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14
May 2024
Local bourse firmer ahead of US inflation report and SA unemployment rate
Adriaan Pask
PSG Wealth
Market commentary
The FTSE/JSE All Share Index closed higher on Monday, amid mixed global peers, with this week's focus on the US consumer inflation report and SA's unemployment rate. The local bourse closed 0.28% higher, with the rand reaching a high of R18.34/$ at 17h50.
US stocks had a mixed start to the week as investors turned their attention to the upcoming inflation report, which may indicate the timing of interest rate cuts. The S&P 500 closed slightly lower, the Dow Jones ended its eight-day winning streak by losing 81 points, and the Nasdaq edged up by 0.30%.
Chinese stocks dipped on Monday, with the Shanghai Composite Index falling 0.21% to end at 3 148 points, while the Shenzhen Component decreased by 0.60% to 9 673 points. This pullback followed last week's gains, with investors responding to China's April inflation figures, which surpassed expectations. Over the weekend, data revealed a 0.30% y/y increase in the country's consumer price index for April, up from a 0.10% rise in March and in line with forecasts, while producer prices continued their downward trend. The Nikkei declined by 0.13%, as investors anticipate Japan's first-quarter GDP report later this week.
Turning to Europe, the FTSE 100 gave up its initial gains, ending slightly lower at 8 417 points on Monday, closing 0.20% below the previous session's record high. Market focus remained on assessing the latest corporate results, while traders paused after last week's strong gains and awaited key economic data for a clearer picture of the monetary and economic outlook.
Oil prices increased by over 1% to close at $79.12 per barrel on Monday, recovering from the previous session's decline. This rise was supported by indications of improving demand in China, the world's largest importer of oil, and worries about possible supply disruptions in Canada. Meanwhile, spot gold fell to approximately $2 340 per ounce as investors shifted their focus to the upcoming key US inflation reports to gain more insight into the US Federal Reserve's monetary policy direction.
Navigation
Market indicators
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| Date | Index | Current Level | 1 Day Move | 1 Month Move | 6 Month Move | 1 Year Move |
|---|---|---|---|---|---|---|
| 2026-02-23 | ALSI | 123022.03 | 0.97 | 2.10 | 23.46 | 43.08 |
| 2026-02-23 | Basic minerals | 99265.57 | 2.95 | 0.95 | 66.97 | 123.15 |
| 2026-02-23 | Fin + Ind 30 | 14051.79 | -0.05 | 2.70 | 8.97 | 21.45 |
| 2026-02-23 | Financial | 66253.97 | -0.17 | 7.94 | 26.49 | 40.55 |
| 2026-02-23 | Industrial index | 141768.69 | 0.08 | -1.87 | -3.88 | 6.83 |
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.
Local funds
| Morningstar Category | Fund name | Date as of | NAV (Rands) | Performance - As at 2026/01/31 | |||
|---|---|---|---|---|---|---|---|
| 1 year % | 3 year % | 5 year % | Inception % | ||||
| South African - Multi Asset - Low Equity | PSG Investment Management Cautious Fund of Funds Class D | 2025/12/31 | 1.62 | 18.78 | 13.52 | 13.67 | 12.14 |
| PSG Investment Management Cautious Fund of Funds Class D | 2025/12/31 | 1.62 | 18.78 | 13.52 | 13.67 | 12.14 | |
