Daily Investment Update

The three major US indices climbed more than 0.80% on Friday, with both the S&P 500 and the Nasdaq 100 closing at fresh record highs. The rally was fuelled by stronger-than-expected labour market data, as non-farm payrolls increased by 147 000 in June, well above the consensus forecast of 110 000. Meanwhile, the unemployment rate unexpectedly dipped to 4.10%, reinforcing confidence in the underlying strength of the US economy. Technology shares led the gains, with Nvidia rising 1.30% and Synopsys surging 4.20%, supported by solid AI-driven earnings momentum and the Biden administration’s decision to ease export restrictions on chip-design software to China.

In contrast, the South African rand weakened on Friday as traders weighed the implications of US President Donald Trump's sweeping tax cut and spending bill, alongside intensifying pressure on countries to finalise trade deals ahead of Washington’s 9 July deadline. By 12h51 GMT, the rand had slipped to 17.6250 against the US dollar, down approximately 0.60% from Thursday’s close. The Johannesburg Stock Exchange's Top-40 index edged down 0.20%, while South Africa’s benchmark 2035 government bond was also slightly weaker, with the yield rising by 1 basis point to 9.745%.

In the UK, the FTSE 100 traded lower on Friday as renewed global trade tensions unsettled markets in the run-up to the looming tariff deadline. President Trump confirmed that his administration would begin issuing formal letters to trading partners, outlining unilateral tariff measures set to come into force on 1 August, with rates ranging from 10% to 70%. The prospect of steep tariffs should no agreements be reached by 9 July reignited concerns among investors.

Across the Eurozone, stocks also retreated, with the STOXX 50 and STOXX 600 both down nearly 0.50% as attention turned back to the escalating trade standoff. The announcement from the White House regarding tariff notifications weighed on sentiment, while EU-US trade negotiations concluded in Washington without significant progress. EU Trade Commissioner Maroš Šefčovič remarked that while talks would continue, the aim remained to secure a broad and ambitious transatlantic trade deal—though no breakthrough had yet been achieved.

In Asia, the Japanese Nikkei 225 edged up by 0.06% to close at 39 811, while the broader Topix slipped 0.04% to 2 828 on Friday. Both indices ended the day little changed, as renewed worries over US tariff plans kept investors on edge. Market caution intensified following President Trump's declaration that formal trade letters would soon be dispatched, setting out potential unilateral tariff rates.

Mainland Chinese equities were mixed, with the Shanghai Composite rising 0.32% to close at 3 472, while the Shenzhen Component declined by 0.25% to end at 10 509. Investor sentiment remained cautious amid persistent global trade uncertainty, and markets struggled for clear direction as the US administration’s latest trade stance added to the uncertainty.

In commodities markets, WTI crude oil futures slipped to $66.50 per barrel on Friday, extending losses from the previous session as traders weighed the likelihood of OPEC+ boosting oil output at its upcoming meeting. Meanwhile, gold rose towards $3 340 per ounce, poised for a weekly gain as persistent concerns over the US fiscal deficit and growing trade risks continued to enhance its safe-haven appeal.

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ALBI (R) 1188.52 0.47 Brent Oil ($) 69.11 2.98 Gold ($) 3350.00 0.34 Platinum ($) 1414.00 4.28 Rand/EUR 20.61 0.66 Rand/GBP 23.93 0.24 Rand/USD 17.49 0.63

Market indicators

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Date Index Current Level 1 Day Move 1 Month Move 6 Month Move 1 Year Move
2025-07-04 ALSI 96937.03 0.34 2.35 16.52 24.20
2025-07-04 Basic minerals 54656.33 -0.83 3.39 40.94 25.62
2025-07-04 Fin + Ind 30 12771.08 0.69 2.02 11.19 24.20
2025-07-04 Financial 54770.49 1.15 2.55 6.93 19.67
2025-07-04 Industrial index 144808.72 0.44 1.98 14.90 27.66

