Daily Investment Update

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Wall Street opened the week mostly higher, with the S&P 500 moving 0.45% higher and the Nasdaq rising more than 0.80% to fresh record levels, while the Dow Jones Industrial advanced slightly by 0.09%. Investors focused on Wednesday’s Federal Reserve meeting, with markets largely pricing in a 25-basis-point cut to the federal funds rate, though a slim possibility of a 50-point move remains.

On the corporate front, Tesla surged 3.70% after CEO Elon Musk disclosed a nearly $1 billion stock purchase, marking his largest open market buy to date. Alphabet gained 3.90%, lifting its valuation to $3 trillion and bolstering the communication services sector. Nvidia pared losses after Chinese regulators ruled the company breached anti-monopoly laws, while Texas Instruments fell 3.10% amid a Chinese anti-dumping investigation into US analogue chipmakers. Trade tensions remained in the background, with progress reported in US-China talks, including a potential TikTok-related agreement.

European stocks opened the week on a firmer footing, with the STOXX 50 up 0.90% and the STOXX 600 advancing 0.40%. Focus also remained on France after Fitch downgraded the country’s credit rating on Friday, citing rising debt, political strains and a weaker fiscal outlook. The euro remained resilient despite the downgrade, rising 1.24% to trade at 1.17 against the dollar.

Luxury shares bucked the trend, supported by JPMorgan’s positive sector outlook and speculation over a potential Armani sale. In London, the FTSE 100 lagged its European peers, weighed down by pharmaceuticals and biotech losses. AstraZeneca fell 3.40% after pausing a £200m Cambridge expansion, GlaxoSmithKline slipped 1.50%, and BT shed more than 2%. Sainsbury’s provided relief, rallying 3.50% to a four-year high after walking away from talks to sell Argos. UK inflation figures, due Wednesday, are forecast to remain at 3.80% year-on-year, the highest in 18 months.

Asian markets were mixed as investors also await the Fed’s decision. Japan’s Nikkei 225 rose 0.89% to 44 768.12, while Hong Kong’s Hang Seng added 0.24% to 26 451.21, boosted by renewed interest in technology stocks. China’s Shanghai Composite slipped 0.32% to 3 858.37, weighed down by disappointing retail sales and property data, though optimism around US rate cuts lent support.

In South Africa, the 10-year government bond yield fell to around 9.20%, its lowest since January, as expectations of US rate cuts increased demand for emerging-market assets. Local bonds remain attractive due to credible monetary policy, a fairly valued rand and high real yields, with inflation anchored near the lower end of the SARB’s target range. The SARB is widely expected to keep its benchmark rate at 7% on 18 September, aiming to manage price pressures and gradually guide expectations towards a 3% target. The rand firmed to 17.35 against the dollar, supported by stronger precious metals prices and a softer greenback. The JSE All-Share Index closed 0.72% higher at 104 675.38, with the Top 40 advancing 0.79%. 

Gold climbed to a record high of USD 3 679.62 per ounce, extending its rally with a 10.26% gain over the past four weeks and a 42.21% increase over the past year. Futures hit an all-time peak of USD 3 680 on Monday, supported by a weaker US dollar and declining treasury yields. Brent crude oil rose 0.69% to $67.45 per barrel.

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ALBI (R) 1250.40 -0.10 Brent Oil ($) 67.38 -0.09 Gold ($) 3657.89 0.37 Platinum ($) 1391.13 0.33 Rand/EUR 20.45 0.72 Rand/GBP 23.52 0.99 Rand/USD 17.36 0.54

Market indicators

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Date Index Current Level 1 Day Move 1 Month Move 6 Month Move 1 Year Move
2025-09-19 ALSI 105422.83 0.05 4.86 21.18 31.89
2025-09-19 Basic minerals 69288.93 -1.04 15.02 47.67 76.65
2025-09-19 Fin + Ind 30 13202.94 0.46 1.57 13.82 20.98
2025-09-19 Financial 54192.93 0.72 1.95 12.32 11.60
2025-09-19 Industrial index 150575.05 0.26 1.39 14.44 28.87

