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September 2025
Adriaan Pask
PSG Wealth
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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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 Category | Fund name | Date as of | NAV (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 D | 2025/08/31 | 1.51 | 14.52 | 12.46 | 13.53 | 11.51 |
PSG Investment Management Cautious Fund of Funds Class D | 2025/08/31 | 1.51 | 14.52 | 12.46 | 13.53 | 11.51 | |
PSG Stable Fund Class A | 2025/08/31 | 1.87 | 13.05 | 12.20 | 12.89 | 8.92 | |
PSG Stable Fund Class E | 2025/08/31 | 1.87 | 13.69 | 12.84 | 13.54 | 8.85 | |
PSG Wealth Preserver Fund of Funds Class D | 2025/08/31 | 28.06 | 14.19 | 12.31 | 10.88 | 9.50 | |
South African - Multi Asset - High Equity | PSG Balanced Fund Class A | 2025/08/31 | 113.73 | 17.04 | 16.57 | 18.92 | 13.04 |
PSG Balanced Fund Class A | 2025/08/31 | 113.73 | 17.04 | 16.57 | 18.92 | 13.04 | |
PSG Balanced Fund Class E | 2025/08/31 | 113.80 | 17.71 | 17.24 | 19.60 | 10.75 | |
PSG Investment Management Growth Fund of Funds Class D | 2025/08/31 | 1.94 | 19.26 | 15.86 | 18.34 | 14.51 | |
PSG Wealth Moderate Fund of Funds Class D | 2025/08/31 | 50.03 | 18.83 | 14.87 | 13.76 | 11.29 | |
South African - Multi Asset - Income | PSG Diversified Income Fund Class A | 2025/08/31 | 1.39 | 11.02 | 10.29 | 9.48 | 8.15 |
PSG Diversified Income Fund Class A | 2025/08/31 | 1.39 | 11.02 | 10.29 | 9.48 | 8.15 | |
PSG Diversified Income Fund Class E | 2025/08/31 | 1.38 | 11.73 | 10.98 | 10.10 | 8.82 | |
PSG Investment Management Multi-Asset Income Fund of Funds Class D | 2025/08/31 | 1.19 | 10.50 | 9.54 | 8.86 | 8.54 | |
PSG Wealth Income Fund of Funds Class D | 2025/08/31 | 12.84 | 9.67 | 9.68 | 8.41 | 8.08 | |
South African - Equity - General | PSG Equity Fund Class A | 2025/08/31 | 20.65 | 18.96 | 18.34 | 21.77 | 13.18 |
PSG Equity Fund Class A | 2025/08/31 | 20.65 | 18.96 | 18.34 | 21.77 | 13.18 | |
PSG Equity Fund Class E | 2025/08/31 | 20.70 | 19.77 | 17.90 | 21.60 | 10.14 | |
PSG Equity Fund Class F | 2025/08/31 | 20.71 | 19.50 | 18.89 | 22.31 | 11.03 | |
PSG Investment Management Opportunity Equity Fund of Funds Class D | 0001/01/01 | 1.43 | — | — | — | — | |
PSG Wealth Creator Fund of Funds Class D | 2025/08/31 | 68.74 | 22.28 | 16.36 | 17.06 | 12.77 | |
South African - Equity - SA General | PSG SA Equity Class F | 2025/08/31 | 2.09 | 23.38 | 19.70 | 24.51 | 9.50 |
PSG SA Equity Class F | 2025/08/31 | 2.09 | 23.38 | 19.70 | 24.51 | 9.50 | |
South African - Interest Bearing - SA Money Market | PSG Money Market Fund Class A | 2025/08/31 | 1.00 | 7.58 | 7.75 | 6.19 | 7.94 |
PSG Money Market Fund Class A | 2025/08/31 | 1.00 | 7.58 | 7.75 | 6.19 | 7.94 | |
PSG Money Market Fund Class F | 2025/08/31 | 1.00 | 7.89 | 8.06 | 6.47 | 5.61 | |
South African - Interest Bearing - Short Term | PSG Income Fund Class A | 2025/08/31 | 1.11 | 9.50 | 8.65 | 7.47 | 7.37 |
PSG Income Fund Class A | 2025/08/31 | 1.11 | 9.50 | 8.65 | 7.47 | 7.37 | |
PSG Income Fund Class E | 2025/08/31 | 1.10 | 9.82 | 8.96 | 7.78 | 8.04 | |
PSG Wealth Enhanced Interest Fund of Funds Class D | 2025/08/31 | 1.02 | 8.42 | 8.51 | 6.90 | 6.91 | |
South African - Interest Bearing - Variable Term | PSG Bond Fund Class A | 0001/01/01 | 1.05 | — | — | — | — |
PSG Bond Fund Class A | 0001/01/01 | 1.05 | — | — | — | — | |
South African - Multi Asset - Flexible | PSG Flexible Fund Class A | 2025/08/31 | 9.61 | 16.32 | 16.17 | 19.76 | 11.56 |
PSG Flexible Fund Class A | 2025/08/31 | 9.61 | 16.32 | 16.17 | 19.76 | 11.56 | |
PSG Flexible Fund Class E | 2025/08/31 | 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.
