{"id":65623,"date":"2024-05-06T16:58:01","date_gmt":"2024-05-06T16:58:01","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/anc-unlikely-to-partner-with-eff-ninety-one"},"modified":"2024-05-06T17:12:02","modified_gmt":"2024-05-06T17:12:02","slug":"anc-unlikely-to-partner-with-eff-ninety-one","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/anc-unlikely-to-partner-with-eff-ninety-one","title":{"rendered":"ANC unlikely to partner with EFF \u2013 Ninety One"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>A fund manager at South Africa\u2019s largest investment firm believes there\u2019s a low probability that the ruling African National Congress will coalesce with leftist parties after this month\u2019s elections should it fail to get a national majority.<\/p>\n

Ninety One\u2019s view contrasts with that of other investors, who appear to be pricing in a scenario in which the ANC\u2019s support drops to around 40% after the May 29 vote, leading it to tie up with the EFF, or uMkhonto weSizwe Party.<\/p>\n

Both parties favour the nationalization of the central bank and land expropriation without compensation.<\/p>\n

The valuation and positioning that investors have taken on the country\u2019s locally focused stocks indicates that the market is 80% sure of such an outcome, Ninety One Value Fund\u2019s portfolio manager, John Biccard, said in an emailed note.<\/p>\n

\u201cIt is difficult to see probabilities of these two events to be high enough to match the market\u2019s expectations,\u201d he said. \u201cConsequently, our entire domestic equity positioning in the Ninety One Value Fund \u2014 outside of 35% offshore and 10% in gold shares \u2014 is invested in \u2018SA Inc.\u2019\u201d<\/p>\n

So-called \u201cSA-Inc.\u201d companies are currently trading at the largest valuation discount ever relative to both the MSCI Emerging Markets Index and the MSCI World Index.<\/p>\n

Ninety One sees a 50% probability that the ANC will get less than 40% of the vote and a 20% chance that it would then partner with the EFF or former President Jacob Zuma\u2019s MKP.<\/p>\n

\u201cWe therefore see the probability of a bad outcome as only 10%, a stark contrast to what the market appears to be pricing in.\u201d<\/p>\n

An Ipsos poll released on April 26 shows ANC support at 40.2% compared with the 57.5% it won in the 2019 election. It also suggests the EFF may get around 11.5% of the vote and MKP 8.4%.<\/p>\n

The value fund favours companies that are trading close to their Covid-19 lows, including Life Healthcare, Netcare, Spar, Reunert and Absa.<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. A fund manager at South Africa\u2019s largest investment firm believes there\u2019s a low probability that the ruling African National Congress will coalesce with leftist parties after this month\u2019s elections should it fail to get a national majority. Ninety One\u2019s view contrasts with that of other investors, who appear to be pricing in […]<\/p>\n","protected":false},"author":84,"featured_media":65622,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,12],"tags":[274,315,275],"class_list":["post-65623","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-policy","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"\nANC unlikely to partner with EFF \u2013 Ninety One - South Africa<\/title>\n<meta name=\"description\" content=\"A fund manager at South Africa\u2019s largest investment firm believes there\u2019s a low probability that the ruling African Nati ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/anc-unlikely-to-partner-with-eff-ninety-one\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ANC unlikely to partner with EFF \u2013 Ninety One\" \/>\n<meta property=\"og:description\" content=\"A fund manager at South Africa\u2019s largest investment firm believes there\u2019s a low probability that the ruling African Nati ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/anc-unlikely-to-partner-with-eff-ninety-one\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-06T16:58:01+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-06T17:12:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2024\/05\/sm_1715002858.611678.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"768\" \/>\n\t<meta property=\"og:image:height\" content=\"432\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/anc-unlikely-to-partner-with-eff-ninety-one#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/anc-unlikely-to-partner-with-eff-ninety-one\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"ANC unlikely to partner with EFF \u2013 Ninety One\",\"datePublished\":\"2024-05-06T16:58:01+00:00\",\"dateModified\":\"2024-05-06T17:12:02+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/anc-unlikely-to-partner-with-eff-ninety-one\"},\"wordCount\":335,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/anc-unlikely-to-partner-with-eff-ninety-one#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2024\/05\/sm_1715002858.611678.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Africa\",\"South-Africa\"],\"articleSection\":[\"all news\",\"policy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/anc-unlikely-to-partner-with-eff-ninety-one#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/anc-unlikely-to-partner-with-eff-ninety-one\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/anc-unlikely-to-partner-with-eff-ninety-one\",\"name\":\"ANC unlikely to partner with EFF \u2013 Ninety One - 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