Daily Investment Update

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The rand held steady on Thursday, supported by stronger gold prices as investors sought the safe-haven metal following the implementation of steep US tariffs by President Donald Trump. By 18h00, the local currency traded at R17.78 against the dollar, little changed from Wednesday’s close. US imports from South Africa now face a 30% duty—the highest among Sub-Saharan African nations—but the currency remained resilient, aided by the country’s position as a key precious metals producer. The JSE’s Top 40 index gained 0.60%, lifted in part by gold miners, while gold prices climbed to a more than two-week high.

Renewed trade tensions erased early market gains on Thursday, leaving the S&P 500 down nearly 0.10% and the Dow off 224 points. The Nasdaq 100 eked out a 0.30% rise, supported early on by semiconductor stocks after Trump announced a 100% tariff on imported chips, excluding US-based manufacturers. That optimism faded as broader trade concerns took hold. Adding to the market’s focus, reports surfaced that Fed Governor Christopher Waller could be Trump’s choice to lead the Federal Reserve, reinforcing expectations for a September rate cut. On the corporate front, Trading Economics reported that: “Eli Lilly shares tumbled 14.10% after disappointing results from an obesity drug trial, while Intel fell 3.10% following Trump’s call for the company’s CEO to resign—both moves adding to the market’s decline. Apple shares bucked the trend, rising 3.20% after the company announced a $100 billion US investment plan, adding to prior commitments.”

European stocks closed higher on Thursday, with the STOXX 50 up 1.40% and the STOXX 600 gaining 1%, driven by strong performances in the travel and leisure, as well as pharmaceutical sectors. Sentiment improved on the back of solid corporate earnings and renewed optimism for progress in resolving the Ukraine–Russia conflict. On the corporate front, Trading Economics reported that: “Maersk rallied 5.10% after the Danish shipping group posted stronger-than-expected second-quarter operating profit. Allianz gained 4.10% following an earnings beat, Siemens rebounded over 4%, and Henkel rose 3.40% after lifting its profit forecast.”

Mainland Chinese stocks ended mixed on Thursday, with the Shanghai Composite edging up 0.16% to 3 640 points, while the Shenzhen Component slipped 0.18% to 11 158. Investors weighed stronger-than-expected trade data against renewed geopolitical tensions. July exports surged past forecasts as companies rushed shipments ahead of the August US tariff deadline, while imports hit their highest level in a year, pointing to improving domestic demand. Meanwhile, Hong Kong stocks slipped 0.60% to 24 936 in early trade, ending a four-day winning streak as broad-based losses took hold. Investors turned cautious ahead of China’s July CPI and PPI data due Saturday, with expectations for a slight decline in consumer prices and continued producer deflation amid lingering trade risks.

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ALBI (R) 1205.99 0.05 Brent Oil ($) 66.35 -0.12 Gold ($) 3394.85 -0.05 Platinum ($) 1334.45 -0.45 Rand/EUR 20.67 0.30 Rand/GBP 23.82 -0.33 Rand/USD 17.73 0.21

Market indicators

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Date Index Current Level 1 Day Move 1 Month Move 6 Month Move 1 Year Move
2025-08-08 ALSI 100643.36 0.49 3.42 17.09 29.61
2025-08-08 Basic minerals 62935.88 1.02 12.30 40.26 50.72
2025-08-08 Fin + Ind 30 12830.08 0.31 0.70 11.21 24.19
2025-08-08 Financial 52305.23 0.06 -0.32 6.44 16.08
2025-08-08 Industrial index 147060.66 0.50 1.29 14.24 30.25

