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30
September 2025
Global markets rebound on tech strength
Adriaan Pask
PSG Wealth
Global equities gained ground on Monday, with all three major US indices finishing higher. The S&P 500 rose 0.20%, the Nasdaq gained 0.40%, and the Dow Jones advanced 69 points, boosted by strong performances from AI-related stocks such as Nvidia, AMD, and Micron. Electronic Arts jumped 4.50% on news of a $55 billion take-private deal, underscoring robust M&A activity that has already surpassed $1 trillion this year. However, uncertainty over a potential US government shutdown lingers, raising the risk of delays to Friday’s nonfarm payrolls release and complicating the Fed’s rate-cut outlook.
European stocks tracked the positive momentum, with the STOXX 600 gaining 0.40% and the STOXX 50 rising 0.30%. AstraZeneca gained on plans for a direct NYSE listing, GSK rose after appointing a new CEO, and Lufthansa edged higher as it set ambitious free cash flow and margin targets.
Locally, the FTSE/ JSE All Share Index climbed 0.80% to a fresh record above 107 500 points, supported by a broad-based rally in gold miners as bullion prices benefitted from a softer dollar. Sibanye, Harmony, and AngloGold were among the top gainers, while Boxer jumped on double-digit turnover growth.
In Asia, the Hang Seng climbed 1.90% to 26 322 points, as sentiment improved on signs of stronger Chinese policy support and expectations for interest rate and reserve requirement ratio (RRR) cuts — the latter freeing up more liquidity for banks to lend — later this year. Regulatory moves to curb aggressive price wars further lifted confidence.
Meanwhile, oil prices slid sharply, with WTI crude down more than 3% to $63.40 per barrel. Exports from Iraq’s Kurdistan region resumed after a two-and-a-half-year halt, and expectations of an OPEC+ output hike reinforced oversupply concerns.
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Market indicators
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| Date | Index | Current Level | 1 Day Move | 1 Month Move | 6 Month Move | 1 Year Move |
|---|---|---|---|---|---|---|
| 2025-10-03 | ALSI | 108089.86 | -0.52 | 7.57 | 23.56 | 28.30 |
| 2025-10-03 | Basic minerals | 77229.59 | -2.17 | 19.66 | 56.03 | 80.81 |
| 2025-10-03 | Fin + Ind 30 | 13095.69 | 0.20 | 3.27 | 13.79 | 14.81 |
| 2025-10-03 | Financial | 52575.65 | -0.18 | 0.69 | 10.84 | 7.18 |
| 2025-10-03 | Industrial index | 151808.05 | 0.48 | 5.32 | 15.48 | 20.41 |
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.
Local funds
| Morningstar Category | Fund name | Date as of | NAV (Rands) | Performance - As at 2025/09/30 | |||
|---|---|---|---|---|---|---|---|
| 1 year % | 3 year % | 5 year % | Inception % | ||||
| South African - Multi Asset - Low Equity | PSG Investment Management Cautious Fund of Funds Class D | 2025/09/30 | 1.53 | 14.07 | 13.64 | 14.05 | 11.73 |
| PSG Investment Management Cautious Fund of Funds Class D | 2025/09/30 | 1.53 | 14.07 | 13.64 | 14.05 | 11.73 | |
