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February 2025

Adriaan Pask
PSG Wealth

US stocks edged higher on Wednesday following the release of the latest FOMC meeting minutes, as investors evaluated the potential impact of new tariffs. Both the S&P 500 and Nasdaq gained 0.30%, reaching record closing levels, while the Dow turned positive after earlier losses. The minutes revealed a readiness to keep interest rates steady for an extended period due to persistent inflation and uncertainties in US economic policy. However, equities found support from comments suggesting it may be appropriate to pause the balance sheet runoff amid concerns over the debt ceiling. Meanwhile, President Donald Trump proposed 25% tariffs on automobiles, semiconductors, and pharmaceutical products, but the muted market reaction suggested investors had become desensitised to repeated tariff threats with limited enforcement.
European stocks experienced a sharp decline on Wednesday, retreating from record highs reached the day before. The drop was driven by disappointing corporate earnings and concerns over potential trade barriers, as investors also evaluated the possibility of increased issuance of joint European bonds. The Eurozone’s STOXX 600 dropped 1.40% to finish at 5 458 points, while the broader pan-European STOXX 600 fell 1% to close at 552.
Asian markets displayed mixed performance on Wednesday, reflecting the volatility of Wall Street trading and declines in European markets. Investor confidence remained subdued due to concerns over US President Donald Trump’s proposed tariffs and cautious signals from Federal Reserve policymakers. Amid this uncertainty, Chinese stocks bucked the trend, with the Shanghai Composite rising 0.81% to close at 3 352 points and the Shenzhen Component climbing 1.46% to end at 10 772. This rebound, following losses in the previous session, was fuelled by renewed optimism after President Xi Jinping's rare meeting with business leaders, which many viewed as a potential shift toward easing the years-long regulatory crackdown. Meanwhile, the broader risk-off sentiment lifted gold prices to a record high, while safe-haven currencies, particularly the Japanese yen, gained strength amid heightened geopolitical tensions.
The postponement of South Africa’s budget speech on Wednesday, stemming from disagreements within the ruling coalition over proposed fiscal measures, led to immediate negative market reactions. The FTSE/JSE All Share Index experienced a near 0.20% decline, reflecting investor concerns about political stability and the government's ability to implement fiscal policies. At the same time, the rand depreciated by about 1% against the US dollar, as investors grew uncertain about the country's economic direction. The postponement, the first of its kind in post-apartheid South Africa, heightened concerns over investor confidence, potentially affecting both the stock market and the broader economic outlook. These developments underscored the market's sensitivity to political gridlock and uncertainty around fiscal policy, casting a shadow over South Africa's short-term financial stability.
In commodities, oil prices inched higher, driven by concerns over potential supply disruptions in the US and Russia, while markets remained focused on developments in the Ukraine peace talks. Brent crude futures rose by 0.20% to trade at $75.98 a barrel, positioning for a possible third consecutive day of gains.
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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.
| 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.
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.
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.
| 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.
Analyst thesis
Our recommendation is based on:
Analyst thesis
Our recommendation is based on:
Analyst thesis
Our recommendation is based on:
| 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.
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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