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Markets move on, even as the conflict has not

  • by
  • Reading time: 5 mins
The oil shock that characterised the first quarter has largely faded, even as the underlying conflict remains unresolved.
Read more

A stalemate, for now

  • by
  • Reading time: 4 mins
Oil prices have remained surprisingly contained despite the ongoing US-Iran conflict, underpinned by inventory buffers and Chinese import flexibility.
Read more

No clear signs of an offramp yet

  • by
  • Reading time: 5 mins
Markets are once again being forced to navigate a complex mix of geopolitics, energy prices, inflation and shifting monetary policy expectations.
Read more

A fragile ceasefire – for now

  • by
  • Reading time: 5 mins
A volatile start to the year has reshaped the investment landscape. While a ceasefire offers short-term relief, unresolved tensions, persistent inflation risks, and changing commodity dynamics continue to drive uncertainty.
Read more

Energy prices rise, metals rally

  • by
  • Reading time: 3 mins
February was characterised by heightened geopolitical tensions, a strong rally in precious metals, and a constructive domestic fiscal backdrop in South Africa.
Read more

A constructive start to the year

  • by
  • Reading time: 2 mins
Global markets opened the year on a positive note, with supportive policy settings lifting equity markets.
Read more

Market and investment insights from our team

Truffle aims to keep investors informed on how we think and why we make investment decisions.

Compelling opportunities with ethical guardrails

  • Reading time: 5 mins
As global defence spending reaches record highs, Truffle examines the investment case for the sector alongside the ethical questions it raises.
Read More

Markets move on, even as the conflict has not

  • Reading time: 5 mins
The oil shock that characterised the first quarter has largely faded, even as the underlying conflict remains unresolved.
Read More

A stalemate, for now

  • Reading time: 4 mins
Oil prices have remained surprisingly contained despite the ongoing US-Iran conflict, underpinned by inventory buffers and Chinese import flexibility.
Read More

Microsoft: Framing the AI disruption

  • Reading time: 10 mins
Microsoft is at the centre of the AI investment debate - are investors overlooking the resilience of Microsoft's core business and the value of its long-term AI opportunity?
Read More

Not all software is the same

  • Reading time: 10 mins
AI is rapidly reshaping the software landscape, raising questions around the durability of traditional business models. But are markets overestimating the risks?
Read More

No clear signs of an offramp yet

  • Reading time: 5 mins
Markets are once again being forced to navigate a complex mix of geopolitics, energy prices, inflation and shifting monetary policy expectations.
Read More

African Bank: Avoiding risk…twice

  • Reading time: 7 mins
A case study on African Bank explains how different risks in a new cycle can emerge as cracks in a compelling turnaround story.
Read More

A fragile ceasefire – for now

  • Reading time: 5 mins
A volatile start to the year has reshaped the investment landscape. While a ceasefire offers short-term relief, unresolved tensions, persistent inflation risks, and changing commodity dynamics continue to drive uncertainty.
Read More

US Health insurance: cyclical pressure, structural opportunity

  • Reading time: 10 mins
The health insurance sector has been through a period of cyclical stress. However, the structural advantages of scale, integration, and pricing power remain intact.
Read More

Why we bought and sold Novo Nordisk

  • Reading time: 7 mins
At Truffle, we don’t anchor to past convictions. Novo Nordisk is a clear example of how changing fundamentals including pricing pressure and the regulatory landscape can shift the investment case.  
Read More

From signal to crisis

  • Reading time: 4 mins
Markets often react sharply to major environmental, social and governance investigations, court rulings or regulatory decisions.
Read More

Energy prices rise, metals rally

  • Reading time: 3 mins
February was characterised by heightened geopolitical tensions, a strong rally in precious metals, and a constructive domestic fiscal backdrop in South Africa.
Read More

AI: unpacking the investment opportunity and risk

  • Reading time: 8 mins
Artificial Intelligence is undoubtedly attracting global attention. Danesh Ranchhod shares insights on the AI value chain and where we find investment opportunities in the current cycle.
Read More

