SA marks 32 years of democracy amid deep inequality and joblessness:
South Africa’s democracy will, on Monday, mark 32 years since the country’s first democratic election, which ended apartheid rule and ushered in a constitutional order built on promises of equality, freedom and rights for marginalised communities, alongside the rule of law.
Since 1994, the Constitution has entrenched a wide-ranging set of civil, political and socio-economic rights. An independent judiciary and a free press have become defining features of public life.
Access to education has expanded significantly compared with the apartheid era, with far more young South Africans completing secondary schooling and entering tertiary institutions.
Millions of households have gained access to basic services such as electricity, clean water and formal housing.
At the same time, the social grant system has grown into one of the largest state-led welfare programmes in the developing world, providing monthly income support to millions.
Yet despite these gains, South Africa remains one of the most unequal societies in the world. Income, opportunity and access to work continue to be shaped by structural inequalities that persist across geography, race and class.
Economists and policy researchers have repeatedly warned that while political rights expanded rapidly after 1994, economic transformation has been far slower and uneven.
The country’s unemployment crisis remains central to this imbalance. In 2026, the official unemployment rate stands at about 32.9%, while the expanded definition, which includes discouraged work seekers who have stopped looking for employment, is estimated between 42% and 43%.
Among young people aged 15 to 34, unemployment remains significantly higher, in the mid-40% range. These figures point to long-standing structural constraints in the economy, including slow growth, limited labour absorption and persistent mismatches between education outcomes and labour market demand.
Labour economists such as Haroon Bhorat of the University of Cape Town’s Development Policy Research Unit and Miriam Altman have argued that South Africa’s unemployment problem is deeply structural.
They point to the economy’s limited ability to generate sufficient jobs in labour-intensive sectors, weak growth and historical patterns of exclusion that continue to shape access to work. For many young South Africans, these macroeconomic realities are experienced in deeply personal ways. In Alexandra, north of Johannesburg, 25-year-old Lesego Mokoena describes a daily routine defined by uncertainty and repeated job applications.
Despite completing a degree in agricultural science, she has struggled to find employment since graduating three years ago.
We were told go to school, do well and you’ll become employable and to this day, I am a true testament that it is not a one-size-fits all, there is just nothing out there. “I don’t think people understand what it does to you. You start to feel like you are outside of life. Everyone else is moving but you are stuck waiting for something that never comes,” she said.
Her experience reflects a broader pattern among graduates who enter the labour market with expectations shaped by education and policy promises, only to encounter prolonged unemployment, informal survival work or long periods of dependency on family support.
In many communities, the transition from school or university into formal employment has effectively broken down.
Youth unemployment has become a defining feature of post-apartheid economic life, particularly in townships and peri-urban areas where opportunities are limited and transport costs further restrict access to jobs.
In Tembisa, east of Johannesburg, 28-year-old Sandile Dlamini now survives through informal trading, selling snacks and phone accessories near a busy taxi rank. He studied logistics but was unable to find stable employment after graduating.
“Freedom Day does not look like freedom to us who have been born outside of apartheid because we live in the free world but how can I say I am free if my kids and my mother go to bed hungry daily because sales were slow today?” he said.
“What is frustrating is that I studied but there are no jobs and things are expensive. Even the R350 we get from the government is not enough.”
His experience reflects how many graduates depend on informal work, short-term contracts and gig-based income to survive. While these forms of work provide immediate income, they rarely offer stability, benefits or pathways into long-term economic security.
The broader economic environment reinforces these challenges. South Africa’s growth rate has remained low for years, limiting the economy’s capacity to absorb new entrants into the labour market. Infrastructure constraints and uneven industrial development have also contributed to weak job creation.
Civil society organisations such as Oxfam South Africa and the Institute for Economic Justice have repeatedly highlighted the link between unemployment, inequality and food insecurity. Millions of households experience some level of food insecurity, with rising living costs placing additional pressure on low-income families.
A recent report by FoodForward SA and the Southern Africa Labour and Development Research Unit at the University of Cape Town, titled the State of Household Food Insecurity in South Africa 2026, found that about 70% of surveyed households experience moderate to severe food insecurity, meaning that many families regularly worry about running out of food, reducing portion sizes or skipping meals entirely.
“This study shows, with painful clarity, that the food insecurity many South Africans live with is not occasional — it is a daily reality, even for families already receiving food support,” said Andy Du Plessis, the managing director of FoodForward SA.
