Daily Investment Update

The US-imposed 50% tariff on imported steel and aluminium came into effect on Wednesday, affecting most trading partners, including China. However, the United Kingdom has been excluded, with tariffs on its exports remaining at 25%. The move has heightened trade tensions and contributed to growing concerns over the US economic outlook. The US Dollar Index edged down toward 98.8, nearing Tuesday’s six-week low of 98.6, as a string of weak economic data weighed on sentiment.

The latest ISM Services PMI showed the sector contracted in May 2025 for the first time in nearly a year, dragged down by a sharp drop in new business and rising input costs—likely influenced by the new tariffs. US equities ended higher, with the S&P 500 up by 0.28% closing at 5 986.96, the Dow Jones gaining 0.13% and the Nasdaq rising 0.36%. Meanwhile, the yield on the 10-year US Treasury note fell by around 9 basis points to below 4.40%, marking its lowest level in about a month. Attention now shifts to Friday’s nonfarm payrolls report, which is expected to offer further insight into the Federal Reserve’s next policy moves. While President Donald Trump continues to pressure the Fed to cut interest rates, officials remain cautious amid the growing trade-related uncertainty.

European stock markets advanced following comments from the EU trade commissioner, who stated that discussions with the US were “moving in the right direction.” The pan-European Stoxx Europe 600 index ended the session up by approximately 0.50%. Other key indices also posted gains, with the UK’s FTSE 100 rising 0.16%, while Germany’s DAX climbed by 0.69% and France’s CAC 40 adding 0.53%. Looking ahead, investors will be paying close attention to any shifts in forward guidance, amid growing expectations that the European Central Bank may pause rate cuts in July. The ECB is likely to reassess the situation after August, particularly to evaluate the effects of newly imposed US tariffs on the Eurozone economy and inflation. In a further development for the region, Bulgaria received the green light on Wednesday to join the eurozone, setting the stage for the bloc to expand from 20 to 21 member states.

Asian markets closed mostly higher, with Japan’s Nikkei 225 rising 0.80% and Hong Kong’s Hang Seng Index gaining 0.49%. In China, the Shanghai Composite increased by 0.45%. Overall, the region experienced modest gains as markets remained cautious amid ongoing global economic uncertainties.

Local equities rose, with the FTSE/JSE All Share Index gaining 0.81% to close at 95 650.16 points, nearing its all-time high. The JSE Top 40 Index also improved, climbing 0.93% to finish at 87 990 points. The rand strengthened modestly by 0.32%, closing at R17.79 to the US dollar. However, the RMB/BER Business Confidence Index fell to 40 in 2Q25, down from 45 in the previous two quarters. According to RMB, confidence weakened across most sectors, including retail, motor dealerships, construction, and manufacturing, with wholesale trade being the only segment to record an improvement.

Commodities delivered a mixed performance. Brent crude oil fell by 1.13% to $64.89 per barrel. Over the past four weeks, WTI crude oil has risen by 11.69%, though it remains 13.85% lower over the past 12 months. Meanwhile, gold edged up by 0.10% to trade at $3 374.23. 

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ALBI (R) 1152.85 0.55 Brent Oil ($) 65.41 -0.34 Gold ($) 3360.75 0.22 Platinum ($) 1086.22 0.60 Rand/EUR 20.32 0.58 Rand/GBP 24.15 0.16 Rand/USD 17.86 0.20

Market indicators

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Date Index Current Level 1 Day Move 1 Month Move 6 Month Move 1 Year Move
2025-06-04 ALSI 94882.30 -0.29 2.90 12.61 26.32
2025-06-04 Basic minerals 52864.57 -2.07 8.16 29.48 22.54
2025-06-04 Fin + Ind 30 12547.16 0.23 1.53 8.87 27.93
2025-06-04 Financial 51823.20 -0.01 0.94 3.91 30.22
2025-06-04 Industrial index 142422.64 0.42 1.97 12.64 26.55