A constructive start to the year

  • Reading time: 2 mins
Global markets opened the year on a positive note, with supportive policy settings lifting equity markets.
Read More

SA Listed property: A muscle building year

  • Reading time: 4 mins
Could 2026 mark the point at which the SA listed property sector moves beyond recovery and starts building lasting strength and muscle.
Read More

Staying true to form

  • Reading time: 3 mins
Truffle maintains ethos and investment approach through a period of massive growth
Read More

The AI trade is crowded, pushing legacy software back into favour

  • Reading time: 3 mins
The US market is currently powered by a handful of tech giants and a widespread fear of missing out.
Read More

Global growth remains supportive

  • Reading time: 4 mins
The global economic environment remains supportive of risk assets heading into 2026, with expansive fiscal policy and accommodative monetary conditions underpinning solid growth despite ongoing tariff and geopolitical headwinds.
Read More

Truffle CIO: SA equity could achieve a 16% total return in 2026

  • Reading time: 3 mins
Iain Power believes South African equities are entering a more attractive phase after several difficult years.
Read More

Pressures and potential

  • Reading time: 3 mins
The US continued to show signs of a weakening economic backdrop, while US equity markets maintained strength as earnings revisions strengthened.
Read More

Small wins, big returns

  • Reading time: 5 mins
Exploring lessons from Novak Djokovic in the world of investing. Learning that success isn’t a single defining moment.
Read More

Is there a bubble ahead?

  • Reading time: 3 mins
Most regions continued to generate reasonable growth in October despite heightened trade and political tensions.
Read More

Resilient growth amid persistent uncertainty

  • Reading time: 3 mins
Geopolitical tensions remain elevated, both between and within nations, contributing to a persistently uncertain global environment.
Read More

Picking a winner: Prosus – a shortcut to the world’s biggest Super-App

  • Reading time: 3 mins
Over the past 12 years, Prosus has been a standout performer for South African investors.
Read More

Harmonising SA’s market

  • Reading time: 3 mins
The FTSE / JSE index harmonisation project effectively merges the vanilla and SWIX versions of the Index, simplifying the index range and reducing complexity.
Read More

Microsoft: Framing the AI disruption

  • Reading time: 10 mins
Microsoft is at the centre of the AI investment debate - are investors overlooking the resilience of Microsoft's core business and the value of its long-term AI opportunity?
Read More

Not all software is the same

  • Reading time: 10 mins
AI is rapidly reshaping the software landscape, raising questions around the durability of traditional business models. But are markets overestimating the risks?
Read More

African Bank: Avoiding risk…twice

  • Reading time: 7 mins
A case study on African Bank explains how different risks in a new cycle can emerge as cracks in a compelling turnaround story.
Read More

US Health insurance: cyclical pressure, structural opportunity

  • Reading time: 10 mins
The health insurance sector has been through a period of cyclical stress. However, the structural advantages of scale, integration, and pricing power remain intact.
Read More

Why we bought and sold Novo Nordisk

  • Reading time: 7 mins
At Truffle, we don’t anchor to past convictions. Novo Nordisk is a clear example of how changing fundamentals including pricing pressure and the regulatory landscape can shift the investment case.  
Read More

AI: unpacking the investment opportunity and risk

  • Reading time: 8 mins
Artificial Intelligence is undoubtedly attracting global attention. Danesh Ranchhod shares insights on the AI value chain and where we find investment opportunities in the current cycle.
Read More

SA Listed property: A muscle building year

  • Reading time: 4 mins
Could 2026 mark the point at which the SA listed property sector moves beyond recovery and starts building lasting strength and muscle.
Read More

Small wins, big returns

  • Reading time: 5 mins
Exploring lessons from Novak Djokovic in the world of investing. Learning that success isn’t a single defining moment.
Read More