“Behind every percentage is a household juggling impossible choices between food, transport, medication and debt.”
These conditions extend beyond income alone. They influence educational outcomes, health status and long-term mobility and reinforcing cycles of disadvantage.
High levels of violent crime also shape how freedom is experienced in everyday life. South Africa continues to record one of the highest homicide rates globally and safety concerns affect how people move through public spaces, access work and participate in community life.
For many residents, freedom is not only about rights or employment but also about personal security and dignity.
President Cyril Ramaphosa is expected to use Freedom Day commemorations to highlight government interventions aimed at addressing unemployment, including public employment programmes, infrastructure investment and youth-focused initiatives such as internships and wage subsidies.
However, critics argue that while these programmes provide short-term relief, they have not fundamentally altered the structure of the labour market or significantly reduced unemployment at scale.
Opposition parties have proposed different approaches. The Democratic Alliance has argued that weak economic growth and regulatory constraints are key barriers to job creation, calling for labour market reforms and increased private sector participation.
The Economic Freedom Fighters has instead linked unemployment to structural inequality and has called for more aggressive redistribution policies and expanded state-led industrialisation.
Despite ideological differences, unemployment remains one of the most consistent issues across political debate, reflecting its centrality to the country’s social and economic challenges.
Government interventions have included public works programmes, wage subsidies for young workers and various training initiatives. While these have provided temporary income support for some participants, analysts note that they have not yet resolved the underlying structural constraints limiting job creation.
Parliamentary research has warned that the long-term consequences of youth unemployment extend beyond economics, affecting democratic participation and social cohesion.
“When large sections of a generation remain excluded from formal work, it reshapes their relationship to democratic institutions and their sense of inclusion in the national project,” the research said. “Rights remain intact but lived experience becomes increasingly disconnected from political promise.”
Altman has similarly argued that changes in employment structure have deepened inequality over time, widening the divide between formal and informal work.
“The nature of employment has been changing rapidly because the proportion of formal-sector workers to informal-sector workers has been declining dramatically,” she said.
“Between 1994 and 2001, it fell from 69% to 49%. At the same time, those underemployed rose from 14% to 21% and unemployed from 17 to 30%.”
Freedom demands more: Making “good trouble” in a world adrift:
“For to be free is not merely to cast off one’s chains, but to live in a way that respects and enhances the freedom of others.”
I invoke these words of radical revolutionary and iconic statesman, our Foundation’s revered namesake, Nelson Rolihlahla Mandela, to ground what is an undeniably difficult and deeply unsettling moment in which we find ourselves – as a nation, and as a global community.
For over 45 days, the world has watched on tenterhooks as escalations in the US-Israeli war on Iran have intensified, sending oil prices soaring and global markets into decline. Yet beyond these economic tremors lies a far graver truth: in what appears to be a war for power – for the ultimate control of oil flows – it is human life that bears the heaviest cost.
Each day, the conflict claims dozens more lives, with fatalities mounting into the thousands. And while this war rages beyond our borders, closer to home, over the past six months, the corrosive reach of corruption within our justice system has been laid bare for all to witness at the Judicial Commission of Inquiry into Criminality, Political Interference and Corruption – the Madlanga Commission.
At a moment such as this, where freedom is being contested across territories, boardrooms, and broken institutions, Madiba’s own name – Rolihlala, loosely translated as “troublemaker” – feels especially resonant. It reminds us that today we need more Rolihlalas willing to take a stand and fight for just societies.
Freedom Day, commemorated each year on 27 April, marks the triumph of the liberation movement in dismantling colonialism and apartheid.
On this day, 32 years ago, South Africans – regardless of race or creed – stood united at the ballot box, participating freely in the first democratic elections that ushered in our constitutional democracy.
And yet, while many will invoke the legacy of the late, great Madiba, his true vision of freedom –anchored in the Freedom Charter, ethical leadership, and a commitment to global justice – is sorely absent in a world increasingly defined by geopolitical instability, democratic regression, and shifting centres of power.
Adopted 71 years ago at the Congress of the People in Kliptown, the Freedom Charter remains not merely a historical document, but a living blueprint – a moral and political compass for equality, human rights, and democratic accountability in our time.
Its relevance is sharpened as we witness a growing assault on international law and the erosion of multilateral institutions by those intent on their collapse. And so, we are compelled to ask: who, then, holds power to account when the very systems designed to safeguard our freedoms begin to falter?
