Hormuz, Markets and Opportunity

In this episode, Sean Ashton unpacks the market impact of tensions around the Strait of Hormuz, and what it reveals about how markets behave in periods of uncertainty.

The discussion goes beyond the headlines to explore supply chain risk, energy markets and why markets often move ahead of the news cycle. It also highlights where potential opportunities may be emerging, particularly in sectors like technology, with companies such as Microsoft and NVIDIA trading at more attractive valuations following the recent sell-off.

AI, Platforms and the Battle for the Customer

In this episode, we unpack one of the most important questions investors face today – how AI is changing the way customers make decisions, and what that means for the platforms and businesses that have historically controlled those journeys. It’s a thoughtful discussion on disruption, market structure and long-term value creation, with clear implications for investors trying to separate hype from durable opportunity.

We're pleased to introduce Markets & Meaning, our new monthly podcast by Sean Ashton, Head of Investments at Private Clients. Each month, Sean steps back from the headlines to focus on the forces shaping markets and what they mean for long-term investors.

In the first episode, Sean unpacks why elevated US equity valuations do not automatically signal a bubble, and what today's market concentration really means for investors. From the dominance of the 'Magnificent Seven' and the shift to capital-intensive AI investment, to diverging signals from Meta and Microsoft, the conversation cuts through the noise. He also explores geopolitics, productivity, and where selective long-term opportunities are emerging as investors look ahead to 2026.

Sean Ashton and Simon Brown unpack big tech’s outsized role in S&P 500 returns, how to manage that concentration.

Sean Ashton, Head of Investments at Private Clients by Old Mutual Wealth, and Gugulethu Mfuphi of Kaya Bizi discuss the importance of understanding the underlying drivers of major market indices like the S&P 500. 

Beauty is booming – and not just globally. From skincare to makeup and fragrance, SA retailers are waking up to the higher margins and loyal, repeat customers the beauty segment offers.

In this insightful interview with Simon Brown, Tasneem Samodien, Research Analyst at Private Clients by Old Mutual Wealth, explains how brands like TFG, Mr Price and Woolworths are tapping into local insights to build private-label beauty offerings that resonate.

Once a beauty industry darling, Estée Lauder has lost over 80% of its value since late 2021. What went wrong — and can it be fixed? In this insightful podcast, Tasneem Samodien, Research Analyst at Private Clients by Old Mutual Wealth, unpacks how overexposure to China, reliance on travel retail, and missteps in management turned a premium beauty brand into a turnaround story. 

“It’s not a brand problem. It’s a management problem,” says Tasneem. “And now it’s a wait-and-see story for the new leadership team.”

Google’s parent company is spending big on AI and cloud infrastructure — a 43% increase on last year’s capex. In this podcast, Private Clients by Old Mutual Wealth analyst Nadine Chetty-Khan explains why this bold move echoes past wins like YouTube, Maps and Android.

“Alphabet isn’t just building AI models — it’s building the infrastructure for an AI-powered internet.”

Africa’s largest financial services provider, Standard Bank reported a resilient 2024 half-year performance amid a challenging credit market in SA. Private Clients Research Analyst, Tasneem Samodien, discusses the results and explains why the team expect Standard Bank to continue growing earnings over the long term. 

Tasneem Samodien, Research Analyst at Private Clients by Old Mutual Wealth discusses Standard Bank’s 2023 full-year results and its exposure to Africa, which is expected to remain a meaningful earnings driver in the long term.