Picking a winner: Prosus – a shortcut to the world’s biggest Super-App

  • Reading time: 3 mins
Over the past 12 years, Prosus has been a standout performer for South African investors.
Read More

Ready or not, here it comes

  • Reading time: 4 mins
Unpacking the squeeze in SA bank credit, why “risk-free” might no longer mean what it used to, and how the FLAC rollout could reshape the fixed income opportunity set.
Read More

The Next Best Thing

  • Reading time: 4 mins
When investing in a world of accelerating disruption and innovation, it is critical to determine whether a stock has what it takes to deliver sustainable, long-term returns.
Read More

Offshore stock-take: ASML

  • Reading time: 5 mins
Brief insights on why the global semi-conductor value chain is currently offering compelling opportunities, particularly a company called ASML (Advanced Semiconductor Materials Lithography).
Read More

Offshore stock-take: UMG

  • Reading time: 5 mins
A brief insight on the investment case for UMG and how, through focusing on identifying information that materially impacts intrinsic value, we find attractive valuations offshore.
Read More

US Trust Deficit

  • Reading time: 4 mins
Initial market exuberance following Trump’s return to office appear to be dissipating given erratic and sudden change to trade and other policy.
Read More

Retiring Japan’s widowmaker

  • Reading time: 5 mins
The period of predictable, low-cost Yen appears to be over, while artificially low global interest rates are coming to an end.
Read More

Staying grounded to achieve success

  • Reading time: 3 mins
Truffle’s co-founder, Hannes van der Westhuyzen, unpacks critical aspects that have shaped business success over the last 17 years.
Read More

Will SA Property thrive in ‘25

  • Reading time: 3 mins
Whilst the market has correctly captured this upside in the 2024 rally, leaving the sector at a fairer overall value, 2025 introduces a new set of global geopolitical and economic uncertainty.
Read More

On the bright side

  • Reading time: 2 mins
Resilience and ongoing delivery are certainly required to tackle well-established issues and drive economic reform in South Africa.
Read More

Adding value to income

  • Reading time: 3 mins
A Q&A with fixed income portfolio manager, Raihan Allie
Read More

Don’t buy a lemon! Why information asymmetry is critical to investment success

  • Reading time: 5 mins
An investment or purchase of poorer quality than you were led to believe is frequently referred to as “buying a lemon”.
Read More

Are we heading towards a copper supply cliff?

  • Reading time: 4 mins
Copper has long been referred to as Dr Copper as the price of this conductive, versatile metal provides a good barometer of the health of the global economy given its myriad of end use applications.
Read More

Are real returns beyond the passport gates

  • Reading time: 4 mins
While Emerging Market players share similar characteristics and in aggregate should benefit from the cutting cycle, however local idiosyncratic challenges mean risks will differ across each region, building the case for diversification.
Read More

Investment Case for Japan

  • Reading time: 7 mins
Japan is emerging from two decades of deflation following collapsing asset prices off the 80’s asset bubble. In 2024, many Japanese companies are trading at significant low price to book relative to other geographies.
Read More

Making light of a dark situation

  • Reading time: 4 mins
As we navigate global and local risks, its important to keep a spotlight on investment opportunities.
Read More

Bonding with Inflation

  • Reading time: 5 mins
In 2021 as the world adjusted to a post-pandemic environment, the global narrative of transitory inflation shifted to persistent with Central Banks motivating “higher-for-longer” rates given the stubborn resilience of inflation globally.
Read More

Celebrating 15 years of Truffle!

  • Reading time: 3 mins
Truffle Asset Management was founded in April 2008 by Louis van der Merwe and Hannes van der Westhuyzen. The business has successfully grown its capabilities, client base and assets under management over the past 15 years.
Read More

Is Emerging Market debt retaining its appeal?

