Asset manager looks to rand-hedge defensive stocks as elections loom
Old Mutual Investment Group favours some exposure to gold, British American Tobacco and AB InBev
20 March 2024 - 05:00
Asset manager Old Mutual Investment Group (OMIG) says it is allocating capital to gold and rand-hedge defensive stocks ahead of SA’s elections — with uncertainty about the outcome high as the governing ANC faces its toughest polls to date.
“We do not seek to position our portfolios around the May 2024 elections given that the outcome is so uncertain; instead, we favour a diversified approach that includes some exposure to gold as well as defensive rand-hedge shares like British American Tobacco (BAT) and AB InBev,” said OMIG’s head of equities research, Meryl Pick...
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