Daily Investment Update

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Market Commentary

US equities closed higher on Wednesday as investors looked past Middle East tensions. The S&P 500 gained 0.70%, while the Nasdaq 100 led the advance with a 1.40% rise. The Dow also finished firmer, supported by easing oil prices and solid economic data that helped calm growth concerns. US Treasury Secretary Scott Bessent indicated that measures to support oil flows through the Persian Gulf are forthcoming, helping WTI crude record its first decline since the conflict began. Although Bessent confirmed that 15% global tariffs will take effect this week, sentiment was supported by stronger-than-expected ADP private payrolls data and signs of easing inflation pressures in the services sector. Technology stocks led the gains, with Micron and AMD each rising more than 5%, while Amazon added nearly 4%. Financials also rebounded, with KKR and Blackstone both advancing around 3%, suggesting some stabilisation after recent volatility in private credit markets. Meanwhile, laser manufacturer nLight reached a 52-week high after jumping 6%, reflecting renewed investor appetite for technology and growth shares.

In Europe, equities staged a strong rebound, recovering part of the previous session’s losses as sentiment improved alongside North American markets and energy price pressures eased. The Eurozone STOXX 50 climbed 1.70%, while the broader STOXX 600 gained 1.40%. Banks led the advance after driving the prior day’s declines, supported by a recovery in European government bonds as a pullback in natural gas prices tempered inflation concerns. Santander, BBVA and Nordea each rose more than 3%. Technology shares also moved higher following the global sector rebound, with ASML and Infineon advancing 3.50% and 5.40%, respectively. Additional support came from reports that the EU may be exempt from the US’s planned global tariff increases.

Asian markets closed sharply lower on Wednesday, as risk-off sentiment gripped the region amid escalating Middle East tensions driving oil prices to multi-month highs, exacerbating inflation fears for energy-importing economies like Japan and China. China's Shanghai Composite dipped 0.98%, pressured by contracting manufacturing and services PMIs alongside Beijing's announcement of a record-low 2026 GDP growth target of 4.50% to 5%, which offered mixed stimulus signals but failed to offset broader economic slowdown concerns. Japan’s Nikkei led regional losses, falling 3.76% as volatility spiked. Metals and engineering shares were hit hardest, with Mitsui Engineering plunging more than 11%, while investors braced for rising cost pressures filtering through corporate earnings. Hong Kong's Hang Seng dropped 2.72%, amid tech and financial sector drags, extending a 6.77% monthly slide despite yearly gains near 6%, fueled by mainland spillover and global panic selling.

Locally, markets rebounded, with the FTSE/JSE All Share Index rising 0.96% and the Top 40 gaining 1.06%, recovering much of the previous session’s sharp sell-off. The advance was largely driven by resource and mining counters, signalling a renewed risk-on tilt in commodity-linked shares. Gold and platinum producers led the gains as safe-haven demand supported bullion prices, lifting rand-denominated miners such as AngloGold Ashanti and Sibanye-Stillwater. Sasol also moved higher as oil prices held near multi-month highs, despite lingering pressure from the double-digit fuel price increases that took effect yesterday. The rebound came against a backdrop of heightened inflation sensitivity, with money markets still pricing a meaningful probability of a 25 basis-point South African Reserve Bank rate hike later in the month. Financial and consumer stocks were more subdued, indicating that the recovery was driven primarily by a resource-led rotation rather than a broad-based rally across the market.

Commodity markets were sharply higher on Wednesday, led by energy and precious metals as Middle‑East‑driven supply risks and safe‑haven flows pushed Brent crude up around 1.30% to roughly $82 per barrel, extending a month‑old surge of over 22% and keeping prices near multi‑year highs amid renewed fears over shipping and production disruptions. Spot gold, after briefly pulling back from record highs above $5 300 per ounce, steadied around $5 118 dollars per ounce, still elevated by geopolitical tensions and expectations of slower‑than‑expected global rate cuts, while silver and industrial metals tracked mixed demand cues from Asia’s modestly improving PMIs. Overall, the commodity complex ended the session in risk-on territory, with strength in energy and inflation-linked assets supporting producers and miners while adding pressure on energy-importing economies and interest-rate-sensitive sectors.

