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March 2025
Adriaan Pask
PSG Wealth
The Stoxx 50 climbed 0.50% by the close of trading after oscillating between gains and losses, driven by tariff relief following remarks from US Commerce Secretary Howard Lutnick. On Thursday, Lutnick suggested that one-month exemptions could extend beyond automakers. Additionally, the Trump administration is reportedly considering exempting specific agricultural products from tariffs on Mexico and Canada. Meanwhile, the European Central Bank proceeded with an anticipated interest rate cut but took a more cautious approach regarding future adjustments while raising its short-term inflation forecasts.
The Hang Seng jumped 3.30%, marking its third consecutive gain and reaching its highest level in over three years. A broad market rally followed positive policy signals from China’s annual parliamentary meeting. The tech sector surged 5.40%, led by an 8.50% jump in Alibaba Group, which has gained 46% since its 2025 low on 13 January, driven by optimism over its AI initiatives. Consumer, property, and financial stocks also saw strong gains, as traders bet that the latest US tariff hikes under President Trump would not dampen market sentiment, especially given Beijing’s 2025 fiscal stimulus. Meanwhile, the Nikkei advanced 0.77% on Thursday, recording its second straight session of gains.
Brent crude oil futures hovered around $69 per barrel on Thursday after hitting a multi-year low of $68.34 in the previous session. Prices remained under pressure amid persistent trade tensions, with the US imposing tariffs on Canadian and Mexican goods, including energy imports, while OPEC+ considered increasing output. There were also reports that the U.S. might exempt automakers from the 25% tariff and potentially remove the 10% tariff on Canadian energy imports such as crude oil and gasoline.
US stocks declined as concerns over escalating trade conflicts under the new administration and economic policy uncertainty weighed on sentiment. The S&P 500 dropped nearly 2%, while the Nasdaq plunged 2.30%, both reaching four-month lows, and the Dow tumbled 500 points. President Trump confirmed that goods covered under the USMCA would be exempt from tariffs on Mexico shortly after imposing broad levies on North American trade partners. However, restrictions on China and Canada remained in place amid ongoing policy uncertainty. These developments compounded fears over economic growth, especially after weak labour market data showed Challenger job cuts reaching a 2020 high and the ADP employment report missing expectations.
On the local front, the stock market maintained its positive momentum, gaining 0.62%, while the rand strengthened to R18.15/$ by 18h00 local time. South Africa’s current account deficit narrowed to R31.6 billion in 4Q24, down from a revised R55.6 billion in the prior quarter, though it exceeded market forecasts of a R3 billion shortfall. This marked the smallest current account gap since 3Q23, supported by a wider trade surplus of R232.9 billion in the final quarter.
