South Africa Fund Manager Survey: Opportunity knocks

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South Africa Fund Manager Survey: Opportunity knocks

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South Africa Fund Manager Survey

Opportunity knocks

Equity Strategy

#344: hello opportunistic equity bulls, bye commodity bulls 16 June 2026

Market +12Ms: All-Share index 125k (133k last month). Total returns*: equities 17% Equity Strategy

(19% last month); R2035 8% (9% last month). In our latest survey, fading growth and South Africa

inflation concerns prop up SA equity bulls (net 50%, after two-year low of 33% last

month), though remain nowhere near the pre-war February high (net 88%). The decline

in equities since February leaves plenty of opportunities, with 93% of survey

respondents seeing more Buys than Sells in the market, up from 58% last month and the

highest share since 2009. Commodity bulls have disappeared as quickly as they came

(net 0% bullish versus brief 5-year high of 25% last month).

Andreas Bruckner >>

+12M macro regime: stagflation fades but rate hikes stay InvestmentMLI (UK) Strategist

+12M Stagflation setup from last month has mostly disappeared, given moves towards +44andreas.bruckner@bofa.com20 7996 1306

Iran conflict resolution and lower oil prices. A net 0% of fund managers are bearish on

the South Africa economy in 12M, versus a net 25% last month that thought the

economy will weaken. Meanwhile, inflation expectations ease, with a net 7% now

expecting higher inflation in 12M, versus a net 75% last month. Nonetheless, hawkish

SARB repricing remains, with a net 100% expecting a repo hike in Q3. +12M: repo

7.30%, R2035 8.61%, USD/ZAR 16.24.

Exhibit 1: #1 bonds, equities, metals &

OW software, metals & mining; UW cash & tobacco mining, real estate, software Positioning by manager: 1ow - 5uw

Manager positioning is high relative to history in software (+2sd), metals & mining