South Africa Fund Manager Survey: Stagflation fuels resource bulls

Research evidence excerpt

South Africa Fund Manager Survey: Stagflation fuels resource bulls

Methodology

• The #343 edition of the South Africa Fund Manager Survey Exhibit 3: SA equities slightly down, bond yield up, oil (and copper)

was conducted between May 8 and May 14, 2026. It up significantly but VIX down markedly

incorporates the views of 12 managers (last month: 16). Market moves between last survey’s close and this survey’s close

FTSE/JSE All-Share 117,362 on May 14 -0.71%

How the survey is conducted. FTSE/JSE Resources -1.4%

Ipsos begins fieldwork on the day the U.S. payroll data is FTSE/JSE Financial & Industrial index: All-Share ex-resources -0.3%

released. Fieldwork continues through the following week USDZAR -0.6%

and is closed on the following Thursday. SA generic 10y Bond close 8.80%: move (bps) +12

Gold Bullion (US$) -2.5%

Ipsos sends a link to the website containing the unprocessed Crude Oil-Brent (US$) 10.2%

results to survey panellists (who completed the survey). All Copper (US$) 9.9%

Platinum (US$) -1.9%

bona fide institutional fund managers are welcome to VIX -11.4%

participate in the panel. Source: BofA Global Research, Bloomberg

Capital returns between April 9 - May 14

• Net buyers/sellers refers to the difference between the BofA GLOBAL RESEARCH

number of managers planning to increase and those

planning to decrease exposure over the next three months

• Net over/underweight refers to the difference between the

number of managers who are overweight and those that are

underweight, a particular asset class or sector.

• Net bulls refers to the number of managers who are bullish

less the number of managers who are bearish.

Exhibit 2: Higher cash bears support equity returns +12M

Net cash bulls vs. 1Y bond (24M%)

120 1.0

1Y bond yield 24M% 100 0.8

Net cash bulls (RHS)

80 0.6