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 nameDate as ofNAV (Rands)Performance - As at 2025/08/31
1 year %3 year %5 year %Inception %
South African - Multi Asset - Low Equity PSG Investment Management Cautious Fund of Funds  Class D2025/08/31 1.51 14.52 12.46 13.53 11.51
PSG Stable Fund Class A2025/08/31 1.87 13.05 12.20 12.89 8.92
PSG Stable Fund Class E2025/08/31 1.87 13.69 12.84 13.54 8.85
PSG Wealth Preserver Fund of Funds Class D2025/08/31 28.06 14.19 12.31 10.88 9.50
South African - Multi Asset - High Equity PSG Balanced Fund Class A2025/08/31 113.73 17.04 16.57 18.92 13.04
PSG Balanced Fund Class E2025/08/31 113.80 17.71 17.24 19.60 10.75
PSG Investment Management Growth Fund of Funds  Class D2025/08/31 1.94 19.26 15.86 18.34 14.51
PSG Wealth Moderate Fund of Funds Class D2025/08/31 50.03 18.83 14.87 13.76 11.29
South African - Multi Asset - Income PSG Diversified Income Fund Class A2025/08/31 1.39 11.02 10.29 9.48 8.15
PSG Diversified Income Fund Class E2025/08/31 1.38 11.73 10.98 10.10 8.82
PSG Investment Management Multi-Asset Income Fund  of Funds Class D2025/08/31 1.19 10.50 9.54 8.86 8.54
PSG Wealth Income Fund of Funds Class D2025/08/31 12.84 9.67 9.68 8.41 8.08
South African - Equity - General PSG Equity Fund Class A2025/08/31 20.65 18.96 18.34 21.77 13.18
PSG Equity Fund Class E2025/08/31 20.70 19.77 17.90 21.60 10.14
PSG Equity Fund Class F2025/08/31 20.71 19.50 18.89 22.31 11.03
PSG Investment Management Opportunity Equity Fund of Funds Class D0001/01/01 1.43
PSG Wealth Creator Fund of Funds Class D2025/08/31 68.74 22.28 16.36 17.06 12.77
South African - Equity - SA General PSG SA Equity Class F2025/08/31 2.09 23.38 19.70 24.51 9.50
South African - Interest Bearing - SA Money Market PSG Money Market Fund Class A2025/08/31 1.00 7.58 7.75 6.19 7.94
PSG Money Market Fund Class F2025/08/31 1.00 7.89 8.06 6.47 5.61
South African - Interest Bearing - Short Term PSG Income Fund Class A2025/08/31 1.11 9.50 8.65 7.47 7.37
PSG Income Fund Class E2025/08/31 1.10 9.82 8.96 7.78 8.04
PSG Wealth Enhanced Interest Fund of Funds Class D2025/08/31 1.02 8.42 8.51 6.90 6.91
South African - Interest Bearing - Variable Term PSG Bond Fund Class A0001/01/01 1.05
South African - Multi Asset - Flexible PSG Flexible Fund Class A2025/08/31 9.61 16.32 16.17 19.76 11.56
PSG Flexible Fund Class E2025/08/31 9.61 16.63 16.47 20.07 10.96

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 nameDate as ofNAV (Rands)Performance - As at 2025/08/31
1 year %3 year %5 year %Inception %
Global - Equity - General PSG Global Equity Feeder Fund Class A2025/08/31 5.53 18.41 16.55 17.83 12.61
PSG Global Equity Feeder Fund Class E2025/08/31 5.76 19.09 17.22 18.39 12.35
PSG Wealth Global Creator Feeder Fund Class D2025/08/31 5.16 11.40 15.90 10.17 14.53
Global - Multi Asset - Flexible PSG Global Flexible Feeder Fund Class A2025/08/31 4.18 15.82 14.89 14.93 12.20
PSG Global Flexible Feeder Fund Class B2025/08/31 4.43 16.49 15.55 15.48 12.71
PSG Wealth Global Flexible Feeder Fund Class D2025/08/31 5.24 10.51 10.18 5.93 10.73
PSG Wealth Global Moderate Feeder Fund Class D2025/08/31 5.41 9.51 10.83 6.84 11.97
Global - Multi Asset - Low Equity PSG Wealth Global Preserver Feeder Fund Class D2025/08/31 1.61 6.77 7.95 4.79 6.51

