Equities offer promise in 2025 after an eventful close to 2024

The fourth quarter of 2024 was interesting, Marius Oberholzer, Head of STANLIB’s Multi-Asset team, says. The stand-out event was the sweeping Republican victory in the US presidential election, which is likely to be followed by higher tariffs, corporate tax cuts and deregulation of many industries in the US. Marius believes 2025 offers a fertile environment for investment, due to, among other things, the structural shift of many economies towards services and away from manufacturing, political changes, including in SA, and persistently high interest rates. He discusses the team’s “New Regime” scenario, in which central bankers accept higher inflation to maintain growth, and what this means for equity, fixed income markets and other investment instruments.

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