Daily Investment Update

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Market commentary


The rand rose to its highest level in nearly two months on Monday, while the FTSE/JSE All Share Index advanced, despite a mixed performance from global markets. Investors remain focused on the upcoming US inflation data set to be released this week. Data released on Friday showed that the US job market remained strong in November, with job growth exceeding expectations and average hourly earnings rising more than predicted. However, the unemployment rate edged higher, and labor force participation fell. While traders expect a rate cut at the upcoming December meeting, uncertainty lingers over the trajectory of future cuts. By 18h00, the rand had strengthened 1.40% to R17.75/$, marking its most significant one-day gain in over two months.

US stocks began the week lower, with Nvidia shares dropping due to a Chinese antitrust investigation and ahead of a crucial inflation report. The S&P 500 fell 0.60%, the Nasdaq Composite decreased by 0.50%, following recent record highs, and the Dow Jones dropped 240 points. The upcoming inflation data on Wednesday is highly anticipated as it may influence expectations for Federal Reserve rate cuts.

The Hang Seng surged by 2.80%, the largest one-day gain since early October, closing at a near one-month high of 20 414 points. This rise was driven by substantial gains across various sectors, following a muted morning session. Traders looked past CPI and PPI data in response to remarks from the Chinese Politburo, which indicated that the government and the People's Bank of China will adopt a more proactive fiscal policy and a moderately loose monetary policy next year. Additionally, China plans to increase "unconventional" counter-cyclical adjustments to combat the economic slowdown. Meanwhile, President Xi Jinping and other top leaders are preparing for the annual Central Economic Work Conference this week, which will assess policy implementation for 2024 and establish priorities for 2025.

The STOXX 50 and STOXX 600 edged higher on Monday as investors geared up for a week of key events, including the European Central Bank's (ECB) anticipated 25-basis-point rate cut on Thursday - its fourth this year. Markets are closely watching for signs that the ECB may accelerate rate cuts to bolster Europe’s faltering economy. Optimism was further lifted by China’s pledge to adopt "moderately loose" monetary policies and implement "more proactive" fiscal measures, fueling expectations of stronger domestic consumption. This provided a boost to European luxury stocks, with Kering jumping as much as 4%.

Brent crude oil futures approached $72 per barrel, driven by optimism over China’s shift toward looser monetary policies and geopolitical uncertainties in the Middle East. China, the world’s largest oil importer, signalled a "moderately loose" monetary policy for 2025, marking its first significant shift in over a decade to stimulate economic growth. This move has improved risk sentiment and supported crude prices. Geopolitical tensions also contributed, with reports of Syrian President Bashar al-Assad's ouster raising concerns about further instability in the Middle East.

Navigation

ALBI (R) 1300.09 0.17 Brent Oil ($) 63.58 0.32 Gold ($) 3996.22 0.48 Platinum ($) 1546.86 1.03 Rand/EUR 20.07 -0.31 Rand/GBP 22.82 -0.47 Rand/USD 17.40 -0.07

Market indicators

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Date Index Current Level 1 Day Move 1 Month Move 6 Month Move 1 Year Move
2025-11-07 ALSI 110100.53 1.20 0.49 21.47 33.38
2025-11-07 Basic minerals 73889.59 2.63 -6.89 47.99 78.35
2025-11-07 Fin + Ind 30 13687.19 0.65 3.72 13.87 22.29
2025-11-07 Financial 56879.36 0.46 6.31 15.51 15.40
2025-11-07 Industrial index 154627.31 0.79 1.79 12.51 26.85

