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Investec Investment Management: patience, valuation and discipline in an uncertain market
Mail & Guardian
|M&G 13 March 2026
While headline returns often attract the most attention, Investec assesses portfolio performance through a different lens. The key question, Holdsworth explains, is whether portfolios delivered outcomes consistent with their intended mandates.
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Global markets in 2025 were shaped by persistent inflation, uneven economic growth and rising geopolitical uncertainty. Against that backdrop, investment outcomes were increasingly influenced by valuation and regional positioning, with previously lagging markets beginning to outperform.
Shift in global market leadership
According to Chris Holdsworth, Chief Investment Strategist at Investec Wealth & Investment International, the year marked an important shift in global equity performance dynamics.
"For the first time in a while, countries that were cheaper outperformed and countries that were more expensive underperformed," he says. "That meant the US under-performed the broader global index for the first time in several years."
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