| PSG Stable Fund Class A | 2025/12/31 | 2.02 | 19.32 | 13.19 | 13.21 | 9.28 | |
| PSG Stable Fund Class E | 2025/12/31 | 2.02 | 20.01 | 13.84 | 13.86 | 9.29 | |
| PSG Wealth Preserver Fund of Funds Class D | 2025/12/31 | 29.42 | 16.21 | 13.28 | 11.46 | 9.66 | |
| South African - Multi Asset - High Equity | PSG Balanced Fund Class A | 2025/12/31 | 124.60 | 22.94 | 16.10 | 18.29 | 13.20 |
| PSG Balanced Fund Class A | 2025/12/31 | 124.60 | 22.94 | 16.10 | 18.29 | 13.20 | |
| PSG Balanced Fund Class E | 2025/12/31 | 124.90 | 23.65 | 16.77 | 18.96 | 11.17 | |
| PSG Investment Management Growth Fund of Funds Class D | 2025/12/31 | 2.16 | 27.62 | 17.59 | 18.59 | 15.65 | |
| PSG Wealth Moderate Fund of Funds Class D | 2025/12/31 | 53.00 | 21.30 | 15.74 | 14.04 | 11.45 | |
| South African - Multi Asset - Income | PSG Diversified Income Fund Class A | 2025/12/31 | 1.43 | 12.88 | 11.14 | 9.83 | 8.30 |
| PSG Diversified Income Fund Class A | 2025/12/31 | 1.43 | 12.88 | 11.14 | 9.83 | 8.30 | |
| PSG Diversified Income Fund Class E | 2025/12/31 | 1.42 | 13.60 | 11.85 | 10.48 | 9.05 | |
| PSG Investment Management Multi-Asset Income Fund of Funds Class D | 2025/12/31 | 1.21 | 11.21 | 10.01 | 8.96 | 8.75 | |
| PSG Wealth Income Fund of Funds Class D | 2025/12/31 | 13.12 | 10.88 | 10.32 | 8.79 | 8.21 | |
| South African - Equity - General | PSG Equity Fund Class A | 2025/12/31 | 23.74 | 35.26 | 19.63 | 21.96 | 13.54 |
| PSG Equity Fund Class A | 2025/12/31 | 23.74 | 35.26 | 19.63 | 21.96 | 13.54 | |
| PSG Equity Fund Class E | 2025/12/31 | 23.87 | 36.42 | 19.39 | 21.81 | 11.05 | |
| PSG Equity Fund Class F | 2025/12/31 | 23.85 | 35.87 | 20.18 | 22.51 | 11.91 | |
| PSG Investment Management Opportunity Equity Fund of Funds Class D | 2025/12/31 | 1.64 | 41.37 | — | — | 25.31 | |
| PSG Wealth Creator Fund of Funds Class D | 2025/12/31 | 75.75 | 29.60 | 17.64 | 17.24 | 13.19 | |
| South African - Equity - SA General | PSG SA Equity Class F | 2025/12/31 | 2.47 | 38.52 | 22.14 | 25.05 | 10.63 |
| PSG SA Equity Class F | 2025/12/31 | 2.47 | 38.52 | 22.14 | 25.05 | 10.63 | |
| South African - Interest Bearing - SA Money Market | PSG Money Market Fund Class A | 2025/12/31 | 1.00 | 7.23 | 7.82 | 6.43 | 7.93 |
| PSG Money Market Fund Class A | 2025/12/31 | 1.00 | 7.23 | 7.82 | 6.43 | 7.93 | |
| PSG Money Market Fund Class F | 2025/12/31 | 1.00 | 7.53 | 8.13 | 6.72 | 5.65 | |
| South African - Interest Bearing - Short Term | PSG Income Fund Class A | 2025/12/31 | 1.13 | 11.15 | 9.61 | 7.96 | 7.55 |
| PSG Income Fund Class A | 2025/12/31 | 1.13 | 11.15 | 9.61 | 7.96 | 7.55 | |
| PSG Income Fund Class E | 2025/12/31 | 1.12 | 10.62 | 9.64 | 8.11 | 8.17 | |
| PSG Wealth Enhanced Interest Fund of Funds Class D | 2025/12/31 | 1.02 | 8.07 | 8.63 | 7.15 | 6.94 | |
| South African - Interest Bearing - Variable Term | PSG Bond Fund Class A | 2025/12/31 | 1.16 | 25.54 | — | — | 23.18 |
| PSG Bond Fund Class A | 2025/12/31 | 1.16 | 25.54 | — | — | 23.18 | |
| South African - Multi Asset - Flexible | PSG Flexible Fund Class A | 2025/12/31 | 10.70 | 28.42 | 16.60 | 19.61 | 11.83 |
| PSG Flexible Fund Class A | 2025/12/31 | 10.70 | 28.42 | 16.60 | 19.61 | 11.83 | |
| PSG Flexible Fund Class E | 2025/12/31 | 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 Category | Fund name | Date as of | NAV (Rands) | Performance - As at 2026/01/31 | |||
