Prudential Investment Managers, which recently announced it would rebrand to M&G Investments Southern Africa to bring it in line with its UK parent’s name, says it has “overweight” holdings of Standard Bank, Absa and Investec in its flagship equity fund though it does not hold FirstRand, Nedbank or Capitec.    

The asset manager also says it regards SA’s stock market as relatively cheaper than global markets despite the JSE all share index trading at close to a record high above 68,000 points. As a result, Prudential has reduced the offshore allocation in its flagship equity from almost a quarter of its holdings in early 2020 to just 12% to take advantage of what it believes are better priced opportunities on the local bourse...

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