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Date | Index | Current Level | 1 Day Move | 1 Month Move | 6 Month Move | 1 Year Move |
---|---|---|---|---|---|---|
2025-09-29 | ALSI | 105803.18 | -0.83 | 3.35 | 20.61 | 27.23 |
2025-09-29 | Basic minerals | 74731.54 | -1.08 | 20.02 | 57.91 | 80.52 |
2025-09-29 | Fin + Ind 30 | 12875.19 | -0.73 | -2.13 | 10.10 | 13.85 |
2025-09-29 | Financial | 53964.08 | -1.79 | -2.59 | 6.18 | 4.87 |
2025-09-29 | Industrial index | 147332.18 | 0.01 | -1.89 | 12.12 | 20.73 |
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 2025/08/31 | |||
---|---|---|---|---|---|---|---|
1 year % | 3 year % | 5 year % | Inception % | ||||
South African - Multi Asset - Low Equity | PSG Investment Management Cautious Fund of Funds Class D | 2025/08/31 | 1.52 | 14.52 | 12.46 | 13.53 | 11.51 |
PSG Investment Management Cautious Fund of Funds Class D | 2025/08/31 | 1.52 | 14.52 | 12.46 | 13.53 | 11.51 | |
PSG Stable Fund Class A | 2025/08/31 | 1.88 | 13.05 | 12.20 | 12.89 | 8.92 | |
PSG Stable Fund Class E | 2025/08/31 | 1.89 | 13.69 | 12.84 | 13.54 | 8.85 | |
PSG Wealth Preserver Fund of Funds Class D | 2025/08/31 | 28.05 | 14.19 | 12.31 | 10.88 | 9.50 | |
South African - Multi Asset - High Equity | PSG Balanced Fund Class A | 2025/08/31 | 114.58 | 17.04 | 16.57 | 18.92 | 13.04 |
PSG Balanced Fund Class A | 2025/08/31 | 114.58 | 17.04 | 16.57 | 18.92 | 13.04 | |
PSG Balanced Fund Class E | 2025/08/31 | 114.65 | 17.71 | 17.24 | 19.60 | 10.75 | |
PSG Investment Management Growth Fund of Funds Class D | 2025/08/31 | 1.95 | 19.26 | 15.86 | 18.34 | 14.51 | |
PSG Wealth Moderate Fund of Funds Class D | 2025/08/31 | 50.10 | 18.83 | 14.87 | 13.76 | 11.29 | |
South African - Multi Asset - Income | PSG Diversified Income Fund Class A | 2025/08/31 | 1.39 | 11.02 | 10.29 | 9.48 | 8.15 |
PSG Diversified Income Fund Class A | 2025/08/31 | 1.39 | 11.02 | 10.29 | 9.48 | 8.15 | |
PSG Diversified Income Fund Class E | 2025/08/31 | 1.39 | 11.73 | 10.98 | 10.10 | 8.82 | |
PSG Investment Management Multi-Asset Income Fund of Funds Class D | 2025/08/31 | 1.19 | 10.50 | 9.54 | 8.86 | 8.54 | |
PSG Wealth Income Fund of Funds Class D | 2025/08/31 | 12.85 | 9.67 | 9.68 | 8.41 | 8.08 | |
South African - Equity - General | PSG Equity Fund Class A | 2025/08/31 | 21.15 | 18.96 | 18.34 | 21.77 | 13.18 |
PSG Equity Fund Class A | 2025/08/31 | 21.15 | 18.96 | 18.34 | 21.77 | 13.18 | |
PSG Equity Fund Class E | 2025/08/31 | 21.20 | 19.77 | 17.90 | 21.60 | 10.14 | |
PSG Equity Fund Class F | 2025/08/31 | 21.21 | 19.50 | 18.89 | 22.31 | 11.03 | |
PSG Investment Management Opportunity Equity Fund of Funds Class D | 2025/08/31 | 1.43 | 22.87 | — | — | 20.50 | |
PSG Wealth Creator Fund of Funds Class D | 2025/08/31 | 68.96 | 22.28 | 16.36 | 17.06 | 12.77 | |
South African - Equity - SA General | PSG SA Equity Class F | 2025/08/31 | 2.12 | 23.38 | 19.70 | 24.51 | 9.50 |
