Investec Focus Radio

Economic data in the US, such as jobs growth, have surprised to the upside of late, pointing to a resilient economy. Chris Holdsworth, Chief Investment Strategist, at Investec Wealth & Investment International says this strength has unsettled markets, on rising expectations of rate hikes by the Fed. Investec Focus Radio SA

Marble's head sommelier, Wikus Human and Investec's Roy van Eck, discuss what to consider when graduating from casual wine purchaser to wine collector. Together with host Palesa Mapheelle, they explain how to identifying age-worthy vintages, and the risks and rewards of investing in wine to make a financial return. They also share their personal journeys into wine, what mistakes they they've made along the way, and why South African wines may still represent an undervalued opportunity. KEY MOMENTS: 00:00: Introduction to Wine in Focus 00:38 Recognising the storms in Western Cape Winelands 00:58: Introduction to guests 01:56: The start of the wine journey for Wikus and Roy 04:02: Collecting wine for investment or consumption 05:00: How do you know that a wine is worth aging? 06:08: How sommeliers keep personal tastes at bay 07:03: Never buy one bottle at a time: Lessons on purchasing 08:00: The risks associated with investing in wine 09:51: Liv-Ex Fine Wine 1000 Index: Wine returns on the sharp decline 11:11: The reason behind falling wine prices 13:17: “En primeur” explained: buying wine still in the barrel 15:29: Wine regions and wine varietals worth noting 17:22: 2014 and 2023 deemed poor vintages but not across the board 17:44: SA offers quality and affordability 19:22: A sommelier's observations on changing wine behaviour 20:50 When to drink a wine and when to hold onto it? 21:57: The future of SA's wine market 23:49: One wine moment that Wikus and Roy will never forget 26:46: Outro Wine in Focus series page · Investec Focus Radio SA

China remains South Africa's largest trading partner, but the landscape of global trade is evolving. As compliance requirements tighten, supply chains face new pressures, and geopolitical tensions reshape trade flows, businesses must navigate an increasingly complex relationship with the world's second-largest economy. In this episode of No Ordinary Wednesday, Investec Treasury Economist Tertia Jacobs and Head of Supply Chain Dylan Govender look at the forces reshaping Sino-South Africa trade and explore what these changes mean for local businesses and the broader economy. Read more on www.investec.com/now Chapters: 00:00 – Introduction 01:21 – The evolution of SA-Sino trade relations 02:38 – Will the zero-tariff trade deal change this asymmetry? 05:13 – New China export rules could impact SA exporters 06:40 – How SA is walking the tightrope of politics and trade 09:08 – The added complexity of BRICS 10:36 – South Africa must diversify imports of finished goods 12:16 – Investec wants the deadline of compliance to be extended 13:01 – Impact of China's slowing economy on South Africa 15:13 – Businesses need sufficient working capital to get through delays 15:50 – The nature of Sino-SA relations over the next five years 17:40 – Closing Investec Focus Radio SA

“Respect money and it will respect you.” That is one of the earliest money lessons Investec ambassador SA soccer midfielder playing for Mamelodi Sundowns and Bafana Bafana Teboho Mokoena learned growing up in Bethlehem – and it has shaped the way he thinks about football, family and financial freedom. In this episode of Everything Counts: Sports Edition, Teboho shares how he went from earning his first salary of R3 500 a month to navigating bigger contracts, money mistakes, lifestyle pressure and the responsibility of building generational wealth. He opens up about: • The childhood lessons that shaped his money mindset • What changed when football became a career • The pressure that comes with earning more, quickly • Money mistakes, including chasing fast returns • Why financial literacy matters for footballers • His plans for life after football • Giving back to young players in Bethlehem This is more than a football story. It is a conversation about discipline, responsibility and learning how to make success last. Watch now and subscribe to Investec Focus Radio for more conversations that prove: when it comes to money, everything counts. 00:00 Introduction 00:45 Growing up in Bethlehem 01:56 Money lessons Teboho Mokoena learned from family 05:03 When football became a career 06:00 Making money as an athlete 06:33 Becoming a professional footballer 08:46 Teboho Mokoena on joining Mamelodi Sundowns 11:07 How family changed Teboho Mokoena's money mindset 11:45 Teboho Mokoena's money philosophy 12:10 Is there enough financial literacy for athletes in South Africa? 16:20 Teboho Mokoena's time as an Investec ambassador 19:02 Managing money and pressure as a footballer 21:40 How Teboho Mokoena supports his hometown community 23:10 Plans for life after football 24:05 Teboho Mokoena's financial advice for young people 26:06 Conclusion Investec Focus Radio SA