| PSG Stable Fund Class A | 2025/09/30 | 1.89 | 12.52 | 13.60 | 13.60 | 9.00 | |
| PSG Stable Fund Class E | 2025/09/30 | 1.90 | 13.17 | 14.25 | 14.25 | 8.95 | |
| PSG Wealth Preserver Fund of Funds Class D | 2025/09/30 | 28.12 | 13.97 | 13.76 | 11.49 | 9.55 | |
| South African - Multi Asset - High Equity | PSG Balanced Fund Class A | 2025/09/30 | 115.25 | 13.71 | 18.25 | 19.60 | 13.05 |
| PSG Balanced Fund Class A | 2025/09/30 | 115.25 | 13.71 | 18.25 | 19.60 | 13.05 | |
| PSG Balanced Fund Class E | 2025/09/30 | 115.34 | 14.36 | 18.93 | 20.28 | 10.79 | |
| PSG Investment Management Growth Fund of Funds Class D | 2025/09/30 | 1.97 | 18.91 | 17.91 | 19.30 | 14.92 | |
| PSG Wealth Moderate Fund of Funds Class D | 2025/09/30 | 50.39 | 19.18 | 17.16 | 14.77 | 11.40 | |
| South African - Multi Asset - Income | PSG Diversified Income Fund Class A | 2025/08/31 | 1.40 | 11.02 | 10.29 | 9.48 | 8.15 |
| PSG Diversified Income Fund Class A | 2025/08/31 | 1.40 | 11.02 | 10.29 | 9.48 | 8.15 | |
| PSG Diversified Income Fund Class E | 2025/08/31 | 1.39 | 11.73 | 10.98 | 10.10 | 8.82 | |
| PSG Investment Management Multi-Asset Income Fund of Funds Class D | 2025/09/30 | 1.20 | 9.83 | 9.98 | 9.00 | 8.59 | |
| PSG Wealth Income Fund of Funds Class D | 2025/09/30 | 12.87 | 9.07 | 10.15 | 8.58 | 8.10 | |
| South African - Equity - General | PSG Equity Fund Class A | 2025/09/30 | 21.37 | 21.28 | 21.40 | 23.27 | 13.34 |
| PSG Equity Fund Class A | 2025/09/30 | 21.37 | 21.28 | 21.40 | 23.27 | 13.34 | |
| PSG Equity Fund Class E | 2025/09/30 | 21.42 | 22.29 | 21.00 | 23.10 | 10.52 | |
| PSG Equity Fund Class F | 2025/09/30 | 21.43 | 21.84 | 21.96 | 23.82 | 11.40 | |
| PSG Investment Management Opportunity Equity Fund of Funds Class D | 2025/09/30 | 1.46 | 25.52 | — | — | 23.34 | |
| PSG Wealth Creator Fund of Funds Class D | 2025/09/30 | 69.95 | 24.10 | 19.58 | 18.53 | 13.02 | |
| South African - Equity - SA General | PSG SA Equity Class F | 2025/09/30 | 2.18 | 23.80 | 22.21 | 25.65 | 9.88 |
| PSG SA Equity Class F | 2025/09/30 | 2.18 | 23.80 | 22.21 | 25.65 | 9.88 | |
| South African - Interest Bearing - SA Money Market | PSG Money Market Fund Class A | 2025/09/30 | 1.00 | 6.88 | 7.58 | 6.12 | 7.91 |
| PSG Money Market Fund Class A | 2025/09/30 | 1.00 | 6.88 | 7.58 | 6.12 | 7.91 | |
| PSG Money Market Fund Class F | 2025/09/30 | 1.00 | 7.16 | 7.88 | 6.40 | 5.57 | |
| South African - Interest Bearing - Short Term | PSG Income Fund Class A | 2025/09/30 | 1.12 | 10.19 | 9.26 | 7.74 | 7.46 |
| PSG Income Fund Class A | 2025/09/30 | 1.12 | 10.19 | 9.26 | 7.74 | 7.46 | |
| PSG Income Fund Class E | 2025/09/30 | 1.10 | 9.65 | 9.29 | 7.88 | 8.07 | |
| PSG Wealth Enhanced Interest Fund of Funds Class D | 2025/09/30 | 1.02 | 8.32 | 8.58 | 6.96 | 6.92 | |
| South African - Interest Bearing - Variable Term | PSG Bond Fund Class A | 2025/09/30 | 1.06 | — | — | — | 9.89 |
| PSG Bond Fund Class A | 2025/09/30 | 1.06 | — | — | — | 9.89 | |
| South African - Multi Asset - Flexible | PSG Flexible Fund Class A | 2025/09/30 | 9.86 | 17.33 | 18.32 | 20.96 | 11.67 |