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 2025/10/31
1 year %3 year %5 year %Inception %
South African - Multi Asset - Low Equity PSG Investment Management Cautious Fund of Funds  Class D2025/10/31 1.54 15.15 13.24 14.89 11.85
PSG Stable Fund Class A2025/10/31 1.93 15.90 13.08 14.50 9.10
PSG Stable Fund Class E2025/10/31 1.93 16.57 13.73 15.15 9.08
PSG Wealth Preserver Fund of Funds Class D2025/10/31 28.61 16.47 13.33 12.22 9.61
South African - Multi Asset - High Equity PSG Balanced Fund Class A2025/10/31 117.57 18.13 16.32 21.31 13.11
PSG Balanced Fund Class E2025/10/31 117.72 18.81 16.99 22.01 10.93
PSG Investment Management Growth Fund of Funds  Class D2025/10/31 1.99 20.92 17.10 20.90 15.15
PSG Wealth Moderate Fund of Funds Class D2025/10/31 50.96 22.02 16.05 15.88 11.45
South African - Multi Asset - Income PSG Diversified Income Fund Class A2025/10/31 1.42 11.63 10.98 9.86 8.21
PSG Diversified Income Fund Class E2025/10/31 1.42 12.32 11.68 10.49 8.92
PSG Investment Management Multi-Asset Income Fund  of Funds Class D2025/10/31 1.21 10.40 9.91 9.18 8.63
PSG Wealth Income Fund of Funds Class D2025/10/31 13.04 10.20 10.21 8.74 8.14
South African - Equity - General PSG Equity Fund Class A2025/10/31 21.58 24.74 18.88 25.33 13.38
PSG Equity Fund Class E2025/10/31 21.66 25.82 18.53 25.15 10.64
PSG Equity Fund Class F2025/10/31 21.66 25.31 19.42 25.88 11.51
PSG Investment Management Opportunity Equity Fund of Funds Class D2025/10/31 1.47 28.84 23.62
PSG Wealth Creator Fund of Funds Class D2025/10/31 70.19 26.62 18.00 19.75 13.07
South African - Equity - SA General PSG SA Equity Class F2025/10/31 2.21 27.10 21.26 27.86 10.13
South African - Interest Bearing - SA Money Market PSG Money Market Fund Class A2025/10/31 1.00 6.75 7.59 6.18 7.91
PSG Money Market Fund Class F2025/10/31 1.00 7.03 7.89 6.46 5.58
South African - Interest Bearing - Short Term PSG Income Fund Class A2025/10/31 1.13 10.67 9.36 7.76 7.48
PSG Income Fund Class E2025/10/31 1.11 10.13 9.39 7.90 8.10
PSG Wealth Enhanced Interest Fund of Funds Class D2025/10/31 1.01 8.23 8.59 7.02 6.93
South African - Interest Bearing - Variable Term PSG Bond Fund Class A2025/10/31 1.10 17.21
South African - Multi Asset - Flexible PSG Flexible Fund Class A2025/10/31 9.94 20.23 16.11 22.80 11.70
PSG Flexible Fund Class E2025/10/31 9.95 20.54 16.41 23.12 11.27

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 2025/10/31
1 year %3 year %5 year %Inception %
Global - Equity - General PSG Global Equity Feeder Fund Class A2025/10/31 5.59 23.14 14.87 22.19 12.68
PSG Global Equity Feeder Fund Class E2025/10/31 5.82 23.85 15.54 22.67 12.45
PSG Wealth Global Creator Feeder Fund Class D2025/10/31 5.20 12.55 16.24 12.34 14.46
Global - Multi Asset - Flexible PSG Global Flexible Feeder Fund Class A2025/10/31 4.20 19.27 13.04 18.62 12.19
PSG Global Flexible Feeder Fund Class B2025/10/31 4.45 19.96 13.69 19.06 12.70
PSG Wealth Global Flexible Feeder Fund Class D2025/10/31 5.27 10.15 9.76 7.37 10.62
PSG Wealth Global Moderate Feeder Fund Class D2025/10/31 5.42 10.12 9.95 8.28 11.88
Global - Multi Asset - Low Equity PSG Wealth Global Preserver Feeder Fund Class D2025/10/31 1.61 6.21 6.46 5.66 6.33

