April was shaped by rising geopolitical tension and higher energy prices, as the closure of the Strait of Hormuz disrupted global supply and pushed oil prices higher.
While this creates a near-term headwind for growth, the impact on inflation should be more contained than in previous cycles. Central banks have remained measured, with most holding rates steady as they assess whether price pressures will persist.
Markets were volatile but ultimately resilient. US equities led gains, supported by strong technology earnings, while local markets held up despite pressure on resource stocks. Across our portfolios, companies continue to deliver solid results. Netflix and Visa both reported strong growth, reinforcing their long-term positioning, while locally, Capitec and Clicks continue to demonstrate resilience despite a more constrained consumer environment.