Navigation

ALBI (R) 1323.91 0.43 Brent Oil ($) 107.01 5.78 Gold ($) 4672.13 -1.82 Platinum ($) 1920.42 -2.27 Rand/EUR 19.61 -0.32 Rand/GBP 22.49 -0.47 Rand/USD 17.00 -0.64

Market indicators

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Date Index Current Level 1 Day Move 1 Month Move 6 Month Move 1 Year Move
2026-04-02 ALSI 116600.36 2.22 -8.46 9.00 34.57
2026-04-02 Basic minerals 94813.52 3.89 -12.57 22.28 96.11
2026-04-02 Fin + Ind 30 13223.12 1.36 -6.34 2.61 15.41
2026-04-02 Financial 61118.00 1.45 -8.30 19.48 29.40
2026-04-02 Industrial index 136110.70 1.28 -3.98 -8.98 4.66

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 2026/03/31
1 year %3 year %5 year %Inception %
South African - Multi Asset - Low Equity PSG Investment Management Cautious Fund of Funds  Class D2025/12/31 1.62 18.78 13.52 13.67 12.14
PSG Stable Fund Class A2025/12/31 2.02 19.32 13.19 13.21 9.28
PSG Stable Fund Class E2025/12/31 2.02 20.01 13.84 13.86 9.29
PSG Wealth Preserver Fund of Funds Class D2025/12/31 29.42 16.21 13.28 11.46 9.66
South African - Multi Asset - High Equity PSG Balanced Fund Class A2025/12/31 124.60 22.94 16.10 18.29 13.20
PSG Balanced Fund Class E2025/12/31 124.90 23.65 16.77 18.96 11.17
PSG Investment Management Growth Fund of Funds  Class D2025/12/31 2.16 27.62 17.59 18.59 15.65
PSG Wealth Moderate Fund of Funds Class D2025/12/31 53.00 21.30 15.74 14.04 11.45
South African - Multi Asset - Income PSG Diversified Income Fund Class A2025/12/31 1.43 12.88 11.14 9.83 8.30
PSG Diversified Income Fund Class E2025/12/31 1.42 13.60 11.85 10.48 9.05
PSG Investment Management Multi-Asset Income Fund  of Funds Class D2025/12/31 1.21 11.21 10.01 8.96 8.75
PSG Wealth Income Fund of Funds Class D2025/12/31 13.12 10.88 10.32 8.79 8.21
South African - Equity - General PSG Equity Fund Class A2025/12/31 23.74 35.26 19.63 21.96 13.54
PSG Equity Fund Class E2025/12/31 23.87 36.42 19.39 21.81 11.05
PSG Equity Fund Class F2025/12/31 23.85 35.87 20.18 22.51 11.91
PSG Investment Management Opportunity Equity Fund of Funds Class D2025/12/31 1.64 41.37 25.31
PSG Wealth Creator Fund of Funds Class D2025/12/31 75.75 29.60 17.64 17.24 13.19
South African - Equity - SA General PSG SA Equity Class F2025/12/31 2.47 38.52 22.14 25.05 10.63
South African - Interest Bearing - SA Money Market PSG Money Market Fund Class A2025/12/31 1.00 7.23 7.82 6.43 7.93
PSG Money Market Fund Class F2025/12/31 1.00 7.53 8.13 6.72 5.65
South African - Interest Bearing - Short Term PSG Income Fund Class A2025/12/31 1.13 11.15 9.61 7.96 7.55
PSG Income Fund Class E2025/12/31 1.12 10.62 9.64 8.11 8.17
PSG Wealth Enhanced Interest Fund of Funds Class D2025/12/31 1.02 8.07 8.63 7.15 6.94
South African - Interest Bearing - Variable Term PSG Bond Fund Class A2025/12/31 1.16 25.54 23.18
South African - Multi Asset - Flexible PSG Flexible Fund Class A2025/12/31 10.70 28.42 16.60 19.61 11.83
PSG Flexible Fund Class E2025/12/31 10.71 28.75 16.90 19.91 11.57

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 2026/03/31
1 year %3 year %5 year %Inception %
Global - Equity - General PSG Global Equity Feeder Fund Class A2025/12/31 5.77 27.62 13.33 17.13 12.53
PSG Global Equity Feeder Fund Class E2025/12/31 6.02 28.36 13.99 17.73 12.29
PSG Wealth Global Creator Feeder Fund Class D2025/12/31 5.16 3.60 16.54 10.79 13.99
Global - Multi Asset - Flexible PSG Global Flexible Feeder Fund Class A2025/12/31 4.29 22.14 11.43 14.37 12.00
PSG Global Flexible Feeder Fund Class B2025/12/31 4.55 22.84 12.07 14.95 12.52
PSG Wealth Global Flexible Feeder Fund Class D2025/12/31 5.12 -1.05 9.32 6.12 10.05
PSG Wealth Global Moderate Feeder Fund Class D2025/12/31 5.32 1.24 10.09 7.52 11.48
Global - Multi Asset - Low Equity PSG Wealth Global Preserver Feeder Fund Class D2025/12/31 1.57 -3.34 6.62 5.64 5.72