While the tech sector has been a well-known driver of earnings and performance on Wall Street, it's also been the major contributor to emerging markets as well. Chris Holdsworth, Chief Investment Strategist, at Investec Wealth & Investment International says that's largely to the contributions of TSMC in Taiwan and Samsung and SK Hynix in South Korea, emerging markets are up 26% year to date and 54% over 12 months. Investec Focus Radio SA

US President Donald Trump announced over the weekend that the US and Iran were close to finalising a deal to end the war. However, notes Investment Strategist Osa Mazwai, even if the Strait of Hormuz were to be reopened completely, it will take some time for traffic to return to normal and for energy prices to fall significantly – which could be a problem for Republicans in the US midterm elections. Investec Focus Radio SA

Ever wondered what actually happens behind closed doors at a wine competition? How do judges decide what makes a wine exceptional and what separates a gold medal from the rest? In this episode of Wine in Focus, Palesa Mapheelle is joined by local wine doyenne, Michael Fridjhon and Wine Master and international judge, Heidi Makinen. Together, they explain the rigorous judging process of the Investec Trophy Wine Show, what they look for in a winning wine, how to navigate judges' disagreements and the importance of wine competitions to the local wine industry. KEY MOMENTS: 00:00: Intro 00:38: Recognising the devastating storms suffered by the Western Cape winelands 01:47: Why are competitions necessary? 03:23: Comparing Investec Trophy Wine Show to other international competitions 04:26: Shaping consumer perceptions 05:43: The mechanics of judging 09:09: Judge's chemistry 10:07: Explaining a flight of wines 10:34: Finding consensus between judges 13:47: Ensuring judge neutrality 15:14: The importance of blind tasting 18:00: What makes a winning wine? 20:20: SA wine industry transformation over 25 years: from bulk to beautiful 23:13: The Investec Trophy wine show “guarantee” 24:33: When wine turns from interest into a passion and a career 27:00: Outro Investec Trophy Wine Show · Investec Focus Radio SA

What began as a geopolitical conflict is rapidly becoming something much larger. Oil is only one part of the story. Natural gas, fertilisers, chemicals, shipping routes, aluminium, aviation fuel and global supply chains are all now being affected by the fallout from the Iran war. In the latest episode of No Ordinary Wednesday, Jeremy Maggs speaks to Investec's Osa Mazwai and Campbell Parry about why this is increasingly being described as an “everything shock.” Could this crisis ultimately accelerate the global shift toward electrification, renewables and new energy systems?  Listen to the full conversation to find out more. Read more on www.investec.com/now Chapters: 00:00 - Introduction 01:38 - What makes this crisis different from previous oil shocks? 03:38 - What are markets beginning to price in? 06:00 - Why the Strait of Hormuz matters to global supply chains 08:50 - Will this delay global interest rate cuts? 10:47 - Are geopolitical risk premiums returning to markets? 13:12 - How exposed is South Africa to rising oil prices? 15:38 - Are South Africa's structural reforms providing a cushion? 17:18 - Where could South Africa and Africa benefit from the crisis? 20:19 - Why energy and infrastructure opportunities matter now 20:30 - How important is logistics reform for South Africa? 22:04 - Rethinking South Africa's long-term energy mix 23:29 - What might markets still be underestimating? 25:25 - Five years from now: what lasting impact will matter most? 26:21 - Closing remarks Investec Focus Radio SA

When markets feel uncertain, the hardest part isn't the volatility, it's knowing how to respond. In this episode of Everything Counts, chief investment strategist of Investec Wealth & Investment International Chris Holdsworth breaks down how to think about investing during uncertain times, and why behaviour often matters more than market conditions. From geopolitics and inflation to shifting growth expectations, we separate market noise from the signals that actually matter – and explore how behaviour shapes long-term outcomes. In this episode, we cover: • What's really driving economic uncertainty • The difference between market noise and meaningful signals • Why investors make mistakes during volatility • Whether to stay invested or move to cash • What “staying the course” looks like • How to build a disciplined long-term investment strategy • The role of diversification and offshore investing Whether you're new to investing or more experienced, this conversation focuses on what matters when markets feel unpredictable. Subscribe now for more conversations that prove when it comes to money, everything counts. 00:00 Introduction 01:00 What is driving economic uncertainty 02:30 Market noise vs real signals 04:00 How investors react when markets fall 06:00 Stay invested or move to cash 08:30 What “staying the course” really means 10:30 Mistakes new investors make 12:30 When to invest and what to ignore 14:30 What matters when making decisions 16:30 Diversification and offshore investing 18:00 Practical takeaways 19:30 Closing perspective Investec Focus Radio SA