|---|---|---|---|---|---|---|---|
| 1 year % | 3 year % | 5 year % | Inception % | ||||
| Global - Equity - General | PSG Global Equity Feeder Fund Class A | 2025/12/31 | 5.77 | 27.62 | 13.33 | 17.13 | 12.53 |
| PSG Global Equity Feeder Fund Class A | 2025/12/31 | 5.77 | 27.62 | 13.33 | 17.13 | 12.53 | |
| PSG Global Equity Feeder Fund Class E | 2025/12/31 | 6.02 | 28.36 | 13.99 | 17.73 | 12.29 | |
| PSG Wealth Global Creator Feeder Fund Class D | 2025/12/31 | 5.16 | 3.60 | 16.54 | 10.79 | 13.99 | |
| Global - Multi Asset - Flexible | PSG Global Flexible Feeder Fund Class A | 2025/12/31 | 4.29 | 22.14 | 11.43 | 14.37 | 12.00 |
| PSG Global Flexible Feeder Fund Class A | 2025/12/31 | 4.29 | 22.14 | 11.43 | 14.37 | 12.00 | |
| PSG Global Flexible Feeder Fund Class B | 2025/12/31 | 4.55 | 22.84 | 12.07 | 14.95 | 12.52 | |
| PSG Wealth Global Flexible Feeder Fund Class D | 2025/12/31 | 5.12 | -1.05 | 9.32 | 6.12 | 10.05 | |
| PSG Wealth Global Moderate Feeder Fund Class D | 2025/12/31 | 5.32 | 1.24 | 10.09 | 7.52 | 11.48 | |
| Global - Multi Asset - Low Equity | PSG Wealth Global Preserver Feeder Fund Class D | 2025/12/31 | 1.57 | -3.34 | 6.62 | 5.64 | 5.72 |
| PSG Wealth Global Preserver Feeder Fund Class D | 2025/12/31 | 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 Category | Fund name | Date as of | NAV (Rands) | Performance - As at 2026/01/31 | |||
|---|---|---|---|---|---|---|---|
| 1 year % | 3 year % | 5 year % | Inception % | ||||
| EAA Fund GBP Cautious Allocation | PSG Wealth Global Preserver FoF (GBP) Class D | 2025/12/31 | 2.21 | 2.29 | 4.07 | 2.81 | 4.86 |
| PSG Wealth Global Preserver FoF (GBP) Class D | 2025/12/31 | 2.21 | 2.29 | 4.07 | 2.81 | 4.86 | |
| EAA Fund GBP Flexible Allocation | PSG Wealth Global Flexible FoF (GBP) Class D | 2025/12/31 | 4.27 | 5.99 | 6.73 | 4.12 | 9.04 |
| PSG Wealth Global Flexible FoF (GBP) Class D | 2025/12/31 | 4.27 | 5.99 | 6.73 | 4.12 | 9.04 | |
| EAA Fund Global Flex-Cap Equity | PSG Global Equity Sub-Fund Class A | 2025/12/31 | 3.01 | 44.38 | 14.82 | 14.62 | 7.16 |
| PSG Global Equity Sub-Fund Class A | 2025/12/31 | 3.01 | 44.38 | 14.82 | 14.62 | 7.16 | |
| PSG Global Equity Sub-Fund Class B | 2025/12/31 | 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 D | 2025/12/31 | 3.62 | 17.49 | 17.05 | 7.91 | 10.08 |
| PSG Wealth Global Creator Fund of Funds Class D | 2025/12/31 | 3.62 | 17.49 | 17.05 | 7.91 | 10.08 | |
| EAA Fund USD Cautious Allocation | PSG Wealth Global Preserver FoF (USD) Class D | 2025/12/31 | 1.92 | 9.96 | 7.58 | 3.07 | 3.96 |
| PSG Wealth Global Preserver FoF (USD) Class D | 2025/12/31 | 1.92 | 9.96 | 7.58 | 3.07 | 3.96 | |
| EAA Fund USD Flexible Allocation | PSG Global Flexible Sub-Fund Class A | 2025/12/31 | 24.95 | 38.20 | 12.90 | 12.12 | 7.09 |
| PSG Global Flexible Sub-Fund Class A | 2025/12/31 | 24.95 | 38.20 | 12.90 | 12.12 | 7.09 | |
| PSG Global Flexible Sub-Fund Class B | 2025/12/31 | 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 D | 2025/12/31 | 3.67 | 12.38 | 9.93 | 3.48 | 8.04 | |
| EAA Fund USD Moderate Allocation | PSG Wealth Global Moderate Fund of Funds Class D | 2025/12/31 | 2.45 | 14.62 | 10.88 | 4.75 | 5.87 |
| PSG Wealth Global Moderate Fund of Funds Class D | 2025/12/31 | 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