| PSG Flexible Fund Class A | 2025/09/30 | 9.86 | 17.33 | 18.32 | 20.96 | 11.67 | |
| PSG Flexible Fund Class E | 2025/09/30 | 9.86 | 17.64 | 18.63 | 21.27 | 11.20 | |
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 Category | Fund name | Date as of | NAV (Rands) | Performance - As at 2025/09/30 | |||
|---|---|---|---|---|---|---|---|
| 1 year % | 3 year % | 5 year % | Inception % | ||||
| Global - Equity - General | PSG Global Equity Feeder Fund Class A | 2025/08/31 | 5.61 | 18.41 | 16.55 | 17.83 | 12.61 |
| PSG Global Equity Feeder Fund Class A | 2025/08/31 | 5.61 | 18.41 | 16.55 | 17.83 | 12.61 | |
| PSG Global Equity Feeder Fund Class E | 2025/08/31 | 5.84 | 19.09 | 17.22 | 18.39 | 12.35 | |
| PSG Wealth Global Creator Feeder Fund Class D | 2025/09/30 | 5.11 | 10.83 | 17.26 | 10.64 | 14.33 | |
| Global - Multi Asset - Flexible | PSG Global Flexible Feeder Fund Class A | 2025/09/30 | 4.23 | 15.56 | 16.70 | 16.66 | 12.22 |
| PSG Global Flexible Feeder Fund Class A | 2025/09/30 | 4.23 | 15.56 | 16.70 | 16.66 | 12.22 | |
| PSG Global Flexible Feeder Fund Class B | 2025/09/30 | 4.48 | 16.22 | 17.37 | 17.17 | 12.74 | |
| PSG Wealth Global Flexible Feeder Fund Class D | 2025/09/30 | 5.20 | 8.77 | 9.87 | 6.01 | 10.51 | |
| PSG Wealth Global Moderate Feeder Fund Class D | 2025/09/30 | 5.36 | 9.07 | 11.27 | 7.10 | 11.82 | |
| Global - Multi Asset - Low Equity | PSG Wealth Global Preserver Feeder Fund Class D | 2025/09/30 | 1.59 | 6.54 | 7.24 | 4.67 | 6.25 |
| PSG Wealth Global Preserver Feeder Fund Class D | 2025/09/30 | 1.59 | 6.54 | 7.24 | 4.67 | 6.25 | |
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 Category | Fund name | Date as of | NAV (Rands) | Performance - As at 2025/09/30 | |||
|---|---|---|---|---|---|---|---|
| 1 year % | 3 year % | 5 year % | Inception % | ||||
| EAA Fund GBP Cautious Allocation | PSG Wealth Global Preserver FoF (GBP) Class D | 2025/08/31 | 2.16 | 3.30 | 1.98 | 2.81 | 4.76 |
| PSG Wealth Global Preserver FoF (GBP) Class D | 2025/08/31 | 2.16 | 3.30 | 1.98 | 2.81 | 4.76 | |
| EAA Fund GBP Flexible Allocation | PSG Wealth Global Flexible FoF (GBP) Class D | 2025/09/30 | 4.14 | 8.31 | 6.24 | 4.84 | 9.10 |
| PSG Wealth Global Flexible FoF (GBP) Class D | 2025/09/30 | 4.14 | 8.31 | 6.24 | 4.84 | 9.10 | |
| EAA Fund Global Flex-Cap Equity | PSG Global Equity Sub-Fund Class A | 2025/08/31 | 2.79 | 19.41 | 15.86 | 16.80 | 6.66 |
| PSG Global Equity Sub-Fund Class A | 2025/08/31 | 2.79 | 19.41 | 15.86 | 16.80 | 6.66 | |
| PSG Global Equity Sub-Fund Class B | 2025/08/31 | 2.90 | 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 | 3.43 | 10.29 | 14.58 | 8.79 | 9.92 |
| PSG Wealth Global Creator Fund of Funds Class D | 2025/08/31 | 3.43 | 10.29 | 14.58 | 8.79 | 9.92 | |
| EAA Fund USD Cautious Allocation | PSG Wealth Global Preserver FoF (USD) Class D | 2025/09/30 | 1.87 | 6.54 | 8.74 | 4.01 | 3.92 |
| PSG Wealth Global Preserver FoF (USD) Class D | 2025/09/30 | 1.87 | 6.54 | 8.74 | 4.01 | 3.92 | |