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 2026/03/31
1 year %3 year %5 year %Inception %
EAA Fund GBP Cautious Allocation PSG Wealth Global Preserver FoF (GBP) Class D2025/12/31 2.21 2.29 4.07 2.81 4.86
EAA Fund GBP Flexible Allocation PSG Wealth Global Flexible FoF (GBP) Class D2025/12/31 4.27 5.99 6.73 4.12 9.04
EAA Fund Global Flex-Cap Equity PSG Global Equity Sub-Fund Class A2025/12/31 3.01 44.38 14.82 14.62 7.16
PSG Global Equity Sub-Fund Class B2025/12/31 3.13 45.11 15.44 15.25 9.64
EAA Fund Global Large-Cap Blend Equity PSG Wealth Global Creator Fund of Funds Class D2025/12/31 3.62 17.49 17.05 7.91 10.08
EAA Fund USD Cautious Allocation PSG Wealth Global Preserver FoF (USD) Class D2025/12/31 1.92 9.96 7.58 3.07 3.96
EAA Fund USD Flexible Allocation PSG Global Flexible Sub-Fund Class A2025/12/31 24.95 38.20 12.90 12.12 7.09
PSG Global Flexible Sub-Fund Class B2025/12/31 26.65 38.83 13.41 12.61 7.73
PSG Investment Management Global Flexible Fund of Funds (Dollar)2025/12/31 1.88 14.07 8.77 2.25 3.23
PSG Wealth Global Flexible FoF (USD) Class D2025/12/31 3.67 12.38 9.93 3.48 8.04
EAA Fund USD Moderate Allocation PSG Wealth Global Moderate Fund of Funds Class D2025/12/31 2.45 14.62 10.88 4.75 5.87

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 2026/02/19
1 year %3 year %5 year %Inception %
PSG Wealth Income Growth Equity Portfolio 34.75 16.44 13.76 6.22
PSG Wealth Offshore Equity Portfolio (USD) 17.19 12.11 8.96 12.05
PSG Wealth SA Equity Portfolio 41.57 15.53 12.72 7.72
PSG Wealth SA Property Equity Portfolio 43.20 26.73 20.73 3.34

* 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

Anglo American Plc

Analyst thesis

Our recommendation is based on:

  • Copper-leveraged portfolio into electrification: Anglo American’s increasing focus on copper and premium iron ore, supported by the proposed merger with Teck Resources, positions it as a key beneficiary of structurally higher copper demand driven by grid investment, renewables, electric vehicles (EVs), and data centres.​

  • Structural copper deficit supports pricing: Industry analysis suggests global copper demand could grow by 40%–60% over the next two decades, with a sizeable supply gap set to emerge due to permitting delays, grade decline, and underinvestment constraining new projects. This dynamic underpins a supportive long-term price deck for tier-one producers such as Anglo.​

  • Portfolio simplification driving quality: Excluding De Beers and other non-core assets, representing lower quality and lower margin businesses, Anglo’s core copper and premium iron ore businesses delivered strong margins in FY25, reinforcing a higher-return, lower-volatility earnings base.

  • De Beers is a clear drag: De Beers’ loss-making performance and impairment in FY25 weighed on group returns. Management’s plan to separate or divest the underperforming diamonds business serves as a visible value-unlock catalyst, enabling investors to re‑rate Anglo based on its core copper and iron ore franchise.

Amazon.com, Inc

Analyst thesis

Our recommendation is based on:

  • The company is structurally shifting from lower margin ecommerce towards high margin, cash-generating web services through AWS, which accounts for 18% of net sales and 57% of operating profit. AWS’s revenue contribution has increased from 13% to 18% over the past five years.

  • AMZN continues to generate strong cash flow in an environment with a drag on cash due to high capex needs. Operating cash flows rose 20% over this period and we anticipate similar growth in FY26 driven by robust AWS performance.

  • Demand for artificial intelligence (AI) infrastructure platforms serve as a catalyst for long-term growth in cloud and AI services.

    Various competitive advantages across business segments, including scale, cost leadership and network effects in cloud and logistics, alongside differentiation through quick delivery and exclusive access to resources such as distribution networks and vast customer data.