PSG SA Equity Class F | 2025/08/31 | 2.12 | 23.38 | 19.70 | 24.51 | 9.50 | |
South African - Interest Bearing - SA Money Market | PSG Money Market Fund Class A | 2025/08/31 | 1.00 | 7.58 | 7.75 | 6.19 | 7.94 |
PSG Money Market Fund Class A | 2025/08/31 | 1.00 | 7.58 | 7.75 | 6.19 | 7.94 | |
PSG Money Market Fund Class F | 2025/08/31 | 1.00 | 7.89 | 8.06 | 6.47 | 5.61 | |
South African - Interest Bearing - Short Term | PSG Income Fund Class A | 2025/08/31 | 1.12 | 9.50 | 8.65 | 7.47 | 7.37 |
PSG Income Fund Class A | 2025/08/31 | 1.12 | 9.50 | 8.65 | 7.47 | 7.37 | |
PSG Income Fund Class E | 2025/08/31 | 1.10 | 9.82 | 8.96 | 7.78 | 8.04 | |
PSG Wealth Enhanced Interest Fund of Funds Class D | 2025/08/31 | 1.02 | 8.42 | 8.51 | 6.90 | 6.91 | |
South African - Interest Bearing - Variable Term | PSG Bond Fund Class A | 2025/08/31 | 1.06 | — | — | — | 9.89 |
PSG Bond Fund Class A | 2025/08/31 | 1.06 | — | — | — | 9.89 | |
South African - Multi Asset - Flexible | PSG Flexible Fund Class A | 2025/08/31 | 9.78 | 16.32 | 16.17 | 19.76 | 11.56 |
PSG Flexible Fund Class A | 2025/08/31 | 9.78 | 16.32 | 16.17 | 19.76 | 11.56 | |
PSG Flexible Fund Class E | 2025/08/31 | 9.78 | 16.63 | 16.47 | 20.07 | 10.96 |
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 2025/08/31 | |||
---|---|---|---|---|---|---|---|
1 year % | 3 year % | 5 year % | Inception % | ||||
Global - Equity - General | PSG Global Equity Feeder Fund Class A | 2025/08/31 | 5.57 | 18.41 | 16.55 | 17.83 | 12.61 |
PSG Global Equity Feeder Fund Class A | 2025/08/31 | 5.57 | 18.41 | 16.55 | 17.83 | 12.61 | |
PSG Global Equity Feeder Fund Class E | 2025/08/31 | 5.80 | 19.09 | 17.22 | 18.39 | 12.35 | |
PSG Wealth Global Creator Feeder Fund Class D | 2025/08/31 | 5.10 | 11.40 | 15.90 | 10.17 | 14.53 | |
Global - Multi Asset - Flexible | PSG Global Flexible Feeder Fund Class A | 2025/08/31 | 4.21 | 15.82 | 14.89 | 14.93 | 12.20 |
PSG Global Flexible Feeder Fund Class A | 2025/08/31 | 4.21 | 15.82 | 14.89 | 14.93 | 12.20 | |
PSG Global Flexible Feeder Fund Class B | 2025/08/31 | 4.46 | 16.49 | 15.55 | 15.48 | 12.71 | |
PSG Wealth Global Flexible Feeder Fund Class D | 2025/08/31 | 5.21 | 10.51 | 10.18 | 5.93 | 10.73 | |
PSG Wealth Global Moderate Feeder Fund Class D | 2025/08/31 | 5.37 | 9.51 | 10.83 | 6.84 | 11.97 | |
Global - Multi Asset - Low Equity | PSG Wealth Global Preserver Feeder Fund Class D | 2025/08/31 | 1.60 | 6.77 | 7.95 | 4.79 | 6.51 |
PSG Wealth Global Preserver Feeder Fund Class D | 2025/08/31 | 1.60 | 6.77 | 7.95 | 4.79 | 6.51 |
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 2025/08/31 | |||
---|---|---|---|---|---|---|---|
1 year % | 3 year % | 5 year % | Inception % | ||||
EAA Fund GBP Cautious Allocation | PSG Wealth Global Preserver FoF (GBP) Class D | 2025/08/31 | 2.16 | 3.30 | 1.98 | 2.81 | 4.76 |
PSG Wealth Global Preserver FoF (GBP) Class D | 2025/08/31 | 2.16 | 3.30 | 1.98 | 2.81 | 4.76 | |
