VEGA Asset Management

15/10/2026

Higher borrowing costs and a weaker rand are bringing the impact of global energy pressures closer to home for South African investors.

In our October South African market overview, we unpack the SARB’s increase in the repo rate to 7.25%, taking the prime lending rate to 10.75%. While this raises repayments for borrowers, it also changes the income available to savers and money market investors as the Reserve Bank responds to renewed inflation pressures.

We examine the rand’s reversal of its August gains and the implications of higher oil prices for a country that imports most of its fuel. Gold also came under pressure as global interest rates rose, although the weaker rand helped cushion the effect for local investors.

On the JSE, strong results from companies including Discovery and Harmony Gold provided support, while rising yields and political uncertainty weighed on sentiment. We consider these competing forces alongside developments in US–South Africa relations and the approaching local government elections.

Read the South African market overview in our October newsletter:
https://vegaassetmanagement.co.za/2026/10/08/october-2026-newsletter/



Disclaimer: This content is for information purposes only and does not constitute financial, tax, legal or investment advice. Past performance is not necessarily an indication of future performance. VEGA Asset Management is an authorised Financial Services Provider, FSP 776.

12/10/2026

Global equities held their ground in September, despite rising interest rates, expensive energy and a sharp reminder of how quickly sentiment around artificial intelligence can change.

Our October international market overview examines the renewed tightening by major central banks and the pressure that higher government bond yields place on equity valuations. We also consider how the Iran conflict, disrupted oil supplies and Europe’s winter energy position could influence inflation and business costs in the months ahead.

AI remains another central theme. Calls to slow the development of frontier models briefly unsettled technology shares, but geopolitical competition and substantial commitments to chips and data centres continue to support investment across the sector.

For VEGA, the focus remains on businesses with strong cash flows, reasonable valuations and manageable debt. With further interest rate decisions and geopolitical developments ahead, the quality of the underlying business remains central to our portfolio decisions.

Read the international market overview in our October newsletter:
https://vegaassetmanagement.co.za/2026/10/08/october-2026-newsletter/



Disclaimer: This content is for information purposes only and does not constitute financial, tax, legal or investment advice. Past performance is not necessarily an indication of future performance. VEGA Asset Management is an authorised Financial Services Provider, FSP 776.

09/10/2026

Higher interest rates, elevated oil prices and the next phase of artificial intelligence are testing investors’ conviction as we enter the final quarter of 2026.

In VEGA Asset Management’s October newsletter, we examine how global equities have absorbed these pressures and what a changing interest rate environment means for South African investors. We explore the rand, the latest SARB decision and the company results supporting the local market, alongside the risks that continue to influence sentiment.

This edition also includes our VEGA Global Strategic Fund update, with the reasoning behind adding Lockheed Martin and exiting Hermès. Our top pick, the KraneShares Humanoid Robotics ETF (KOID), takes a closer look at the businesses supplying the components and technology behind physical AI, including the risks associated with this developing industry.

We conclude with Morgan Housel’s “Casualties of Perfection”, exploring why cash reserves, diversification and room for error can matter more than a portfolio that looks perfectly optimised.

Read the full October newsletter:
https://vegaassetmanagement.co.za/2026/10/08/october-2026-newsletter/



Disclaimer: This content is for information purposes only and does not constitute financial, tax, legal or investment advice. Past performance is not necessarily an indication of future performance. VEGA Asset Management is an authorised Financial Services Provider, FSP 776.

28/09/2026

VEGA Asset Management’s Offshore Top Pick for September 2026: Lockheed Martin (LMT)

Lockheed Martin is the world’s largest defence contractor and trades at an approximate 20% discount to Morningstar’s US$650 fair value estimate following a recent pullback.

The investment case rests on a wide economic moat, decades-long customer relationships, high switching costs and significant revenue visibility through the F-35 programme into the 2060s. Its Missiles & Space division, F-35 delivery profile and rising allied defence expenditure also provide clear long-term growth drivers.
Lockheed Martin has returned more than US$35 billion to shareholders through buybacks to 2025, while dividends have doubled since 2015.

There are, however, important risks to weigh, including reliance on US defence budgets, programme cost pressures, supply-chain constraints and increasingly capable competitors.

Swipe through for our full investment view on Lockheed Martin.
Discover more at https://vegaassetmanagement.co.za/

This communication is for information purposes only and does not constitute financial, tax, legal or investment advice, or a recommendation to buy or sell any financial product. Past performance is not necessarily indicative of future performance. VEGA Asset Management is an Authorised Financial Services Provider, FSP 776.

24/09/2026

South African Market Overview - September

South Africa’s market environment presented a mixed picture in August.

The rand strengthened on the back of a softer US dollar, elevated precious-metal prices and improved appetite for emerging-market assets. Headline inflation eased in July, although higher fuel costs remain a key risk to the outlook. At the same time, unemployment increased to 33.6%, underlining the importance of sustained economic growth, investment and job creation.

In our September newsletter, we unpack the factors influencing the rand, inflation, interest-rate expectations, local employment data and the strength seen in the platinum-group metals sector.

Read the full South African market overview in our September newsletter:
https://vegaassetmanagement.co.za/2026/09/16/september-2026-newsletter/



Disclaimer: This content is for informational purposes only and does not constitute financial, tax, legal or investment advice. VEGA Asset Management is an authorised Financial Services Provider, FSP 776. Past performance is not necessarily an indication of future performance.

22/09/2026

VEGA Asset Management’s South African Top Pick for September 2026: Altron Ltd (AEL)

Altron is evolving from a traditional IT services business into a platform-led technology group, with Netstar, FinTech and HealthTech increasingly shaping the investment case.

