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It was another tumultuous year in markets. For the full year no domestic asset class offered positive real returns for the first time in over two decades. Money market investments (up 5.1%) provided the best return, lagging inflation by only 2%. Local equities gained 3.6% for the year and

bonds ended 4.2% higher.

Global markets had a far tougher time than South African investments. Global inflation approached 9% for the year while investment markets ended 2022 much lower. Global equities (as measured by the MSCI World Index) lost 18% in US Dollar terms, while global bonds gave up a little over 16%. Emerging market equities shed nearly 20% for the year which makes the performance of the JSE All Share index (down only 2% in US Dollars) so much more remarkable Read more



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