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Ninety One
Ninety One
Established in South Africa in 1991, as Investec Asset Management, the firm started offering domestic investments in an emerging market. In 2020, almost three decades of organic growth later, the firm demerged from Investec Group and became Ninety One. Today the firm offers distinctive active strategies across equities, fixed income, multi-asset and alternatives to institutions, advisors and individual investors around the world.
Ninety One is an independent, active global asset manager dedicated to delivering compelling outcomes for its clients, with an AUM of £128.6 billion as at 31.12.20.
Investment involves risk.
Insights
After ‘Liberation Day’, Ninety One wanted to build a clear picture of how companies are experiencing business on the ground and visited several over Q2. They liked a lot of what they saw.
Dollar cycles are longer than others because four self-reinforcing forces create inertia and rarely reverse unless all four turn simultaneously. Ninety One believes Trump-era policies, fiscal strain and shifting global capital could trigger a convergence.
For years, capital has gravitated to the US – but the next cycle is unlikely to resemble the last, and Ninety One believes the investment map is beginning to redraw itself.
A visit to US energy companies reveals a cautious mood among oil executives. But the outlook for gas is more bullish.
After years in the global investment wilderness, an increasing set of pro-growth signals from policymakers is starting to shift the narrative, says Ninety One. Europe is positioning itself not just as cheap – but investable.
Since the start of 2025, the highest-yielding (riskiest) parts of the global high-yield market have underperformed. Rather than compromising on risk, Ninety One believes investors should find different ways to meet their objectives.
LSEG supports clients across the trading lifecycle, helping them save money, and has stayed ahead through major tech shifts, securing its place in the Ninety One Quality team’s universe.
For EM debt investors, Ninety One believes a weaker dollar could mark a long-awaited shift from headwind to tailwind.
Ninety One believes a portfolio built on a combination of ‘Quality’ and ‘Value’ can best capture the diverse range of bottom-up investment opportunities the UK offers.
Ninety One’s Peter Kent, Co-Head of Fixed Income, argues bond markets are in a new regime – as a result, asset allocation approaches need a reboot, and portfolio diversification has never been such a virtue.
Drawing on deep experience, Ninety One’s EM experts tackle five persistent myths about emerging markets and advocate a recalibration of perspectives.
Ninety One’s Ellie Clapton and Jason Borbora-Sheen unpack why the 60/40 playbook is under pressure, and how to modernise defence for a more volatile world.
This isn’t just another market cycle – it’s a structural shake-up. Ninety One’s Clyde Rossouw explores how an active strategy, built on quality, can weather disruption and uncover opportunity.
AI is reshaping financial services. In this keynote delivered at the PSG conference, Khadeeja Bassier, COO at Ninety One, explores how tools like ChatGPT and Claude enhance research, storytelling, and client insights.
Why is diversification in fixed income portfolios more important than ever, and what’s the best way to achieve it today? Ninety One’s Ellie Clapton and Darpan Harar explore the key considerations in the current environment.
China expert Joerg Wuttke sits with Ninety One’s Alan Siow, Co-head of Emerging Markets Corporate Debt, and shares insights gained over 30 years of living and working in China.
Ninety One’s Iain Cunningham, Head of Multi-Asset Growth, explores China’s structural shift towards a consumption-driven growth model due to ongoing trade shocks from US tariffs.
At commodity conferences in the US, a mood change among industry players was palpable. In the mining sector, the stage is set for a pick-up in mergers and acquisitions. Even in agriculture, attitudes are turning more positive.
Trump’s sweeping trade reset marks the largest US tariff escalation in nearly a century. Ninety One’s Investment Institute unpacks the policy shift, outlines scenario-based outcomes, and explores what it means for markets.
Emerging markets are gaining investor confidence, driven by tech innovation, India’s rise, and China’s evolving private sector. With US growth uncertainty and attractive valuations, EM equities offer compelling opportunities despite ongoing risks.
Ninety One’s Peter Kent, Co-Head of Fixed Income, argues that a shift in volatility in developed markets means asset allocators face a new reality.