  • Reading time: 4 mins
Investors in search of real yields over the last decade had a significantly simpler decision when choosing to invest between Developed Market (DM) and Emerging Market (EM) fixed income assets.
Read More

Markets move on, even as the conflict has not

  • Reading time: 5 mins
The oil shock that characterised the first quarter has largely faded, even as the underlying conflict remains unresolved.
Read More

A stalemate, for now

  • Reading time: 4 mins
Oil prices have remained surprisingly contained despite the ongoing US-Iran conflict, underpinned by inventory buffers and Chinese import flexibility.
Read More

No clear signs of an offramp yet

  • Reading time: 5 mins
Markets are once again being forced to navigate a complex mix of geopolitics, energy prices, inflation and shifting monetary policy expectations.
Read More

A fragile ceasefire – for now

  • Reading time: 5 mins
A volatile start to the year has reshaped the investment landscape. While a ceasefire offers short-term relief, unresolved tensions, persistent inflation risks, and changing commodity dynamics continue to drive uncertainty.
Read More

Energy prices rise, metals rally

  • Reading time: 3 mins
February was characterised by heightened geopolitical tensions, a strong rally in precious metals, and a constructive domestic fiscal backdrop in South Africa.
Read More

A constructive start to the year

  • Reading time: 2 mins
Global markets opened the year on a positive note, with supportive policy settings lifting equity markets.
Read More

Global growth remains supportive

  • Reading time: 4 mins
The global economic environment remains supportive of risk assets heading into 2026, with expansive fiscal policy and accommodative monetary conditions underpinning solid growth despite ongoing tariff and geopolitical headwinds.
Read More

Pressures and potential

  • Reading time: 3 mins
The US continued to show signs of a weakening economic backdrop, while US equity markets maintained strength as earnings revisions strengthened.
Read More

Is there a bubble ahead?

  • Reading time: 3 mins
Most regions continued to generate reasonable growth in October despite heightened trade and political tensions.
Read More

Resilient growth amid persistent uncertainty

  • Reading time: 3 mins
Geopolitical tensions remain elevated, both between and within nations, contributing to a persistently uncertain global environment.
Read More

Politics and policy

  • Reading time: 2 mins
Political pressure impacts US economic outlook and is lifting the risk of higher bond yields.
Read More

US showing signs of slowing

  • Reading time: 4 mins
Signs of the US slowing became more apparent in July with US GDP growth for first half of 2025 at 1.3%, down from the 2.8% in the second half of 2024.
Read More

Navigating policy shocks, debt risk and shifting global power

  • Reading time: 6 mins
The global investment landscape continues to shift under the weight of escalating geopolitical tensions.
Read More

Easing trade tensions

  • Reading time: 3 mins
A temporary easing in trade tensions and a more benign global backdrop drove stronger market performance in May.
Read More

Policy backpedalling

  • Reading time: 3 mins
The Trump administration appears to be softening its stance, granting tariff reprieves across numerous sectors following meetings with captains of US industry. 
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A tariff-induced global slowdown

  • Reading time: 3 mins
Tariff announcements have elevated the risk of a US and global recession and increased uncertainty for businesses and policy makers.
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A fast-evolving global landscape

  • Reading time: 3 mins
2025 is shaping up to be a year of significant transformation as shifting policies and geopolitical decisions are being felt across major economies.
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The South African market rebounds

  • Reading time: 3 mins
Trump’s initiation of tariffs on imports from Mexico and Canada came as no surprise in January.
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Uncertainty set to continue

  • Reading time: 5 mins
Donald Trump prepares for a second term as US President as the US remains resilient and markets cheer campaign promises to cut tax and regulation.
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Trump 2.0

  • Reading time: 3 mins
US equity markets responded positively to a Trump victory in November as campaign promises to cut taxes support the immediate US earnings outlook.
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Resilience amidst uncertainty

  • Reading time: 3 mins
The US remained resilient in October while heightened election uncertainty led to market volatility.
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The rate cutting cycle began in earnest

  • Reading time: 5 mins
With one quarter of 2024 to go, the US economy, while slowing, still remains remarkably resilient.
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Ready for rate cuts?

