Daily Investment Update

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The South African rand traded within a narrow range on Thursday, supported primarily by stronger gold prices as investors favoured the safe-haven asset amid persistent trade tensions between Beijing and Washington. By 14h20 GMT, the rand stood at R17.3125 against the US dollar, little changed from Wednesday’s close. On the Johannesburg Stock Exchange, the Top-40 index was last up 1%, led largely by gains in gold mining stocks. Meanwhile, South Africa’s benchmark 2035 government bond strengthened slightly, with the yield declining by 3 basis points to 9.015%.

In the United States, equity markets lost early momentum, with the S&P 500 down 0.20%, the Nasdaq off by 0.10%, and the Dow Jones falling over 100 points, as geopolitical concerns and renewed banking sector anxiety overshadowed optimism from corporate earnings and AI-linked companies. Regional banks weighed heavily on sentiment: Zions Bancorp reported a $50 million charge-off and dropped as much as 6.40%, while Western Alliance Bancorp fell 11% after a borrower failed to provide collateral. Movements among major tech and AI shares were mixed; Apple slipped 0.90%, Meta dropped 0.50%, and Tesla lost more than 1%, while Nvidia gained 0.80%, Amazon 0.20%, and Alphabet 0.90%.

In the UK, the FTSE 100 ended broadly flat at around 9 440 points, as investors processed a blend of economic data and company results. Figures from the Office for National Statistics showed GDP growth of just 0.10% in August, following a similar contraction in July, with manufacturing acting as the main driver. However, the UK’s trade deficit widened to £21.2 billion, the largest since January 2022, amid falling exports to both the EU and the United States.

European markets advanced, with the Stoxx 50 gaining 0.90% and the Stoxx 600 up 0.60%, bolstered by strong performance in the food and beverage sector. The sector index rose 3.20% after Nestlé announced plans to cut 12 000 white-collar jobs, with an additional 4 000 expected over the next two years. German life sciences group Sartorius jumped 9% after reporting a 7.50% increase in revenue and improved profitability over the first nine months of 2025.

In Asia, Japan’s Nikkei 225 rose by 1.27% to close at 48 278, while the broader Topix index added 0.62% to 3 203. Japanese equities extended gains for a second day, buoyed by robust earnings despite lingering political uncertainty. The ruling Liberal Democratic Party proposed a vote for a new prime minister on 21 October, though opposition parties have yet to confirm agreement, keeping the leadership outlook uncertain for LDP candidate Sanae Takaichi.

In China, the Shanghai Composite edged up by 0.10% to 3 916, while the Shenzhen Component declined by 0.25% to 13 086, as caution persisted amid rising US-China trade tensions. President Donald Trump confirmed the trade war with China remains active, although US Treasury Secretary Bessent indicated the current truce could be extended beyond the three-month mark if Beijing delays implementing new export restrictions on rare earth minerals.

In commodities, WTI crude oil futures fell to $58.40 per barrel - its lowest level since May - after an unexpected increase in US crude stockpiles and uncertainty around India’s demand for Russian oil. Gold prices continued their upward surge, climbing above $4 230 per ounce to a new record high, driven by safe-haven demand and growing market expectations of a more accommodative stance from the US Federal Reserve.

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ALBI (R) 1274.36 0.34 Brent Oil ($) 60.98 -0.13 Gold ($) 4359.41 0.75 Platinum ($) 1708.73 -0.56 Rand/EUR 20.32 -0.49 Rand/GBP 23.34 -0.28 Rand/USD 17.36 -0.07

Market indicators

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Date Index Current Level 1 Day Move 1 Month Move 6 Month Move 1 Year Move
2025-10-17 ALSI 113024.09 1.24 8.34 28.06 35.19
2025-10-17 Basic minerals 85212.24 4.92 21.66 58.36 103.75
2025-10-17 Fin + Ind 30 13368.95 -0.37 3.14 17.80 17.82
2025-10-17 Financial 55389.36 -0.07 4.35 18.44 11.24
2025-10-17 Industrial index 151387.46 -0.60 2.38 17.40 23.01

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.