EM corporate debt can bring distinct benefits to portfolios, making it a valuable addition to US high-yield credit allocations. Ninety One explains.
With inflation proving sticky, and the long-term outlook for commodities supported by resource underinvestment and electrification, Ninety One believes the case for natural resources equities is strengthening.
Investors looking for opportunity in today’s uncertain markets should take a fresh look at gold equities. While the long-term case for gold is well established, immediate market dynamics are creating an interesting window for investors.
Ninety One’s Anton du Plooy discusses how DeepSeek's AI breakthrough is challenging US dominance, bypassing restrictions and reshaping global AI investment and geopolitics.
High interest rates and uncertainty have created a challenging backdrop for Brazilian companies. But some businesses are using adversity to catalyse innovation.
Tariffs are reshaping market dynamics—where are the opportunities for emerging market equity investors? Ninety One’s Varun Laijawalla explores the risks, the mispricings, and the strategies for navigating uncertainty.
Ninety One’s Sahil Mahtani argues that the Trump administration appears willing to tolerate a slowdown to push through structural reform, which may lead investors to seek opportunities beyond US assets.
In the latest episode of From the Income Desk, Ninety One’s Jason Borbora-Sheen and Darpan Harar join Ellie Clapton to discuss the opportunities that lie beyond traditional fixed income allocations.
Ninety One explains why bank capital is among specialist credit markets that present a smarter choice for investors.
A shift in volatility in developed markets means asset allocators face a new reality. Ninety One explains.
Passive equity strategies have gained considerable market share in large, liquid, developed markets. However, their adoption in emerging markets remains limited. Ninety One explores why emerging markets reward active investors.
Ninety One’s Christine Reed, Emerging Market Fixed Income Portfolio Manager, charts Argentina’s remarkable turnaround story and considers the broader lessons for emerging market debt investors.
Ninety One’s Alex Holroyd Jones examines how DeepSeek’s challenge to US technological dominance may disrupt global markets.
With US trade tariff-related uncertainty now top-of-mind for investors, Thys Louw and Aurelie Martin present Ninety One’s proprietary framework for assessing sovereign vulnerability and explain how tariff-related market volatility could present investment opportunities.
Significant evolution in emerging market debt has resulted in a better quality and highly diverse opportunity set that is ripe with alpha-capture potential, says Ninety One.
Ninety One's Abrie Pretorius explains why Nintendo's ability to continually innovate has helped build an unmatched portfolio of titles and lock in an army of adoring customers.
Ninety One’s Clyde Rossouw explains why investors who buy businesses that have realisable growth – not the promise of growth - should be well placed in 2025.
Whether it’s shifting focus from the macro to the micro, or questioning the consensus, investors should look beyond the mainstream spotlight to get the best out of the asset class.
Following another stellar year in credit markets, the case for embracing a more diverse opportunity set has never been clearer … investors seeking steady income and portfolio resilience should avoid following the crowd.
Higher interest rates and policy uncertainty have resulted in negative sentiment towards clean-tech sectors. This is creating a compelling opportunity for a countercyclical, diversified source of returns.
Ninety One’s Philip Saunders and Sahil Mahtani explore where the smart capital will be heading in 2025 – and where the pitfalls lie.
Ninety One’s Alan Siow, Co-Head of Emerging Market Corporate Debt, explains why a new US tariff regime, while potentially creating some turbulence, need not be the existential threat that some might fear.
Anna Farmbrough explains why Ninety One’s Quality team believes that Next, with its market-leading online platform and innovative approach to growth, is well placed to deliver sustained growth over the long term.
Monetary, fiscal, migration: Ninety One explores how the US recession was averted in 2022-2023.
Ninety One sees five compelling reasons for investors to revisit natural resources equities.
FX markets are often the best way to express views or hedge positions in and around elections, and FX volatility presents a source of potential alpha, says Ninety One.
Ninety One’s Iain Cunningham examines how and why tariffs are expected to play a central role in Trump’s push for US reindustrialisation and a more equitable global trade system.