  • Reading time: 3 mins
The US economy is slowing, however remains resilient and with certainty around imminent rate cuts, US markets performed well in August.
Read More

Rebounds and swings

  • Reading time: 5 mins
South African financial markets were buoyed by positive election sentiment in July and by the end of the month the Rand had strengthened by 2% year to date.
Read More

Cracks revealed, slowdown ahead?

  • Reading time: 4 mins
Buoyant US economic activity continued, however cracks in US consumer data became apparent towards the end of June.
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The dawn of a new era for SA politics

  • Reading time: 3 mins
Elections in South Africa took centre-stage in May, with SA equities (ALSI) initially up 3.4%, only to lose 2.4% in the last two trading days as the election results came through.
Read More

A strong month for metals

  • Reading time: 3 mins
The US economy remains resilient, four months into 2024. April did, however, bring further moderation to interest rate expectations and a summer US rate cut now appears unlikely.
Read More

Gold glitters and US stays strong

  • Reading time: 7 mins
The strength of the US economy continues to propel investor optimism even though interest rates appear set to stay higher for longer.
Read More

Persistent resilience

  • Reading time: 3 mins
Trends across the main economic regions accelerated in February, particularly in the US where employment data was again resilient.
Read More

Economic themes of 2023 have carried into 2024

  • Reading time: 3 mins
US markets gained in January on positive sentiment with the S&P 500.
Read More

Equity markets make a comeback

  • Reading time: 7 mins
Global equity markets (except for China) made a comeback in the fourth quarter, spurred by fresh optimism of imminent US rate cuts following a two-year hiking cycle.
Read More

Markets in good spirits

  • Reading time: 3 mins
Falling inflation data signalled a peak in interest rate hikes across developed markets in November, lifting spirits ahead of the holidays and driving a market turnaround.
Read More

Geopolitical risks rising

  • Reading time: 4 mins
Weakening market sentiment led global bond and equity markets lower in October given heightened geopolitical risks and expectations that interest rates will stay higher for longer
Read More

South Africa’s progress amidst looming global risks

  • Reading time: 6 mins
Incremental improvements in the SA economy could have a meaningful impact on growth going forward despite a weakened fiscus.
Read More

Market volatility makes a comeback

  • Reading time: 3 mins
Following a strong July, global markets proved volatile in August and by month end, both Developed and Emerging equity markets had struggled to deliver positive returns.
Read More

Positive sentiment amidst record heat

  • Reading time: 4 mins
July proved to be one of the hottest months on record in the Northern Hemisphere. It was also a month of rising global equity markets.
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US stronger for longer

  • Reading time: 6 mins
The broader US economy is yet to succumb to pressure from higher rates, remaining buoyant through a quarter of sustained tight monetary policy and declining inflation.
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What we are watching

  • Reading time: 4 mins
Global markets once again waited eagerly for new data prints to come through in May to guide potential turning points in the economic cycle.
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Are we reaching the tipping point?

  • Reading time: 5 mins
While economic data and DM equity markets showed resilience over April, leading indicators continue to signal a US slowdown ahead.
Read More

Global banking sector under strain

  • Reading time: 4 mins
Market volatility continued to run high into March, this time precipitated by a mini yet significant crisis in the banking sector.
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Global resilience means longer rate path

  • Reading time: 5 mins
Resilient economic data across global markets in February suggests expectations of an imminent pause to interest rate hikes (and the start of rate reductions) need to be reassessed.
Read More

Chinese consumers are back on the street

  • Reading time: 4 mins
Against a “new” backdrop of pro-growth economic policy and more business-friendly regulation, Chinese PMI statistics, mobility data and spend on services are showing notable improvements.
Read More

China reopening gathering steam

  • Reading time: 4 mins
The much-anticipated reopening of the Chinese economy ignited markets as the Chinese government, pressured by social unrest, adopted a surprising full-scale reopening of the economy as opposed to an expected slow-phased approach.
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Significant economic challenges weigh on the world