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 2025/08/31 | |||
---|---|---|---|---|---|---|---|
1 year % | 3 year % | 5 year % | Inception % | ||||
Global - Equity - General | PSG Global Equity Feeder Fund Class A | 2025/08/31 | 5.53 | 18.41 | 16.55 | 17.83 | 12.61 |
PSG Global Equity Feeder Fund Class A | 2025/08/31 | 5.53 | 18.41 | 16.55 | 17.83 | 12.61 | |
PSG Global Equity Feeder Fund Class E | 2025/08/31 | 5.76 | 19.09 | 17.22 | 18.39 | 12.35 | |
PSG Wealth Global Creator Feeder Fund Class D | 2025/08/31 | 5.16 | 11.40 | 15.90 | 10.17 | 14.53 | |
Global - Multi Asset - Flexible | PSG Global Flexible Feeder Fund Class A | 2025/08/31 | 4.18 | 15.82 | 14.89 | 14.93 | 12.20 |
PSG Global Flexible Feeder Fund Class A | 2025/08/31 | 4.18 | 15.82 | 14.89 | 14.93 | 12.20 | |
PSG Global Flexible Feeder Fund Class B | 2025/08/31 | 4.43 | 16.49 | 15.55 | 15.48 | 12.71 | |
PSG Wealth Global Flexible Feeder Fund Class D | 2025/08/31 | 5.24 | 10.51 | 10.18 | 5.93 | 10.73 | |
PSG Wealth Global Moderate Feeder Fund Class D | 2025/08/31 | 5.41 | 9.51 | 10.83 | 6.84 | 11.97 | |
Global - Multi Asset - Low Equity | PSG Wealth Global Preserver Feeder Fund Class D | 2025/08/31 | 1.61 | 6.77 | 7.95 | 4.79 | 6.51 |
PSG Wealth Global Preserver Feeder Fund Class D | 2025/08/31 | 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.
The following funds invest internationally using foreign currency
Morningstar Category | Fund name | Date as of | NAV (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 D | 2025/08/31 | 2.14 | 3.30 | 1.98 | 2.81 | 4.76 |
PSG Wealth Global Preserver FoF (GBP) Class D | 2025/08/31 | 2.14 | 3.30 | 1.98 | 2.81 | 4.76 | |
EAA Fund GBP Flexible Allocation | PSG Wealth Global Flexible FoF (GBP) Class D | 2025/08/31 | 4.10 | 7.25 | 4.59 | 4.78 | 9.05 |
PSG Wealth Global Flexible FoF (GBP) Class D | 2025/08/31 | 4.10 | 7.25 | 4.59 | 4.78 | 9.05 | |
EAA Fund Global Flex-Cap Equity | PSG Global Equity Sub-Fund Class A | 2025/08/31 | 2.72 | 19.41 | 15.86 | 16.80 | 6.66 |
PSG Global Equity Sub-Fund Class A | 2025/08/31 | 2.72 | 19.41 | 15.86 | 16.80 | 6.66 | |
PSG Global Equity Sub-Fund Class B | 2025/08/31 | 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 D | 2025/08/31 | 3.42 | 10.29 | 14.58 | 8.79 | 9.92 |
PSG Wealth Global Creator Fund of Funds Class D | 2025/08/31 | 3.42 | 10.29 | 14.58 | 8.79 | 9.92 | |
EAA Fund USD Cautious Allocation | PSG Wealth Global Preserver FoF (USD) Class D | 2025/08/31 | 1.87 | 6.66 | 6.67 | 3.54 | 3.86 |
PSG Wealth Global Preserver FoF (USD) Class D | 2025/08/31 | 1.87 | 6.66 | 6.67 | 3.54 | 3.86 | |
EAA Fund USD Flexible Allocation | PSG Global Flexible Sub-Fund Class A | 2025/08/31 | 22.96 | 16.79 | 14.23 | 14.17 | 6.61 |
PSG Global Flexible Sub-Fund Class A | 2025/08/31 | 22.96 | 16.79 | 14.23 | 14.17 | 6.61 | |
PSG Global Flexible Sub-Fund Class B | 2025/08/31 | 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 D | 2025/08/31 | 3.55 | 9.89 | 8.80 | 4.66 | 8.05 | |
EAA Fund USD Moderate Allocation | PSG Wealth Global Moderate Fund of Funds Class D | 2025/08/31 | 2.36 | 8.70 | 9.39 | 5.49 | 5.71 |
PSG Wealth Global Moderate Fund of Funds Class D | 2025/08/31 | 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.
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.
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 Limited | CSB | 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.
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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