While inflation is rising around the world – largely as expected – there are few signs of ‘stagflation' (rising prices alongside slowing growth). However, notes Chris Holdsworth, Chief Investment Strategist, at Investec Wealth & Investment International, GDP growth in the US and across Europe have been robust. Investec Focus Radio SA

Introducing Investec Minds, a new video podcast series from Investec Focus Radio SA. In each episode, Equity Research analysts from Investec Corporate and Investment Banking sit down with former CEOs to unpack the decisions that shaped their industries, the lessons they've learned, and how they see the future unfolding. In episode one, Stephen Koseff, former Group CEO of Investec, joins Nkateko Mathonsi and Ross Krige to reflect on leadership, the opportunities for the banking industry, and the role business has to play in strengthening South Africa's economic trajectory. Chapters: 00:00 Intro 02:15 Life after Investec 04:57 Convincing Trevor Manuel about Investec's London listing 06:55 Culture at Investec: Why there aren't any job titles 08:24 Lessons on expanding abroad 12:10 Investec's UK and Australian expansion 14:12 Continuity announcement 15:03 The one year Stephen would revisit 15:45 A 10-year view on the SA banking sector 19:12 Have South African banks got their heads around the Africa opportunity? 20:33 How corporate South Africa can make a difference 25:15 South Africa's moment: cautious optimism takes hold 27:11 If Stephen Koseff were president: fix infrastructure, unlock partnerships 29:03 Outro Watch the video version of this podcast · Investec Focus Radio SA

A comparison between the first 50 days of the current war with Iran and the first 50 days of the Gulf War of the early 1990s, shows that markets have been more resilient this time around. Recent earnings numbers, notes Chris Holdsworth, Chief Investment Strategist, at Investec Wealth & Investment International, have been resilient as well, and not just in the US – countries like Taiwan, SA, Brazil and South Korea are all set to record strong profit growth this year. Investec Focus Radio SA

Markets are moving fast but are investors moving with intent? In the latest episode of No Ordinary Wednesday, we go beyond market headlines to unpack what investors are actually doing in a volatile, news-driven environment. From trading the news cycle to navigating currency swings and concentrated markets, Investec's Tinus Rautenbach and Bongani Nhleko share real insights from the Clarity platform, revealing where capital is flowing, how behaviour is shifting, and the risks investors may not see. Listen now to understand the gap between perception and portfolio reality and what it means for your investment decisions. Read more on www.investec.com/now Investec Focus Radio SA

Success in sport can come quickly. Understanding money often doesn't. In this episode of Everything Counts: Sports Edition, Investec ambassador Cheslin Kolbe shares how his journey from humble beginnings to World Cup success shaped his approach to money, discipline and long-term planning. From early lessons in saving to navigating his first professional pay cheque and learning from financial mistakes, Cheslin reflects on what it takes to build lasting financial security in a short and unpredictable career. In this episode, we cover: • Growing up with limited resources and learning to save • The reality of earning as a young professional athlete • Financial mistakes and lessons learned along the way • The importance of investing and long-term planning • Preparing for life after sport for athletes • Teaching the next generation about money This is more than a sports story – it's a conversation about discipline, responsibility and building a future beyond the game. If you care about: • Financial literacy • Career longevity • Building wealth over time • Learning from real-life money mistakes this episode is for you. Watch now and subscribe to Investec Focus Radio for more conversations that prove when it comes to money, everything counts. 00:00 Introduction 01:00 Early financial lessons 02:55 Sporting ambitions 06:30 First pay cheque and purchases 08:00 Lessons from early spending 09:09 Financial planning and moving abroad 10:30 Planning for life after sport 12:32 Locker room money conversations 13:50 Key financial principles 19:23 Money mistakes 21:55 Teaching children about money 24:00 Advice for athletes 25:00 Conclusion Investec Focus Radio SA