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 nameNAV (Rands)
at 07 Aug 2025
Performance –As at 2025/07/31
1 year %3 year %5 year %Inception %
South African - Multi Asset - Low Equity PSG Investment Management Cautious Fund of Funds  Class D 1.52 15.40 12.55 13.88 11.55
PSG Stable Fund Class A 1.87 13.46 12.12 13.43 8.91
PSG Stable Fund Class E 1.87 14.11 12.77 14.08 8.84
PSG Wealth Preserver Fund of Funds Class D 28.12 14.60 12.16 11.00 9.49
South African - Multi Asset - High Equity PSG Balanced Fund Class A 115.63 17.94 16.88 20.03 13.08
PSG Balanced Fund Class E 115.94 18.61 17.56 20.72 10.82
PSG Investment Management Growth Fund of Funds  Class D 1.92 20.81 16.00 18.99 14.60
PSG Wealth Moderate Fund of Funds Class D 48.96 18.74 14.61 13.95 11.29
South African - Multi Asset - Income PSG Diversified Income Fund Class A 1.40 11.61 10.20 9.48 8.14
PSG Diversified Income Fund Class E 1.39 12.32 10.90 10.10 8.80
PSG Investment Management Multi-Asset Income Fund  of Funds Class D 1.19 10.92 9.55 8.93 8.53
PSG Wealth Income Fund of Funds Class D 12.88 10.17 9.63 8.42 8.07
South African - Equity - General PSG Equity Fund Class A 20.57 18.12 18.43 22.64 13.18
PSG Equity Fund Class E 20.68 18.73 17.93 22.46 10.12
PSG Equity Fund Class F 20.66 18.66 18.97 23.18 11.02
PSG Investment Management Opportunity Equity Fund of Funds Class D 1.37
PSG Wealth Creator Fund of Funds Class D 66.13 20.94 15.46 16.90 12.70
South African - Equity - SA General PSG SA Equity Class F 2.12 25.38 19.74 25.25 9.51
South African - Interest Bearing - SA Money Market PSG Money Market Fund Class A 1.00 7.68 7.70 6.14 7.94
PSG Money Market Fund Class F 1.00 7.99 8.01 6.42 5.59
South African - Interest Bearing - Short Term PSG Income Fund Class A 1.11 9.71 8.67 7.47 7.36
PSG Income Fund Class E 1.11 10.03 8.98 7.78 8.03
PSG Wealth Enhanced Interest Fund of Funds Class D 1.01 8.53 8.48 6.85 6.91
South African - Interest Bearing - Variable Term PSG Bond Fund Class A 1.07
South African - Multi Asset - Flexible PSG Flexible Fund Class A 9.59 15.72 16.42 20.65 11.57
PSG Flexible Fund Class E 9.60 16.03 16.73 20.96 10.97

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 nameNAV (Rands)
at 08 Aug 2025
Performance –As at 2025/07/31
1 year %3 year %5 year %Inception %
Global - Equity - General PSG Global Equity Feeder Fund Class A 5.36 15.19 16.87 19.25 12.67
PSG Global Equity Feeder Fund Class E 5.57 15.85 17.55 19.78 12.42
PSG Wealth Global Creator Feeder Fund Class D 5.06 12.38 16.92 11.43 14.72
Global - Multi Asset - Flexible PSG Global Flexible Feeder Fund Class A 4.09 13.23 15.13 16.20 12.28
PSG Global Flexible Feeder Fund Class B 4.32 13.89 15.79 16.71 12.80
PSG Wealth Global Flexible Feeder Fund Class D 5.23 10.48 11.02 6.69 10.90
PSG Wealth Global Moderate Feeder Fund Class D 5.34 10.25 11.81 7.50 12.12
Global - Multi Asset - Low Equity PSG Wealth Global Preserver Feeder Fund Class D 1.61 6.35 9.34 5.07 6.75

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 nameNAV (Rands)
at 07 Aug 2025
Performance –As at 2025/07/31
1 year %3 year %5 year %Inception %
EAA Fund GBP Cautious Allocation PSG Wealth Global Preserver FoF (GBP) Class D 2.12 3.21 3.01 2.98 4.84
EAA Fund GBP Flexible Allocation PSG Wealth Global Flexible FoF (GBP) Class D 4.06 7.31 5.08 5.31 9.12
EAA Fund Global Flex-Cap Equity PSG Global Equity Sub-Fund Class A 2.59 12.37 12.54 17.71 6.37
PSG Global Equity Sub-Fund Class B 2.69 12.94 13.17 18.33 8.03
EAA Fund Global Large-Cap Blend Equity PSG Wealth Global Creator Fund of Funds Class D 3.30 11.33 12.65 9.67 9.84
EAA Fund USD Cautious Allocation PSG Wealth Global Preserver FoF (USD) Class D 1.84 6.57 5.76 3.54 3.81
EAA Fund USD Flexible Allocation PSG Global Flexible Sub-Fund Class A 22.04 10.91 11.00 15.00 6.29
PSG Global Flexible Sub-Fund Class B 23.50 11.41 11.51 15.45 6.91
PSG Investment Management Global Flexible Fund of Funds (Dollar) 1.78 9.08 5.83 3.45 3.05
PSG Wealth Global Flexible FoF (USD) Class D 3.48 9.95 7.25 5.17 8.00
EAA Fund USD Moderate Allocation PSG Wealth Global Moderate Fund of Funds Class D 2.29 9.30 7.82 5.82 5.62

