April 2024
Adriaan Pask, Chief Investment Officer
PSG Wealth
The local bourse rose 0.63% to settle at 74 010 points on Tuesday, marking its fourth consecutive session of gains while tracking the performance of most global peers. Among individual stocks, Capitec led the gains with an increase of over 7.79%, buoyed by strong financial results for the fiscal year ending February 2024. Investors also kept a close watch on the current earnings season and the upcoming release of key economic data from major economies, including US PCE and GDP estimates, as well as PMI surveys. On the economic data front, Trading Economics reported that: “The composite leading business cycle indicator in South Africa rose by 1.70% month-on-month in February 2024, recovering from a downwardly revised 0.20% decrease in the previous month. This marked the first expansion since October 2023, as increases in five of the ten available component time series outweighed decreases in the remaining five. The key positive contributors were an acceleration in the six-month smoothed growth rate in job advertisement space and an increase in the number of residential building plans approved.” The rand recovered somewhat from its recent beating, rising 0.42% to R19.10/$ around 19h00.
Tuesday saw a rise in European equity markets, with the broader STOXX 600 index gaining more than 1%, as investors processed flash PMI data for the Eurozone and a barrage of earnings releases. The latest PMI survey shows that the service sector drove higher-than-expected output in April, the fastest in almost a year in the EU. On the corporate earnings front, Reuters reported that Renault saw a 1.80% increase in first-quarter revenue thanks to strong results in its financing segment. At the same time, "Swiss pharmaceutical giant Novartis lifted its full-year outlook following a stellar first quarter showing, driven by sales of key products such as the heart failure medication Entresto and the psoriasis treatment Cosentyx," Trading Economics added.
Building on the strong momentum from the previous session, US stock markets continued their upward trend on Tuesday, as better-than-expected earnings reports from big names including GM, PepsiCo, UPS, and Lockheed Martin boosted market sentiment. The S&P 500 rose by 1.20%, while the Dow Jones gained 263 points, and the Nasdaq advanced 1.60%.
Most Asian equity markets advanced on Tuesday, extending their gains from the previous session, and drawing cues from Wall Street's strong lead as concerns over a larger Middle East crisis receded. Investors also welcomed strong PMI data from Australia and Japan for April. Meanwhile, Chinese stocks fell for the third straight session “as the lack of fresh policy support dampened investor sentiment. On Monday, the People’s Bank of China kept key lending rates unchanged amid stronger-than-expected first quarter GDP figures and efforts to stabilise the yuan, but signs of slowing activity in March raised market hopes for further policy easing,” Trading Economics added.
In commodities, oil prices increased as market participants continued to evaluate the potential risk from geopolitical tensions in the Middle East. At the close of business, Brent crude oil futures were trading 0.83% higher at $87.27 a barrel, while US West Texas Intermediate crude futures were up 26 cents to $82.16. Market analysts noted that while there are no signs of an impending full-scale war between the countries concerned, any escalation in hostilities could quickly reverse the current trend. Bullion added 0.17% to trade at $2 330.59/oz at 19h15.
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Date | Index | Current Level | 1 Day Move | 1 Month Move | 6 Month Move | 1 Year Move |
---|---|---|---|---|---|---|
2024-05-03 | ALSI | 76046.85 | -0.04 | 3.08 | 8.68 | 2.00 |
2024-05-03 | Basic minerals | 43964.96 | -1.45 | 2.81 | 11.26 | -7.50 |
2024-05-03 | Fin + Ind 30 | 9903.90 | 0.37 | 3.13 | 8.63 | 6.78 |
2024-05-03 | Financial | 40701.25 | -0.01 | 3.85 | 3.52 | 12.51 |
2024-05-03 | Industrial index | 112561.48 | 0.64 | 2.94 | 10.91 | 3.44 |
Some data may be delayed, the above table reflects the latest information available from Morningstar.