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 03 Jun 2025
Performance –As at 2025/05/31
1 year %3 year %5 year %Inception %
South African - Multi Asset - Low Equity PSG Investment Management Cautious Fund of Funds  Class D 1.47 17.23 10.61 14.01 11.29
PSG Stable Fund Class A 1.81 13.87 9.98 12.97 8.73
PSG Stable Fund Class E 1.81 14.52 10.62 13.62 8.62
PSG Wealth Preserver Fund of Funds Class D 27.32 15.20 10.75 10.84 9.38
South African - Multi Asset - High Equity PSG Balanced Fund Class A 111.81 17.75 12.53 19.92 12.94
PSG Balanced Fund Class E 111.99 18.43 13.18 20.60 10.48
PSG Investment Management Growth Fund of Funds  Class D 1.83 24.05 12.69 19.19 14.13
PSG Wealth Moderate Fund of Funds Class D 47.33 17.67 12.51 14.13 11.14
South African - Multi Asset - Income PSG Diversified Income Fund Class A 1.36 12.65 9.56 9.37 8.09
PSG Diversified Income Fund Class E 1.36 13.36 10.26 9.99 8.71
PSG Investment Management Multi-Asset Income Fund  of Funds Class D 1.17 11.86 8.91 9.01 8.43
PSG Wealth Income Fund of Funds Class D 12.59 11.16 9.05 8.20 8.01
South African - Equity - General PSG Equity Fund Class A 19.49 17.75 13.15 22.80 13.01
PSG Equity Fund Class E 19.57 18.08 12.58 22.61 9.68
PSG Equity Fund Class F 19.56 18.28 13.67 23.33 10.59
PSG Investment Management Opportunity Equity Fund of Funds Class D 1.28
PSG Wealth Creator Fund of Funds Class D 62.58 19.87 11.90 17.96 12.47
South African - Equity - SA General PSG SA Equity Class F 2.01 29.31 14.49 26.34 9.07
South African - Interest Bearing - SA Money Market PSG Money Market Fund Class A 1.00 7.22 7.36 5.91 7.92
PSG Money Market Fund Class F 1.00 7.50 7.66 6.19 5.51
South African - Interest Bearing - Short Term PSG Income Fund Class A 1.09 9.90 8.32 7.49 7.32
PSG Income Fund Class E 1.09 10.21 8.63 7.80 7.99
PSG Wealth Enhanced Interest Fund of Funds Class D 1.01 8.73 8.30 6.75 6.89
South African - Interest Bearing - Variable Term PSG Bond Fund Class A 1.02
South African - Multi Asset - Flexible PSG Flexible Fund Class A 9.18 15.80 12.06 20.87 11.44
PSG Flexible Fund Class E 9.18 16.10 12.36 21.18 10.66

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 04 Jun 2025
Performance –As at 2025/05/31
1 year %3 year %5 year %Inception %
Global - Equity - General PSG Global Equity Feeder Fund Class A 5.09 1.97 11.94 18.39 12.24
PSG Global Equity Feeder Fund Class E 5.29 2.55 12.58 18.89 11.89
PSG Wealth Global Creator Feeder Fund Class D 4.92 5.91 15.42 11.37 14.46
Global - Multi Asset - Flexible PSG Global Flexible Feeder Fund Class A 3.95 2.98 11.05 15.81 11.97
PSG Global Flexible Feeder Fund Class B 4.18 3.57 11.69 16.29 12.48
PSG Wealth Global Flexible Feeder Fund Class D 5.10 6.04 10.67 6.84 10.70
PSG Wealth Global Moderate Feeder Fund Class D 5.18 4.32 10.62 7.14 11.86
Global - Multi Asset - Low Equity PSG Wealth Global Preserver Feeder Fund Class D 1.58 2.45 8.90 4.38 6.40

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 03 Jun 2025
Performance –As at 2025/05/31
1 year %3 year %5 year %Inception %
EAA Fund GBP Cautious Allocation PSG Wealth Global Preserver FoF (GBP) Class D 2.06 0.98 1.82 1.93 4.64
EAA Fund GBP Flexible Allocation PSG Wealth Global Flexible FoF (GBP) Class D 3.93 5.28 4.11 4.75 8.93
EAA Fund Global Flex-Cap Equity PSG Global Equity Sub-Fund Class A 2.45 6.49 7.75 18.48 6.12
PSG Global Equity Sub-Fund Class B 2.54 7.02 8.36 19.08 7.51
EAA Fund Global Large-Cap Blend Equity PSG Wealth Global Creator Fund of Funds Class D 3.20 9.90 10.17 10.53 9.65
EAA Fund USD Cautious Allocation PSG Wealth Global Preserver FoF (USD) Class D 1.79 6.88 4.16 3.78 3.70
EAA Fund USD Flexible Allocation PSG Global Flexible Sub-Fund Class A 21.20 7.36 6.96 16.18 6.13
PSG Global Flexible Sub-Fund Class B 22.58 7.85 7.46 16.55 6.76
PSG Investment Management Global Flexible Fund of Funds (Dollar) 1.73 8.72 4.28 4.36 2.94
PSG Wealth Global Flexible FoF (USD) Class D 3.38 10.19 5.70 6.17 7.90
EAA Fund USD Moderate Allocation PSG Wealth Global Moderate Fund of Funds Class D 2.21 8.43 5.69 6.42 5.41