Despite concerns about the war with Iran, notes Chris Holdsworth, Chief Investment Strategist, at Investec Wealth & Investment International, earnings have been resilient while markets have been looking through the energy shock. Equities are up, while equity market analysts have been upgrading their earnings estimates. Investec Focus Radio SA

Ordinarily, you'd expect an oil shock to lead to not only higher inflation, but also weaker equities and a lower growth outlook. However, markets aren't pricing in a stagflationary outcome. Chris Holdsworth, Chief Investment Strategist, at Investec Wealth & Investment International, examines this apparent anomaly. Investec Focus Radio SA

South Africa's reform momentum is becoming more visible but so are the constraints that could stall it. In the latest episode of No Ordinary Wednesday, Jeremy Maggs is joined by Rudi Dicks, Head of the Project Management Office in the Presidency; Martin Meyer, Head of Energy and Infrastructure Finance at Investec and Ayan Ghosh, Head of Cross-Asset Investment Strategy at Investec, to unpack the reality behind the narrative. From energy gains to persistent bottlenecks in logistics and municipalities, the discussion examines whether progress is enough to sustain investor confidence and what still needs to shift for capital to follow. Read more on www.investec.com/now Investec Focus Radio SA

Standing in for Chris Holdsworth, Osagyefo Mazwai discusses the latest on the conflict in Iran, and against this backdrop, signs of deterioration in both growth and inflation in the world's major economies. While markets are not yet pricing in rate hikes in the US, they are in the Eurozone. Investec Focus Radio SA

What does it really cost to become a professional golfer? In this episode of Everything Counts: Sports Edition, Investec-sponsored SA professional golfer Kaiyuree Moodley shares what it really takes to build a career in professional golf – from funding a career on tour to managing pressure, uncertainty and financial mistakes along the way. From picking up her first golf club at just four years old to competing on the Sunshine Ladies Tour and Ladies European Tour, Kaiyuree reflects on the financial and emotional realities behind the sport. She opens up about: • The true cost of becoming a professional golfer • Why “making the cut” doesn't always mean making money • A costly currency mistake she'll never forget • Life as a student-athlete in the United States • The financial pressures of performing for a paycheck • Why visibility matters for the future of women's sport This is more than a sports story – it's a conversation about discipline, resilience and building a sustainable career in an unpredictable profession. If you care about: • Financial literacy • Career uncertainty • Long-term financial planning • Building a sustainable income this episode is for you. 00:00 Introduction 01:15 How Kaiyuree Moodley got into golf 03:30 Early sacrifices and family support 06:00 Life as a student-athlete in the U.S. 08:30 The real cost of professional golf 11:00 Why making the cut doesn't guarantee income 13:00 Kaiyuree Moodley's biggest money mistake 15:00 The pressure of playing for a paycheck 17:00 Financial realities of women's sport 19:30 Key money lessons and discipline 22:00 Financial literacy for young athletes 24:00 Closing thoughts Watch the vodcast now on YouTube and subscribe to Investec Focus Radio for more conversations that prove: when it comes to money, everything counts. Investec Focus Radio SA

In this episode of What Next?, Professor Mike Kenny (Cambridge) and Jacinta Koolmatrie examine the breakdown of trust between communities and institutions. They discuss how centralised governance and economic shifts have driven local grievances, and argue that rebuilding trust requires sharing power, working at community pace, and supporting locally led solutions like community wealth building and Indigenous-led approaches. CHAPTERS 00:00–09:00: Fracture, grievance and the limits of institutions 09:00–21:00: Power, disconnection and when listening fails 21:00-34:00: Place, community knowledge and what actually works 34:00–48:00: Stories, legitimacy and shaping the future What Next? · Investec Focus Radio SA

Interest rate cuts were meant to define 2026. Now, markets are bracing for hikes. In this episode of No Ordinary Wednesday, Investec's Chief Economists Annabel Bishop and Phil Shaw examine how the energy shock is forcing central banks to reconsider their path. From London to Pretoria, policymakers face a familiar dilemma: tighten into slowing growth, or risk letting inflation take hold. Guest host Neo Ralefeta explores the implications for global growth and what it means for South Africa, from currency volatility to fuel supply risks and consumer costs. Read more on www.investec.com/now Investec Focus Radio SA