Ninety One’s Head of Quality Clyde Rossouw explains why exposure to higher-quality companies can successfully position investors for an AI-driven future.
The rollout of China’s most substantial stimulus package in years raises the question: should investors reassess their stance on China? Ninety One investigates.
Clyde Rossouw explains why the inherent adaptability of his team’s Quality approach has enabled the constituents of Global Franchise to evolve over time, without compromising their purist quality philosophy.
Philip Saunders, Director of Ninety One’s Investment Institute, reminds us that regardless of the party in power, long-term market movements are driven by fundamentals – growth matters.
Ninety One’s Clyde Rossouw explains why the direction of travel over the longer term is likely to be supportive for a quality approach based on earnings resilience.
In this short video, Ninety One’s portfolio manager Abrie Pretorius details why Alcon is well placed to benefit from the structural growth opportunity that the industry offers.
Ninety One believes that the case for adopting a dynamic approach to portfolio construction across a broad investment universe has never been clearer.
Prospects for oil appear positive on a five-year view; however, demand worries and supply growth suggest a bearish outlook in 2025. Ninety One’s Paul Gooden explains there are still opportunities, but active management remains key.
Gold is at record highs, yet attendance at the biggest annual gold-industry conference was well below average, which says something useful about sentiment and what investors can expect, says Ninety One.
Alex Holroyd-Jones, portfolio manager in Ninety One’s Multi-Asset team, discusses whether the current US yield curve is a predictor of an upcoming recession or a stronger outlook, and why it should continue steepening.
Ninety One’s Ellie Clapton and Jason Borbora-Sheen explore the resurgence of bonds as a viable investment class.
Ninety One’s Alex Holroyd-Jones discusses whether the current US yield curve is a predictor of an upcoming recession or a stronger outlook, and why it should continue steepening.
The combination of historically expensive valuations and elevated levels of distress makes the high-yield corporate debt market an unattractive destination today. Investors can find a much better risk-reward trade-off in other credit markets.
The definition of 'quality' can be subjective – Ninety One's Clyde Rossouw explains why we are drawn to businesses that possess five key attributes.
Emerging markets have changed dramatically over the last decade, resulting in a more diverse and higher-quality asset class. Ninety One discusses how this evolution has transformed the investment landscape.
Ninety One analyses assesses the critical factors that could support EM returns relative to developed markets after several false dawns.
Ninety One’s Philip Saunders analyses this most tight of political struggles and speculates on market reaction to both possible eventualities.
Inflation in the UK has ticked up, while in the US it has edged lower. Though some may see this as a halt in inflation's decline, Ninety One’s Jason Borbora-Sheen disagrees.
The performance of developed economies and the action of central banks recently caused acute financial market tensions and volatility. Ninety One asks: what really happened, why, and was it avoidable?
Ninety One’s Clyde Rossouw explains why markets do not appear as healthy as the headlines suggest, and highlights several warning signs for investors to note.
Beware the ‘cyclical’ case for value – hoping the market will re-rate value stocks en masse – and find out why Ninety One’s Value team believes in a ‘structural’ approach to value.
In this piece – published before the bout of turbulence seen in markets recently – Ninety One’s Head of Quality Equities, Clyde Rossouw, explains why there are several warning signs that investors should be cognisant of. With market concentration being at unprecedented levels, he expects proven earnings resilience to become more important in this stretched near-term market with an increasingly uncertain outlook.
Ninety One’s Sahil Mahtani, Head of Macro Research, discusses how a growth scare, in the context of an almighty positioning unwind, should not detract from what is still likely to be a soft landing.
Ninety One’s 4Factor EM & Asia equity team challenge the notion that concentrated portfolios alone are the only way to take sufficient levels of active risk in an appropriately diversified manner.
Ninety One’s Varun Laijawalla believes an active approach is imperative to investing in emerging markets, which he illustrates by relating to his team’s experiences of investing in two EM powerhouses – India and China.
The narrow leadership in global equities is unprecedented. It is also dangerous. Ninety One’s Clyde Rossouw explains why markets do not appear as healthy as the headlines suggest.
