South African markets surged as risk was repriced in 2025, says JSE CEO Leila Fourie

2025 proved to be a landmark year for South African markets, not because the country’s challenges disappeared, but because risk was fundamentally repriced, according to outgoing JSE chief executive Leila Fourie.

Speaking at the Raging Bull Awards in Cape Town on Friday night, Fourie said: “2025 was remarkable, not because our challenges disappeared, but because risk was repriced.

“Our nation’s trajectory and global dynamics shifted. Markets responded to that change with speed and conviction. In doing so, they reminded us of something fundamental: when risk is reduced, credibility improves, and capital responds," Fourie said.

According to Fourie, South African equities delivered one of the strongest performances globally in 2025. In US dollar terms, the JSE All Share Index surged by 56%, outpacing the S&P 500’s 16.39% and the MSCI Emerging Markets Index’s 30.58%. The rally was not confined to commodities, although they played a significant role.

“The same signal appeared across the market,” Fourie noted. The All Share Index broke decisively through the 100 000-point mark, closing the year at record highs. Market capitalisation exceeded R24 trillion, double the R12 trillion recorded in 2019, while average daily equity trading volumes rose by more than 30%.

"These milestones coincided with South Africa’s removal from the Financial Action Task Force greylist, followed by a sovereign credit rating upgrade," she said.

Fourie said that these developments reflected restored confidence in the country’s financial system and fiscal policy coherence. “This progress was led by the National Treasury and supported by a joint initiative across government, regulators, institutions, and business.

“Having worked closely with private sector CEOs engaged in addressing our sovereign rating, I can say it was a substantial undertaking and a reminder that credibility is built through sustained effort. We still have a long way to go," she said.

Turning to the awards themselves, Fourie congratulated the winners. “Your performance reflects skill exercised in an incredibly demanding environment, and it genuinely deserves recognition,” she said.

With a touch of humour, she added: “After the year we have had, I wondered if the Raging Bull should be temporarily renamed the Red Bull, just to keep investment teams awake through the volatility.”

She stressed that the awards recognise performance that endures. “It’s not just about outcomes in a very good year, but about consistency, risk awareness, and sound judgement. That focus on discipline matters more today than it did 30 years ago. The world we are investing in has become less predictable, not more.”

DRDGold chief executive Niël Pretorius also addressed the gathering, thanking the organisers for “a lovely event” and acknowledging the winners for their hard work, insights, and efforts. He reflected on the history of DRDGold, underscoring the resilience and innovation that continue to shape the company’s journey.

Fourie’s remarks underscored the significance of 2025 as a turning point for South African markets. With credibility restored and capital flowing, the year marked a repricing of risk that could set the tone for the country’s financial trajectory in the years ahead.

Here are the winning funds. Congratulations to the winners!

RAGING BULL AWARDS 2026 - FINAL RESULTS

CERTIFICATES FOR STRAIGHT PERFORMANCE OVER THREE YEARS TO DECEMBER 31, 2025

(Top three funds in each category)