EAA Fund GBP Flexible Allocation | PSG Wealth Global Flexible FoF (GBP) Class D | 2025/08/31 | 4.13 | 7.25 | 4.59 | 4.78 | 9.05 |
PSG Wealth Global Flexible FoF (GBP) Class D | 2025/08/31 | 4.13 | 7.25 | 4.59 | 4.78 | 9.05 | |
EAA Fund Global Flex-Cap Equity | PSG Global Equity Sub-Fund Class A | 2025/08/31 | 2.73 | 19.41 | 15.86 | 16.80 | 6.66 |
PSG Global Equity Sub-Fund Class A | 2025/08/31 | 2.73 | 19.41 | 15.86 | 16.80 | 6.66 | |
PSG Global Equity Sub-Fund Class B | 2025/08/31 | 2.85 | 20.01 | 16.50 | 17.43 | 8.65 | |
EAA Fund Global Large-Cap Blend Equity | PSG Wealth Global Creator Fund of Funds Class D | 2025/08/31 | 3.38 | 10.29 | 14.58 | 8.79 | 9.92 |
PSG Wealth Global Creator Fund of Funds Class D | 2025/08/31 | 3.38 | 10.29 | 14.58 | 8.79 | 9.92 | |
EAA Fund USD Cautious Allocation | PSG Wealth Global Preserver FoF (USD) Class D | 2025/08/31 | 1.86 | 6.66 | 6.67 | 3.54 | 3.86 |
PSG Wealth Global Preserver FoF (USD) Class D | 2025/08/31 | 1.86 | 6.66 | 6.67 | 3.54 | 3.86 | |
EAA Fund USD Flexible Allocation | PSG Global Flexible Sub-Fund Class A | 2025/08/31 | 23.09 | 16.79 | 14.23 | 14.17 | 6.61 |
PSG Global Flexible Sub-Fund Class A | 2025/08/31 | 23.09 | 16.79 | 14.23 | 14.17 | 6.61 | |
PSG Global Flexible Sub-Fund Class B | 2025/08/31 | 24.62 | 17.32 | 14.75 | 14.67 | 7.24 | |
PSG Investment Management Global Flexible Fund of Funds (Dollar) | 2025/08/31 | 1.80 | 9.72 | 7.41 | 3.09 | 3.13 | |
PSG Wealth Global Flexible FoF (USD) Class D | 2025/08/31 | 3.52 | 9.89 | 8.80 | 4.66 | 8.05 | |
EAA Fund USD Moderate Allocation | PSG Wealth Global Moderate Fund of Funds Class D | 2025/08/31 | 2.34 | 8.70 | 9.39 | 5.49 | 5.71 |
PSG Wealth Global Moderate Fund of Funds Class D | 2025/08/31 | 2.34 | 8.70 | 9.39 | 5.49 | 5.71 |
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 2025/09/12 | |||
---|---|---|---|---|
1 year % | 3 year % | 5 year % | Inception % | |
PSG Wealth Income Growth Equity Portfolio | 12.66 | 12.29 | 12.75 | 4.35 |
PSG Wealth Offshore Equity Portfolio (USD) | 14.39 | 11.37 | 9.96 | 11.56 |
PSG Wealth SA Equity Portfolio | 28.08 | 12.95 | 12.69 | 6.50 |
PSG Wealth SA Property Equity Portfolio | 15.16 | 20.52 | 22.04 | 1.27 |
* 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.
Date | Company | Share code | Expectation |
---|---|---|---|
01 October 2025 | Aspen Pharmacare Holdings Limited | APN | Cash Dividend |
01 October 2025 | African Rainbow Minerals Limited | ARI | Cash Dividend |
01 October 2025 | British American Tobacco Plc | BTI | Cash Dividend |
01 October 2025 | City Lodge Hotels Limited | CLH | Cash Dividend |
01 October 2025 | Exxaro Resources Limited | EXX | Cash Dividend |
01 October 2025 | Motus Holdings Limited | MTH | Cash Dividend |
01 October 2025 | Old Mutual Limited | OMU | Cash Dividend |
01 October 2025 | Putprop Limited | PPR | Cash Dividend |
01 October 2025 | Schroder European Real Estate Investment Trust PLC | SCD | 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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