One of SA’s largest investment managers has nailed its colours to the mast of two of the country’s largest banks as share prices have capitulated to 30-year lows in anticipation of sharply rising bad debt expenses and lower transactional income.
“The valuations are the lowest they have been since the 1980s, when expectations of the market were being informed by sanctions and the Rubicon speech. So the market is pricing in a very severe situation. The question is whether the market has overreacted or whether the valuations adequately reflect the risks,” says Tim Acker, portfolio manager at Allan Gray.
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