With little sign of an early resolution to the war in the Middle East, supply constraints on commodities such as oil, gas, and helium may well endure. Chris Holdsworth Chief Investment Strategist, at Investec Wealth & Investment International notes that fuel prices likely to feed through quickly into consumer inflation, central banks like the SA Reserve Bank are likely to face rate hikes this year. Investec Focus Radio SA

Clean and green growth has moved from ambition to execution, but the challenge is one of pace. Investment conditions are key: predictable rules, credible pathways, and coordination across value chains, finance and government. This episode of What Next? Leadership Conversations for a Better Future, Helena Norrman, Marina Grossi, and Sang-Hyup Kim explains why transition policy now sits at the centre of industrial strategy, competitiveness and geopolitics. 00:00 Predictability is the first enabler 07:30 Transition policy is industrial strategy 15:30 The foundations for future competitiveness is shaped by coordination today 26:30 Examples of effective coalitions What Next? An Investec-Cambridge podcast series · Investec Focus Radio SA

The new tax year is here, and the 2026 Budget Speech introduced important changes that could reshape how South Africans save, invest, and plan for retirement. In this episode of Everything Counts, host Motheo Khoaripe sits down with Vumi Dludlu, Investec financial adviser, and Johan Loubser, head of adviser enablement at Investec, to unpack what the 2026 National Budget means for your money, and how you can make the most of the new tax year from day one. From higher tax-free savings limits to a bigger retirement contribution deduction cap, the rules have shifted. But what do these changes actually mean for savers and investors in practice? In this conversation, we break down: ● The increase in the tax-free savings annual limit to R46,000 ● The higher retirement fund deduction cap and what it means for retirement planning ● How the new tax year creates an opportunity to reset your financial strategy ● Why starting contributions early can significantly boost compounding ● Other budget updates affecting portfolios, including capital gains tax exclusions and offshore investing allowances Whether you're investing monthly, planning a lump sum contribution, or reviewing your long-term financial strategy, this episode explores practical steps you can take now to stay on track and maximise the new allowances. 00:00 Introduction 01:30 Why does the new tax year matter for investors? 02:45 Big changes from the 2026 Budget Speech 04:00 The new tax-free savings annual limit 06:55 The new retirement fund deduction cap 10:50 2026 tax updates that could affect how portfolios are structured 11:30 How does the 2026 Budget affect offshore investing? 12:40 Tax optimisation tips for the 2026 Budget 14:00 Practical tips for dealing with the 2026 Budget 16:00 Monthly vs lump sum contributions to your tax-free savings account 18:00 Conclusion Investec Focus Radio SA

Central banks in the US, Eurozone and Japan all kept rates unchanged last week. But behind these decisions lie rising concerns about the impact of the Iranian War on a range of prices that have a major impact on inflation. The duration and intensity of the conflict will be key determinants of the overall impact on the inflation and growth outlooks. Investec Focus Radio SA

Artificial intelligence is rapidly reshaping economies, societies and power structures yet much of the conversation has swung between uncritical optimism and existential fear. In this episode of What Next? We explore how leaders can reclaim agency over the future of AI, ensuring it serves human progress rather than narrow commercial or political interests. Vilas Dhar, President, Patrick J. McGovern Foundation; philanthropist, technologist and advocate for human-centred AI, in conversation with hosts Lindsay Hooper and Marc Kahn, argues that the real challenge is not whether AI will become uncontrollable (this is the realm of Sci-Fi), but whether societies can adapt quickly enough to its social, economic and cultural impacts. He makes the case for shifting the focus away from hype and dominance towards participation, institutional imagination and moral courage and for designing AI systems that restore human agency and democratic participation, while supporting inclusion and long-term resilience. Investec Focus Radio SA

Markets are sending a surprisingly calm signal in the face of escalating conflict in the Middle East. Oil prices are rising, supply chains are under pressure, and recession risks are quietly ticking higher, yet equities remain relatively steady. In the latest episode of No Ordinary Wednesday, Jeremy Maggs is joined by Investec experts in SA and the UK - Callum Macpherson, Phil Shaw and Chris Holdsworth - to unpack what's really at play. The conversation explores what could happen if the conflict continues, what key indicators markets are watching and what risks to the global economy are already emerging. Read more on www.investec.com/now Investec Focus Radio SA