Morningstar CategoryFund nameDate as ofNAV (Rands)Performance - As at 2025/09/30
1 year %3 year %5 year %Inception %
South African - Multi Asset - Low Equity PSG Investment Management Cautious Fund of Funds  Class D2025/09/30 1.55 14.07 13.64 14.05 11.73
PSG Stable Fund Class A2025/09/30 1.92 12.52 13.60 13.60 9.00
PSG Stable Fund Class E2025/09/30 1.92 13.17 14.25 14.25 8.95
PSG Wealth Preserver Fund of Funds Class D2025/09/30 28.52 13.97 13.76 11.49 9.55
South African - Multi Asset - High Equity PSG Balanced Fund Class A2025/09/30 116.83 13.71 18.25 19.60 13.05
PSG Balanced Fund Class E2025/09/30 116.95 14.36 18.93 20.28 10.79
PSG Investment Management Growth Fund of Funds  Class D2025/09/30 2.03 18.91 17.91 19.30 14.92
PSG Wealth Moderate Fund of Funds Class D2025/09/30 51.37 19.18 17.16 14.77 11.40
South African - Multi Asset - Income PSG Diversified Income Fund Class A2025/09/30 1.40 10.16 10.81 9.66 8.18
PSG Diversified Income Fund Class E2025/09/30 1.40 10.85 11.51 10.29 8.86
PSG Investment Management Multi-Asset Income Fund  of Funds Class D2025/09/30 1.20 9.83 9.98 9.00 8.59
PSG Wealth Income Fund of Funds Class D2025/09/30 12.95 9.07 10.15 8.58 8.10
South African - Equity - General PSG Equity Fund Class A2025/09/30 21.79 21.28 21.40 23.27 13.34
PSG Equity Fund Class E2025/09/30 21.86 22.29 21.00 23.10 10.52
PSG Equity Fund Class F2025/09/30 21.86 21.84 21.96 23.82 11.40
PSG Investment Management Opportunity Equity Fund of Funds Class D2025/09/30 1.53 25.52 23.34
PSG Wealth Creator Fund of Funds Class D2025/09/30 72.01 24.10 19.58 18.53 13.02
South African - Equity - SA General PSG SA Equity Class F2025/09/30 2.23 23.80 22.21 25.65 9.88
South African - Interest Bearing - SA Money Market PSG Money Market Fund Class A2025/09/30 1.00 7.46 7.78 6.24 7.93
PSG Money Market Fund Class F2025/09/30 1.00 7.77 8.08 6.52 5.62
South African - Interest Bearing - Short Term PSG Income Fund Class A2025/09/30 1.12 10.19 9.26 7.74 7.46
PSG Income Fund Class E2025/09/30 1.11 9.65 9.29 7.88 8.07
PSG Wealth Enhanced Interest Fund of Funds Class D2025/09/30 1.02 8.32 8.58 6.96 6.92
South African - Interest Bearing - Variable Term PSG Bond Fund Class A2025/09/30 1.08 14.25
South African - Multi Asset - Flexible PSG Flexible Fund Class A2025/09/30 10.02 17.33 18.32 20.96 11.67
PSG Flexible Fund Class E2025/09/30 10.03 17.64 18.63 21.27 11.20

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.

Global funds

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:

Morningstar CategoryFund nameDate as ofNAV (Rands)Performance - As at 2025/09/30
1 year %3 year %5 year %Inception %
Global - Equity - General PSG Global Equity Feeder Fund Class A2025/09/30 5.64 18.09 18.78 19.98 12.67
PSG Global Equity Feeder Fund Class E2025/09/30 5.88 18.77 19.47 20.50 12.43
PSG Wealth Global Creator Feeder Fund Class D2025/09/30 5.18 10.83 17.26 10.64 14.33
Global - Multi Asset - Flexible PSG Global Flexible Feeder Fund Class A2025/09/30 4.26 15.56 16.70 16.66 12.22
PSG Global Flexible Feeder Fund Class B2025/09/30 4.51 16.22 17.37 17.17 12.74
PSG Wealth Global Flexible Feeder Fund Class D2025/09/30 5.28 8.77 9.87 6.01 10.51
PSG Wealth Global Moderate Feeder Fund Class D2025/09/30 5.42 9.07 11.27 7.10 11.82
Global - Multi Asset - Low Equity PSG Wealth Global Preserver Feeder Fund Class D2025/09/30 1.61 6.54 7.24 4.67 6.25

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.

Invest in other currencies

The following funds invest internationally using foreign currency

Morningstar CategoryFund nameDate as ofNAV (Rands)Performance - As at 2025/09/30
1 year %3 year %5 year %Inception %
EAA Fund GBP Cautious Allocation PSG Wealth Global Preserver FoF (GBP) Class D2025/09/30 2.17 5.66 2.89 2.86 4.84
EAA Fund GBP Flexible Allocation PSG Wealth Global Flexible FoF (GBP) Class D2025/09/30 4.17 8.31 6.24 4.84 9.10
EAA Fund Global Flex-Cap Equity PSG Global Equity Sub-Fund Class A2025/09/30 2.78 19.39 20.79 19.58 6.94
PSG Global Equity Sub-Fund Class B2025/09/30 2.89 20.00 21.46 20.24 9.22
EAA Fund Global Large-Cap Blend Equity PSG Wealth Global Creator Fund of Funds Class D2025/09/30 3.44 10.70 19.14 9.89 9.99
EAA Fund USD Cautious Allocation PSG Wealth Global Preserver FoF (USD) Class D2025/09/30 1.88 6.54 8.74 4.01 3.92
EAA Fund USD Flexible Allocation PSG Global Flexible Sub-Fund Class A2025/09/30 23.42 16.79 18.67 16.51 6.88
PSG Global Flexible Sub-Fund Class B2025/09/30 24.98 17.33 19.21 17.02 7.52
PSG Investment Management Global Flexible Fund of Funds (Dollar)2025/09/30 1.83 8.86 10.47 3.84 3.19
PSG Wealth Global Flexible FoF (USD) Class D2025/09/30 3.58 8.85 11.79 5.31 8.09
EAA Fund USD Moderate Allocation PSG Wealth Global Moderate Fund of Funds Class D2025/09/30 2.37 8.93 12.65 6.32 5.80