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 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 1.50 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 27.72 14.99 12.39 10.83 9.43
South African - Multi Asset - High Equity PSG Balanced Fund Class A 115.13 19.83 17.01 19.50 13.04
PSG Balanced Fund Class E 115.38 20.52 17.69 20.18 10.72
PSG Investment Management Growth Fund of Funds  Class D 1.89 23.11 16.05 18.81 14.49
PSG Wealth Moderate Fund of Funds Class D 48.25 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 E 1.38 12.94 10.96 10.16 8.77
PSG Investment Management Multi-Asset Income Fund  of Funds Class D 1.18 11.50 9.53 8.90 8.51
PSG Wealth Income Fund of Funds Class D 12.73 10.52 9.55 8.32 8.04
South African - Equity - General PSG Equity Fund Class A 20.26 20.04 18.32 22.30 13.12
PSG Equity Fund Class E 20.35 20.48 17.78 22.12 9.95
PSG Equity Fund Class F 20.34 20.60 18.87 22.84 10.86
PSG Investment Management Opportunity Equity Fund of Funds Class D 1.31
PSG Wealth Creator Fund of Funds Class D 64.39 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
South African - Interest Bearing - SA Money Market PSG Money Market Fund Class A 1.00 7.16 7.44 5.96 7.92
PSG Money Market Fund Class F 1.00 7.44 7.73 6.24 5.53
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 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 1.05
South African - Multi Asset - Flexible PSG Flexible Fund Class A 9.49 17.92 16.62 20.50 11.54
PSG Flexible Fund Class E 9.50 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.

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 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 5.31 12.40 15.19 18.80 12.44
PSG Global Equity Feeder Fund Class E 5.52 13.04 15.86 19.32 12.14
PSG Wealth Global Creator Feeder Fund Class D 5.05 8.73 16.81 11.84 14.55
Global - Multi Asset - Flexible PSG Global Flexible Feeder Fund Class A 4.07 11.79 13.85 16.02 12.11
PSG Global Flexible Feeder Fund Class B 4.30 12.44 14.51 16.52 12.62
PSG Wealth Global Flexible Feeder Fund Class D 5.18 8.73 11.00 6.81 10.72
PSG Wealth Global Moderate Feeder Fund Class D 5.30 8.06 11.62 7.40 11.96
Global - Multi Asset - Low Equity PSG Wealth Global Preserver Feeder Fund Class D 1.59 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.

Invest in other currencies

The following funds invest internationally using foreign currency

Morningstar CategoryFund nameNAV (Rands)
at 03 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
EAA Fund GBP Flexible Allocation 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 2.58 15.50 14.17 18.33 6.41
PSG Global Equity Sub-Fund Class B 2.68 16.08 14.81 18.95 8.13
EAA Fund Global Large-Cap Blend Equity PSG Wealth Global Creator Fund of Funds Class D 3.31 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
EAA Fund USD Flexible Allocation PSG Global Flexible Sub-Fund Class A 22.03 14.93 12.72 15.86 6.39
PSG Global Flexible Sub-Fund Class B 23.47 15.46 13.24 16.28 7.02
PSG Investment Management Global Flexible Fund of Funds (Dollar) 1.77 10.90 7.19 4.42 3.06
PSG Wealth Global Flexible FoF (USD) Class D 3.46 11.58 8.60 6.16 8.02
EAA Fund USD Moderate Allocation PSG Wealth Global Moderate Fund of Funds Class D 2.29 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.

House view equity portfolios

Fund display name Performance –As at 2025/07/04
1 year %3 year %5 year %Inception %
PSG Wealth Income Growth Equity Portfolio 12.72 12.17 10.91 3.83
PSG Wealth Offshore Equity Portfolio (USD) 11.58 10.80 11.03 11.48
PSG Wealth SA Equity Portfolio 23.85 11.34 10.69 5.79
PSG Wealth SA Property Equity Portfolio 24.03 19.42 14.98 0.48

