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October 2025
Adriaan Pask
PSG Wealth
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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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 Category | Fund name | Date as of | NAV (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 D | 2025/09/30 | 1.55 | 14.07 | 13.64 | 14.05 | 11.73 |
PSG Investment Management Cautious Fund of Funds Class D | 2025/09/30 | 1.55 | 14.07 | 13.64 | 14.05 | 11.73 | |
PSG Stable Fund Class A | 2025/09/30 | 1.92 | 12.52 | 13.60 | 13.60 | 9.00 | |
PSG Stable Fund Class E | 2025/09/30 | 1.92 | 13.17 | 14.25 | 14.25 | 8.95 | |
PSG Wealth Preserver Fund of Funds Class D | 2025/09/30 | 28.52 | 13.97 | 13.76 | 11.49 | 9.55 | |
South African - Multi Asset - High Equity | PSG Balanced Fund Class A | 2025/09/30 | 116.83 | 13.71 | 18.25 | 19.60 | 13.05 |
PSG Balanced Fund Class A | 2025/09/30 | 116.83 | 13.71 | 18.25 | 19.60 | 13.05 | |
PSG Balanced Fund Class E | 2025/09/30 | 116.95 | 14.36 | 18.93 | 20.28 | 10.79 | |
PSG Investment Management Growth Fund of Funds Class D | 2025/09/30 | 2.03 | 18.91 | 17.91 | 19.30 | 14.92 | |
PSG Wealth Moderate Fund of Funds Class D | 2025/09/30 | 51.37 | 19.18 | 17.16 | 14.77 | 11.40 | |
South African - Multi Asset - Income | PSG Diversified Income Fund Class A | 2025/09/30 | 1.40 | 10.16 | 10.81 | 9.66 | 8.18 |
PSG Diversified Income Fund Class A | 2025/09/30 | 1.40 | 10.16 | 10.81 | 9.66 | 8.18 | |
PSG Diversified Income Fund Class E | 2025/09/30 | 1.40 | 10.85 | 11.51 | 10.29 | 8.86 | |
PSG Investment Management Multi-Asset Income Fund of Funds Class D | 2025/09/30 | 1.20 | 9.83 | 9.98 | 9.00 | 8.59 | |
PSG Wealth Income Fund of Funds Class D | 2025/09/30 | 12.95 | 9.07 | 10.15 | 8.58 | 8.10 | |
South African - Equity - General | PSG Equity Fund Class A | 2025/09/30 | 21.79 | 21.28 | 21.40 | 23.27 | 13.34 |
PSG Equity Fund Class A | 2025/09/30 | 21.79 | 21.28 | 21.40 | 23.27 | 13.34 | |
PSG Equity Fund Class E | 2025/09/30 | 21.86 | 22.29 | 21.00 | 23.10 | 10.52 | |
PSG Equity Fund Class F | 2025/09/30 | 21.86 | 21.84 | 21.96 | 23.82 | 11.40 | |
PSG Investment Management Opportunity Equity Fund of Funds Class D | 2025/09/30 | 1.53 | 25.52 | — | — | 23.34 | |
PSG Wealth Creator Fund of Funds Class D | 2025/09/30 | 72.01 | 24.10 | 19.58 | 18.53 | 13.02 | |
South African - Equity - SA General | PSG SA Equity Class F | 2025/09/30 | 2.23 | 23.80 | 22.21 | 25.65 | 9.88 |
PSG SA Equity Class F | 2025/09/30 | 2.23 | 23.80 | 22.21 | 25.65 | 9.88 | |
South African - Interest Bearing - SA Money Market | PSG Money Market Fund Class A | 2025/09/30 | 1.00 | 7.46 | 7.78 | 6.24 | 7.93 |
PSG Money Market Fund Class A | 2025/09/30 | 1.00 | 7.46 | 7.78 | 6.24 | 7.93 | |
PSG Money Market Fund Class F | 2025/09/30 | 1.00 | 7.77 | 8.08 | 6.52 | 5.62 | |
South African - Interest Bearing - Short Term | PSG Income Fund Class A | 2025/09/30 | 1.12 | 10.19 | 9.26 | 7.74 | 7.46 |
PSG Income Fund Class A | 2025/09/30 | 1.12 | 10.19 | 9.26 | 7.74 | 7.46 | |
PSG Income Fund Class E | 2025/09/30 | 1.11 | 9.65 | 9.29 | 7.88 | 8.07 | |
PSG Wealth Enhanced Interest Fund of Funds Class D | 2025/09/30 | 1.02 | 8.32 | 8.58 | 6.96 | 6.92 | |
South African - Interest Bearing - Variable Term | PSG Bond Fund Class A | 2025/09/30 | 1.08 | — | — | — | 14.25 |
PSG Bond Fund Class A | 2025/09/30 | 1.08 | — | — | — | 14.25 | |
South African - Multi Asset - Flexible | PSG Flexible Fund Class A | 2025/09/30 | 10.02 | 17.33 | 18.32 | 20.96 | 11.67 |
PSG Flexible Fund Class A | 2025/09/30 | 10.02 | 17.33 | 18.32 | 20.96 | 11.67 | |
PSG Flexible Fund Class E | 2025/09/30 | 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.
