Which JSE shares should I consider for a two- to three-year investment?

Should you be stock-picking with R200 000 over two to three years? Let’s talk about that.

This is a question I get a lot, and I think it’s worth stepping back before we jump straight into a list of tickers.

Here’s the thing about a two- to three-year window: it’s actually quite short in the world of individual shares.

Even our best JSE blue chips can swing 20%, 30% in either direction over that time, purely on sentiment, or a sector falling out of favour, or one bad set of results.

And if that dip happens to land right when you need your money back, you don’t have time to wait it out and recover.

That’s the real risk with single stocks over a short-ish horizon.

It’s not that the shares are bad, it’s that timing becomes everything, and even the professionals don’t get that right consistently.

So instead of asking which shares to buy, I’d encourage you to ask which investment strategy is most appropriate.

Read:

For this amount of money and this timeframe, I’d point you toward unit trusts, specifically multi-manager portfolios.

Think about it practically: with R200 000, if you want meaningful positions, you’re probably only looking at maybe eight to 10 shares. Compare that to a unit trust, where your money is instantly spread across dozens, sometimes hundreds, of shares across different sectors.

That’s diversification you simply can’t get by picking individual names yourself with this kind of capital.

Then take it a step further with a multi-manager fund – you’re not just diversifying across shares, you’re diversifying across investment philosophies too. You’ve got value managers, growth managers, quality-focused managers, all working within one portfolio.

So you’re not putting all your eggs in one manager’s view of the market being correct.

And practically, what does that mean for you? It means a smoother ride. Less volatility. Fewer sleepless nights wondering if your portfolio’s going to be down 15% the month you need to cash out.

Read: Risks beneath the index and the opportunities beyond

If capital preservation really matters to you over this specific window, it’s also worth chatting to your advisor about multi-asset or lower-equity multi-manager options, rather than a pure equity fund – you’ll trade off a bit of growth potential for more stability, which for a two- to three-year goal is often the right call.

So my honest advice: before you start shopping for shares, have a conversation with a financial advisor about a multi-manager unit trust solution that matches your risk appetite.

You’ll get broader exposure, professional oversight, and a much smoother path to your goal than trying to pick winners yourself.