July 2025
Adriaan Pask
PSG Wealth
The FTSE/JSE All Share Index closed marginally lower by 0.03% on Wednesday, while the rand weakened to R17.79/$ by 21h00 as market unease intensified following US President Donald Trump’s announcement of a 30% tariff on South African exports. The tariff is expected to significantly impact the country's agricultural sector, particularly white farmers, a group President Trump has defended in the past. President Trump previously cited unfounded claims of persecution of white South Africans, reduced US aid to South Africa, criticised President Cyril Ramaphosa, and even extended a refugee invitation to Afrikaners.
Meanwhile, US equities rebounded modestly as investors recalibrated expectations around trade and monetary policy. The S&P 500, Nasdaq 100, and Dow Jones all advanced roughly 0.30% by 21h18. Minutes from the Federal Open Market Committee’s most recent meeting revealed that policymakers view the White House’s trade measures as inflationary. This concern has discouraged the Federal Reserve from resuming its interest rate-cutting cycle.
In Asia, the Hang Seng Index slid by 1.10%, erasing prior gains due to disappointing economic data from China. While consumer prices rose slightly in June—marking the first increase in five months—deflation concerns persist. Additionally, producer prices dropped at their steepest pace in two years, as soft demand and tariff uncertainties pressured margins. In contrast, Japan’s Nikkei climbed 0.33%, and the broader Topix rose 0.41%, continuing their upward momentum despite rising global trade tensions.
European markets also displayed cautious optimism. The STOXX 50 and STOXX 600 each edged up by 0.10%, marking their highest levels in nearly a month. Still, investor sentiment remains fragile, with the escalating tariff threats—including a 50% tariff on copper imports and renewed grievances over EU tech-sector policies—weighing heavily on outlooks.
In commodity markets, oil prices showed muted movement. WTI crude settled at $68 per barrel after the US Energy Information Administration (EIA) reported an unexpected 7.1-million barrel increase in crude inventories for the week ending 4 July 2025, defying projections of a drawdown. Nonetheless, falling gasoline and distillate stockpiles, coupled with escalating Red Sea geopolitical risks and expectations of lower US output, supported prices. Brent crude was relatively flat, ending the session at $70 per barrel.
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Date | Index | Current Level | 1 Day Move | 1 Month Move | 6 Month Move | 1 Year Move |
---|---|---|---|---|---|---|
2025-07-10 | ALSI | 97230.02 | -0.03 | 1.04 | 18.28 | 24.84 |
2025-07-10 | Basic minerals | 55148.61 | 0.07 | 1.16 | 34.74 | 26.34 |
2025-07-10 | Fin + Ind 30 | 12788.14 | -0.05 | 0.99 | 14.44 | 24.83 |
2025-07-10 | Financial | 52569.73 | 0.02 | 0.47 | 7.40 | 18.87 |
2025-07-10 | Industrial index | 145670.38 | -0.11 | 1.29 | 20.16 | 29.21 |
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 | NAV (Rands) at 08 Jul 2025 | Performance –As at 2025/06/30 | |||
---|---|---|---|---|---|---|
1 year % | 3 year % | 5 year % | Inception % | |||
South African - Multi Asset - Low Equity | PSG Investment Management Cautious Fund of Funds Class D | 1.51 | 16.68 | 12.49 | 13.77 | 11.49 |
PSG Investment Management Cautious Fund of Funds Class D | 1.51 | 16.68 | 12.49 | 13.77 | 11.49 | |
PSG Stable Fund Class A | 1.85 | 14.94 | 12.29 | 13.11 | 8.87 | |
PSG Stable Fund Class E | 1.85 | 15.61 | 12.93 | 13.76 | 8.79 | |