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 Category | Fund name | Date as of | NAV (Rands) | Performance - As at 2025/09/30 | |||
---|---|---|---|---|---|---|---|
1 year % | 3 year % | 5 year % | Inception % | ||||
Global - Equity - General | PSG Global Equity Feeder Fund Class A | 2025/09/30 | 5.64 | 18.09 | 18.78 | 19.98 | 12.67 |
PSG Global Equity Feeder Fund Class A | 2025/09/30 | 5.64 | 18.09 | 18.78 | 19.98 | 12.67 | |
PSG Global Equity Feeder Fund Class E | 2025/09/30 | 5.88 | 18.77 | 19.47 | 20.50 | 12.43 | |
PSG Wealth Global Creator Feeder Fund Class D | 2025/09/30 | 5.18 | 10.83 | 17.26 | 10.64 | 14.33 | |
Global - Multi Asset - Flexible | PSG Global Flexible Feeder Fund Class A | 2025/09/30 | 4.26 | 15.56 | 16.70 | 16.66 | 12.22 |
PSG Global Flexible Feeder Fund Class A | 2025/09/30 | 4.26 | 15.56 | 16.70 | 16.66 | 12.22 | |
PSG Global Flexible Feeder Fund Class B | 2025/09/30 | 4.51 | 16.22 | 17.37 | 17.17 | 12.74 | |
PSG Wealth Global Flexible Feeder Fund Class D | 2025/09/30 | 5.28 | 8.77 | 9.87 | 6.01 | 10.51 | |
PSG Wealth Global Moderate Feeder Fund Class D | 2025/09/30 | 5.42 | 9.07 | 11.27 | 7.10 | 11.82 | |
Global - Multi Asset - Low Equity | PSG Wealth Global Preserver Feeder Fund Class D | 2025/09/30 | 1.61 | 6.54 | 7.24 | 4.67 | 6.25 |
PSG Wealth Global Preserver Feeder Fund Class D | 2025/09/30 | 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.
The following funds invest internationally using foreign currency
Morningstar Category | Fund name | Date as of | NAV (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 D | 2025/09/30 | 2.17 | 5.66 | 2.89 | 2.86 | 4.84 |
PSG Wealth Global Preserver FoF (GBP) Class D | 2025/09/30 | 2.17 | 5.66 | 2.89 | 2.86 | 4.84 | |
EAA Fund GBP Flexible Allocation | PSG Wealth Global Flexible FoF (GBP) Class D | 2025/09/30 | 4.17 | 8.31 | 6.24 | 4.84 | 9.10 |
PSG Wealth Global Flexible FoF (GBP) Class D | 2025/09/30 | 4.17 | 8.31 | 6.24 | 4.84 | 9.10 | |
EAA Fund Global Flex-Cap Equity | PSG Global Equity Sub-Fund Class A | 2025/09/30 | 2.78 | 19.39 | 20.79 | 19.58 | 6.94 |
PSG Global Equity Sub-Fund Class A | 2025/09/30 | 2.78 | 19.39 | 20.79 | 19.58 | 6.94 | |
PSG Global Equity Sub-Fund Class B | 2025/09/30 | 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 D | 2025/09/30 | 3.44 | 10.70 | 19.14 | 9.89 | 9.99 |
PSG Wealth Global Creator Fund of Funds Class D | 2025/09/30 | 3.44 | 10.70 | 19.14 | 9.89 | 9.99 | |
EAA Fund USD Cautious Allocation | PSG Wealth Global Preserver FoF (USD) Class D | 2025/09/30 | 1.88 | 6.54 | 8.74 | 4.01 | 3.92 |
PSG Wealth Global Preserver FoF (USD) Class D | 2025/09/30 | 1.88 | 6.54 | 8.74 | 4.01 | 3.92 | |
EAA Fund USD Flexible Allocation | PSG Global Flexible Sub-Fund Class A | 2025/09/30 | 23.42 | 16.79 | 18.67 | 16.51 | 6.88 |
PSG Global Flexible Sub-Fund Class A | 2025/09/30 | 23.42 | 16.79 | 18.67 | 16.51 | 6.88 | |
PSG Global Flexible Sub-Fund Class B | 2025/09/30 | 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 D | 2025/09/30 | 3.58 | 8.85 | 11.79 | 5.31 | 8.09 | |
EAA Fund USD Moderate Allocation | PSG Wealth Global Moderate Fund of Funds Class D | 2025/09/30 | 2.37 | 8.93 | 12.65 | 6.32 | 5.80 |
PSG Wealth Global Moderate Fund of Funds Class D | 2025/09/30 | 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.
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.
Analyst thesis
Our recommendation is based on:
Analyst thesis
Our recommendation is based on:
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.
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 ETF | FNBT40 | 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.
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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