Best SA Equity General Fund

Ninety One Value Fund

Methodical BCI Equity Fund

Steyn Capital Equity Prescient Fund

Best SA Equity SA General Fund

36ONE BCI SA Equity Fund

Vunani BCI Equity Fund

Prescient Core Equity Fund

Best SA Equity Small and Medium Cap Fund

Old Mutual Mid & Small-Cap Fund

Satrix Mid Cap Index Fund

Coronation Smaller Companies Fund

Best SA Multi Asset Flexible Fund

Granate BCI Flexible Fund

GTC Flexible Fund

Visio BCI Actinio Portfolio

Best SA Multi Asset High Equity Fund

Long Beach Managed Prescient Fund

High Street Balanced Prescient Fund

Granate BCI Balanced Growth Fund

Best SA Multi Asset Medium Equity Fund

PortfolioMetrix BCI Moderate Fund of Funds

Absa SCI Multi Managed Passive Accumulation Fund

Fairtree Flexible Balanced Prescient Fund

Best SA Multi Asset Low Equity Fund

Oyster Catcher Realfin Stable Fund

Camissa Stable Fund

M&G 2.5% Target Income Fund

Best SA Multi Asset Income Fund

PortfolioMetrix BCI Dynamic Income Fund

Harvard House BCI Flexible Income Fund

ClucasGray Flexible Income Prescient Fund

Best SA Interest Bearing Short Term Fund

Truffle SCI Income Plus Fund

Terebinth SCI Enhanced Income Fund

Ashburton SA Income Fund

Best SA Interest Bearing Variable Term Fund

Fairtree ALBI Plus Prescient Fund

Prescient Flexible Bond Fund

Sanlam Investment Management Bond Fund

Best SA Real Estate Fund

Amplify SCI Property Equity Fund

PortfolioMetrix BCI SA Property Fund

M&G Property Fund

Best Worldwide Equity General Fund

BCI Enhanced Equity Fund

Brenthurst BCI Worldwide Growth Fund of Funds

Nest Egg BCI Worldwide Equity Fund

Best Worldwide Multi Asset Flexible Fund

Raven BCI Worldwide Flexible Fund

SaltLight BCI Worldwide Flexible Fund

Long Beach Flexible Prescient Fund

Best Global Equity General Fund

Sygnia FANG.AI Equity Fund

BCI Ranmore Global Equity Feeder Fund

Coronation Global Equity Select Feeder Fund

Best Global Multi Asset Flexible Fund

Methodical BCI Global Dynamic Fund

ThinkCell BCI Global Marathon Fund

MiPlan BCI Global Macro Fund

Best Global Multi Asset High Equity Fund

BCI Contrarius Global Balanced Feeder Fund

Allan Gray Orbis Global Balanced Feeder Fund

High Street Global Balanced Prescient Feeder Fund

Best Global Real Estate Fund

Oasis Crescent International Property Equity Feeder Fund

Nedgroup Investments Global Property Feeder Fund

Meago Enhanced Global Property Prescient Fund

TROPHIES FOR BEST RISK-ADJUSTED PERFORMANCE OVER FIVE YEARS TO DECEMBER 31, 2025

(Top three funds in each category)

Best SA Equity General Fund (including SA General)

1. 36One BCI SA Equity Fund
2. Investec BCI Dynamic Equity Fund
3. Corion BCI Equity Fund

Best SA Multi Asset Fund

1. Sygnia Enhanced Income Fund
2. Curate Momentum Income Plus Fund
3. Taquanta BCI Active Income Fund

Best SA Interest Bearing Fund

1. Alexander Forbes Investments Superior Yield Fund
2. Truffle SCI Income Plus Fund
3. Sasfin BCI High Yield Fund

Best Global Equity Fund

1. BCI Ranmore Global Value Equity Feeder Fund
2. PSG Global Equity Feeder Fund 3. Merchant West SCI Global Equity Feeder Fund

Best Global Multi Asset Fund

1. Allan Gray Orbis Global Balanced Feeder Fund
2. Merchant West SCI Global Managed Growth Fund
3. PSG Global Flexible Feeder Fund

Best Global Interest Bearing Fund

NO AWARD

Best Worldwide Fund

1. Blue Quadrant Worldwide Flexible Prescient Fund
2. BCI Flexible Fund
3. Flagship BCI Prosperity Worldwide Flexible Fund of Funds

Best Real Estate Fund (SA and Global)

1. Nedgroup Investments Property Fund
2. Metope Property Income Prescient Fund
3. NGI Private Wealth Property Fund

MANAGER OF THE YEAR

Alexander Forbes Investments

MANAGER OF THE YEAR - RUNNER UP

2nd Sasfin Asset Managers

3rd Sygnia Asset Management

PERSONAL FINANCE