Paul Cluer, Managing Director at Foord, says the sharp market turmoil triggered by the Middle East energy shock highlighted the importance of capital preservation, with Foord’s defensively positioned portfolios outperforming peers by limiting losses during March’s global sell-off.

The Middle East conflict is expected to push global inflation higher and slow economic growth, but weaker demand should prevent major central banks from aggressively raising interest rates despite rising energy and supply-side pressures.

Adriaan Pask, CIO of PSG Wealth, says long-term investment success depends less on predicting markets and more on disciplined behaviour, consistent saving, appropriate asset allocation and avoiding emotional reactions during periods of uncertainty.

Sebatian Mullins, Head of Multi-Asset and Fixed-Income at Schroders Australia, says markets may be underestimating the economic risks of the Strait of Hormuz remaining closed, warning that prolonged energy disruptions could trigger higher inflation, weaker growth and a global stagflationary shock.

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The year started on an optimistic note for the local economy, with expectations of faster growth, lower inflation and falling interest rates. The Government of National Unity (GNU) seemed to be settling in after a few challenges last year, while the February Budget was well-received by the market, showing a gradual improvement in South Africa’s fiscal position.