Please note performance reported during the first week of each month may be impacted by distributions. Distributions are fully accounted for by the second week of each month.
ASISA category | Fund name | NAV (Rands) at 03 May 2024 | Performance –As at 2024/04/30 | |||
---|---|---|---|---|---|---|
1 year % | 3 year % | 5 year % | Inception % | |||
South Africa - Equity - General | PSG Equity Fund Class A | 16.37 | 5.75 | 16.54 | 9.96 | 12.82 |
PSG Equity Fund Class A | 16.37 | 5.75 | 16.54 | 9.96 | 12.82 | |
PSG Equity Fund Class E | 16.36 | 4.60 | 15.91 | 9.98 | 8.86 | |
PSG Equity Fund Class F | 16.42 | 6.24 | 17.08 | 10.47 | 9.84 | |
PSG SA Equity Class F | 1.54 | 5.00 | 17.16 | 8.77 | 7.23 | |
PSG Wealth Creator Fund of Funds Class D | 51.92 | 5.87 | 9.89 | 10.17 | 11.95 | |
South Africa - Multi Asset - Flexible | PSG Flexible Fund Class A | 7.86 | 5.13 | 15.39 | 10.16 | 11.26 |
PSG Flexible Fund Class A | 7.86 | 5.13 | 15.39 | 10.16 | 11.26 | |
PSG Flexible Fund Class E | 7.86 | 5.41 | 15.70 | 10.44 | 10.13 | |
South Africa - Multi Asset - High Equity | PSG Balanced Fund Class A | 95.59 | 4.17 | 13.85 | 10.20 | 12.73 |
PSG Balanced Fund Class A | 95.59 | 4.17 | 13.85 | 10.20 | 12.73 | |
PSG Balanced Fund Class E | 95.68 | 4.77 | 14.50 | 10.84 | 9.69 | |
PSG Wealth Moderate Fund of Funds Class D | 40.46 | 7.81 | 9.61 | 8.73 | 10.69 | |
South Africa - Multi Asset - Low Equity | PSG Stable Fund Class A | 1.62 | 4.93 | 9.82 | 7.48 | 8.29 |
PSG Stable Fund Class A | 1.62 | 4.93 | 9.82 | 7.48 | 8.29 | |
PSG Stable Fund Class E | 1.63 | 5.54 | 10.45 | 8.09 | 8.03 | |
PSG Wealth Preserver Fund of Funds Class D | 24.53 | 7.37 | 8.26 | 7.41 | 8.98 | |
South Africa - Multi Asset - Income | PSG Diversified Income Fund Class A | 1.31 | 7.91 | 7.99 | 7.82 | 7.84 |
PSG Diversified Income Fund Class A | 1.31 | 7.91 | 7.99 | 7.82 | 7.84 | |
PSG Diversified Income Fund Class E | 1.31 | 8.59 | 8.61 | 8.39 | 8.28 | |
PSG Wealth Income Fund of Funds Class D | 12.44 | 8.16 | 7.41 | 6.96 | 7.80 | |
South Africa - Interest Bearing - Short Term | PSG Income Fund Class A | 1.08 | 8.14 | 6.76 | 7.27 | 7.11 |
PSG Income Fund Class A | 1.08 | 8.14 | 6.76 | 7.27 | 7.11 | |
PSG Income Fund Class E | 1.08 | 8.46 | 7.07 | 7.59 | 7.77 | |
PSG Wealth Enhanced Interest Fund of Funds Class D | 1.01 | 9.15 | 6.75 | 6.51 | 6.73 | |
South Africa - Interest Bearing - Money Market | PSG Money Market Fund Class A | 1.00 | 7.64 | 5.88 | 5.71 | 7.92 |
PSG Money Market Fund Class A | 1.00 | 7.64 | 5.88 | 5.71 | 7.92 | |
PSG Money Market Fund Class F | 1.00 | 7.92 | 6.16 | 5.97 | 5.23 | |
South African - Multi Asset - Low Equity | PSG Investment Management Cautious Fund of Funds Class D | 1.30 | 6.60 | 9.51 | — | 9.99 |
PSG Investment Management Cautious Fund of Funds Class D | 1.30 | 6.60 | 9.51 | — | 9.99 | |
South African - Multi Asset - High Equity | PSG Investment Management Growth Fund of Funds Class D | 1.50 | 5.17 | 11.95 | — | 12.03 |
PSG Investment Management Growth Fund of Funds Class D | 1.50 | 5.17 | 11.95 | — | 12.03 | |
South African - Multi Asset - Income | PSG Investment Management Multi-Asset Income Fund of Funds Class D | 1.13 | 7.57 | 7.42 | — | 7.67 |
PSG Investment Management Multi-Asset Income Fund of Funds Class D | 1.13 | 7.57 | 7.42 | — | 7.67 |
Performance data on local funds is shown up to the last market close minus 1 day.