NextEra Energy Inc
Analyst thesis
Our recommendation is based on:
- Cost advantage: NextEra Energy’s leading scale in wind and solar generation and capital-efficient development model provides structural cost leadership, strong operating leverage, and high free-cash-flow visibility. Its long-standing utility footprint and renewable expertise create durable competitive barriers.
- Resilient earnings driven by contracted cash flows: A large portion of earnings is supported by regulated utility operations and long-term power purchase agreements. This stable earnings base, combined with diversified renewable assets, delivers predictable margins and consistent cash generation across cycles.
- Expansion into high-growth renewable segments within North America: NextEra continues to scale wind, solar, and energy storage platforms, capturing growth from data centres, industrial customers, and grid modernisation. A roughly 30-gigawatt backlog broadens its addressable market and extends the long-term growth runway.
- Room for long-term gains: The company’s visible cash flows, supportive policy tailwinds from IRA incentives, global decarbonisation trends, and potential lower interest rates indicate potential upside relative to its current valuation.
Shoprite Holdings Limited
Analyst thesis
Our recommendation is based on:
- Valuations are subdued from an EV/EBITDA and P:E perspective.
- SHP’s low value proposition, in keeping pricing inflation lower than general food and non-alcoholic inflation, positions it to continue with its momentum to gain market share.
- Checkers Sixty60 continues to dominate the grocery delivery space albeit growing competition (Woolies Dash, Pick n Pay ASAP!, Zulzi, etc).
- It’s a stable growing business with a hold across LSM bands from its Shoprite & Usave formats to Checkers and Checkers Hyper stores.
- SHP is well-positioned to benefit further as consumers experience easing pressure from stabilising inflation and SARB interest rate cuts.
Richemont
Analyst thesis
Our recommendation is based on:
- Valuations are elevated from a P:E and EV:EBIT perspective.
- The watch segment, contributing 15% of revenue, faces growth headwinds as seen in slowing Swiss watch exports.
- Growth regions such as Japan are normalising from previous highs (after cheaper Yen saw a spike in tourist spend), and Asia Pacific growth remains dampened (as China’s economic conditions have negatively impacted demand).
- Cost pressure (especially rising precious metal and material costs) could further place pressure on profit margins.
Corporate Actions
| Date | Company | Share code | Expectation |
|---|---|---|---|
| 25 February 2026 | BARLOWORLD PREFS | BAWP | Scheme of Arrangement |
| 25 February 2026 | MTN ZAKHELE FUTHI RF LIMITED | MTNZF | Scheme of Arrangement |
| 25 February 2026 | THARISA PLC | THA | Cash Dividend |
| 18 February 2026 | NEWWAVE US DOLLAR | NEWUSD | Interest |
| 18 February 2026 | NEWWAVE POUND | NEWGBP | Interest |
| 18 February 2026 | NEWWAVE EURO | NEWEUR | Interest |
| 18 February 2026 | GREENCOAT RENEWABLES PLC | GCT | Cash Dividend |
| 11 February 2026 | KAAP AGRI LIMITED | KAL | 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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