July 2025
Adriaan Pask
PSG Wealth
US stock markets were mixed on Thursday as investors weighed domestic trade policy developments against major tech earnings. The S&P 500 and Nasdaq 100 inched slightly higher, enough to retest record levels, while the Dow Jones Industrial Average dropped by more than 300 points. Alphabet rose by 4% after the tech giant reported better-than-expected earnings for the June quarter and announced plans to increase AI-related spending by $10 billion this year.
Meanwhile, reports suggested that the EU and the US were nearing an agreement on tariffs set at 15%, lower than the previously threatened 30%. In addition, President Trump stated that tariffs on other countries would range between 15% and 50% - exceeding the Liberation Day threshold that had previously triggered a sell-off in US assets.
In South Africa, the main stock market index, the SAALL, slipped to 99 971 points on Thursday, down 0.21% from the previous session.
The UK’s FTSE 100 gained 0.90% to close at a record 9 138, outperforming European markets amid renewed optimism around tariff negotiations. While much of the market’s attention remained on EU-US trade talks, the UK and India signed a long-anticipated trade agreement covering tariff reductions on goods such as cars and alcohol. Signed near London by Trade Secretary Jonathan Reynolds and Indian counterpart Piyush Goyal, the deal is expected to contribute an estimated £4.8 billion to the UK economy.
European markets also closed higher as investors digested trade developments and monetary policy outlooks across the region. The Eurozone’s STOXX 50 rose by 0.30% to 5 359, while the broader STOXX 600 also gained 0.30% to end at 552. The European Central Bank held interest rates steady and confirmed that disinflation is progressing in line with its earlier projections.
In Asia, Japan’s Nikkei 225 advanced 1.59% to close at 41 826, while the broader Topix Index jumped 1.75% to 2 978, with the latter reaching a new all-time high. The continued momentum followed a recently concluded trade deal between the US and Japan, which boosted investor sentiment. Meanwhile, Chinese mainland equities also advanced, as renewed optimism over US-China trade negotiations lifted the Shanghai Composite by 0.65% to 3 606 and the Shenzhen Component by 1.21% to 11 193 - both hitting multi-month highs.
In commodities, WTI crude oil futures rebounded to approach $66 per barrel, breaking a four-day losing streak as market focus returned to trade talks. Gold prices, on the other hand, slipped below $3 380 per ounce, extending losses from the previous session. The metal’s safe-haven appeal continued to weaken amid growing confidence in global trade progress.
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Date | Index | Current Level | 1 Day Move | 1 Month Move | 6 Month Move | 1 Year Move |
---|---|---|---|---|---|---|
2025-07-24 | ALSI | 100179.84 | 0.86 | 5.48 | 21.45 | 28.47 |
2025-07-24 | Basic minerals | 60448.24 | 0.34 | 9.54 | 43.72 | 40.62 |
2025-07-24 | Fin + Ind 30 | 12911.45 | 1.06 | 4.09 | 15.85 | 25.32 |
2025-07-24 | Financial | 52454.78 | 0.39 | 3.26 | 9.21 | 17.03 |
2025-07-24 | Industrial index | 148370.26 | 1.55 | 4.53 | 20.64 | 31.20 |
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 | NAV (Rands) at 22 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 | 1.52 | 16.68 | 12.49 | 13.77 | 11.49 |
PSG Investment Management Cautious Fund of Funds Class D | 1.52 | 16.68 | 12.49 | 13.77 | 11.49 | |