| EAA Fund USD Flexible Allocation | PSG Global Flexible Sub-Fund Class A | 2025/09/30 | 23.50 | 16.79 | 18.67 | 16.51 | 6.88 |
| PSG Global Flexible Sub-Fund Class A | 2025/09/30 | 23.50 | 16.79 | 18.67 | 16.51 | 6.88 | |
| PSG Global Flexible Sub-Fund Class B | 2025/09/30 | 25.07 | 17.33 | 19.21 | 17.02 | 7.52 | |
| PSG Investment Management Global Flexible Fund of Funds (Dollar) | 2025/08/31 | 1.82 | 9.72 | 7.41 | 3.09 | 3.13 | |
| PSG Wealth Global Flexible FoF (USD) Class D | 2025/08/31 | 3.56 | 9.89 | 8.80 | 4.66 | 8.05 | |
| EAA Fund USD Moderate Allocation | PSG Wealth Global Moderate Fund of Funds Class D | 2025/09/30 | 2.36 | 8.93 | 12.65 | 6.32 | 5.80 |
| PSG Wealth Global Moderate Fund of Funds Class D | 2025/09/30 | 2.36 | 8.93 | 12.65 | 6.32 | 5.80 | |
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 2025/10/01 | |||
|---|---|---|---|---|
| 1 year % | 3 year % | 5 year % | Inception % | |
| PSG Wealth Income Growth Equity Portfolio | 5.60 | 13.96 | 12.70 | 4.24 |
| PSG Wealth Offshore Equity Portfolio (USD) | 13.23 | 15.53 | 10.54 | 11.66 |
| PSG Wealth SA Equity Portfolio | 25.17 | 16.58 | 13.50 | 6.79 |
| PSG Wealth SA Property Equity Portfolio | 12.18 | 22.85 | 21.63 | 1.09 |
* 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
Microsoft Corporation
- Analyst thesis Our recommendation is based on:
- Microsoft Azure is benefiting from the rapid adoption of multi-cloud strategies, while Azure Local (formerly Azure Stack HCI), and Azure Arc strengthen Microsoft’s hybrid control plane across on-premises and cloud environments.
- Microsoft’s broad product range drives a strong subscription model with annuity-type revenue and customer loyalty supported by a strong moat (high switching costs, innovation, scale, network effect, and brand). This is evident in the high and stable margins it achieves over the long term.
- While Microsoft shares trade at a premium relative to peers, this valuation is supported by its superior organic revenue growth, strong free cash flow generation, and a leading cloud platform.
- Microsoft is well placed to significantly benefit from AI.
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.
- Apparel, homeware, and telecoms segments were up 6%, 6.4% and 12.7% respectively in 1Q26.
Corporate Actions
| Date | Company | Share code | Expectation |
|---|---|---|---|
| 01 October 2025 | Aspen Pharmacare Holdings Limited | APN | Cash Dividend |
| 01 October 2025 | African Rainbow Minerals Limited | ARI | Cash Dividend |
| 01 October 2025 | British American Tobacco Plc | BTI | Cash Dividend |
| 01 October 2025 | City Lodge Hotels Limited | CLH | Cash Dividend |
| 01 October 2025 | Exxaro Resources Limited | EXX | Cash Dividend |
| 01 October 2025 | Motus Holdings Limited | MTH | Cash Dividend |
| 01 October 2025 | Old Mutual Limited | OMU | Cash Dividend |
| 01 October 2025 | Putprop Limited | PPR | Cash Dividend |
| 01 October 2025 | Schroder European Real Estate Investment Trust PLC | SCD | 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.
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