South Africa’s reform test: Fleeting gains or fundamental change?

Last year’s strong market returns renewed optimism in South Africa after years of sluggish growth, but many investors are wondering whether the country has truly reached a turning point or is merely in the midst of a false dawn. In the latest episode of The Allan Gray Podcast, portfolio managers Thalia Petousis and Sandy McGregor are joined by ESG analyst Raine Adams to discuss whether the country’s reform narrative is on track. They also explore the structural factors shaping the economic environment, including energy, water and logistics, and share views on whether local asset prices can withstand global shocks.