020. And, if the current growth trajectory persists over the longer term, South…
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Matrix Monthly – June 2023

By Kim Silberman | 20th July 2023

Download PDF Structurally bearish, cyclically bullish bonds Global interest rate normalisation continued in 2Q23 as proxies for global risk free rate rates moved into positive territory for the first time since the 2008 GFC. Long term expectations of real policy…
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Matrix Insights

By Eben Karsten | 17th March 2023

Download PDF How the SVB fallout may affect growth, inflation, monetary policy, and South Africa The situation remains fluid and it is too early to make a hard call Our base case is that this is not systemic, but will…
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Matrix Monthly – February 2023

By Eben Karsten | 13th March 2023

Download PDF Echoes of 2022 February can be characterised as markets going from Goldilocks to bearish. EM prospects have deteriorated somewhat due to resilience in US growth and inflation that has led to a reassessment of the peak in rates.…
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Matrix Monthly – January 2023

By Eben Karsten | 17th February 2023

Download PDF Peeking at the peak China’s accelerated reopening and potential for broader policy support, warmer European weather and falling gas prices, and the pending Fed pivot culminated in a strong risk-on backdrop for financial markets heading into 2023. With…
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Matrix Monthly – November 2022

By Patsy Langa | 13th December 2022

Download PDF Pivots and pivotal politics What a difference a datum makes. The recovery in risk assets in October received a fillip in November from the downside surprise in US CPI inflation. Never mind that it was still well above…
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The SA bond market – A new era of higher risk and return?

By JP Matthews | 12th December 2022

Download PDF Over the past five years, we have seen significant structural changes in the South African government bond market. This includes the loss of our global sovereign investment grade credit rating, resulting in foreign holdings of SA bonds almost…
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Matrix Monthly – October 2022

By Patsy Langa | 18th November 2022

Download PDF A pivot or a pumpkin? Risk appetite improved modestly in October on market expectations for a Fed pivot that would entail a clear signal of a step down in the size of the hikes. While the FOMC’s rhetoric…
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Matrix Monthly – February 2023

By Eben Karsten | 13th March 2023

Manager Commentary: September 2018

By Patsy Langa | 12th October 2018

Market stress eased over the course of September as the dollar retreated and risk aversion subsided. Yet this attempt for EM assets to stabilise belies persistent underlying risks relating largely to the impact on growth and inflation from the ongoing…
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Manager Commentary: August 2018

By Patsy Langa | 31st August 2018

The stabilisation in global markets proved to be short-lived as EMs were caught in the cross-currents of contagion, trade wars, and renewed dollar strength. Tightening global liquidity continues to permeate markets and the escalation in trade tensions have started to…
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Manager Commentary: June 2018

By Patsy Langa | 30th June 2018

Q2 provided a reality check, not only on the global economy, but also on the outlook for South Africa. The shock 2.2% contraction in GDP and 4.8%/GDP current account deficit in 1Q18 emphasise that SA needs more than Ramaphoria to…
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Manager Commentary: May 2018

By Patsy Langa | 31st May 2018

The market malaise intensified in May amid the confluence of a spike in US yields, higher oil price, weak activity data, geopolitics, and EM crises. The US withdrew from the Iran deal and implemented steel and aluminium tariffs on Mexico,…
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Manager Commentary: April 2018

By Patsy Langa | 30th April 2018

Shifting dynamics made April an uneasy month for markets: from a de-synchronisation in global growth to a reversal in the US dollar and a slump in portfolio flows to EMs. Geopolitics remained front and centre, moving from strained US-Sino relations,…
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Manager Commentary: March 2018

By Patsy Langa | 31st March 2018

South Africa continued to enjoy the tailwinds of the leadership transition as Moody’s not only affirmed the sovereign credit rating at an investment grade credit rating of Baa3, but moved the outlook from negative to stable. This allowed the SARB…
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Manager Commentary: February 2018

By Patsy Langa | 28th February 2018

South Africa continues to bask in “Ramaphoria”, shaking off the spike in global market volatility and escalating international trade tensions. While the ALSI came under pressure from the global equity market sell-off, the currency and bonds posted gains on the…
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Lourens Pretorius interview by Black Onyx

By Lourens Pretorius | 4th December 2017

In this interview, Andrew Ludwig from BLACK ONYX asks Lourens Pretorius from Matrix Fund Managers How he got into alternative investments. Some detail on the firm, team and strategies. How is the fund different from other traditional and alternative products.…
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Bruce Mommsen interview by Black Onyx

By Bruce Mommsen | 29th November 2017

In this FULL interview, Andrew Ludwig from BLACK ONYX asks Bruce Mommsen from Matrix Fund Managers, who runs the Matrix NCIS Multi Strategy Retail Hedge Fund: How he got into alternative investments. Some detail on the firm, team and strategies.…
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