Most local investors expect economic conditions in SA to improve, but are frustrated with the slow pace of reform
A Bank of America survey of 12 SA fund managers has found that one-third of them see local equities as undervalued, the most since 2011, while a similar proportion regard the country’s bonds as cheap, the most since 2013.
“Foreign investors are lightly positioned and this could be an opportunity if things fall into place,” said David Hauner, the bank’s head of emerging-market cross-asset research and economics. “The bar for positive surprises is low.” “They are saying, why are things taking so long,” said John Morris, the bank’s SA strategist. “It’s an opportunity cost. The foreigners are in limbo. It’s wait and see while focusing on other countries.”
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