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.

House view equity portfolios

Fund display name Performance –As at 2025/10/10
1 year %3 year %5 year %Inception %
PSG Wealth Income Growth Equity Portfolio 11.80 14.82 13.22 4.59
PSG Wealth Offshore Equity Portfolio (USD) 13.26 14.63 9.91 11.60
PSG Wealth SA Equity Portfolio 29.35 16.45 13.48 6.95
PSG Wealth SA Property Equity Portfolio 18.69 23.26 22.89 1.44

* 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.

Recent investment ideas

Discovery Limited

Analyst thesis

Our recommendation is based on: 

  • Premium brand and consumer focus: Serves affluent, health-conscious clients who value rewards, wellness integration, and quality service, enabling consistently higher pricing than other insurers, while maintaining strong customer loyalty and brand strength.
  • Vitality moat & diversification: The data-driven Vitality platform drives deeper engagement and cross-selling opportunities. Earnings are well spread across health, life, banking, and fee-based services, supporting stability and predictable cash flow.
  • Growth runway: International Vitality partnerships, new product extensions, and Discovery Bank’s expansion provide scalable long-term upside.
  • A broad product suite enables Discovery to increase value per client by cross-selling health, life, banking, and investment offerings, thereby expanding revenue without incurring heavy new-customer acquisition costs.

Woolworths Holdings Limited

Analyst thesis

Our recommendation is based on: 

  • Low valuations on a risk-adjusted basis, considering all three segments and the current consumer environment.
  • We expect consumer foods to remain a strong performer, maintaining its margins, expanding volumes and increasing prices.
  • Country Road Group (CRG) provides upside potential from a recovery in consumer spending with easing inflation and decreasing interest rates.
  • We expect Fashion, Beauty and Home’s (FBH) turnaround to continue with full-priced sales being a large portion of its revenue.
  • However, considering the upside, we highlight risks posed by the consumer environments in both clothing regions, namely South Africa and Australia. Consumers in these regions continue to face macro pressure as evident in CRG’s performance and FBH’s volume pressure. We anticipate the risks to be offset by the strength of the food business.

Gold Fields

Analyst thesis
Our recommendation is based on:
•    Macroeconomic tailwinds have driven gold prices higher in 2025, underpinned by intensifying global economic uncertainty, disruptive trade policy shifts, surging geopolitical tensions, aggressive gold buying by central banks, weakening US dollar, and monetary easing as lower interest rates reduce the opportunity cost of holding non-yielding assets like gold.
•    Gold Fields’ valuation looks stretched, with its EV/EBITDA multiple at 6.5x - around 38% above the 10-year average of 4.7x and near prior peak levels, potentially indicating that much of the bullish outlook is already reflected in the share price.
•    Although the share price of Gold Fields seems extended, the price of gold could have further upside from:
o    Runaway debt levels in the US, stagflation, further central bank gold purchases seeking to diversify away from the US dollar, a prolonged weakening of the US dollar, escalating geopolitical tensions, and further disruption to global trade from tariffs.  

Corporate Actions

Date Company Share code Expectation
22 October 2025 Barloworld Limited BAW

Tender Offer

22 October 2025 Bowler Metcalf Limited BCF

Cash Dividend

22 October 2025 Choppies Enterprises Limited CHP

Cash Dividend

22 October 2025 Capitec Bank Holdings Limited CPI

Cash Dividend

22 October 2025 FNB Government Inflation Linked Bond ETF FNBINF

Cash Distribution

22 October 2025 FNB MidCap ETF FNBMID

Cash Distribution

22 October 2025 FNB Top 40 ETFFNBT40

Cash Distribution

22 October 2025 Remgro Limited REM

Cash Dividend

22 October 2025 Remgro Limited REM

Special Cash Dividend

22 October 2025 Supermarket Income REIT Plc SRI

Cash Dividend

22 October 2025 Telemasters Holdings Limited TLM

Cash Dividend

22 October 2025 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.

Fund performance

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.

PSG Financial Services +27 (21) 918 7800

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