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 2025/10/31
1 year %3 year %5 year %Inception %
EAA Fund GBP Cautious Allocation PSG Wealth Global Preserver FoF (GBP) Class D2025/10/31 2.23 6.16 4.36 3.61 5.00
EAA Fund GBP Flexible Allocation PSG Wealth Global Flexible FoF (GBP) Class D2025/10/31 4.27 10.72 7.70 5.86 9.26
EAA Fund Global Flex-Cap Equity PSG Global Equity Sub-Fund Class A2025/10/31 2.76 27.19 17.44 20.71 6.90
PSG Global Equity Sub-Fund Class B2025/10/31 2.87 27.84 18.08 21.37 9.13
EAA Fund Global Large-Cap Blend Equity PSG Wealth Global Creator Fund of Funds Class D2025/10/31 3.46 15.71 18.03 10.72 10.09
EAA Fund USD Cautious Allocation PSG Wealth Global Preserver FoF (USD) Class D2025/10/31 1.88 8.71 8.55 4.23 3.94
EAA Fund USD Flexible Allocation PSG Global Flexible Sub-Fund Class A2025/10/31 23.15 22.87 15.56 17.34 6.80
PSG Global Flexible Sub-Fund Class B2025/10/31 24.71 23.44 16.09 17.86 7.43
PSG Investment Management Global Flexible Fund of Funds (Dollar)2025/10/31 1.82 13.02 10.35 4.34 3.22
PSG Wealth Global Flexible FoF (USD) Class D2025/10/31 3.57 12.51 11.78 5.85 8.12
EAA Fund USD Moderate Allocation PSG Wealth Global Moderate Fund of Funds Class D2025/10/31 2.37 12.76 11.95 6.89 5.85

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 2025/11/05
1 year %3 year %5 year %Inception %
PSG Wealth Income Growth Equity Portfolio 11.54 12.47 13.86 4.68
PSG Wealth Offshore Equity Portfolio (USD) 17.02 12.30 10.59 11.72
PSG Wealth SA Equity Portfolio 26.59 13.32 13.68 6.74
PSG Wealth SA Property Equity Portfolio 24.30 23.27 25.22 2.05

* 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

BHP Group

Analyst thesis

Our recommendation is based on: 

  • BHP reported record consolidated copper production of 2.02 million tonnes in FY25, which exceeds Freeport-McMoRan’s consolidated copper production for 2024.
  • Copper demand is poised to expand in the coming years amid the global shift towards electrification, renewables, and digital infrastructure. Meanwhile, the IEA flagged a potential copper supply shortfall by 2035, suggesting that prices are likely to remain well supported in such an environment.
  • BHP’s Vicuña joint venture is anticipated to start copper production around 2030, increasing overall production in a demand-rich environment, while benefitting from synergies that will lower costs.
  • BHP’s low-cost operations and disciplined capital management position it to sustain a prolonged cyclical recovery in bulk commodity demand, like iron ore, which is very sensitive to the Chinese economy and construction industry.

Growthpoint Properties

Analyst thesis

Our recommendation is based on: 

  • Stronger South African cash generation: Like-for-like net property income improved on fewer rent cuts, lower vacancies, and better cost recoveries - supporting distributable income per share growth.
  • Cleaner offshore footprint: Disposals and exits reduced overseas earnings volatility while keeping useful diversification.
  • Improved balance sheet, funding tailwind: Leverage and interest cover are comfortable, borrowing costs are trending lower, and further rate cuts would add flexibility.
  • Resilient portfolio mix: Logistics and industrial remains tight with steady renewals, while the V&A Waterfront is almost fully let with strong tenant demand; capex is focused on modern Western Cape nodes.
  • Energy self-help: A large solar base and the upcoming Etana PPA will wheel power, easing tariff pressure and backup-power costs to support margins.

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.

Corporate Actions

Date Company Share code Expectation

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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