What South Africa’s Top Asset Managers Are Really Holding in 2025
An analysis of the top 10 holdings across nine of South Africa’s leading institutional fund managers—including Allan Gray, Coronation, 36One, Ninety One, Fairtree, Investec, Merchant West, and Steyn Capital—provides a clear view into where the professional capital allocators are placing their biggest bets. The patterns reveal strong convictions in global tech and precious metals, steady domestic financials, and a notable avoidance of several traditionally favored sectors.
Top Holdings: Institutional Favorites
Three stocks dominate institutional portfolios:
- Naspers (6 of 9 funds) – Appears in portfolios of Allan Gray, Coronation, 36One, Ninety One, Fairtree, and Investec. This remains the preferred vehicle for gaining exposure to Chinese tech and global e-commerce via its stake in Tencent and Prosus.
- AngloGold Ashanti (5 mentions) – Held by PSG, 36One, Ninety One, Fairtree, and Investec. The gold miner’s popularity points to its role as a defensive asset, offering protection against inflation, currency volatility, and geopolitical risk.
- FirstRand (4 mentions) – Found in the portfolios of Coronation, Ninety One, Merchant West, and Steyn Capital. Its consistent earnings, strong capital position, and innovation in retail banking make it a standout in the local financial sector.
Standard Bank also appears in four portfolios, reinforcing institutional confidence in large-cap South African banks.
Platinum Miners Are Quietly Gaining Ground
While gold remains the dominant theme, platinum group metals (PGMs) are getting increasing attention:
- Impala Platinum and Sibanye-Stillwater are held by Fairtree
- Northam Platinum is in PSG’s top 10
- Anglo American (which includes Amplats) is held by Ninety One
- African Rainbow Minerals, with PGM exposure, is held by Fairtree
- Gold Fields, held by 36One, Fairtree, and Investec, also has some PGM interests
This suggests managers are quietly bullish on platinum, seeing opportunities in industrial demand recovery, automotive catalysts, and the long-term hydrogen economy. Despite recent softness in PGM prices, the fundamental setup appears attractive on a multi-year view.
Retail Still Underweighted
Despite occasional optimism about consumer recovery, retail stocks remain on the fringes of institutional portfolios:
- Woolworths (Allan Gray)
- Dis-Chem (Coronation)
- Mr Price (Ninety One)
- The Spar Group (Fairtree)
- Foschini (Investec)
All appear in only one portfolio each. This suggests limited conviction across the buy side, likely due to pressure from load shedding, weak household balance sheets, and input cost inflation compressing margins.
Healthcare and Luxury: Fully Omitted
Not a single hospital group—like Netcare or Mediclinic—makes it into a top 10 holding. This absence reflects a lack of confidence in the sector’s growth outlook, as well as concerns around regulatory interference and capex requirements.
Even more striking is the complete exclusion of Richemont, a global luxury brand leader. Despite its strong balance sheet and brand strength, managers seem cautious, likely due to softening global luxury demand (especially in China) and the stock’s premium valuation. It doesn’t fit neatly into the value or income frameworks many SA managers prefer.
Only One Fund Holds Sasol
Fossil fuels are almost entirely missing from the institutional radar. Sasol appears in just one fund—Merchant West. Exxaro and Thungela are completely absent.
This points to a clear institutional retreat from carbon-heavy energy stocks, driven by:
- ESG mandates and sustainability screens
- Earnings volatility from oil and chemical prices
- Long-term uncertainty around the energy transition
Even with high historical dividend payouts, coal and petrochemical names are being shunned in favor of more defensible, ESG-compliant sectors.
Property: Sentiment Not Matching Action
Despite a wave of recent media optimism around South African REITs, institutional investors remain skeptical. Only one REIT—NEPI Rockcastle—features in a top 10 list, held by 36One. Broader REIT exposure is absent, suggesting that load shedding risk, interest rate headwinds, and poor rental growth are still deterring significant capital deployment into listed property.
Summary: Concentrated Conviction, Cautious Avoidance
South Africa’s top institutional investors are building portfolios with precision and purpose. The most consistent themes across their holdings include:
- Global tech via Naspers
- Inflation and currency hedges via gold and platinum miners
- Dependable yield and growth via local banks like FirstRand and Standard Bank
Conversely, they’re pulling back from:
- Retail, still exposed to local economic fragility
- Healthcare, weighed down by regulation and limited growth
- Fossil fuels, increasingly uninvestable due to ESG mandates
- REITs, where fundamentals haven’t yet justified a turnaround
For investors watching institutional capital as a signal, this snapshot offers a clear picture: 2025 is a year for selectivity, defensiveness, and strategic global exposure. And the smart money is already ahead of the curve.
Disclaimer:The content provided in this article is for informational purposes only and should not be construed as financial advice. Readers are encouraged to consult with a qualified financial advisor or professional before making any financial decisions. While every effort has been made to ensure the accuracy of the information presented, the author and publisher accept no responsibility or liability for any errors, omissions, or outcomes resulting from the use of this content.