In 2003, during a visit to Malawi, Madiba reminded us that “international multilateral bodies have the ability to, if there is political will, solve and prevent conflicts.” He further asserted that business leaders, too, carry a responsibility in shaping a more peaceful and prosperous world.
So we must ask: who, then — as our Board Chair, Dr Naledi Pandor, has so aptly challenged – is “making good trouble”? Who is confronting the evolving architecture of wealth corruption, and the resurgent forces of racism and white supremacy that continue to erode decades of hard-won trust?
Who is meaningfully addressing the climate crisis, whose harshest consequences are borne by societies in the Global South? Who is raising their voice against the atrocities unfolding in real time, where human lives are reduced to collateral in a geopolitical contest for power?
And how far into these questions do we travel before we arrive at an uncomfortable, yet necessary answer: “me”?
In a world increasingly defined by apathy and narrow nationalism, Nelson Mandela’s legacy of principled resistance, moral courage, compassion, and diplomacy – stands as both a challenge and a call to action.
As a Foundation, our role is to honour the fullness of Madiba’s legacy, not merely to remember it – to mobilise it in service of ongoing struggles for justice, and in pursuit of more just and equitable societies.
Six months ago, we gathered at the 23rd Nelson Mandela Annual Lecture under the theme “Enhancing Peace and Global Cooperation.” At a time marked by rising conflict, deepening inequality, and the weakening of multilateral institutions, the lecture served as a powerful reminder: peace and cooperation are not inevitable – they are choices. Choices that demand courage, conviction, and collective will.
To realise systemic change, we must insist on accountability at the highest levels of leadership, while also enabling those in positions of power to rise to the demands of this moment. It requires that leaders, scholars, and activists alike embrace their role unapologetically – as agents of disruption. As principled, and proud, troublemakers.
Asset management in an age of uncertainty:
Global investing has rarely felt straightforward, but today’s environment is testing asset managers in new and demanding ways. Geopolitical tension, uneven growth, shifting rate expectations, technological disruption and evolving ESG demands are forcing a rethink not only of where capital should go, but also of how portfolios are built to withstand shocks without sacrificing long-term return potential. As a result, diversification, active management and risk discipline are all being reassessed through a more practical lens.
One of the clearest shifts in asset management is that uncertainty is no longer being treated as a temporary phase. It is increasingly seen as a structural feature of the investment landscape. The old assumption that investors could rely on a simple balance between equities for growth and bonds for protection has come under pressure in a world where inflation shocks, policy divergence and supply-chain fragmentation can reprice multiple asset classes at once.
Fairtree’s Cornelius Zeeman, an equity portfolio manager, says the conventional 60/40 portfolio has come under real strain in recent years as correlations have risen during risk-off periods. Investors therefore need to think more broadly about what diversification really means. Rather than simply holding different asset classes, he argues, portfolios should be built around genuinely uncorrelated sources of risk and return.
SPECTRUM OF EXPOSURES
That more nuanced understanding of diversification is echoed in the fixed-income space. Prescient’s Head of Bonds, Reza Ismail, says: “Investors need to stop treating bonds as a single defensive bucket and instead view them as a spectrum of exposures, each with different sensitivities to inflation, growth, liquidity, fiscal risk and monetary policy”.
In this view, the key question is no longer whether an investor owns bonds, but which part of the fixed-income complex they own, what kind of shock that exposure is expected to absorb, and through which pricing channel it is meant to deliver returns. That is a more demanding framework, but also a more realistic one in today’s environment.
The implication is that diversification has become more conditional and more deliberate. In weaker-growth environments with contained inflation, high-quality duration may still offer protection and capital appreciation. In more inflation-sensitive conditions, inflation-linked bonds or selective short-duration exposures may prove more resilient.
ALTERNATIVE STRATEGIES
In equity portfolios, alternatives, real assets and differentiated strategies are receiving closer attention as investors seek return streams that do not all respond to the same macro trigger. Zeeman says Fairtree sees growing value in alternative strategies such as long/short equity, commodities and real assets alongside traditional long-only portfolios, while also emphasising the importance of diversity of style and thinking within portfolio management teams.