  • Reading time: 4 mins
Financial markets reacted positively and swiftly to stabilising US inflation figures printed in November and hints from the US Federal Reserve (Fed) that the much-anticipated “pivot” on rate hikes (or slowing of increases) is indeed in sight.
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Party congress outcomes negative for Chinese assets

  • Reading time: 5 mins
Xi Jinping secured an unprecedented third term leadership at China’s 20th Communist Party Congress held in October with a speech indicating a continued trend of less market-friendly policies in favour of political and ideological control.
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Rates have risen, but inflation is still too high

  • Reading time: 6 mins
It’s been a tough few months for Central Banks around the world. Not only is inflation proving more resilient than anticipated, but currency weakness and fiscal stimulus have added further complications.
Read More

The global energy crisis deepens

  • Reading time: 5 mins
It seems increasingly clear that Russia does not intend to reopen the key Nord Stream 1 gas pipeline before the approaching Northern hemisphere winter. This has resulted in European gas prices fluctuating wildly and temporarily increasing by over 30% in August to €1000 per megawatt hour.
Read More

Will weakening economic conditions cause Central Banks to pause interest rate hikes?

  • Reading time: 3 mins
Read More

Global market outlook

  • Reading time: 3 mins
Read More

Compelling opportunities with ethical guardrails

  • Reading time: 5 mins
As global defence spending reaches record highs, Truffle examines the investment case for the sector alongside the ethical questions it raises.
Read More

From signal to crisis

  • Reading time: 4 mins
Markets often react sharply to major environmental, social and governance investigations, court rulings or regulatory decisions.
Read More

The Rising Importance of S

  • Reading time: 5 mins
The relevance of social factors will differ significantly across regions and can drive a complex balancing act in aligning to environmental protection.
Read More

Balancing carbon tax

  • Reading time: 3 mins
Active stewardship is becoming an increasingly important aspect for asset managers and forms a key element of Truffle Asset Management’s approach to responsible investing. An important theme informing our current ESG research and engagement activity is the evolution of regulation relating to environmental protection.
Read More

The Environmental Pressure Cooker

  • Reading time: 5 mins
Truffle has created a glossary of key terms that are now common language in the environmental space and important policies that are turning up the heat on the management of climate change worldwide.
Read More

A Force to be Reckoned With

  • Reading time: 3 mins
According to the Emergency Event Database, in 2022, there were 387 natural hazards and disasters worldwide.
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The more things change, the more they stay the same

  • Reading time: 2 mins
ChatGPT was asked by Quantdare whether ESG is important when building a portfolio. Its response was fairly similar to Truffle’s own thinking around it.
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Not everything that counts can be counted

  • Reading time: 3 mins
Read More

Harmonising SA’s market

  • Reading time: 3 mins
The FTSE / JSE index harmonisation project effectively merges the vanilla and SWIX versions of the Index, simplifying the index range and reducing complexity.
Read More

Fall back, JIBAR, ZARONIA is here!

  • Reading time: 4 mins
South Africa's banking sector is undergoing a major shift.
Read More

Simplifying Two-pot

  • Reading time: 4 mins
Bold steps to change retirement savings in South Africa
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Why invest in a unit trust?

  • Reading time: 3 mins
There are many options available to investors looking for financial gains, however, not every option is accessible, and many options have significant risks.
Read More

Staying true to form

  • Reading time: 3 mins
Truffle maintains ethos and investment approach through a period of massive growth
Read More

The AI trade is crowded, pushing legacy software back into favour

  • Reading time: 3 mins
The US market is currently powered by a handful of tech giants and a widespread fear of missing out.
Read More

Truffle CIO: SA equity could achieve a 16% total return in 2026

  • Reading time: 3 mins
Iain Power believes South African equities are entering a more attractive phase after several difficult years.
Read More

Ready or Not? here it comes

  • Reading time: 4 mins
The South African credit market has evolved significantly over the last decade.
Read More