Some data may be delayed, the above table reflects the latest information available from Morningstar.
Please note performance reported during the first week of each month may be impacted by distributions. Distributions are fully accounted for by the second week of each month.
Through our tried-and tested investment philosophy, we have built competitive global solutions to help clients achieve their investment goals.
The following funds are rand-denominated, but invest internationally:
ASISA category | Fund name | NAV (Rands) at 03 May 2024 | Performance –As at 2024/04/30 | |||
---|---|---|---|---|---|---|
1 year % | 3 year % | 5 year % | Inception % | |||
Global - Equity - General | PSG Global Equity Feeder Fund Class A | 4.77 | 10.55 | 18.24 | 14.36 | 13.08 |
PSG Global Equity Feeder Fund Class A | 4.77 | 10.55 | 18.24 | 14.36 | 13.08 | |
PSG Global Equity Feeder Fund Class E | 4.94 | 11.20 | 18.93 | 14.92 | 12.81 | |
PSG Wealth Global Creator Feeder Fund Class D | 4.49 | 22.27 | 11.92 | 15.34 | 15.26 | |
Global - Multi Asset - Flexible | PSG Global Flexible Feeder Fund Class A | 3.69 | 8.63 | 15.87 | 13.83 | 12.87 |
PSG Global Flexible Feeder Fund Class A | 3.69 | 8.63 | 15.87 | 13.83 | 12.87 | |
PSG Global Flexible Feeder Fund Class B | 3.87 | 9.26 | 16.54 | 14.33 | 13.37 | |
PSG Wealth Global Flexible Feeder Fund Class D | 4.68 | 9.50 | 7.25 | 10.48 | 11.15 | |
PSG Wealth Global Moderate Feeder Fund Class D | 4.80 | 10.96 | 8.96 | 9.94 | 12.44 | |
Global - Multi Asset - Low Equity | PSG Wealth Global Preserver Feeder Fund Class D | 1.51 | 8.38 | 8.91 | 7.95 | 7.08 |
PSG Wealth Global Preserver Feeder Fund Class D | 1.51 | 8.38 | 8.91 | 7.95 | 7.08 |
Performance data on offshore funds is shown up to the last market close minus 2 days.
Some data may be delayed, the above table reflects the latest information available from Morningstar.
Please note performance reported during the first week of each month may be impacted by distributions. Distributions are fully accounted for by the second week of each month.