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 2025/06/04
1 year %3 year %5 year %Inception %
PSG Wealth Income Growth Equity Portfolio 19.61 7.94 9.75 3.66
PSG Wealth Offshore Equity Portfolio (USD) 9.01 6.61 10.41 11.33
PSG Wealth SA Equity Portfolio 27.04 7.47 9.91 5.54
PSG Wealth SA Property Equity Portfolio 34.32 16.15 16.70 0.63

* 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’s FY25 results for the period ending 28 February 2025

  • In this report, we review Renergen’s FY25 results for the period ending 28 February 2025, released on 19 May 2025, as well as the offer by ASP Isotopes Inc to purchase all the outstanding shares of Renergen. Financials: Revenue improved by 80%, from R29 million in FY24 to R52.1 million in FY25. The increase was driven by improved production and higher LNG prices. Cost of sales rose by R61.3 million to R80.2 million, mainly due the following:
    • Depreciation increased by R32.7 million.
    • Fuel and lubrication costs rose by R9.7 million, due to a larger asset base leading to increased machine hours.
    • Utility costs increased by R14.7 million, impacted by increased machine hours and the commissioning of the LHe production plant.
    Our research supports a sell recommendation.

Harmony Gold’s interim results for the period ended 31 December 2024

  • In this report, we review Harmony Gold’s interim results for the period ended 31 December 2024, released in March 2025, alongside the current global macroeconomic environment. Financial:

    • Gold revenue increased from R29 705 million to R35 447 million, an increase of 19% over the period.
    • Headline earnings per share increased by 33% to 1 270 cents in 1H25, up from 956 cents in 1H24.
    • An interim dividend of 227 cents was reported for 1H25.
    • AISC increased by 20% from $1 403/oz (R843 043/kg) to $1 686/oz (R972 261/kg) mainly due to inflationary cost increases in operations and lower production numbers. The AISC remains well within the guidance provided by management, as outlined below.
    • The average gold price received improved by 28% to $2 437/oz during the period.

Capitec Bank full-year 2025 results summary

  • In this report, we will look at the full year 2025 results:

    • Headline earnings leaped 30% to reach a record high of R13.7 billion.
    • Net interest income increased by 23% to R20.2 billion, up from R16.5 billion.
    • Net interest income after credit impairments increased by 54% to R11.9 billion and contributed R2.7 billion to headline earnings growth for the year.
    • Gross loans and advances grew by 12% to R116 billion with business banking growing by 22% and the private banking sector by a lower 7%.
    • Net non-interest income increased by 22% to R23.9 billion. Net transaction and commission income, including VAS and Capitec Connect, increased by 25% to R18.5 billion, accounting for 78% of net non-income (FY2024: 76%). Digital transactions and card payments accounted for 90% of transaction volumes and grew by 17% and 20%, respectively.
    • Credit impairments decreased by 5% to R8.3 billion, despite the inclusion amount of R830 million of credit impairments from AvaFin.
    • Operating expenses increased by 30% to R18 billion, of which 7% is attributable to the inclusion of AvaFin, 9% to increased employee incentives from higher earnings growth, 8% due to higher employee headcount, and 6% from employee increases.

    Our research supports a sell recommendation.

Corporate Actions

Date Company Share code Expectation
04 June 2025 AECI Limited 5.5 percent Cumulative Preference SharesAFEP

Cash Dividend

04 June 2025 Afrimat Limited AFT

Cash Dividend

04 June 2025 Assura PLC AHR

Cash Dividend

04 June 2025 COLLINS PROPERTY GROUP LIMITED CPP

Cash Dividend

04 June 2025 Dipula Properties Limited DIB

Cash Dividend

04 June 2025 Equites Property Fund Limited EQU

Cash Dividend

04 June 2025 Kaap Agri Limited KAL

Cash Dividend

04 June 2025 Newpark REIT Limited NRL

Cash Dividend

04 June 2025 We Buy Cars Holdings Limited WBC

Cash Dividend

04 June 2025 Oasis Crescent Property Fund (REIT)OAS

DRIP

02 June 2025 Anglo American PlcAGL

Unbundling

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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