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The 2026 Asset Class Playbook: Where Value May Lie Next

  • Admin
  • Feb 2
  • 1 min read

The outlook makes one thing clear: investors can still achieve long-term returns — but the path will require more thought, better diversification, and smarter entry points.


A key message: expected returns are shifting

SNIB flags that:

  • the US market may lag cash returns over the next decade (normalised basis)

  • bonds look unattractive globally due to yields not compensating for inflation and debt risk

  • cash and income look more attractive in SA due to low inflation


SNIB asset views (summary)

Local (South Africa)

  • Cash: Positive

  • Credit: Positive

  • Equity: Neutral

  • Bonds: Neutral

  • Property: Neutral 


Global

  • Developed equity: Negative

  • US equity: Negative

  • Emerging equity: Neutral

  • Global duration bonds: Negative

  • US$ money market: Positive

Asset Classes
Global Assets
ZAR Expected Returns

The role of gold

SNIB positions gold as: “Insurance first, return-seeking second.”


The role of currencies

SNIB notes that diversifying currency exposure matters — especially when:

  • USD long-term dominance is questioned

  • ZAR offers yield (“ZAR pays interest while you wait”)


This is not the environment for “set and forget.”It is the environment for structured frameworks:

  • diversify

  • rebalance

  • reduce concentration

  • remain invested with discipline


SNIB Signature

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