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 nameDate as ofNAV (Rands)Performance - As at 2025/08/31
1 year %3 year %5 year %Inception %
EAA Fund GBP Cautious Allocation PSG Wealth Global Preserver FoF (GBP) Class D2025/08/31 2.14 3.30 1.98 2.81 4.76
EAA Fund GBP Flexible Allocation PSG Wealth Global Flexible FoF (GBP) Class D2025/08/31 4.10 7.25 4.59 4.78 9.05
EAA Fund Global Flex-Cap Equity PSG Global Equity Sub-Fund Class A2025/08/31 2.72 19.41 15.86 16.80 6.66
PSG Global Equity Sub-Fund Class B2025/08/31 2.83 20.01 16.50 17.43 8.65
EAA Fund Global Large-Cap Blend Equity PSG Wealth Global Creator Fund of Funds Class D2025/08/31 3.42 10.29 14.58 8.79 9.92
EAA Fund USD Cautious Allocation PSG Wealth Global Preserver FoF (USD) Class D2025/08/31 1.87 6.66 6.67 3.54 3.86
EAA Fund USD Flexible Allocation PSG Global Flexible Sub-Fund Class A2025/08/31 22.96 16.79 14.23 14.17 6.61
PSG Global Flexible Sub-Fund Class B2025/08/31 24.49 17.32 14.75 14.67 7.24
PSG Investment Management Global Flexible Fund of Funds (Dollar)2025/08/31 1.81 9.72 7.41 3.09 3.13
PSG Wealth Global Flexible FoF (USD) Class D2025/08/31 3.55 9.89 8.80 4.66 8.05
EAA Fund USD Moderate Allocation PSG Wealth Global Moderate Fund of Funds Class D2025/08/31 2.36 8.70 9.39 5.49 5.71

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 2025/09/12
1 year %3 year %5 year %Inception %
PSG Wealth Income Growth Equity Portfolio 12.66 12.29 12.75 4.35
PSG Wealth Offshore Equity Portfolio (USD) 14.39 11.37 9.96 11.56
PSG Wealth SA Equity Portfolio 28.08 12.95 12.69 6.50
PSG Wealth SA Property Equity Portfolio 15.16 20.52 22.04 1.27

* 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

Reinet Investments

  • Latest company and market insights: Key highlights In this report, we review the latest management statement released for the first quarter that ended 30 June 2025.
  • Financial results at a glance: 
    • Net asset value (NAV) as of 30 June 2025: €6.6 billion, reflecting a compound growth rate of 8.6% per annum in euro terms since March 2009, inclusive of dividends paid. This is higher than the 5.2% average rate of South Africa inflation over the same period, positioning RNI as a long-term, inflation-beating investment and also being a Rand hedge.
    • Quarter-on-quarter change: NAV decreased by 4.6% due to declines in the estimated fair value of larger investments and currency weakness in sterling and the US dollar, reducing the euro value of certain assets and liabilities.
    • NAV per Share: €36.30 as of 30 June 2025, a 24% discount (previous: €38.04 as at 31 March 2025, a discount of 40%).
    • Listed investments: €121 million, making up 1.8% of NAV.
    • Unlisted investments: €4 682 million, not considering the PICG transaction, making up 70% of NAV, with €3 432 million (52%) in PICG. Note: The unlisted section will appear materially different once the PICG transaction is completed, as the cash received will be transferred from unlisted investments to liquid cash holdings.
    • Cash and liquid funds: €1 941 million, making up 29% of NAV, up from €1 819 million as at 31 March 2025.
    • Investment activity: €293 million committed to new/existing investments in the quarter, with €21 million funded.
    • Post 30 June 2025 highlights: Agreement reached to sell 100% holding in Pension Insurance Corporation Group Limited to Athora Holding Ltd, expected to close in early 2026.

