A Bank of America (BoA) survey of 12 SA fund managers has found that one-third of them see local equities as undervalued, the most since 2011, while a similar proportion regard the country’s bonds as cheap, the most since 2013.

Most of the local investors expect economic conditions in the country to improve, though they are frustrated with the slow pace of reform, the survey shows. Foreign investors have a similar attitude, analysts from the bank said at a presentation in Johannesburg on Friday...

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