PSG Wealth Preserver Fund of Funds Class D | 27.84 | 14.99 | 12.39 | 10.83 | 9.43 | |
South African - Multi Asset - High Equity | PSG Balanced Fund Class A | 115.77 | 19.83 | 17.01 | 19.50 | 13.04 |
PSG Balanced Fund Class A | 115.77 | 19.83 | 17.01 | 19.50 | 13.04 | |
PSG Balanced Fund Class E | 116.02 | 20.52 | 17.69 | 20.18 | 10.72 | |
PSG Investment Management Growth Fund of Funds Class D | 1.91 | 23.11 | 16.05 | 18.81 | 14.49 | |
PSG Wealth Moderate Fund of Funds Class D | 48.66 | 19.10 | 15.01 | 13.88 | 11.23 | |
South African - Multi Asset - Income | PSG Diversified Income Fund Class A | 1.38 | 12.23 | 10.26 | 9.53 | 8.12 |
PSG Diversified Income Fund Class A | 1.38 | 12.23 | 10.26 | 9.53 | 8.12 | |
PSG Diversified Income Fund Class E | 1.38 | 12.94 | 10.96 | 10.16 | 8.77 | |
PSG Investment Management Multi-Asset Income Fund of Funds Class D | 1.19 | 11.50 | 9.53 | 8.90 | 8.51 | |
PSG Wealth Income Fund of Funds Class D | 12.75 | 10.52 | 9.55 | 8.32 | 8.04 | |
South African - Equity - General | PSG Equity Fund Class A | 20.31 | 20.04 | 18.32 | 22.30 | 13.12 |
PSG Equity Fund Class A | 20.31 | 20.04 | 18.32 | 22.30 | 13.12 | |
PSG Equity Fund Class E | 20.40 | 20.48 | 17.78 | 22.12 | 9.95 | |
PSG Equity Fund Class F | 20.39 | 20.60 | 18.87 | 22.84 | 10.86 | |
PSG Investment Management Opportunity Equity Fund of Funds Class D | 1.32 | — | — | — | — | |
PSG Wealth Creator Fund of Funds Class D | 64.95 | 21.15 | 15.85 | 17.27 | 12.60 | |
South African - Equity - SA General | PSG SA Equity Class F | 2.09 | 28.31 | 20.01 | 25.00 | 9.37 |
PSG SA Equity Class F | 2.09 | 28.31 | 20.01 | 25.00 | 9.37 | |
South African - Interest Bearing - SA Money Market | PSG Money Market Fund Class A | 1.00 | 7.78 | 7.64 | 6.08 | 7.94 |
PSG Money Market Fund Class A | 1.00 | 7.78 | 7.64 | 6.08 | 7.94 | |
PSG Money Market Fund Class F | 1.00 | 8.09 | 7.95 | 6.37 | 5.58 | |
South African - Interest Bearing - Short Term | PSG Income Fund Class A | 1.10 | 9.82 | 8.54 | 7.40 | 7.34 |
PSG Income Fund Class A | 1.10 | 9.82 | 8.54 | 7.40 | 7.34 | |
PSG Income Fund Class E | 1.10 | 10.15 | 8.86 | 7.72 | 8.01 | |
PSG Wealth Enhanced Interest Fund of Funds Class D | 1.02 | 8.70 | 8.39 | 6.80 | 6.90 | |
South African - Interest Bearing - Variable Term | PSG Bond Fund Class A | 1.04 | — | — | — | — |
PSG Bond Fund Class A | 1.04 | — | — | — | — | |
South African - Multi Asset - Flexible | PSG Flexible Fund Class A | 9.50 | 17.92 | 16.62 | 20.50 | 11.54 |
PSG Flexible Fund Class A | 9.50 | 17.92 | 16.62 | 20.50 | 11.54 | |
PSG Flexible Fund Class E | 9.51 | 18.23 | 16.93 | 20.80 | 10.89 |
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 | NAV (Rands) at 09 Jul 2025 | Performance –As at 2025/06/30 | |||
---|---|---|---|---|---|---|
1 year % | 3 year % | 5 year % | Inception % | |||
Global - Equity - General | PSG Global Equity Feeder Fund Class A | 5.33 | 12.40 | 15.19 | 18.80 | 12.44 |
PSG Global Equity Feeder Fund Class A | 5.33 | 12.40 | 15.19 | 18.80 | 12.44 | |
PSG Global Equity Feeder Fund Class E | 5.54 | 13.04 | 15.86 | 19.32 | 12.14 | |
PSG Wealth Global Creator Feeder Fund Class D | 5.09 | 8.73 | 16.81 | 11.84 | 14.55 | |
Global - Multi Asset - Flexible | PSG Global Flexible Feeder Fund Class A | 4.08 | 11.79 | 13.85 | 16.02 | 12.11 |
PSG Global Flexible Feeder Fund Class A | 4.08 | 11.79 | 13.85 | 16.02 | 12.11 | |
PSG Global Flexible Feeder Fund Class B | 4.32 | 12.44 | 14.51 | 16.52 | 12.62 | |
PSG Wealth Global Flexible Feeder Fund Class D | 5.22 | 8.73 | 11.00 | 6.81 | 10.72 | |