Mr Price Group Limited

  • In this report, we revisit MRP’s voluntary trading update for 1Q26 (13 weeks ended June 2025), released in July 2025, and assess its implications for our current view. Financial results at a glance:
    • During 1Q26, group retail sales were up 6.3% with LFL sales growth up 3% and market share gains of 10 bps were recorded during the period (Retail Liaison Committee; MRP SENS), confirming our outlook of continued long-term growth.
    • Examining recent retail sales growth in detail, we consider the current sentiment to be overly pessimistic at this stage. Sales rose by 11.3% and 11.9% in April and May 2025, respectively, with a 20 bps market share gain. While retail sales in June 2025 saw a 5.1% decline against a strong 12.7% growth in the prior year, this may be influenced by seasonality factors like school holidays and base effects, representing just a single month’s data. As such, the market may be placing disproportionate emphasis on this one data point.
    • South African retail sales were up 6% with LFL sales up 2.6% in 1Q26. Non-South African sales were up 10.4%.
    • Group retail selling price inflation was up 3.1%, which we believe to be supportive and low enough.
    Cash sales (87.5% of sales) were up 6.3%, with credit sales up 6.1%.
    • Apparel, homeware, and telecoms segments were up 6%, 6.4% and 12.7% respectively in 1Q26.

Sibanye Stillwater

  • Sibanye Stillwater recently released a trading statement for the FY25 interim results, expected on 28 August 2025. Below are the key financial and operational performance highlights: Financial performance:
    • HEPS: 180–200 SA cents expected (9.8–10.9 US cents), an increase of over 19x 1H24 (10 SA cents/0.5 US cents) — driven by higher SA gold profits and gold price.
    • EPS loss: 120–133 SA cents (6.5–7.2 US cents), improved 55%–60% vs. 1H24 (259 SA cents/14 US cents loss).
    • EPS loss due to US PGM and Keliber asset impairments (tax law changes, lower lithium prices).
    Other impacts: Gold hedge fair value losses; production issues raised inventories and lowered sales. Production update:
    • PGM (SA & US): Consistent year-on-year; 804 252 4Eoz (SA, incl. Mimosa), 840 046 4Eoz (total). Underground production remains steady, surface production down 30% due to rainfall. The recent price rally may boost future earnings.
    • SA Gold: Down 13% to 300 191oz (production challenges), but 2H25 recovery expected.
    • Century Zinc: 51.3kt payable zinc, up 22%.
    • US PGM: 141 124 2Eoz, in line with guidance. Recycling feed down 10%, 3E PGM oz sold down 14%. Reldan: 63 992oz gold, 932 712oz silver, 8 020oz platinum, 11 557oz palladium, 1.5 million lb copper.

Corporate Actions

Date Company Share code Expectation
23 September 2025 Barloworld Limited BAW

Tender offer

23 September 2025 Bid Corporation Limited BID

Cash dividend

23 September 2025 The Bidvest Group Limited BVT

Cash dividend

23 September 2025 Clientele Limited CLI

Cash dividend

23 September 2025 Cashbuild LimitedCSB

Cash dividend

23 September 2025 Discovery Limited Preference Shares DSBP

Cash dividend

23 September 2025 RCL Foods Limited RCL

Cash dividend

23 September 2025 Remgro Limited REM

Unbundling

23 September 2025 Shoprite Holdings Limited SHP

Cash dividend

23 September 2025 Sun International Limited SUI

Cash dividend

23 September 2025 Trellidor Holdings Limited TRL

Cash dividend

23 September 2025 Woolworths Holdings Limited WHL

Cash dividend

25 September 2025 BNP Paribas Issuance B.V.ZA260

Final redemption

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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