The following funds invest internationally using foreign currency
ASISA category | Fund name | NAV (Rands) at 02 May 2024 | Performance –As at 2024/04/30 | |||
---|---|---|---|---|---|---|
1 year % | 3 year % | 5 year % | Inception % | |||
EAA Fund GBP Cautious Allocation | PSG Wealth Global Preserver FoF (GBP) Class D | 2.06 | 6.10 | 1.87 | 2.29 | 4.96 |
PSG Wealth Global Preserver FoF (GBP) Class D | 2.06 | 6.10 | 1.87 | 2.29 | 4.96 | |
EAA Fund GBP Flexible Allocation | PSG Wealth Global Flexible FoF (GBP) Class D | 3.70 | 5.64 | 1.53 | 5.43 | 9.20 |
PSG Wealth Global Flexible FoF (GBP) Class D | 3.70 | 5.64 | 1.53 | 5.43 | 9.20 | |
EAA Fund Global Flex-Cap Equity | PSG Global Equity Sub-Fund Class A | 2.20 | 4.10 | 7.90 | 8.19 | 5.84 |
PSG Global Equity Sub-Fund Class A | 2.20 | 4.10 | 7.90 | 8.19 | 5.84 | |
PSG Global Equity Sub-Fund Class B | 2.27 | 4.69 | 8.51 | 8.81 | 7.01 | |
EAA Fund Global Large-Cap Blend Equity | PSG Wealth Global Creator Fund of Funds Class D | 2.81 | 15.91 | 1.87 | 8.85 | 9.43 |
PSG Wealth Global Creator Fund of Funds Class D | 2.81 | 15.91 | 1.87 | 8.85 | 9.43 | |
EAA Fund USD Cautious Allocation | PSG Wealth Global Preserver FoF (USD) Class D | 1.66 | 5.37 | -0.57 | 1.85 | 3.43 |
PSG Wealth Global Preserver FoF (USD) Class D | 1.66 | 5.37 | -0.57 | 1.85 | 3.43 | |
EAA Fund USD Flexible Allocation | PSG Global Flexible Sub-Fund Class A | 19.03 | 2.82 | 6.11 | 7.62 | 5.78 |
PSG Global Flexible Sub-Fund Class A | 19.03 | 2.82 | 6.11 | 7.62 | 5.78 | |
PSG Global Flexible Sub-Fund Class B | 20.16 | 3.30 | 6.60 | 8.20 | 6.40 | |
PSG Investment Management Global Flexible Fund of Funds (Dollar) | 1.55 | 4.36 | -3.28 | 2.51 | 2.52 | |
PSG Wealth Global Flexible FoF (USD) Class D | 3.00 | 5.36 | -1.90 | 4.41 | 7.65 | |
EAA Fund USD Moderate Allocation | PSG Wealth Global Moderate Fund of Funds Class D | 1.98 | 7.06 | -0.51 | 3.86 | 5.01 |
PSG Wealth Global Moderate Fund of Funds Class D | 1.98 | 7.06 | -0.51 | 3.86 | 5.01 |
Performance data on offshore funds is shown up to the last market close minus 2 days.
Some data may be delayed, the above table reflects the latest information available from Morningstar.
Please note performance reported during the first week of each month may be impacted by distributions. Distributions are fully accounted for by the second week of each month.
Fund display name | Performance –As at 2024/05/03 | |||
---|---|---|---|---|
1 year % | 3 year % | 5 year % | Inception % | |
PSG Wealth Income Growth Equity Portfolio | 4.33 | 5.54 | -0.46 | 1.56 |
PSG Wealth Offshore Equity Portfolio (USD) | 11.01 | 3.78 | 9.80 | 11.43 |
PSG Wealth SA Equity Portfolio | -2.41 | 2.36 | 0.51 | 3.07 |
PSG Wealth SA Property Equity Portfolio | 14.03 | 7.62 | -2.14 | -2.88 |
* PSG Wealth equity portfolio performance are shown gross of management fees, but net of brokerage and other trading costs.
The House view portfolios are bespoke solution portfolios and not part of the Collective Investment Schemes’ portfolios.
On 5 March 2024, Nedbank released its full-year 2023 results. Highlights from the results were as follows: · Headline earnings were up by 11%, with revenue (+12%) rising more than operating costs (+8%).
· Net interest income increased by 14%, with the interest margin rising from 3.93% to 4.21%, benefitting from the endowment rate impact.
