SA investors have suffered a huge opportunity cost by favouring safety over risk since the advent of Covid-19, and missing out on an extraordinary equity market rally that has propelled the JSE all-share index to record highs this year.

The first three months of 2021 saw the lowest quarterly net inflows into the local collective investment schemes (CIS) industry since the end of 2019 while longer-term data reveals high levels of risk aversion as most local investors shunned equities in favour of safer interest-bearing assets...

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