1. Pivot Points
Quarterly Forecast
Viv Govender

2. Contents
2012
2013
GDP
Inflation and Rand
Interest Rates
Sector Pick
Conclusion
Table of Contents

3. 2012
- Strong Market Performance
- We did better ( refer to fund fact sheet)
- Even in strong market, those that pick correctly
do better
03

4. 2013
-Issues ‘solved’ – Euro Crisis, China Slowdown, US
Unemplyment
-Maybe not
04

5. GDP
- 3.2% for 2013, up from 2.5% for 2012
- Been lowering forecast however
- Dependant on no ‘Black Swan’ events
- Consumer sector also in doubt
05

6. Inflation and Rand
-Averaging 5.5% for year
-Very dependant on Rand
-Average Rand Value R9.15/$ for year
-Current account pressures
06

7. Interest Rates
-Expect no change for year
-If there is a change it will be a cut
-Earliest we can expect a rate hike is mid 2014
07

8. Sector Pick
08

9. Conclusion
- Broad Overview
- Still have to pick individual stocks and
instruments
- Must remain flexible. Just because we don’t
predict an event does not mean we shouldn’t
react to it
09

10. Thank you
For more information:
viv@vunaniprivateclients.co.za /
011 – 384 2925 or
084 585 0254

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