Editor's Thoughts.

Employers that don’t pay contributions, the macro impact of geopolitics and that “stomach bug” - today’s headlines are enough to send you into winter hibernation: pressure is building, and pretending otherwise is getting expensive.

Let’s start with the FSCA’s latest press release - total arrear contributions due to retirement funds are around R8.33 billion, affecting around 590 000 members. This is an increase of R1.04 billion (14.2%) in the last year. (Sidebar: late payment interest now accounts for 43.5% of total arrears). This conversation for me is starting to look a lot like another “unclaimed benefits” stalemate.

Then today we drop the last episode of Inside Private Markets. A huge word of thanks to Old Mutual Alternative Investments who sponsored this 12 episode series. For all trustees, advisors and consultants, this is a must watch series if you’re serious about creating a future for your clients and fund members. This series will empower and equip you by unpacking unlisted markets and outlining the opportunities for investors.

Speaking of markets, Ninety One and Old Mutual Wealth, generate a high def image of markets at this moment. Kevin Warsh has arrived at the Fed with a single, sharp promise to “deliver price stability”, putting every inflation print on a knife edge and reminding us that cheap money is not a birth right. At the same time, Izak Odendaal warns that while we marvel at World Cup stadiums, the real mega‑build is AI datacentres funded by rising corporate debt, in a world already rattled by missiles over the Strait of Hormuz. (It’s no wonder we’re being warned to look for “flu days” that are actually burnout days – Medshield.)

So where does this leave long‑term investors? Public markets are noisy, policy is shifting, and trust in institutions is strained. That’s exactly why thoughtful exposure to private markets – with their longer horizons, different return drivers and governance structures – deserves your deliberate attention. The question is: will you leave these multi-impact returns on the table?

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