With uncertainty over how long, the Iranian conflict will last, it's not just the oil market that's been affected. Natural gas prices have risen, but so too have grain and aluminium prices, pointing to inflation pressures in the coming months. However, as Chris Holdsworth, Chief Investment Strategist, at Investec Wealth & Investment International, highlights, global equities are only 2% down, implying that equity investors expect a quick reopening of the Strait of Hormuz. Investec Focus Radio SA

In this episode, of the What Next series, we discuss the power of philanthropy in transforming markets, through investing in high risk innovation and early stage ideas that often require new economic thinking. Podcast hosts Investec's Marc Kahn and Cambridge's Lindsay Hooper invite Peter Bennett, founder of the Bennett Foundation and Leslie Johnston, founding CEO of the Laudes Foundation to explore how the power of philanthropy can be applied to large scale projects. CHAPTERS: 00:00 Why Philanthropy Matters in a World of Systemic Challenges 11:49 Catalysing Markets, Changing Systems 19:55 Trends, Risks and the Future of Philanthropic Capital 29:18 Leadership for the Long Term: What Works, What's Next What Next? An Investec-Cambridge podcast series · Investec Focus Radio SA

Most athletes train for medals. Few train for financial longevity. In this episode of Everything Counts: Sports Edition, Paralympic record holder Mpumelelo Mhlongo shares how he approached money with the same discipline he applies to sport − investing his first serious paycheque, supporting his family and building generational wealth that will outlast his career. From scholarships and setbacks to smart contracts and long-term investing, this is a conversation about resilience, financial literacy and legacy. If you care about: • Generational wealth • Financial discipline • Building long-term financial security • Smart money decisions under pressure This episode is for you. Watch now and subscribe to Investec Focus Radio for more conversations that prove: when it comes to money, everything counts. 00:00 Introduction 01:20 Mpumelelo Mhlongo‘s home life and starting to learn about money 04:15 The financial sacrifices that Mpumelelo Mhlongo's family had to make 06:00 Mpumelelo Mhlongo's academic journey and the financial implications 08:10 Mpumelelo Mhlongo's early money management lessons 11:30 Athlete money management: Questions young people should ask themselves 13:00 What did Mpumelelo Mhlongo do with his first big paycheque? 14:10 The pressure to build a financially secure future for your family 15:30 Mpumelelo Mhlongo on financial discipline and money weak spots 16:30 Mpumelelo Mhlongo on his wife and early financial planning moments 17:50 Mpumelelo Mhlongo and his career in finance 19:30 Key lessons Mpumelelo Mhlongo has learned in his time at Investec 20:30 How important is money management as an athlete? 22:00 Athletes and money: What conversations are happening? 24:00 Key money management lessons from Mpumelelo Mhlongo 26:00 Mpumelelo Mhlongo on money mistakes 27:00 Charitable organisations that Mpumelelo Mhlongo works with 29:30 Mpumelelo Mhlongo on how grateful he is to his coach 31:00 Conclusion Investec Focus Radio SA

As the conflict in the Gulf continues, energy prices have risen sharply. Chris Holdsworth Chief Investment Strategist, at Investec Wealth & Investment International, examines the impact on global inflation and growth, as well as on President Donald Trump's popularity ahead of the US midterm elections later this year. Investec Focus Radio SA

What Next? Leadership Conversations for a Better Future examines how leaders can build future-fit economies in a time of accelerating technological and societal change. In this episode we're joined by educator, leadership thinker and author, Sudhanshu Palsule, Gillian Secrett, Director of Leadership and Culture at CISL and community leader and rector, Richard Springer. Together they examine what many describe as a growing ‘meaning deficit' in society. They explore how fragmentation, consumerism and polarisation erode our sense of purpose, and discuss how leaders can help rebuild meaning through authenticity, empathy and genuine connection. Chapters: 00:00 : Why Meaning Matters in Times of Fragmentation 07:00: When Meaning Gets Distorted: Identity, Consumption and Performative Purpose 15:00: Rebuilding Meaning Through Empathy, Shared Space and Human Connection 23:00: Leadership's Role: Creating the Conditions Where Purpose Can Flourish What Next? An Investec-Cambridge podcast series · Investec Focus Radio SA

Private equity is shifting gears. As rates turn and investor confidence improves, funds are deploying again, and South Africa is firmly back on the radar. But this isn't a return to excess, it's a shift toward smarter leverage, disciplined execution and sharper capital structuring. In the latest episode of No Ordinary Wednesday, Jeremy Maggs speaks to Rishanth Pillay, Head of Sponsor Leveraged Finance at Investec Corporate & Investment Banking, about what's driving the renewed momentum – and what could derail it. Read more on www.investec.com/now Investec Focus Radio SA