· Average interest-earning banking assets grew by 7% from R922 billion to R986 billion.
· Non-interest revenue increased by 6% to R27.7 billion, boosted by fair value adjustments and exchange rate fluctuations on US$ assets in Zimbabwe.
· Expenses increased by 8% to R38.1 billion, with staff costs being the main driver due to salaries and wages increasing by 9%. Headcount decreased by 2%.
Our research supports a buy recommendation.
Please join us on Thursday at 11h30 for our Microsoft Teams Q&A sessions. Click here to join. <https://www.psg.co.za/wealthonline#investment-research>
On 4 March 2024, Aspen released its half-year financial results for the six months ended 31 December 2023. · Total sales increased by 10.40% to R21.1bn, but up only 2% when adjusted for currency.
· EPS (cents) increased by 1.20% from 680 (cents in Dec 2022) to 688 (cents) in Dec 2023.
· EBITDA margins decreased from 26.50% to 24.60% as the company unwinds an inventory backlog of Heparin.
· The acquisition of a portfolio of drugs from Viatris, management of the Chinese volume-based procurement and filling of the vacant sterile contracts will lift growth going forward.
Our research supports a hold recommendation.
Please join us on Thursday at 11h30 for our Microsoft Teams Q&A sessions. Click here to join. <https://www.psg.co.za/wealthonline#investment-research>
n this report, we discuss the latest results released by Implala Platinum and provide our view on platinum group metals.
We include an updated valuation for Impala and stress test various assumptions to show valuation asymmetry that is skewed upwards. Impala Platinum released its interim results for the six months ended 31 December 2031 in early March 2024. The results, which contained the maiden interim inclusion of Impala Bafokeng, were characterised by the following:
Our research supports a hold recommendation.
Please join us on Thursday at 11h30 for our Microsoft Teams Q&A sessions. Click here to join. <https://www.psg.co.za/wealthonline#investment-research>
View the Economic Calendar
Date | Company | Share code | Expectation |
---|---|---|---|
24 April 2024 | aREIT Property Limited | APO | Cash Dividend |
24 April 2024 | Barloworld Limited 6 percent Cumulative Preference | BAWP | Cash Dividend |
24 April 2024 | Ibex Investment Holdings Limited Preference Shares | IBX | Cash Dividend |
24 April 2024 | Investec Bank (Mauritius) | IMRP5 | Cash Dividend |
24 April 2024 | Shafterbury Capital Plc | SHC | Cash Dividend |
24 April 2024 | Anchor Group Pty Ltd | UAUG | Tender Offer |
24 April 2024 | Wilson Bayly Holmes Ovcon Limited | WBO | Cash Dividend |
The information above is to the best of our knowledge correct.
The Corporate Actions are updated weekly.
Collective Investment Schemes in Securities (CIS) are generally medium-term to long-term investments. The value of participatory interests (units) may go down as well as up and past performance is not a guide to future performance. Collective Investment Schemes are traded at ruling prices and can engage in borrowing and scrip lending. A schedule of fees and charges and maximum commissions is available on request from PSG Collective Investments (RF) Limited. Commission and incentives may be paid, and if so, are included in the overall costs. Forward pricing is used. The Portfolios may be capped at any time in order for them to be managed in accordance with their mandate.
Performance is calculated for the portfolio and individual investor performance may differ as a result thereof. Different classes of participatory interest can apply to these portfolios and are subject to different fees, charges and possibly dividend withholding tax and will thus have differing performances. Annualised performances show longer term performance rescaled over a 12-month period. Individual performance may differ as a result of initial fees, the actual investment date, the date of reinvestment and dividend withholding tax. The portfolio is valued at 15h00 daily. Income distributions are net of any applicable taxes. Investment performance data is for illustrative purposes only. Actual performance figures are available on request. Always refer to the fund fact sheet (Minimum Disclosure Document) for full details, fees and risks of the fund.
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