Truffle has hired six staff members this year

  • Reading time: 2 mins
Truffle Asset Management has hired six new staff members in 2025, bringing its team total to 38.
Read More

The Rising Importance of S

  • Reading time: 5 mins
The relevance of social factors will differ significantly across regions and can drive a complex balancing act in aligning to environmental protection.
Read More

Q&A: Cybersecurity and resilience from an asset manager’s POV

  • Reading time: 3 mins
Cyber-attacks have become increasingly prevalent across all industries.
Read More

The Trust Deficit

  • Reading time: 6 mins
Once a stalwart for financial markets and an enforcer of law and democracy, recent actions by the White House are rapidly creating a low-trust environment globally.
Read More

Navigating market volatility and sustaining success

  • Reading time: 4 mins
A Q&A with portfolio manager of Truffle’s award-winning Income fund.
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Truffle CIO: High equity market concentration can lead to lower long-term returns

  • Reading time: 3 mins
Iain Power cautioned investors to guard against periods of concentration and elevated valuations.
Read More

No ‘death by committee’ – how Truffle wins at investment

  • Reading time: 3 mins
Truffle team at the FundHub awards, joined by Kevin Hinton, director at the Collaborative Exchange.
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Video Interview – Nicole Agar

  • Reading time: 21 mins
Nicole Agar sheds light on Truffle’s consistent top quartile performance.
Read More

Retiring Japan’s widowmaker

  • Reading time: 4 mins
For nearly half a century, Japan’s bond market has been a graveyard for contrarian investors. The so-called “widowmaker” – betting against Japanese bonds (JGB) in anticipation of rising yields – has claimed many casualties.
Read More

Staying grounded to achieve success

  • Reading time: 3 mins
Truffle’s co-founder, Hannes van der Westhuyzen, unpacks critical aspects that have shaped business success over the last 17 years.
Read More

Could 2025 be a year of double-digit SA equity returns?

Read More

Alexforbes: Truffle AM trumps absolute return peers

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Balancing carbon tax

  • Reading time: 3 mins
Active stewardship is becoming an increasingly important aspect for asset managers and forms a key element of Truffle Asset Management’s approach to responsible investing. An important theme informing our current ESG research and engagement activity is the evolution of regulation relating to environmental protection.
Read More

Are real returns beyond the passport gates

  • Reading time: 4 mins
While Emerging Market players share similar characteristics and in aggregate should benefit from the cutting cycle, however local idiosyncratic challenges mean risks will differ across each region, building the case for diversification.
Read More

Local equity: Still a waiting game?

  • Reading time: 3 mins
Truffle shares its views on the outlook for the SA market.
Read More

Truffle: Very little upside in US equities

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Truffle: Very little upside in US equities

  • Reading time: 3 mins
We are not finding value in US equity, said Nicole Agar, co-portfolio manager of the Nedgroup Investments Balanced fund.
Read More

Tailwinds that helped bond markets are gone

  • Reading time: 3 mins
Truffle shares its views about low equity funds.
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Amplify managers see value in four key SA equity sectors

  • Reading time: 4 mins
Truffle sees opportunities in local equities but have warned investors to be patient.
Read More

Truffle: Last year the cheap just got cheaper

  • Reading time: 3 mins
The boutique remains focused on areas of the market where assets trade at deep discounts to their intrinsic value.
Read More

Citywire SA Awards 2023: Best fund award winners

  • Reading time: 2 mins
For the second consecutive year, Truffle wins the SA equity group award.
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Citywire South Africa Awards 2023: Nominees for best fund manager

  • Reading time: 2 mins
Truffle is nominated for the South African equity group Citywire award.
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Momentum buys 100% of RMI Investment Managers

  • Reading time: 3 mins
Momentum gains increased indirect minority stakes in several local boutique fund managers via the deal.
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Top investors profit from resurgent Prosus on 38% discount

  • Reading time: 6 mins
Shares in Dutch technology investor Prosus are rallying thanks to a share price recovery in its huge Tencent stake and management efforts to rein in its discount.
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Why we’re maintaining a hedge on the S&P 500