More than 50 countries go to the polls in 2024 – with FX volatility likely, Ninety One has produced this piece to help investors navigate this year.
It was a mixed second quarter for capital markets, with various election results driving up volatility.
Be wary of the ‘cyclical’ case for value: hoping the market will suddenly re-rate value stocks en masse. Instead, Ninety One says seize the ‘structural’ value opportunity: buying good businesses that have suffered a temporary blow.
A preference for quality has seen many high-yield investors flock to a part of the credit market that offers poor value. Those with flexibility to explore further afield can find higher-quality assets at more attractive valuations.
Ninety One sees five compelling reasons for investors to revisit natural resources equities.
Multi-Asset team analyst Dan Morgan discusses how US fiscal policy will continue to play an increasingly influential role. As investors navigate a new policymaking world, he considers what they should look out for.
Ninety One believes the market will begin focusing less on the ‘story’ component of investment cases, shifting attention back to companies’ earnings streams.
This year, eight of the world’s ten most populous nations go to the polls in the same year for the first time ever. Ninety One has produced this piece to help investors navigate this year: the year of the ballot.
Ninety One’s Roger Mark shares insights gained from his recent trip to Central and Eastern Europe, where broad macroeconomic trends appear positive.
Read Ninety One’s latest views following a recent research trip across China.
Correlation is often seen as the holy grail of investors – however, as Ellie Clapton and Jason Borbora-Sheen discuss in this video, a singular focus on correlation can be misguided.
The US high yield market’s relatively allure has increased, but the caveat ‘past performance is not a reliable indicator of future returns’ is particularly valid in this case.
Ninety One strategist Russell Silberston believes it’s about time the so-called ‘Moron Premium’ was consigned to the history books.
It’s the quality of revenue that matters, not the quantity – Ninety One’s Paul Vincent and William Nott explain why focusing on resilient revenue models translates into more predictable and sustainable free cash flow generation.
This year, eight of the world’s ten most populous nations go to the polls in the same year for the first time ever. With that in mind, Ninety One has produced this piece to help investors navigate the year of the ballot.
Every investor has probably formed their own opinion on this topic: let Ninety One talk you through why they believe their active quality approach can help them beat the benchmark over the long term.
While the P/E ratio is a popular and commonly used metric in equity valuation, Ninety One firmly believes that a healthy dose of caution is required.
People tend to underestimate the risk of losing everything – to maximise long-term compounding, every investor should take care to mitigate the risk of going bust, says Ninety One.
This paper sets out how we can evolve the approach to net-zero investing to achieve the dual objectives of delivering decarbonisation in the real economy while optimising returns for clients and beneficiaries.
In this Q&A, Ninety One’s Varun Laijawalla, co-Portfolio Manager of the Emerging Markets Equity Strategy, shares feedback from his trip to Australia.
With compelling valuations and strengthening fundamentals, frontier markets are starting to move back onto asset allocators’ radars as the external backdrop improves. Careful navigation is key, but the potential rewards are substantial.
Whether it’s the strong structural story of Brazil or the alpha potential from Argentina’s reforming economy, Ninety One’s Nicolas Jaquier finds a compelling case for these two contrasting debt markets.
Over the next decade, a combination of the energy transition, nearshoring, geopolitics, demographics, technology and public investment spending could trigger a capex supercycle.
MercadoLibre’s success in capturing the digital inclusion structural growth opportunity in Latin America makes it a hidden gem, according to Ninety One Emerging markets Sustainable Equities Portfolio Manager Juliana Hansveden and Analyst Eduardo Gomes.
Portfolio Manager Darpan Harar and Portfolio Specialist Jared Cook examine the merits, uses and risks of corporate hybrids, which form part of the broader Multi-Asset Credit investment universe.
The US Presidential election is likely to be contested by candidates with starkly different stances on climate. What does the November poll mean for investors in the global decarbonisation opportunity?
Ninety One sees five compelling reasons for investors to revisit natural resources equities.
The consequences of “the future that has already happened” are likely to be profound for investors, according to Ninety One’s Sahil Mahtani, Head of Macro Research.
