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December 2024

Adriaan Pask
PSG Wealth

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.
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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 Category | Fund name | Date as of | NAV (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 D | 2025/10/31 | 1.54 | 15.15 | 13.24 | 14.89 | 11.85 |
| PSG Investment Management Cautious Fund of Funds Class D | 2025/10/31 | 1.54 | 15.15 | 13.24 | 14.89 | 11.85 | |
| PSG Stable Fund Class A | 2025/10/31 | 1.93 | 15.90 | 13.08 | 14.50 | 9.10 | |
| PSG Stable Fund Class E | 2025/10/31 | 1.93 | 16.57 | 13.73 | 15.15 | 9.08 | |
| PSG Wealth Preserver Fund of Funds Class D | 2025/10/31 | 28.61 | 16.47 | 13.33 | 12.22 | 9.61 | |
| South African - Multi Asset - High Equity | PSG Balanced Fund Class A | 2025/10/31 | 117.57 | 18.13 | 16.32 | 21.31 | 13.11 |
| PSG Balanced Fund Class A | 2025/10/31 | 117.57 | 18.13 | 16.32 | 21.31 | 13.11 | |
| PSG Balanced Fund Class E | 2025/10/31 | 117.72 | 18.81 | 16.99 | 22.01 | 10.93 | |
| PSG Investment Management Growth Fund of Funds Class D | 2025/10/31 | 1.99 | 20.92 | 17.10 | 20.90 | 15.15 | |
| PSG Wealth Moderate Fund of Funds Class D | 2025/10/31 | 50.96 | 22.02 | 16.05 | 15.88 | 11.45 | |
| South African - Multi Asset - Income | PSG Diversified Income Fund Class A | 2025/10/31 | 1.42 | 11.63 | 10.98 | 9.86 | 8.21 |
| PSG Diversified Income Fund Class A | 2025/10/31 | 1.42 | 11.63 | 10.98 | 9.86 | 8.21 | |
| PSG Diversified Income Fund Class E | 2025/10/31 | 1.42 | 12.32 | 11.68 | 10.49 | 8.92 | |
| PSG Investment Management Multi-Asset Income Fund of Funds Class D | 2025/10/31 | 1.21 | 10.40 | 9.91 | 9.18 | 8.63 | |
| PSG Wealth Income Fund of Funds Class D | 2025/10/31 | 13.04 | 10.20 | 10.21 | 8.74 | 8.14 | |
| South African - Equity - General | PSG Equity Fund Class A | 2025/10/31 | 21.58 | 24.74 | 18.88 | 25.33 | 13.38 |
| PSG Equity Fund Class A | 2025/10/31 | 21.58 | 24.74 | 18.88 | 25.33 | 13.38 | |
| PSG Equity Fund Class E | 2025/10/31 | 21.66 | 25.82 | 18.53 | 25.15 | 10.64 | |
| PSG Equity Fund Class F | 2025/10/31 | 21.66 | 25.31 | 19.42 | 25.88 | 11.51 | |
| PSG Investment Management Opportunity Equity Fund of Funds Class D | 2025/10/31 | 1.47 | 28.84 | — | — | 23.62 | |
| PSG Wealth Creator Fund of Funds Class D | 2025/10/31 | 70.19 | 26.62 | 18.00 | 19.75 | 13.07 | |
| South African - Equity - SA General | PSG SA Equity Class F | 2025/10/31 | 2.21 | 27.10 | 21.26 | 27.86 | 10.13 |
| PSG SA Equity Class F | 2025/10/31 | 2.21 | 27.10 | 21.26 | 27.86 | 10.13 | |
| South African - Interest Bearing - SA Money Market | PSG Money Market Fund Class A | 2025/10/31 | 1.00 | 6.75 | 7.59 | 6.18 | 7.91 |
| PSG Money Market Fund Class A | 2025/10/31 | 1.00 | 6.75 | 7.59 | 6.18 | 7.91 | |
| PSG Money Market Fund Class F | 2025/10/31 | 1.00 | 7.03 | 7.89 | 6.46 | 5.58 | |
| South African - Interest Bearing - Short Term | PSG Income Fund Class A | 2025/10/31 | 1.13 | 10.67 | 9.36 | 7.76 | 7.48 |
| PSG Income Fund Class A | 2025/10/31 | 1.13 | 10.67 | 9.36 | 7.76 | 7.48 | |
| PSG Income Fund Class E | 2025/10/31 | 1.11 | 10.13 | 9.39 | 7.90 | 8.10 | |
| PSG Wealth Enhanced Interest Fund of Funds Class D | 2025/10/31 | 1.01 | 8.23 | 8.59 | 7.02 | 6.93 | |
| South African - Interest Bearing - Variable Term | PSG Bond Fund Class A | 2025/10/31 | 1.10 | — | — | — | 17.21 |
| PSG Bond Fund Class A | 2025/10/31 | 1.10 | — | — | — | 17.21 | |
| South African - Multi Asset - Flexible | PSG Flexible Fund Class A | 2025/10/31 | 9.94 | 20.23 | 16.11 | 22.80 | 11.70 |
| PSG Flexible Fund Class A | 2025/10/31 | 9.94 | 20.23 | 16.11 | 22.80 | 11.70 | |
| PSG Flexible Fund Class E | 2025/10/31 | 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.
