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Multivest Market Watch - February 2023

In the first two months of 2023, the global economy has reaccelerated which has been consistent with our view that in the short term the economy would enter a goldilocks scenario and growth would surprise to the upside relative to expectations. However, this growth has also revealed a tightening US labour market and rising homeowner confidence elevating the risk of a second wave of inflation. Nevertheless, we continue to expect the

economy to improve in the near term and equities to follow suit. However, this bullish view for equities may quickly change if further evidence of rising inflation appears. Against this highly uncertain backdrop, consistent application of one’s chosen investment philosophy and process is paramount.

Multivest Chartbook - February 2023


Multivest Portfolio Returns

Disclaimer: The investor is liable for CGT on any transactions in the units of the underlying unit trusts within the wrap funds. Compulsory investments are not subject to CGT. Performance is calculated using net returns(after fees) of the underlying unit trusts, and quoted excluding wrap fund fees. Performance quoted is pre-tax. Fund performance numbers shown are for a notional portfolio and do not reflect the actual performance of the client invested in the wrap fund due to timing differences of investments or disinvestments of the client. Benchmark returns for CPI are based on actual published returns and an estimated one month return for the month of the report date. ASISA Benchmark returns are the ASISA returns available as at the time of reporting.

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