The winds of change have started to ruffle investment portfolios. With new ANC leader and SA president Cyril Ramaphosa — a politician well-versed in the ways of business — having reshuffled his cabinet, investors will be anxiously looking to rearrange their portfolios. Until recently, these would have defaulted towards global stocks and heavyweight rand-hedge holdings. A new regime, some would simplistically argue, means investors should now look to the many unloved stocks that have their fortunes rooted firmly in the SA economy. The reality is that the recent political changes have not really ushered in any certainty for investors. The warm afterglow that followed the appointment of a more functional and less compromised cabinet was soon chilled by the cold reality of political manoeuvring as parliament came out in strong support for land expropriation without compensation. The emotional "land issue" — despite empty reassurances around the expropriation process not harming economic...

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