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 – 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.
Market Synopsis – July 2026
The US economy has made a moderate recovery in recent months, a far cry from what the Sahm rule breach a little under two years ago would have predicted. The recovery is believed to have been supported by two perhaps interconnected factors: Timely Fed policy and the seemingly unstoppable AI boom.
The road to this inflection point has not been smooth, with the US-Iran conflict serving as one notable case in point. But following a near 3-month exchange of rockets and words, the most robust version of a ceasefire so far is now shakily in place. The question now is whether the recovery in the US labour market will be enough to overcome one of the economy’s most stubborn structural challenge: The K-shaped divide.
Market Synopsis – June 2026
Markets are increasingly pricing in a benign outcome for both inflation and geopolitics, even as the appointment of Kevin Warsh could mark the most significant shift in Federal Reserve thinking since the Global Financial Crisis. At the same time, unresolved risks surrounding the Strait of Hormuz and signs of an AI-driven earnings bubble raise questions about whether today’s market optimism is mistaking a fragile foundation as simply tail risk.