Ninety One analyst Yunli Liu returns to his home country to see for himself what business conditions are like and to try to separate sentiment from fundamentals.
Investor sentiment towards bonds, especially corporate bonds, has improved, but John Stopford of Ninety One warns that investors may be too optimistic about the looming risks
Various factors are distorting the headline index spread in the US high yield market. Investors should look elsewhere for better risk-adjusted value.
Ninety One Sustainable Equity analyst Eric Opara sits down with Nikki Gwilliam-Beeharee from the World Benchmarking Alliance to examine some of the challenges and opportunities of digital inclusion.
The dragon might not be breathing fire, but turn your back at your peril, according to Ninety One’s Iain Cunningham, Head of Multi Asset Growth.
Deep dive into emerging market debt with Erin Lefkowitz, Senior Fixed Income Portfolio Manager at Mercer, and leaders from Ninety One’s EM Fixed Income platform Victoria Harling and Peter Kent.
Ninety One examines important health care topics, including how improving accessibility on a global scale can generate material structural growth opportunities within the sector.
As some investors start to see their short-duration gilts mature, Ninety One Diversified Income Fund Portfolio Manager Jason Borbora-Sheen discusses what they should think about next.
Loan market valuations look attractive, but beware pockets of weakness.
Ninety One’s Iain Cunningham, Head of Multi-Asset Growth, explains why tight policy in Europe and very loose policy in Japan indicate a great asymmetry over the next 12 months between the two.
Why allocate separately? Asset allocators seeking full and meaningful structural opportunity may need something different.
Wonko the Sane, a character in a Douglas Adams novel, summarised perfectly why challenging preconceptions can pay dividends.
Looking beyond the top line – it’s the quality of revenue that matters, not the quantity.
Fundamentals to be the differentiator: Ninety One’s Clyde Rossouw explains why he believes that the market will broaden from its narrow leadership, and stocks delivering consistent earnings and free cash flow growth could be 2024’s winners.
The US market extends beyond mega caps – Ninety One’s Paul Vincent delves into three sectors he will have his eye on in 2024.
The UK has been a challenging place to manage long equity money recently, but things can change quickly. Ninety One’s Ben Needham explains why there are opportunities across the market cap spectrum.
Central banks have raised interest rates in a bid to curb inflation and the consequence is slowing growth. Ninety One’s Iain Cunningham spells out the implications.
With interest rates set to remain higher for longer, are the same rules that have applied for the past few decades still in play or is a different approach needed?
Macro worries have created a useful entry point into natural resource equities. This part of the stock market is often misunderstood, presenting value opportunities for selective investors.
Throughout history, inflationary periods have been rare. It has therefore been difficult to draw parallels of today’s experience to history.
A handful of global companies have provided outsized returns this year, creating both risks and opportunities.
Ninety One discusses some of the structural and cyclical aspects of China’s economy and why they currently see attractive investment opportunities in the region.
Highly diverse valuations across credit markets make for ideal conditions for bottom-up investors as we enter 2024.
Global Total Return credit – a daily dealt multi-asset credit solution.
With significant and rising dispersion, look out for plenty of compelling bottom-up opportunities, but also some no-go areas for investors.
Ninety One’s Archie Hart explains the need for caution in the coming months, but remains optimistic on a one- or two-year view.
Market volatility is presenting opportunities to gain exposure to powerful structural trends in emerging economies.
Many debt-issuing companies across emerging markets have positioned themselves well for the ‘higher-for-longer’ rates environments.
Despite the higher cost of capital, healthy levels of transition-related activity are continuing in emerging markets, translating into a growing opportunity set for investors.
After a challenging year, Ninety One’s Wenchang Ma sees brighter prospects for Chinese equities in 2024.
Gold has defied rising bond yields to trade in a range rarely seen before. Is there more in the price than a ‘war premium'?
We are arguably living through a fourth systemic crisis and the result will be a vastly different economy. Understanding the investment implications is what this iteration of the ‘Road to 2030’ research is about.