What will be the impact of the hostilities in the Middle East on the world economy? Chris Holdsworth Chief Investment Strategist, at Investec Wealth & Investment International, examines the impact on oil prices, in particular, taking into account further disruption at the key Strait of Hormuz. Investec Focus Radio SA

In this episode, of What's Next, we explore how corporate values shape decision-making in a time of political polarisation and markets that reward short-term performance. Ethics expert, Alison Taylor, and experienced board chair, Karen Wood, discuss the tension between purpose and profit, the realities of trade-offs, and how leaders can stay grounded while building trust and aligning values with action.; KEY MOMENTS: 00:00 – Setting the Scene: Values in an Age of Disruption 05:42 – Why Values Matter More Than Ever 19:56 – From Words to Action: Making Purpose Real 36:18 – Navigating Politics, Pressure and the Future of Leadership Investec Focus Radio SA

In this episode of Everything Counts, host Motheo Khoaripe is joined by Investec financial adviser Vumi Dludlu and head of adviser enablement Johan Loubser to break down everything you need to know about tax-free savings accounts in South Africa. They explain: • What a tax-free savings account (TFSA) actually is • The R36 000 annual limit and R500 000 lifetime contribution cap • What happens if you exceed the TFSA limit • Why you can't “catch up” on missed contributions • The impact of withdrawals on your lifetime allowance • How TFSAs compare to retirement annuities and regular savings accounts • Whether opening a TFSA for your child makes sense If you're searching for answers about TFSA rules, contribution limits, tax penalties, or how to invest tax-free in South Africa, this episode will give you clear, practical insights to help you make smarter long-term decisions. 00:00 Introduction 01:30 Why tax-free savings accounts were first introduced 02:00 What are tax-free savings? 03:45 Tax-free savings vs regular savings 05:00 What savings products should you pair a tax-free savings account with? 07:00 How do tax-free savings accounts work? 09:00 Tax-free savings account rules South Africa 11:00 Should you upload a lump sum to your tax-free savings account? 12:00 Can you transfer your tax-free savings to another provider? 14:30 Are tax-free savings accounts good for your child's future 17:20 Can you use tax-free savings as emergency funds? 19:00 How much can you put into a tax-free savings account? 20:00 Conclusion Investec Focus Radio SA

It was a difficult Friday for US President Donald Trump, as the Supreme Court ruled against his tariffs, while GDP in the fourth quarter grew by less than expected and a core measure of inflation rose. But, notes Chris Holdsworth, Chief Investment Strategist, at Investec Wealth & Investment International, Trump has already announced other measures to retain tariffs. Investec Focus Radio SA

What Next? Leadership Conversations for a Better Future examines how leaders can build future-fit economies in a time of accelerating technological and societal change. This episode looks at the power shifts created by AI and digital systems - asks where real agency still lies. Hosts Lindsay Hooper and Marc Kahn sit down with Thomas Lingard, who previously founded Unilever's Global Advocacy team to influence international public policy on sustainable development and who now heads the Centre for Future Generations, to explore where the real opportunity and agency exist to ensure that emerging technologies are used in the best interest of humanity. The discussion probes how digital power is concentrating, why regulatory systems are struggling to keep pace, and what it would take to steer emerging technologies toward societal benefit rather than narrow commercial gain. Thomas highlights the leadership capacities that now matter most: ethical judgement, systems intelligence, and the confidence to question deterministic narratives about technology. The episode asks a central question: how do we build an economy where technology strengthens society - and who has the responsibility and agency to shape that path? In partnership with the University of Cambridge Institute for Sustainability Leadership (CISL) and Investec. Investec Focus Radio SA

In the final episode of Art in Focus Series 2, Tristanne Farrell is joined by Alexander Richards (Stevenson), Jana Terblanche (Southern Guild) and Hamzeh Alfarahneh (Art Advisory) to unpack how narrative shapes perception, value and global positioning in African art. From curating across continents to challenging dominant canons, the conversation explores how exhibitions, galleries and collectors influence the stories that define the art world today. KEY MOMENTS: 00:00: Introduction 01:28: Growing up in art: Legacy, exposure and finding your path 06:54: From artist to advisor: Roles in the ecosystem 10:04: Curating and collaboration: Serving the artist and shaping the narrative 18:38: Challenging the canon: Cross-regional dialogue and disruption 22:12: Access and engagement: Social media and audience power 27:03: No budget: A hypothetical collection 29:35: Conclusion Investec Focus Radio SA

