Jeremy Gardiner of Investec Asset Management looks at the turbulance ahead and what investors should be doing

The latest Asisa stats show that investors are uncertain about the recovery and they are making emotional investment decisions.

Research on the subject is limited but there are several pointers you can use.

Taking a contrarian view, Investec Asset Management has taken a serious bet against retailers after a strong rally.

John Biccard's Investec Value Fund has zero exposure to the big four banks for the first time, and he has also dumped retail stocks.

Since the 1 July Investec Asset Management no longer charges initial fees on investments into their unit trusts.

There is no error in Statistic South Africa's calculation of the official inflation rate, the agency said on Wednesday.

SA is not moving into a recession, Jeremy Gardiner, director at Investec Asset Management, said on Thursday at a media briefing in Johannesburg.

South Africa's purchasing managers' index (PMI) dropped to 49,1 in May on a seasonally adjusted basis from 54,1 in April, pressured by weak new sales orders and higher production costs. The index, a measure of underlying manufacturing activity, was below the key 50 level that signals expansion.

South Africa's Purchasing Managers Index (PMI) fell to a four-and-a-half year low of 46,4 in February, knocked by slowing demand and a crippling power shortage. The fall in the index, a measure of manufacturing activity, from 52,1 in January reflected lower new sales orders and marked the first decline below the 50 mark, which separates expansion from contraction, since 2003.