PSG Wealth Global Moderate Feeder Fund Class D | 5.34 | 8.06 | 11.62 | 7.40 | 11.96 | |
Global - Multi Asset - Low Equity | PSG Wealth Global Preserver Feeder Fund Class D | 1.60 | 5.65 | 8.99 | 4.43 | 6.45 |
PSG Wealth Global Preserver Feeder Fund Class D | 1.60 | 5.65 | 8.99 | 4.43 | 6.45 |
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 | NAV (Rands) at 08 Jul 2025 | Performance –As at 2025/06/30 | |||
---|---|---|---|---|---|---|
1 year % | 3 year % | 5 year % | Inception % | |||
EAA Fund GBP Cautious Allocation | PSG Wealth Global Preserver FoF (GBP) Class D | 2.08 | -0.07 | 2.50 | 1.74 | 4.61 |
PSG Wealth Global Preserver FoF (GBP) Class D | 2.08 | -0.07 | 2.50 | 1.74 | 4.61 | |
EAA Fund GBP Flexible Allocation | PSG Wealth Global Flexible FoF (GBP) Class D | 3.99 | 4.44 | 5.37 | 4.53 | 8.95 |
PSG Wealth Global Flexible FoF (GBP) Class D | 3.99 | 4.44 | 5.37 | 4.53 | 8.95 | |
EAA Fund Global Flex-Cap Equity | PSG Global Equity Sub-Fund Class A | 2.56 | 15.50 | 14.17 | 18.33 | 6.41 |
PSG Global Equity Sub-Fund Class A | 2.56 | 15.50 | 14.17 | 18.33 | 6.41 | |
PSG Global Equity Sub-Fund Class B | 2.66 | 16.08 | 14.81 | 18.95 | 8.13 | |
EAA Fund Global Large-Cap Blend Equity | PSG Wealth Global Creator Fund of Funds Class D | 3.30 | 11.70 | 14.66 | 11.03 | 9.88 |
PSG Wealth Global Creator Fund of Funds Class D | 3.30 | 11.70 | 14.66 | 11.03 | 9.88 | |
EAA Fund USD Cautious Allocation | PSG Wealth Global Preserver FoF (USD) Class D | 1.82 | 8.42 | 6.46 | 3.88 | 3.80 |
PSG Wealth Global Preserver FoF (USD) Class D | 1.82 | 8.42 | 6.46 | 3.88 | 3.80 | |
EAA Fund USD Flexible Allocation | PSG Global Flexible Sub-Fund Class A | 21.86 | 14.93 | 12.72 | 15.86 | 6.39 |
PSG Global Flexible Sub-Fund Class A | 21.86 | 14.93 | 12.72 | 15.86 | 6.39 | |
PSG Global Flexible Sub-Fund Class B | 23.29 | 15.46 | 13.24 | 16.28 | 7.02 | |
PSG Investment Management Global Flexible Fund of Funds (Dollar) | 1.76 | 10.90 | 7.19 | 4.42 | 3.06 | |
PSG Wealth Global Flexible FoF (USD) Class D | 3.45 | 11.58 | 8.60 | 6.16 | 8.02 | |
EAA Fund USD Moderate Allocation | PSG Wealth Global Moderate Fund of Funds Class D | 2.27 | 10.68 | 9.16 | 6.75 | 5.63 |
PSG Wealth Global Moderate Fund of Funds Class D | 2.27 | 10.68 | 9.16 | 6.75 | 5.63 |
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 2025/07/09 | |||
---|---|---|---|---|
1 year % | 3 year % | 5 year % | Inception % | |
PSG Wealth Income Growth Equity Portfolio | 13.63 | 11.36 | 10.96 | 3.84 |
PSG Wealth Offshore Equity Portfolio (USD) | 10.12 | 10.18 | 10.37 | 11.33 |
PSG Wealth SA Equity Portfolio | 24.62 | 10.26 | 10.59 | 5.83 |
PSG Wealth SA Property Equity Portfolio | 25.65 | 17.98 | 15.94 | 0.69 |
* 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.
APN has an Intrinsic value of R131 per share (down from R206 previously) and a Hold recommendation.
Date | Company | Share code | Expectation |
---|---|---|---|
02 July 2025 | Clicks Group Limited | CLS | Cash Dividend |
02 July 2025 | Mr Price Group Limited | MRP | Cash Dividend |
02 July 2025 | Primary Health Properties Plc | PHP | Cash Dividend (PID & Non- PID) |
02 July 2025 | RFG Holidngs Limited | RFG | Cash Dividend |
02 July 2025 | Stor-Age Property REIT Limited | SSS | Cash Dividend |
02 July 2025 | Tiger Brands Limited | TBS | Cash Dividend |
02 July 2025 | Tiger Brands Limited | TBS | Special Dividend |
02 July 2025 | Vukile Property Fund Limited | VKE | Cash Dividend |
02 July 2025 | Yeboyethu Limited | YYLBEE | 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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