While US earnings have been strong, more and more companies are seeing artificial intelligence (AI) as a risk, rather than an opportunity, notes Chris Holdsworth, Chief Investment Strategist, at Investec Wealth & Investment International, that while there's been a selloff in sectors likely to be disrupted by increased AI deployment. Investec Focus Radio SA

South Africa's 2026 Budget arrives at a pivotal moment. Debt is hovering near 78% of GDP. Growth is forecast at just 1.5%. Debt-servicing costs absorb around 5% of GDP. And yet, bond yields have fallen, sentiment has improved and S&P maintains a positive outlook. Is this genuine fiscal stabilisation or simply a window of opportunity? In the latest episode of No Ordinary Wednesday, Jeremy Maggs sits down with Investec's Chief Economist Annabel Bishop and Treasury Economist Tertia Jacobs to unpack: • Whether debt has truly peaked • How meaningful the commodity revenue windfall is • The risk of further “stealth” tax pressure on households • Municipal reform and infrastructure momentum • What it would take to secure a credit-rating upgrade Read more on www.investec.com/now Investec Focus Radio SA

From stitched fabrics and beaded surfaces to gel capsules and monumental sculptures, this episode of Art in Focus explores how personal memory becomes cultural narrative. Mary Sibande, Sahlah Davids and Leila Abrahams join Tristanne Farrell to talk identity, heritage, healing and how artists transform lived experience into work that resonates locally and globally. KEY MOMENTS: 00:00 Introduction 00:49 Meet the guests: Mary, Leila and Sahlah 01:51 Making meaning from heritage and identity 06:08 The creative process, materials and making 08:08 Colour, symbolism and meaning 13:55 Growth, influence and change 19:43 Support, belief and opportunity 21:54 Responsibility, reach and return 28:54 Aspirational acquisitions 30:05 Conclusion Series page for Art in Focus on Investec website · Investec Focus Radio SA

Earning, spending, investing and shopping overseas has never been easier, but it has never been more complex either. If your money is constantly moving between currencies, countries, and platforms, it can feel like you're doing everything right on paper while still losing value through fees, exchange rates and timing. In this episode of Everything Counts, Motheo Khoaripe explores what it really means to live a global financial life. He's joined by Dan Buntman, Product Lead for International Banking at Investec, and Bonnie Dalglish, Private Banking Forex Lead, to unpack how South Africans are spending, earning and investing in an increasingly borderless world. The conversation dives into the explosive growth of online and global shopping, the rise of multicurrency lifestyles, and why so many people feel their money is harder to track than ever before. From foreign income and international subscriptions to offshore investing, travel, and digital nomad life, the episode highlights the hidden costs and blind spots that can quietly erode your finances. You'll learn how exchange rates, fees, and payment timing impact your money, why separating currency conversion from spending can be a game changer, and how new banking technology is simplifying global payments behind the scenes. The experts also explain how multicurrency accounts and intelligent routing can help reduce friction, avoid unnecessary conversions, and give you more control when your life stretches across borders. If your lifestyle, income, or investments are international (or heading that way) this episode will help you understand how to make your global money work harder for you, with less stress and more control. 00:00 Introduction 02:00 How popular is online shopping? 04:00 How are South Africans online shopping overseas? 05:10 Banking allows global shopping 06:10 How are South Africans living and spending across borders? 09:00 What to consider when it comes to multi currency spending 09:30 Buying foreign currency vs global spending 11:00 How banking innovations make international spending easier 12:00 What is a multi currency account? 13:00 The technology behind multi currency accounts 15:15 Benefits of a multi currency account 17:05 How many people are using multi currency accounts? 19:30 Key takeaways for international spending 21:00 Conclusion Investec Focus Radio SA

The world economy appears to be in good shape. Global composite purchasing managers index numbers are on the rise, with US manufacturing enjoying a significant uptick in January, and Germany's factory orders have risen strongly too. All in all, says Chris Holdsworth, Chief Investment Strategist, Investec Wealth & Investment International, the numbers support expectations of global GDP growth of 3% this year. Investec Focus Radio SA