This changing backdrop is also strengthening the case for active management. In calmer periods, passive investing can look efficient and cost-effective. But in volatile markets marked by wide valuation dispersions, policy divergence and rapidly changing fundamentals, asset managers argue that selectivity matters more.
ACTIVE MANAGEMENT
Zeeman says active management is especially valuable when investors need to distinguish between businesses likely to benefit from structural shifts and those likely to be undermined by them. Passive strategies, he notes, buy everything in proportion, including companies that may be overvalued or structurally challenged. In less efficient markets such as South Africa and other emerging markets, he believes that disciplined fundamental research and a willingness to deviate from benchmarks can add significant value.
The same logic applies to fixed income. Ismail notes that passive ownership can be particularly blunt in bond markets because benchmarks are issuance-weighted. “This means they allocate more capital to the heaviest borrowers rather than to the most attractively priced risks,” he explains.
In an environment where central banks are not moving in lockstep, inflation shocks are unevenly transmitted and credit spreads reflect a wider range of issuer and liquidity risks, active management allows investors to distinguish between duration that is being paid for and duration that is not, as well as between credit spreads that genuinely compensate for risk and those that only look attractive.
MORE COMPLEXITY IN SA
For South African investors, this debate carries an added layer of complexity. Local portfolios must navigate domestic structural constraints while still capturing global opportunities. South Africa offers pockets of value, particularly in quality companies with global earnings, commodity exposure and attractive valuations, but it also operates in a context of subdued growth, currency risk and policy uncertainty.
Zeeman says South African investors should maintain meaningful global diversification to access growth markets and provide protection against Rand depreciation, but should not abandon local opportunities altogether. Patient investors willing to do the work, he argues, can still find genuine value on the JSE.
Prescient makes a similar point from the bond-market perspective. It argues that South Africa’s fixed-income landscape is currently being shaped by a combination of improving inflation dynamics, a more credible fiscal trajectory, a new 3.0% inflation target and an economy still operating below its potential, all of which can be constructive for bonds. Yet those positives remain exposed to global oil prices, exchange-rate sensitivity and broader emerging-market risk repricing.
That means local strategy cannot be built on domestic fundamentals alone. It must continuously weigh local valuation and policy credibility against global liquidity conditions, international rate volatility and external tail risks.
AI IS RESHAPING THE INDUSTRY
Technology is another force reshaping the industry, though perhaps with more pragmatism than hype. Asset managers are using data analytics, quantitative tools and AI to improve research, identify opportunities, test scenarios and strengthen risk oversight.
Fairtree says it is investing in alternative data, quantitative screening and risk analytics, while also using AI in company research, earnings analysis and document processing. But the firm stresses that human judgement, business understanding and behavioural discipline remain central to long-term investing.
Prescient’s view is similarly measured. It sees technology’s most useful contribution not as replacing judgement, but as improving inference under noisy and complex conditions. In fixed income, where investors are often dealing with latent variables such as inflation expectations, term premia and liquidity premia, better modelling and scenario analysis can sharpen decision-making. But Ismail also warns that these tools only add value when they are grounded in economic structure and disciplined model governance. AI can strengthen judgement, it suggests, but not replace it.
THEN THERE IS ESG
ESG, meanwhile, is increasingly being treated less as a branding exercise and more as a matter of performance, governance and downside risk. Zeeman says Fairtree views ESG as both a governance and a performance issue, but primarily as a performance consideration, because companies that manage environmental, social and governance risks well tend to be better-run and more sustainable over time. Governance, in particular, remains a critical signal of management quality, capital allocation discipline and long-term investment viability.
In debt markets, Ismail argues, ESG factors matter because bondholders are especially exposed to downside asymmetry. Unlike equity investors, they do not meaningfully participate in upside beyond contractual cash flows, but are highly vulnerable to deterioration in governance, institutional quality and refinancing conditions. Properly understood, ESG is therefore not an optional overlay, but part of orthodox credit and sovereign analysis because it affects the reliability and valuation of promised cash flows.
IT’S CLARITY OVER CERTAINTY
Ultimately, what investors appear to want most from asset managers right now is not certainty, because that is in short supply, but clarity. That means disciplined portfolio construction, sharper differentiation between types of risk, and an ability to remain flexible without becoming reactive. It also means accepting that resilience is not about avoiding risk altogether, but about ensuring that portfolios are appropriately compensated for the risks they do take.
