A2X welcomes the Competition Commission’s referral of alleged anti-competitive conduct by the JSE to the Tribunal. The exchange argues that fair competition will lower trading costs, improve liquidity and support market growth, ultimately benefiting investors, listed companies and South Africa’s broader economy.

New research challenges the idea that active managers can’t beat passive investing. The rise of thematic ETFs and retail stock trading has expanded the “active” side of markets, creating more mispricing and opportunities for skilled active managers to outperform, even in the US.

Gold’s surge and AI-driven equity gains have boosted markets, but rising concentration and extreme price moves signal caution. As major tech firms pour billions into AI infrastructure, future returns remain uncertain. Investors may benefit from diversifying into assets still priced attractively.

A year into Trump’s second term, tariffs, tax changes and immigration policies have shaped markets, inflation and employment. While AI investment has supported growth, uncertainty around trade, rates and the labour market remains, highlighting the need for measured investing and diversification.

As markets evolve beyond the post-GFC “norms”, multi-asset funds face hidden risks. Justin Floor highlights how rigid models and overly conservative positioning can jeopardise investors’ long-term outcomes, and why a fresh, adaptive approach is now critical for real resilience and growth.

Private credit is reshaping Africa’s investment landscape, attracting new investors and filling lending gaps left by traditional banks. This piece unpacks the trends driving its rise, the opportunities emerging, and how credit funds are becoming a powerful force in African finance.