  • Reading time: 3 mins
Truffle portfolio managers on the R5.9bn Nedgroup Investments Balanced fund are adopting a cautious approach to the Chinese, South African and US economies.
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Truffle: ‘We’re biding our time’

  • Reading time: 4 mins
CIO Iain Power remains conservatively positioned in the Amplify SCI Wealth Protector fund, but believes that opportunities will emerge later this year and into 2024.
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Why Truffle continues to prefer nominal bonds over inflation-linkers

  • Reading time: 4 mins
Portfolio manager Raihan Allie sees only short-term benefits in holding ILBs.
Read More

Is it finally takeover time for Quilter?

  • Reading time: 6 mins
Several years of restructuring have cleared the decks at Quilter but the company still faces many operational challenges. Could bidders now rush in?
Read More

Truffle hires institutional distribution professional

  • Reading time: 1 mins
Thandi Zwambila joins the boutique from Benguela Global Fund Managers.
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Truffle scores record win at Morningstar awards

  • Reading time: 4 mins
The boutique took home more silverware than any manager in the history of the awards.
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Morningstar Announces Winners for 2023 Morningstar Fund Awards – South Africa | Morningstar, Inc.

  • Reading time: 3 mins
Truffle recognised with four awards at 2023 Morningstar Fund Awards.
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Truffle appoints new non-executive director

  • Reading time: 2 mins
The boutique has also aligned the boards of the asset manager and its holding company.
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Truffle sees equity and bond market divergence as a major ‘red flag’

  • Reading time: 3 mins
The asset manager believes two sets of investors are rowing their boats in different directions.
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Truffle: Why we’re focused on yield right now

  • Reading time: 5 mins
The Truffle SCI Flexible fund is notably more conscious of cash flows and dividends than its peers.
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These are the only 9 funds to beat inflation every year since 2018

  • Reading time: 4 mins
Less than 1% of local unit trusts have achieved this feat.
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Takeaways from the Raging Bulls shortlist

  • Reading time: 4 mins
The industry landscape has fundamentally shifted.
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Top performers show up on Large Manager Watch survey

  • Reading time: 4 mins
Truffle, NinetyOne, and M&G enjoy continued success in the December 2022 Alexforbes survey.
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Are local equity funds destroying value by holding offshore stocks?

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Truffle joins the list of top performing SA equity funds over a 5-year period.
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Truffle hires fixed income PM from Counterpoint

  • Reading time: 1 mins
Truffle Asset Management has appointed Raihan Allie as a portfolio manager in its fixed income team.
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Elite stock: Prosus – the digital play on the consumer of the future

  • Reading time: 9 mins
Top investors bet on Prosus’s buyback plan to narrow its discount.
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These are SA’s most consistent equity fund managers

  • Reading time: 4 mins
Truffle is named as one of the few most consistent equity fund managers between 2015 to 2022.
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Truffle: This will be a disappointing year for earnings

  • Reading time: 3 mins
The asset management firm believes global equity will suffer as the effects of the tighter monetary policy feed through to the real economy.
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The five most consistent balanced fund managers in SA

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Truffle is one of the five local managers that have managed to produce positive returns in each of the past five years.
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What will be the most important asset allocation decisions in 2023? Top SA managers give their views

  • Reading time: 6 mins
Saul Miller of Truffle Asset Management states what he believes will be the most important asset allocation in the coming year.
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Citywire South Africa’s 2022 fund manager awards: Some key takeaways

  • Reading time: 4 mins
Truffle stands out in Citywire South Africa’s 2022 fund manager awards.
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Citywire South Africa Awards 2022: Best fund group award winners

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Truffle wins in the Best Fund category.
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Who we are and how we approach investing makes Truffle unique.
Why Truffle?

Truffle has a select range of investments focused on achieving consistent results.
Our fund range

We aim to keep investors informed on our current thinking.