The market currently values the group at approximately 6.2x EBITDA, yet its platform businesses offer a more compelling combination of subscription income, scalable data capabilities and recurring cash generation. With 67% annuity revenue and a free cash flow yield of 13.7%, we believe the valuation does not fully reflect the quality and potential of these businesses.

Our target price of R46.33 per share indicates potential upside of approximately 63% from the current share price. The investment case is supported by continued momentum in the platforms division, disciplined capital allocation, a substantially increased dividend and management’s focus on restoring the IT Services business.
As with every investment, there are risks to consider.

These include the turnaround of IT Services, competitive pressure in fleet management and the company’s exposure to the South African operating environment.

Swipe through for the key insights behind our September South African Top Pick.
Visit https://vegaassetmanagement.co.za/ to find out more.

Information provided is for general insight only and does not constitute financial, tax, legal or investment advice, or a recommendation to buy or sell any financial product. Past performance is not necessarily indicative of future performance. VEGA Asset Management is an Authorised Financial Services Provider, FSP 776.

21/09/2026

International Market Overview - September 2026

International markets faced a more volatile backdrop in August, with investors assessing the combined impact of elevated US debt, rising long-term Treasury yields, inflation pressure, geopolitical escalation and the growing cost of the global AI infrastructure buildout.

While the environment remains demanding, the underlying earnings strength of many leading global businesses has remained resilient. At VEGA, our focus remains on quality companies with durable competitive advantages, strong cash generation and the ability to compound through changing market conditions.

Our latest international market overview also considers developments in NVIDIA, Japanese bond yields and the yen, gold, oil, and the implications of increased debt issuance by major technology companies.

Read the full September newsletter here:
https://vegaassetmanagement.co.za/2026/09/16/september-2026-newsletter/



Disclaimer: This content is for informational purposes only and does not constitute financial, tax, legal or investment advice. VEGA Asset Management is an authorised Financial Services Provider, FSP 776. Past performance is not necessarily an indication of future performance.

17/09/2026

September’s markets offered no shortage of moving parts.

Global investors continued to weigh elevated US debt levels, higher long-term bond yields, inflation concerns, geopolitical pressure around the Strait of Hormuz and the scale of investment being directed into artificial intelligence. Locally, the rand strengthened, inflation moderated, and South Africa’s unemployment challenge remained firmly in focus.

In this month’s VEGA Asset Management newsletter, we unpack the international and South African market environment, provide an update on the VEGA Global Strategic Fund, look at McDonald’s as our share of the month, and explore Morgan Housel’s perspective on optimism, pessimism and durable long-term decision-making.

Read the full September newsletter online here:
https://vegaassetmanagement.co.za/2026/09/16/september-2026-newsletter/



Disclaimer: This content is for informational purposes only and does not constitute financial, tax, legal or investment advice. VEGA Asset Management is an authorised Financial Services Provider, FSP 776. Past performance is not necessarily an indication of future performance.

VEGA’s September 2026 investment newsletter covers global and South African markets, the Global Strategic Fund and McDonald’s.

27/08/2026

Top Pick for August 2026: Investec ZAR Nikkei 225 Autocall (FNIB03)

The Investec ZAR Nikkei 225 Autocall offers South African investors exposure to Japan’s leading equity index through a Rand-denominated, JSE-listed structured note.

The investment provides an indicative return of 17.5% per year, with annual autocall observations from September 2027. If the Nikkei 225 is at or above its starting level on an observation date, the note matures early and pays the accumulated return. If it runs for the full five-year term, the potential total return is 82.5%.

Conditional capital protection provides a 30% buffer at maturity. Investors receive their initial capital back if the index has not declined by more than 30%. If it falls beyond this level, the investor participates fully in the index decline.

The structure provides access to potential growth in Japanese equities without requiring an offshore allowance, but it carries market, liquidity and Investec issuer credit risk.

Swipe through the carousel to understand the return structure, conditional protection, investment drivers and risks.

Disclaimer: This content is provided for informational purposes only and does not constitute financial, investment, tax or legal advice, or an offer or recommendation to invest. Returns are conditional and capital is not guaranteed in all circumstances. Structured products involve market, liquidity and issuer credit risk. Investors should review the applicable terms and consult a qualified financial adviser before investing.

26/08/2026

International Top Pick for August 2026: The Coca-Cola Company (NYSE: KO)

Coca-Cola remains the world’s largest beverage company, supported by exceptional brand strength, an asset-light operating model and a diversified portfolio spanning sparkling drinks, sports beverages, dairy, juice, water and coffee.

Following a strong second quarter, the company raised its full-year guidance, with organic revenue expected to grow by approximately 5% and comparable EPS by 9% to 10%. Growth opportunities include increasing demand across emerging markets, the continued expansion of Fairlife and ongoing investment in zero-sugar products and digital marketing.

Coca-Cola also maintains considerable financial strength, supported by strong cash generation, disciplined capital allocation and a dividend payout ratio of approximately 70%.

However, investors should remain mindful of the current valuation, currency exposure, changing consumer attitudes towards sugar and operational risks across its international bottling network.

Swipe through the carousel for our analysis of Coca-Cola’s strategy, competitive moat, growth drivers, financial position and key investment risks.

Disclaimer: This content is provided for informational purposes only and does not constitute financial advice, an offer or a recommendation to buy or sell any security. Past performance is not indicative of future results. Investors should consult a qualified financial adviser and consider their personal circumstances before making investment decisions.