China’s economic rise to the world’s second-largest economy has been spectacular and exerts substantial geopolitical influence in the current landscape.
Ninety One’s Philip Saunders and Sahil Mahtani assess the outlook for 2024 and beyond, and discuss where to invest for a new market cycle.
At a global level, the path immediately ahead could be choppy. But beneath the surface, currents favouring emerging markets are gathering force.
Ninety One’s Stephanie Niven explains why investors have an opportunity to benefit from an allocation to companies with sustainable drivers of structural growth.
Rewiring the economy for a net-zero world. In this video, Ninety One’s Global Environment team explores investing in decarbonisation.
Ninety One’s Stephanie Niven and Jake Thomson examine some of the front-line challenges and impact potential of African conservation with Tusk founder Charlie Mayhew.
Targeting effectiveness – asset owners weigh the risks and opportunities of investing for an inclusive energy transition.
For a select group of companies, enabling financial inclusion is both a structural growth tailwind and an impact opportunity.
With index inclusion imminent, Indian fixed income assets are poised (deservedly) for a bigger role in investors’ portfolios.
Philip Saunders argues that much of the current geopolitical malaise is the result of the rise of China.
2023 has been a year of defining change, with much of the world adapting to higher interest rates – Ninety One’s portfolio managers share their key takeaways.
Nicolas Jaquier and Peter Eerdmans chart the EM sovereign debt market’s evolution and provide insights and pointers for investors.
David Heyl explains how things are changing in the strategically vital agri economy and details the resultant opportunities.
Many are speculating that interest rates have adjusted upwards on a structural basis. Ninety One Investment Strategist Russell Silbertson takes a different view.
Ninety One looks at the likely winners in the space and what this means for investors.
It’s not a yes or no question, argues Ninety One’s Jason Borbora-Sheen.
Ninety One’s Deirdre Cooper and Graeme Baker argue that decarbonisation remains the biggest structural growth opportunity of their generation.
At an uncertain juncture in markets, this may be a good time to reflect on the hard lessons that only the experience of living through a grinding bear market can teach.
Ninety One’s Deirdre Cooper explains the shift, outlines her stance, and injects a good deal of contrarian optimism.
Ninety One’s EM debt team travelled far and wide in September, visiting 12 emerging markets across the globe. Read their takeaways here.
Ninety One’s Chief Sustainability Officer Nazmeera Moola anticipates COP28.
Discover what the full EM debt opportunity set can do for you and how best to navigate it.
Ian Cunningham shares his views on the current market climate and why he believes the Global Macro Allocation Fund is appropriate in this climate.
Small is also beautiful – Novozymes is decarbonising industry and agriculture, one microbe at a time.
Why the eurozone is in for a tough time, and the opportunities arising from this.
It’s worth examining recent bond market volatility when making asset allocation decisions – you might be surprised at how traditional ‘safe havens’ fare.
The growing size and importance of EM as an asset class and its potential diversification benefits mean that an allocation merits serious consideration.
Tom Nelson discusses the oil price equation and implications of the recent rally.
On a recent trip to China, 4Factor Analyst Alec So visited eight companies across five cities and walked away more optimistic about prospects for quality companies.
The market predictably over- and under-reacts to short-term news. While this creates opportunities for patient investors, be wary of those who claim you can make short-term trading profits.
Focus Funds
Seeks to capture the structural decarbonisation growth story – investing in companies that are driving the transition to a low carbon world.
Investing in companies making a positive contribution to the future of society and the environment.
A Quality approach focused on the growth engine of the world. The expanding opportunity set in Asia, we believe, provides a highly investable, liquid and diverse group of exceptional quality companies.
A core UK equity income fund focused on sustainable dividend growth, investing in attractively valued quality businesses.
A tried and tested defensive return strategy with a proven track record of protecting the downside in weak markets and capturing the upside in less challenging conditions.
A flexible multi-asset strategy aiming to compound high total returns through time.
Regulation
Podcasts
To listen to our podcasts, subscribe on Spotify, Apple Podcast, Google Podcasts or simply search for ‘Ninety One Big Picture’ on your podcast app of choice.