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 2025/08/08
1 year %3 year %5 year %Inception %
PSG Wealth Income Growth Equity Portfolio 15.07 10.91 11.55 3.97
PSG Wealth Offshore Equity Portfolio (USD) 12.33 9.22 9.09 11.12
PSG Wealth SA Equity Portfolio 27.36 10.93 11.18 6.03
PSG Wealth SA Property Equity Portfolio 24.68 17.72 18.17 0.94

* 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

Renergen Limited

  • This report provides a summary of the Renergen and ASPI offer, along with the latest developments related to it. ASPI has made a firm offer to buy all shares of Renergen. This offer is planned to happen through a formal arrangement between Renergen and its shareholders. If this arrangement does not go through, there is a backup “standby offer” that can be used instead. A detailed document explaining the offer and setting out the meeting details was sent to all Renergen shareholders listed as of 30 May 2025. This document explains how the offer will work and what conditions need to be met for it to proceed. If the main arrangement is successful: 
    •    Shareholders will receive new shares from ASPI according to a set exchange rate. 
    •    ASPI will take full ownership of Renergen 
    •    Renergen Shares will be delisted from the JSE, A2X and ASX. 
    If the arrangement fails because certain conditions are not met, the standby offer will open. This backup offer will have the same terms as the original one and shareholders will be informed when it becomes available. Our research supports a sell recommendation.

South Africa’s largest retailer, Shoprite, remains a market leader with ongoing growth and expansion

  • At current levels, the stock trades below historical price multiples and presents an upside to our intrinsic value. Shoprite is a high-quality SA retailer as evidenced by:
    • Internal price inflation for the period averaged just 1.9%. This reflects Shoprite’s commitment to affordability and its ability to pass on cost savings to consumers, which should help with future volume growth.
    • Shoprite’s consistent margin expansion, driven by pricing power and operational efficiency, underscores its ability to preserve profitability while maintaining affordability, solidifying its value-driven market leadership.
    • Successful platforms like Sixty60 and Xtra Savings have boosted transaction values and customer loyalty, reinforcing margin resilience and evidencing management’s innovation.
    • The group’s consistent rollout of new stores across various formats, without compromising operational efficiency or margin integrity, reinforces its ability to capture market share, drive top-line growth, and deliver long-term shareholder value.
    • South Africa’s recent shift to lower interest rates and a subdued inflation environment creates a supportive backdrop for consumer-focused businesses like Shoprite.
    Our research supports a buy recommendation

In our last report on Naspers and Prosus (in January 2025), we discussed Naspers and Prosus half year FY2025 results.

  • In our last report on Naspers and Prosus (in January 2025), we discussed Naspers and Prosus half year FY2025 results. We have since received the full year results as well as some acquisition activity, summarised below. At the beginning of the year Tencent was placed on a “Chinese military companies” list by the US which had a material impact on both Naspers and Prosus’s share prices in January but has since had a strong recovery. Below we summarise the last 6 months for the company:
  • In May 2025, Prosus completed the acquisition of Despegar, a leading online travel agency in Latin America, for approximately $1.7 billion, at a 33% premium to the share price at the time. Despegar generated $774 million in revenue for FY24.
  • In February 2025, Prosus announced it had made a cash offer of €4.1 billion for global food delivery company, Just Eat Takeaway.com, at a 63% premium to the share price in February. The acceptance of such has been fully recommended by Just Eat’s board and should conclude towards the end of 2025. The company generated $3.8 billion in sales in FY24.
  • Prosus full year results had the following highlights:
  • Full year revenue came in at $6.2 billion, a 21% increase for the year.
  • Adjusted EBIT came in at $179 million, posting a positive full year number for the first time after reporting a loss of $118 million in 2024.
  • Profitability was driven by Classifieds and Food Delivery with EBIT figures of $273 million and $218 million respectively.
  • Free cash flow positive for the first time, excluding Tencent.

Corporate Actions

Date Company Share code Expectation
13 August 2025 Adcorp Holdings Limited ADR

Cash Dividend

13 August 2025 Investec Limited INL

Cash Dividend

13 August 2025 Investec Plc INP

Cash Dividend

13 August 2025 Karoooo Limited KRO

Cash Dividend

13 August 2025 Mustek Limited MST

Tender Offer

13 August 2025 Omnia Holdings Limited OMN

Cash Dividend

13 August 2025 Omnia Holdings Limited OMN

Special Cash Dividend

13 August 2025 Assura Plc AHR

Special 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.

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