PSG Stable Fund Class A | 1.86 | 14.94 | 12.29 | 13.11 | 8.87 | |
PSG Stable Fund Class E | 1.87 | 15.61 | 12.93 | 13.76 | 8.79 | |
PSG Wealth Preserver Fund of Funds Class D | 27.89 | 14.99 | 12.39 | 10.83 | 9.43 | |
South African - Multi Asset - High Equity | PSG Balanced Fund Class A | 117.04 | 19.83 | 17.01 | 19.50 | 13.04 |
PSG Balanced Fund Class A | 117.04 | 19.83 | 17.01 | 19.50 | 13.04 | |
PSG Balanced Fund Class E | 117.32 | 20.52 | 17.69 | 20.18 | 10.72 | |
PSG Investment Management Growth Fund of Funds Class D | 1.93 | 23.11 | 16.05 | 18.81 | 14.49 | |
PSG Wealth Moderate Fund of Funds Class D | 48.70 | 19.10 | 15.01 | 13.88 | 11.23 | |
South African - Multi Asset - Income | PSG Diversified Income Fund Class A | 1.39 | 12.23 | 10.26 | 9.53 | 8.12 |
PSG Diversified Income Fund Class A | 1.39 | 12.23 | 10.26 | 9.53 | 8.12 | |
PSG Diversified Income Fund Class E | 1.39 | 12.94 | 10.96 | 10.16 | 8.77 | |
PSG Investment Management Multi-Asset Income Fund of Funds Class D | 1.19 | 11.50 | 9.53 | 8.90 | 8.51 | |
PSG Wealth Income Fund of Funds Class D | 12.79 | 10.52 | 9.55 | 8.32 | 8.04 | |
South African - Equity - General | PSG Equity Fund Class A | 20.90 | 20.04 | 18.32 | 22.30 | 13.12 |
PSG Equity Fund Class A | 20.90 | 20.04 | 18.32 | 22.30 | 13.12 | |
PSG Equity Fund Class E | 21.00 | 20.48 | 17.78 | 22.12 | 9.95 | |
PSG Equity Fund Class F | 20.99 | 20.60 | 18.87 | 22.84 | 10.86 | |
PSG Investment Management Opportunity Equity Fund of Funds Class D | 1.34 | — | — | — | — | |
PSG Wealth Creator Fund of Funds Class D | 65.32 | 21.15 | 15.85 | 17.27 | 12.60 | |
South African - Equity - SA General | PSG SA Equity Class F | 2.18 | 28.31 | 20.01 | 25.00 | 9.37 |
PSG SA Equity Class F | 2.18 | 28.31 | 20.01 | 25.00 | 9.37 | |
South African - Interest Bearing - SA Money Market | PSG Money Market Fund Class A | 1.00 | 7.78 | 7.64 | 6.08 | 7.94 |
PSG Money Market Fund Class A | 1.00 | 7.78 | 7.64 | 6.08 | 7.94 | |
PSG Money Market Fund Class F | 1.00 | 8.09 | 7.95 | 6.37 | 5.58 | |
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 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 | — | — | — | — |
PSG Bond Fund Class A | 1.05 | — | — | — | — | |
South African - Multi Asset - Flexible | PSG Flexible Fund Class A | 9.71 | 17.92 | 16.62 | 20.50 | 11.54 |
PSG Flexible Fund Class A | 9.71 | 17.92 | 16.62 | 20.50 | 11.54 | |
PSG Flexible Fund Class E | 9.72 | 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.
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 | NAV (Rands) at 23 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 | 5.39 | 12.40 | 15.19 | 18.80 | 12.44 |
PSG Global Equity Feeder Fund Class A | 5.39 | 12.40 | 15.19 | 18.80 | 12.44 | |
PSG Global Equity Feeder Fund Class E | 5.60 | 13.04 | 15.86 | 19.32 | 12.14 | |
PSG Wealth Global Creator Feeder Fund Class D | 5.02 | 8.73 | 16.81 | 11.84 | 14.55 | |
Global - Multi Asset - Flexible | PSG Global Flexible Feeder Fund Class A | 4.10 | 11.79 | 13.85 | 16.02 | 12.11 |
PSG Global Flexible Feeder Fund Class A | 4.10 | 11.79 | 13.85 | 16.02 | 12.11 | |
PSG Global Flexible Feeder Fund Class B | 4.34 | 12.44 | 14.51 | 16.52 | 12.62 | |
PSG Wealth Global Flexible Feeder Fund Class D | 5.17 | 8.73 | 11.00 | 6.81 | 10.72 | |
PSG Wealth Global Moderate Feeder Fund Class D | 5.29 | 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 |
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.
