South Africa Large Manager Watch 2Q26: Local Managers add to SA Equity & Bond allocations and cut International & SA Cash allocation in 2Q26

Research evidence excerpt

South Africa Large Manager Watch 2Q26: Local Managers add to SA Equity & Bond allocations and cut International & SA Cash allocation in 2Q26

J P M O R G A N Global Markets Strategy

30 July 2026

South Africa Large Manager

Watch 2Q26

Local Managers add to SA Equity & Bond allocations

and cut International & SA Cash allocation in 2Q26

In 2Q26, domestic fund managers actively added to their SA Equities (+0.7%), CEEMEA & South Africa Equity

Commodities (+0.3%) and Bonds (+0.6%) allocations and rotated out of Strategy

International (-0.9%) & SA Cash (-0.7%). Fairtree was added to the Large Manager Inga Q Galeni AC

watch in 2Q26 as Sanlam exited from the survey due to the Ninety-One transaction. (27-11) 507-0335

For the first time since 4Q24, domestic investors actively added to SA Equities inga.galeni@jpmorgan.com

in a period that navigated the oil shock, the chip rally and finally a MOU by end June. J.P. Morgan Equities South Africa (Pty) Ltd.

In ZAR terms, the SA Composite which consists of SA Bonds, Equities & Cash was David Aserkoff, CFA AC

up +1.2% in the quarter but underperformed the Global composite (+4.7%). (44-20) 7134-5887

david.aserkoff@jpmorgan.com

International allocations have been range bound around 38% since June 2024, having J.P. Morgan Securities plc

peaked at c. 40% in March 2024 – with the GNU led rally effectively capping the

ceiling for most fund managers and dampening appetite for allocations north of 40%.

In SA Strategy, we remain constructive on the SA backdrop although an oil shock that Global SA Global by asset class

results in prices sustaining at or above $100/bbl as a negative which will drive inflation

higher and impact the SARB’s reaction function. For offshore earnings sectors in the 1.3% 3.6%