The successful election and ‘relatively’ smooth transition to the market friendly government of national unity (“GNU”) has translated into a significant unlock of SA equity value, especially with respect to the SA Inc. stratum of the JSE. From a style perspective, the positive news flow has resulted in two stand-out performers, namely momentum and rand tracker. Notwithstanding the positive performance, the JSE still seems relatively cheap when compared to developed markets. A question of whether the SA Inc. momentum play will continue is anyone’s guess, however, our forecast models indicate that growth, rand hedge and illiquidity are expected to outperform. Furthermore, should the positive sentiment continue, coupled with expected rate cuts (both locally and globally), we could see a significant resurgence of value, dividend yield and quality. Importantly, the current situation and multitude of possible outcomes is best expressed by the famous quote by Yogi Berra – “It’s tough to make predictions, especially about the future”. This explains our consistent stance of focusing on style diversification as opposed to concentration.