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Truffle Asset Management, a boutique investment firm founded in 2008, says while it can understand investors wanting to take advantage of a recovery in the rand to diversify their wealth offshore, they may be better off buying “bombed out” local stocks that offer better value and return prospects over the next five to seven years.

The Johannesburg-based asset manager, which oversees about R32bn, said SA stocks are still “generally not expensive” despite a rally in the JSE all share this year that has made it one of 2021’s best performing emerging-market bourses in dollar terms...

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