Removing the Gold Tinted Glasses

Rezco Asset Management hosted an investment webinar on 16 April 2026, with Chief Investment Officer Rob Spanjaard, Co-Portfolio Manager and Head of Research Simon Sylvester, and Head of Distribution Brian du Plessis presenting views on removing the gold tinted glasses. As a South African asset manager, Rezco explains how macro conditions, valuation and risk control shape unit trust and segregated portfolio decisions.

What this webinar covers

This webinar replay covers Removing the Gold Tinted Glasses and how Rezco interprets current markets for clients seeking risk-adjusted returns. The session focuses on Rezco Multi-Asset funds, Rezco SA Equity Fund, Rezco Stable Fund and related portfolio themes. And the simplicity of what we're trying to do is say, okay, the return we're going to get is going to be the earnings growth plus the dividend yield and the change in the valuation.

Key themes discussed

• South African macro and politics
• US elections and policy
• artificial intelligence in investing
• bear markets and recessions
• emerging markets
• equity opportunities
• Donald Trump
• JSE

Macro and market context

That has to include macro in your forecasts, in the sense that it might, interest rates might affect a bank, or the credit cycle, whether consumers are going to be defaulting more or less is going to affect your earnings. So there's not a lot of arguments around the underlying macro environment in the US as there was in the past year around inflation.

Companies, sectors and ideas mentioned

• AngloGold Ashanti
• Berkshire Hathaway
• Discovery
• FirstRand
• Gold Fields
• Naspers
• Nvidia
• Standard Bank
• Donald Trump
• JSE

Rezco's risk and portfolio views

The lower the client risk that they're exposed to, losing capital, volatility, drawdowns and so forth, we run low. If you measure Rezco's volatility on its own versus other funds on their own, our volatility is lower, and that's this idea of why we say we manage total risk, not relative risk or benchmark agnostic and so forth. And the simplicity of what we're trying to do is say, okay, the return we're going to get is going to be the earnings growth plus the dividend yield and the change in.