2023 was a year of mixed fortunes. The market initially come under enormous pressure, but gave back some handsome returns in the last half of the year. Globally risk assets outperformed and even the unloved property asset class made a comeback in Q4. Overall, because of ZAR weakness and USD strength, South African equities underperformed and it was offshore risk assets that raked in the best returns in 2023. Inflation, along with rate cycles, seems to have topped out and most market participants are pricing in some rate cuts for 2024.
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