The following funds invest internationally using foreign currency
Morningstar Category | Fund name | NAV (Rands) at 22 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 | 2.10 | -0.07 | 2.50 | 1.74 | 4.61 |
PSG Wealth Global Preserver FoF (GBP) Class D | 2.10 | -0.07 | 2.50 | 1.74 | 4.61 | |
EAA Fund GBP Flexible Allocation | PSG Wealth Global Flexible FoF (GBP) Class D | 4.03 | 4.44 | 5.37 | 4.53 | 8.95 |
PSG Wealth Global Flexible FoF (GBP) Class D | 4.03 | 4.44 | 5.37 | 4.53 | 8.95 | |
EAA Fund Global Flex-Cap Equity | PSG Global Equity Sub-Fund Class A | 2.62 | 15.50 | 14.17 | 18.33 | 6.41 |
PSG Global Equity Sub-Fund Class A | 2.62 | 15.50 | 14.17 | 18.33 | 6.41 | |
PSG Global Equity Sub-Fund Class B | 2.73 | 16.08 | 14.81 | 18.95 | 8.13 | |
EAA Fund Global Large-Cap Blend Equity | PSG Wealth Global Creator Fund of Funds Class D | 3.30 | 11.70 | 14.66 | 11.03 | 9.88 |
PSG Wealth Global Creator Fund of Funds Class D | 3.30 | 11.70 | 14.66 | 11.03 | 9.88 | |
EAA Fund USD Cautious Allocation | PSG Wealth Global Preserver FoF (USD) Class D | 1.83 | 8.42 | 6.46 | 3.88 | 3.80 |
PSG Wealth Global Preserver FoF (USD) Class D | 1.83 | 8.42 | 6.46 | 3.88 | 3.80 | |
EAA Fund USD Flexible Allocation | PSG Global Flexible Sub-Fund Class A | 22.33 | 14.93 | 12.72 | 15.86 | 6.39 |
PSG Global Flexible Sub-Fund Class A | 22.33 | 14.93 | 12.72 | 15.86 | 6.39 | |
PSG Global Flexible Sub-Fund Class B | 23.80 | 15.46 | 13.24 | 16.28 | 7.02 | |
PSG Investment Management Global Flexible Fund of Funds (Dollar) | 1.78 | 10.90 | 7.19 | 4.42 | 3.06 | |
PSG Wealth Global Flexible FoF (USD) Class D | 3.47 | 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 |
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.
Fund display name | Performance –As at 2025/07/24 | |||
---|---|---|---|---|
1 year % | 3 year % | 5 year % | Inception % | |
PSG Wealth Income Growth Equity Portfolio | 15.18 | 11.77 | 11.68 | 3.97 |
PSG Wealth Offshore Equity Portfolio (USD) | 10.17 | 10.66 | 10.28 | 11.51 |
PSG Wealth SA Equity Portfolio | 26.87 | 11.62 | 11.49 | 6.04 |
PSG Wealth SA Property Equity Portfolio | 28.36 | 18.13 | 17.39 | 0.95 |
* 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 July 2025 | African and Overseas Enterprises Limited 6 Percent Cumulative Participating Preference shares | AVOP | Cash dividend |
23 July 2025 | Investec Bank (Mauritius) Ltd | IMRP5 | Cash dividend |
23 July 2025 | Lewis Group Limited | LEW | Cash dividend |
23 July 2025 | Mahube Infrastructure Limited | MHB | Cash dividend |
23 July 2025 | MTN Zakhele Futhi (RF) Limited | MTNZF | Special cash distribution |
23 July 2025 | Rex Trueform Clothing Company Limited 6 Percent Cumulative Preference shares | RTOP | Cash dividend |
23 July 2025 | Supermarket Income Reit PLC | SRI | Cash dividend |
23 July 2025 | Tsogo Sun Gaming Limited | TSG | 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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