* 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

The latest financial information release by Sibanye Stillwater

  • The latest financial information released by Sibanye Stillwater is the first-quarter operating update for the period ending 31 March 2025. Below are the key financial and operational performance highlights:
    • Group adjusted EBITDA surged by 89% to R4.1 billion, reflecting a strong overall performance.
    • Gold operations saw EBITDA climb 178% to R1.8 billion, despite a 15% drop in gold production, as higher gold prices offset lower output. However, gold operations remain costly, with all-in sustaining costs (AISC) rising 17% from $2 039/oz in Q1 2024 to $2 392/oz in Q1 2025.
    • South African platinum group metals (PGM) operations benefited from cost-cutting measures, boosting EBITDA by 74% to R2.5 billion, even as production slipped by 3% over the period.
    • US PGM segment production fell 41% following the Stillwater West mine being placed on care and maintenance. This led to a negative EBITDA of R172 million for Q1 2025, compared to a R609 million profit in Q1 2024.
    • Finance costs increased by 8% to R1.2 billion, despite a rate-cutting environment, as the company’s debt levels remain high.
    Strategic developments:
    • The Keliber lithium and GalliCam projects were awarded the Strategic Projects status by the European Commission, underscoring their importance to Europe’s critical raw materials supply. This designation helped Sibanye secure additional funding for these initiatives.
    • Possible benefit of the S45X credit to the US PGM operations for FY25 to the amount of $60 million, with a further amount of $119 million for FY23 and FY24. Receipt expected in FY26 and FY27.

Turkcell challenges MTN’s constitutional court appeal in Iran license dispute

  • Analyst Thesis
    • We remain positive on MTN's earnings outlook due to the following reasons:
    • MTN’s recent price increases in Nigeria, implemented to counter inflation and higher network expenses, are expected to be fully reflect from the Q2 FY2025 results onwards.
    • MTN targets R7–8 billion in cost savings by 2026 through digitalisation and operational efficiencies which support margin expansion.
    • Nigeria inflation is projected to decline to 22.1% by end-2025, easing operating costs and improving consumer affordability.
    • Higher oil production should improve Nigeria’s fiscal and FX position, supporting MTN Nigeria’s operating outlook.
    • The cedi’s appreciation supports earnings quality and enhances cash repatriation from Ghana.
    • The $4.2 billion Turkcell lawsuit poses a notable risk, however, MTN’s underlying momentum and long-term growth drivers continue to support our investment case.
    Our research supports a hold recommendation.

Aspen earnings at risk amid vaccine disputes

  1. Aspen is facing heightened uncertainty due to the unresolved dispute over its mRNA manufacturing contract, which could reduce EBITDA by up to R2 billion. The potential risk of a R770 million impairment further weighs on near-term profitability. Meanwhile, delays in regulatory approvals for insulin products are also pushing back expected revenue contributions, despite secured take-or-pay agreements.
  2. Key points in the investment thesis are:
  • Aspen is facing increased regulatory scrutiny in the US following an FDA warning letter, which has resulted in tighter compliance monitoring at a critical manufacturing site. This has elevated external perception risks in the near term specific to Aspen while there is a general drive in the US to move manufacturing domestically.
  • Exposure to evolving trade dynamics: Potential tariff developments in the US market could increase cost structures and temporarily challenge export competitiveness in select product categories.
  • Aspen is strategically entering the obesity and diabetes treatment markets via its partnership with Eli Lilly (Mounjaro) and plans to manufacture GLP-1 drugs by FY26, positioning it to benefit from rising global demand.
  • Following the Sandoz China acquisition, Aspen plans to restructure the business in H2 FY25 to improve flexibility and regulatory readiness.
  • Regulatory reforms in South Africa, including SAHPRA’s priority review framework, may accelerate approvals for key medicines and support Aspen’s local manufacturing strategy.

APN has an Intrinsic value of R131 per share (down from R206 previously) and a Hold recommendation.

Corporate Actions

Date Company Share code Expectation
02 July 2025 Clicks Group Limited CLS

Cash Dividend

02 July 2025 Mr Price Group LimitedMRP

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.

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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