In uncertain markets, that balance between defence and opportunity may be the defining test of modern asset management. Zeeman says one of the biggest mistakes investors still make is extrapolating recent trends too far into the future, while Ismail emphasises that resilience comes from constructing portfolios that do not rely on a single macro forecast. Between those two observations lies the central challenge for asset managers in 2026: staying adaptable, but not unanchored.
Beyond 60/40: rethinking diversification
For years, diversification was often understood as a straightforward balance between equities for growth and bonds for protection. But in today’s environment, that formula is under pressure. Inflation shocks, geopolitical tension, uneven growth and policy divergence are making it harder for traditional asset mixes to deliver the protection investors expect.
Cornelius Zeeman, equity portfolio manager at Fairtree, says diversification now needs to be understood more broadly. Rather than simply holding different asset classes, investors should aim for genuinely uncorrelated sources of risk and return. That is why alternatives, real assets and differentiated strategies are receiving more attention alongside traditional long-only portfolios.
Prescient’s Head of Bonds, Reza Ismail, makes a similar point from a fixed-income perspective. He argues that bonds should no longer be treated as a single defensive bucket, but as a spectrum of exposures with different sensitivities to inflation, growth, liquidity and monetary policy. In other words, the question is no longer just whether investors own bonds, but which bonds they own and what role those holdings are expected to play.
Sanlam Private Wealth adds a third dimension to the debate through alternatives. Reginald Labuschagne, Head of Product and Strategy, says these investments are appealing because they “behave differently across market cycles, offering return streams that are less correlated with equities and bonds”. Sanlam positions its new SPW Global Alternatives Fund as a way of giving qualifying investors streamlined access to global alternative managers and more diversified return drivers over time.
In uncertain markets, diversification is becoming more deliberate and more flexible. It is less about ticking asset-allocation boxes and more about building portfolios that can respond differently to different kinds of shocks.
The more efficient AI gets, the more we’ll use it
Why the sell-off in hyperscaler and software stocks may be missing a 19th-century economic lesson.
In 1865, the English economist William Stanley Jevons observed something counterintuitive: as steam engines became more fuel-efficient, Britain didn’t consume less coal; it consumed far more. Cheaper operation expanded the number of uses, the number of users, and ultimately total demand for energy. This insight, now known as the Jevons paradox, is one of economics’ most durable lessons. And it may be precisely what markets are overlooking today.
Recent months have seen aggressive sell-offs in hyperscaler stocks, such as Microsoft, Amazon, Google and their peers, as well as software platforms exposed to AI spending. The narrative driving the selling is straightforward: if AI models are becoming cheaper and more efficient, revenue and infrastructure spend must follow them downward.
DeepSeek’s emergence, demonstrating that frontier-level reasoning is achievable at a fraction of the prior cost, spooked investors who feared commoditisation.
Falling AI costs ? shrinking market
We believe this logic is flawed. When AI inference costs fall dramatically, the addressable market doesn’t shrink; it explodes. Tasks that were previously uneconomical to automate suddenly become viable.
New categories of AI-native software are created. Businesses that couldn’t justify the expense begin adopting tools at scale. More queries, more agents, more workflows, more cloud infrastructure; and all of it expanding simultaneously.
Lower cost per unit, multiplied by vastly more units, produces more revenue, not less.
Recent sell-off = opportunity
Our base case is that demand for hyperscaler infrastructure and AI-enabled software will grow substantially over the coming years, driven precisely by falling costs unlocking latent demand. The companies that provide the picks and shovels of this transformation, such as cloud platforms, foundation model providers and productivity software, are well-positioned to benefit. The recent sell-off, we believe, represents an opportunity rather than a structural turning point. Jevons knew this in 1865. The market is currently pricing in “this time is different”.
Cornelius Zeeman joined Fairtree in 2015 as an Equity Analyst and is currently an Equity Portfolio Manager in the investment team. He began his career in 2012 as a trainee accountant at Deloitte. Cornelius holds a Bachelor of Accounting degree from the University of Stellenbosch. He is also a Chartered Accountant (SA) and a CFA® charterholder.
ABOUT FAIRTREE Fairtree is a leading global investment manager that manages traditional and alternative investment portfolios across all asset classes for local and global clients. Headquartered in South Africa, Fairtree manages R199 billion (as at January 2026) in award-winning, diverse global portfolios. As a trusted investment partner, Fairtree continually strives for investment excellence and to deliver consistent and competitive returns while pursuing its mission of enriching the lives of all our stakeholders. To find out more, visit: www.fairtree.com.
