Ninety One

This is such an important next step for Ninety One ensuring that we are offering our clients all relevant investment vehicles, now including active ETFs. We are also very excited to be partnering with State Street Investment Management.

Two long weekends back-to-back here in South Africa offered the rarest of luxuries — time to think. And from that pause, a clear thought has crystallised: a great rebalance is underway. March's market turbulence and the ongoing tensions in Iran have laid bare both the volatility of our world and the way investment capital and economies are reorganising into regional blocs. Large allocators are pivoting away from the dominant US-centric trade and rotating back into local markets — and increasingly back into emerging markets, where the energy transition, robotics and fintech are opening genuine opportunities. The case for this rebalance was reinforced for me by two contrasting milestones in recent weeks: Sir David Attenborough's 100th birthday and NASA's successful return of Artemis II — humanity's first crewed lunar mission in more than fifty years. Both spoke, in different ways, to our shared vulnerability as a species. “In all of this emptiness… you have this oasis, this beautiful place that we get to exist in together.” — Victor Glover, Artemis II astronaut Spending the long weekend in the Kalahari with my two young boys, I found myself sharing my love of nature with them — and reflecting on Sir David's enduring warning about the alarming decline of wildlife and what is at stake for our planet. The pace of change today bears no resemblance to a decade ago. A great rebalance is not simply under way — it is necessary. And for those willing to see it that way, change is also an invitation to reset. In honour of Sir David, I rather hope that 2026 turns out to be the year of that reset — a year in which shifting global dynamics challenge long-held assumptions, and the market faultlines beneath our feet are finally, properly, acknowledged. Ninety One is a proud sponsor of TUSK and our CEO & Founder, Hendrik du Toit, is joined by HRH Prince William where Sir David received an award in 2016.

Thank you, Governor Uanguta, and your leadership team for a productive engagement this morning. Ninety One looks forward to playing our part in Namibia’s economy and supporting the country’s national development goals.

Ninety One Emerging Market Fixed Income Analyst Roger Mark told the Financial Times ' Emerging Markets Correspondent Joseph Cotterill that the rally across Hungarian assets reflected “a general positivity trade on what this means for #Hungary , as being structural change, a pro-EU stance and a potential to access a large amount of the EU funds.” https://nty.one/4cmfNEU #FixedIncome #EmergingMarkets #EMDebt #FX #Bonds #Sovereign #EMDebt #NinetyOne

If bonds are down ~6% and equities ~10%… was cash the better choice? That was the question in a client discussion yesterday and it made me reflect on my own investment in the Diversified Income AMETF. The difference comes down to alignment. My goal isn’t to avoid all volatility - it’s to “sweat” cash over 12–18 months by taking on just enough additional risk to earn better returns. That means accepting some movement but avoiding the kind of drawdowns we’ve seen in traditional asset classes. In that context, the recent market environment hasn’t been unsettling — it’s been a reminder of why positioning between cash and higher-risk assets can matter. Performance only makes sense when measured against your goal. 🎧 In our latest podcast, our portfolio managers share how they’re navigating this fluid environment — focused on protecting capital, while staying ready to take advantage of opportunities as volatility creates them. Worth a listen if you’re thinking about where cash should sit right now. Our 91DINC AMETF is available on EasyEquities , Shyft , ETFSA , Vault22 and from your stockbroker. Markets shaken, not broken: Middle East tensions | Ninety One | South Africa Ninety One