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 2025/10/31 | |||
|---|---|---|---|---|---|---|---|
| 1 year % | 3 year % | 5 year % | Inception % | ||||
| Global - Equity - General | PSG Global Equity Feeder Fund Class A | 2025/10/31 | 5.59 | 23.14 | 14.87 | 22.19 | 12.68 |
| PSG Global Equity Feeder Fund Class A | 2025/10/31 | 5.59 | 23.14 | 14.87 | 22.19 | 12.68 | |
| PSG Global Equity Feeder Fund Class E | 2025/10/31 | 5.82 | 23.85 | 15.54 | 22.67 | 12.45 | |
| PSG Wealth Global Creator Feeder Fund Class D | 2025/10/31 | 5.20 | 12.55 | 16.24 | 12.34 | 14.46 | |
| Global - Multi Asset - Flexible | PSG Global Flexible Feeder Fund Class A | 2025/10/31 | 4.20 | 19.27 | 13.04 | 18.62 | 12.19 |
| PSG Global Flexible Feeder Fund Class A | 2025/10/31 | 4.20 | 19.27 | 13.04 | 18.62 | 12.19 | |
| PSG Global Flexible Feeder Fund Class B | 2025/10/31 | 4.45 | 19.96 | 13.69 | 19.06 | 12.70 | |
| PSG Wealth Global Flexible Feeder Fund Class D | 2025/10/31 | 5.27 | 10.15 | 9.76 | 7.37 | 10.62 | |
| PSG Wealth Global Moderate Feeder Fund Class D | 2025/10/31 | 5.42 | 10.12 | 9.95 | 8.28 | 11.88 | |
| Global - Multi Asset - Low Equity | PSG Wealth Global Preserver Feeder Fund Class D | 2025/10/31 | 1.61 | 6.21 | 6.46 | 5.66 | 6.33 |
| PSG Wealth Global Preserver Feeder Fund Class D | 2025/10/31 | 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.
The following funds invest internationally using foreign currency
| Morningstar Category | Fund name | Date as of | NAV (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 D | 2025/10/31 | 2.23 | 6.16 | 4.36 | 3.61 | 5.00 |
| PSG Wealth Global Preserver FoF (GBP) Class D | 2025/10/31 | 2.23 | 6.16 | 4.36 | 3.61 | 5.00 | |
| EAA Fund GBP Flexible Allocation | PSG Wealth Global Flexible FoF (GBP) Class D | 2025/10/31 | 4.27 | 10.72 | 7.70 | 5.86 | 9.26 |
| PSG Wealth Global Flexible FoF (GBP) Class D | 2025/10/31 | 4.27 | 10.72 | 7.70 | 5.86 | 9.26 | |
| EAA Fund Global Flex-Cap Equity | PSG Global Equity Sub-Fund Class A | 2025/10/31 | 2.76 | 27.19 | 17.44 | 20.71 | 6.90 |
| PSG Global Equity Sub-Fund Class A | 2025/10/31 | 2.76 | 27.19 | 17.44 | 20.71 | 6.90 | |
| PSG Global Equity Sub-Fund Class B | 2025/10/31 | 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 D | 2025/10/31 | 3.46 | 15.71 | 18.03 | 10.72 | 10.09 |
| PSG Wealth Global Creator Fund of Funds Class D | 2025/10/31 | 3.46 | 15.71 | 18.03 | 10.72 | 10.09 | |
| EAA Fund USD Cautious Allocation | PSG Wealth Global Preserver FoF (USD) Class D | 2025/10/31 | 1.88 | 8.71 | 8.55 | 4.23 | 3.94 |
| PSG Wealth Global Preserver FoF (USD) Class D | 2025/10/31 | 1.88 | 8.71 | 8.55 | 4.23 | 3.94 | |
| EAA Fund USD Flexible Allocation | PSG Global Flexible Sub-Fund Class A | 2025/10/31 | 23.15 | 22.87 | 15.56 | 17.34 | 6.80 |
| PSG Global Flexible Sub-Fund Class A | 2025/10/31 | 23.15 | 22.87 | 15.56 | 17.34 | 6.80 | |
| PSG Global Flexible Sub-Fund Class B | 2025/10/31 | 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 D | 2025/10/31 | 3.57 | 12.51 | 11.78 | 5.85 | 8.12 | |
| EAA Fund USD Moderate Allocation | PSG Wealth Global Moderate Fund of Funds Class D | 2025/10/31 | 2.37 | 12.76 | 11.95 | 6.89 | 5.85 |
| PSG Wealth Global Moderate Fund of Funds Class D | 2025/10/31 | 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.
| 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.
Analyst thesis
Our recommendation is based on:
Analyst thesis
Our recommendation is based on:
Analyst thesis
Our recommendation is based on:
| Date | Company | Share code | Expectation |
|---|
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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