  • Key growth drivers going forward include:

    o Continued global cloud adoption accelerated by AI.

    o Margin expansion through higher AWS and advertising growth combined with fulfilment network efficiencies and automation.

    o Ongoing logistics expansion.

    o Long-term growth projects, including an $8 billion stake in Anthropic, Kuiper, Zoox and freight services.

  • Attractive valuation levels from a P:E perspective compared to its own history.

Berkshire Hathaway Inc

Analyst thesis

Our recommendation is based on:

  • Diversified conglomerate with permanent capital advantage: Berkshire’s insurance operations generate a substantial float, providing a large, low-cost funding base that supports acquisitions and long-term investments. Its wholly owned subsidiaries span insurance, railroads, energy, manufacturing, and retail, contributing to diversified earnings and cash flows across economic cycles.

  • Record cash reserves support strategic optionality: Berkshire held a record cash and US Treasury Bills at 4Q25, reflecting disciplined capital allocation and a fortress balance sheet. This substantial liquidity, combined with strong operating cash flow, provides capacity for large‑scale acquisitions and opportunistic deployment.

  • Leadership transition introduces near term valuation risk: Warren Buffett’s exit creates the risk of removing a long-standing ‘Buffett premium’ from Berkshire’s valuation, reflecting his exceptional capital allocation track record. Any missteps by successor Greg Abel could lead to the shares trading at or below fair value rather than at a premium, as investors reassess management quality and execution risk.

  • Valuation supported by quality and balance sheet strength: While Berkshire trades at a premium to its long-term average book value multiple, its diversified earnings base, conservative leverage and strong balance sheet provide support for steady intrinsic value growth. Relative to its quality, track record and financial resilience, we see scope for continued long-term outperformance versus the broader market.

Corporate Actions

Date Company Share code Expectation
08 April 2026 AFRICAN RAINBOWARI

Cash Dividend

08 April 2026 AVI LIMITEDAVI

Cash Dividend

08 April 2026 GRINDROD LIMITEDGND

Cash Dividend

08 April 2026 GRINDROD LIMITEDGND

Cash Dividend

08 April 2026 GRINDROD PREF SHGNDP

Cash Dividend

08 April 2026 HYPROP INVESTMENTHYP

Cash Dividend

08 April 2026 LIBSTAR HOLDINGS LIMITEDLBR

Cash Dividend

08 April 2026 MPACT LIMITEDMPT

Cash Dividend

08 April 2026 MOMENTUM METROPOLITAN HOLDINGS LTDMTM

Cash Dividend

08 April 2026 MTN GROUP LIMITEDMTN

Cash Dividend

08 April 2026 NEDBANKNED

Cash Dividend

08 April 2026 OLD MUTUAL LIMITEDOMU

Cash Dividend

08 April 2026 PUTPROP LIMITEDPPR

Cash Dividend

08 April 2026 RESILIENT PROPERTY INCOME FUND LTDRES

Cash Dividend

08 April 2026 STANDARD BANK 6.5 PERCENT PREF SHRSSBKP

Cash Dividend

08 April 2026 SABVEST CAPITAL LIMITEDSBP

Cash Dividend

08 April 2026 STANDARD BANK 2ND PREF SHARESSBPP

Cash Dividend

08 April 2026 SCHRODER REAL ESTATE INV TRUST PLCSCD

Cash Dividend

08 April 2026 SEA HARVEST HOLDINGS PTY LTDSHG

Cash Dividend

08 April 2026 SANLAM LIMITEDSLM

Cash Dividend

08 April 2026 SUN INTERNATIONALSUI

Cash Dividend

08 April 2026 SUN INTERNATIONALSUI

Cash Dividend

15 April 2026 BRIMSTN-N-BRN

Cash Dividend

15 April 2026 BRIMSTONBRT

Cash Dividend

15 April 2026 GROWTHPOINT PROP LTDGRT

Cash Dividend

15 April 2026 JSE LIMITEDJSE

Cash Dividend

15 April 2026 JSE LIMITEDJSE

Cash Dividend

15 April 2026 OUTSURANCE GROUP LIMITEDOUT

Cash Dividend

15 April 2026 OUTSURANCE GROUP LIMITEDOUT

Cash Dividend

15 April 2026 QUILTER PLCQLT

Cash Dividend

15 April 2026 RAINBOW CHICKEN LIMITEDRBO

Cash Dividend

15 April 2026 SA CORPORATE REAL ESTATE LTDSAC

Cash Dividend

15 April 2026 STANDARD BANK GRPSBK

Cash Dividend

15 April 2026 WEAVERWVR

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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