A new gateway to global alternatives
In an environment in which traditional asset classes face increasing volatility, many investors are looking towards alternative investments for new sources of diversification and returns. Against this backdrop, Sanlam Private Wealth has launched the SPW Global Alternatives Fund – a solution designed to add resilience to our clients’ portfolios and enhance long-term growth potential.
Alternative investments – including private equity, private credit and hedge funds – sit outside the traditional listed universe. Their appeal lies in their ability to behave differently across market cycles, offering return streams that are less correlated with equities and bonds.
This diversification can help smooth portfolio performance over time, while also providing access to sectors, strategies and opportunities not available in public markets. In modern portfolios, alternatives are no longer peripheral – they are increasingly a core component in achieving improved risk-adjusted returns.
Yet for many investors, accessing these opportunities has historically been difficult. Minimum investment thresholds are often high, requiring substantial capital to build a diversified allocation across managers and strategies. At the same time, many alternative investments are inherently less liquid, with capital typically committed over longer time horizons.
These constraints have meant that alternatives have largely remained the preserve of institutional and ultra-high net worth investors.
The SPW Global Alternatives Fund has been designed specifically to address these challenges. By pooling capital into a single structure, the fund provides a streamlined access point to a curated selection of leading global alternative managers – removing the complexity, high minimums and administrative burden that would otherwise apply at the individual investment level.
The rationale for launching this fund is straightforward: to enhance the portfolios we construct for our clients. We are continually assessing how to improve long-term outcomes, and a key part of this process is identifying asset classes with differentiated return drivers. Alternatives offer precisely this – exposure to opportunities that respond differently to economic and market conditions, ultimately contributing to more diversified portfolios with improved risk-return characteristics.
Access and liquidity
What sets this solution apart are two defining features: access and liquidity.
On access, the fund opens the door to institutional-grade opportunities that would typically require significant capital commitments. Offshore alternative managers often impose prohibitively high minimums per investment, making meaningful diversification difficult without very large portfolios. By aggregating client capital, the fund enables participation in a diversified portfolio of best-of-breed global managers through a single investment.
On liquidity, the structure has been carefully designed to balance the inherently long-term nature of certain alternative assets with the practical needs of private clients. By blending less liquid exposures such as private equity and private credit with more liquid strategies such as hedge funds, the fund seeks to manage liquidity prudently.
As an evergreen, monthly-priced structure – rather than a traditional closed-ended vehicle – it provides a degree of flexibility while still preserving the integrity of the underlying investments.
The fund itself spans a range of alternative asset classes, including private market opportunities such as private credit, private equity, and infrastructure and hedge funds. Together, these exposures aim to deliver diversified return streams, potential inflation protection and access to an illiquidity premium over time.
For clients, the benefits are clear. As part of a well-structured portfolio, the fund offers access to opportunities typically unavailable through conventional routes, enhanced diversification and the potential for improved long-term outcomes within a single, integrated solution. Importantly, it provides exclusive private client access to an institutional-grade portfolio, available only through Sanlam Private Wealth.
A proven foundation
At Sanlam Private Wealth, we’ve been active in the alternatives space for several years – incorporating private equity, private credit and hedge fund strategies into selected client portfolios. This experience is complemented by the deep expertise of the Sanlam Investments multi-manager, which undertakes rigorous due diligence across investment teams, processes, operations and legal structures.
The SPW Global Alternatives Fund combines institutional-level global manager selection by the multi-manager with our own centralised portfolio construction capabilities, allowing us to build a solution that is both robust and tailored to the needs of private clients.
The fund is available only to qualifying investors, either through an existing managed portfolio with Sanlam Private Wealth or with a minimum investment of US$ 100 000.
Visit sanlamprivatewealth.com to schedule a private client consultation.
This article is provided for information purposes only and does not constitute financial advice or an offer to invest. Investors should consult their portfolio manager or a licensed financial services provider to determine whether the investment is appropriate for their individual circumstances. Note: The SPW Global Alternatives Fund is a foreign collective investment scheme approved for distribution in South Africa by the Financial Sector Conduct Authority (FSCA) under Section 65 of the Collective Investment Schemes Control Act. The fund is classified as a Qualified Investor Hedge Fund and is only available to investors who meet the applicable eligibility requirements.
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