WEALTH WATCH
STEPHEN CRANSTON: Emerging-market funds offer SA investors high potential upside
Climate is tough, but fall in the value of many companies’ shares makes them more attractive
A release was sent out by Old Mutual about global markets. I wasn’t sure what to expect. The last time I was in contact with Old Mutual on global issues they sent me a signed photograph of three people who looked as though they were preparing for their bar mitzvahs. They called themselves the Titans. But I certainly took notice when I saw the article had been written by Feroz Basa. He steers the Old Mutual Emerging Market (why singular?) Fund with Siboniso Nxumalo. They at least have celebrated their 30th birthdays a few times. Basa phoned me from Saudi Arabia, which is about to enter the emerging-markets index. It might not have the heft of China and India but it knocks all of us when it comes to per capita income. Best of all there is a dollar peg on the currency, and with Saudi’s strong balance of payments the peg looks secure. But it isn’t just an oil story — the enormous national oil major Aramco hasn’t yet listed. Basa, doing his best Lawrence of Arabia impersonation, has hail...
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