US offers value
The quantitative easing in the US has been doing its job and we are seeing unemployment slowly moving lower while (modest) growth is back. The fiscal cliff is still a concern but law makers will find a solution of sorts.
With this in mind, US equities are offering value with a number of local asset managers suggesting that one of the best investment destinations for 2013 is going to be the US. The easiest way for a local investor to gain US exposure is via the Deutsche Bank exchangetraded Fund DBXUS.
This ETF tracks the MSCI USA Index with about 600 stocks contained in the index it is a great broad ETF that one can buy on the JSE in rand while getting pure US and US$ exposure. The one risk (aside from US equity risk) is currency. The index is initially priced in US$ before being converted to rand so any rand strength will take some of the shine off the ETF and while I expect rand strength in 2013 US markets should perform strongly enough to offset that risk.