maintaining the trust of our clients IS the cornerstone of our business
INTEGRITY
GLOBAL EQUITY STRATEGY
This strategy aims to achieve long term capital appreciation (in USD terms) by investing in a diversified portfolio of global equities.
INTEGRITY
LOCAL EQUITY STRATEGY
This strategy aims to achieve long term capital appreciation by investing in a diversified portfolio of South African equities.
GLOBAL
FLEXIBLE STRATEGY
This strategy aims to achieve long term capital appreciation by investing in a diversified portfolio of funds of different asset classes.
TRUST IS THE FOUNDATION OF LONG TERM RELATIONSHIPS
Integrity Asset Management is an owner managed,
boutique asset management company specialising in
unique, tailor-made solutions for private and institutional
clients. As such, we invest in long-term relationships with
our clients through exceptional, personalised service and
long-term value creation.
INVESTMENT MANAGEMENT
We provide an open architecture to structure the most appropriate, cost-effective and administratively efficient portfolios to meet our clients’ investment needs:
- Local and offshore equity collective investment schemes and segregated portfolios
- Local and offshore multi-managed portfolios
Our Views
Market Synopsis – October 2026
The same energy shock is now being met with rate hikes in the US, Europe and Japan, and markets expect far more to come. Yet the case for tightening differs sharply between economies: Europe’s credibility argues for less, Britain’s slack argues for patience, and Japan’s negative real rate argues for more. The Fed’s first hike has already been followed by softer inflation data and talk of an October pause, but core inflation has now sat above target for five years and the price level is 3.2% above trend. Whether the recent softness is a lasting turn or a pause in a structural problem is the question on which both the bond market and the equity market now depend.
Market Synopsis – September 2026
Share prices and corporate bond yields have rarely been able to rise together for long, yet that is precisely what has been happening this year. Over the past four decades, bond bear markets have seldom ended in a calm reversion, with a durable rally in Treasuries usually requiring a fall in equities first. Current valuations offer little cushion, given that analysts’ long-term earnings growth expectations are the highest on record.
What makes the divergence more precarious is that the same foreign flow supporting the equity market has also been holding up the US dollar, and it has now begun to roll over. The currency has historically cushioned foreign holders during a US selloff. That cushion may not be there next time.
Market Synopsis – August 2026
Corporate profit margins have never mattered more to the equity market than they do today. Recompute the S&P 500’s forward multiple using the margins that prevailed in 2019 and the index trades above where it did at the peak of the dotcom bubble, which means the entire valuation case rests on today’s margin level holding.
Two separate forces are now pressing on it from opposite directions. The AI buildout has flattered margins through an accounting benefit that is beginning to reverse, with hyperscaler free cash flow already rolling over while reported profits still look strong. At the same time, a refining shortage is raising input costs across the physical economy, at a point where the consumer has no savings buffer left to absorb a pass-through. Both stories eventually settle on the same bottom line of the income statement.