May 2025
Adriaan Pask
PSG Wealth
Wall Street opened May on a strong footing, buoyed by upbeat earnings from major tech firms and growing optimism around global trade negotiations. The S&P 500 rose by 0.80%, the Dow Jones Industrial Average added 100 points, and the Nasdaq advanced 1.40%. Microsoft shares surged 10% after the company forecast stronger-than-expected growth for its Azure cloud business, while Meta gained over 6% following better-than-anticipated revenue figures. Elsewhere, General Motors rose 1.50% after issuing a fresh 2025 profit forecast. However, not all earnings news was positive—Eli Lilly fell 6% after reporting quarterly results, and McDonald’s slipped 2% on weaker Q1 sales.
In South Africa, markets were closed for the Worker’s Day public holiday.
In the United Kingdom, the FTSE 100 traded slightly lower on Thursday, dipping below the 8 490 mark as investors began the month facing continued economic uncertainty. Sentiment remained cautious amid the digestion of weak US data and ongoing corporate earnings reports. On the domestic front, net mortgage borrowing in the UK surged to £12.96 billion in March—its highest level in nearly four years—sharply exceeding both the previous month’s £3.3 billion and market expectations of £3.8 billion. This spike highlighted persistent strength in housing activity despite broader economic headwinds.
European markets closed mixed on Wednesday. The Stoxx 50 declined 0.50%, while the broader Stoxx 600 rose 0.50%, marking its seventh consecutive session of gains. Investors remained focused on earnings releases and underwhelming US data. Although early losses weighed on sentiment, rebounds in the healthcare and banking sectors helped offset declines elsewhere. The automotive sector dropped 1.20% following disappointing earnings, despite an executive order from former President Trump easing some auto tariffs. In contrast, healthcare stocks climbed 1.30%, with GSK, AstraZeneca, and Smith+Nephew expressing confidence in navigating potential tariff impacts.
In Asia, Japanese equities rallied on Thursday, with the Nikkei 225 climbing 1.13% to 36 452 and the broader Topix Index rising 0.46% to 2 679, reaching a one-month high. The gains followed the Bank of Japan’s decision to keep its policy rate steady at 0.50%, as expected. Investor sentiment was further lifted by a dovish shift in the central bank’s outlook, as it lowered both growth and inflation forecasts, reducing the likelihood of imminent rate hikes.
Chinese markets ended mixed on Wednesday. The Shanghai Composite edged down 0.23% to 3 279, while the Shenzhen Component gained 0.51% to 9 900. Official data revealed that manufacturing activity contracted more sharply than forecast in April, and growth in the services sector also fell short of expectations—underscoring the patchy nature of China’s post-pandemic recovery.
In commodities, WTI crude futures rebounded above $58.50 per barrel on Thursday, recovering from a three-week low. The rebound was supported by a broader rally in US equities, driven by robust tech earnings and indications that the Trump administration may ease tariff pressures. Meanwhile, gold fell below $3 230 per ounce, marking its third straight session of losses and hitting a two-week low, as easing global trade tensions reduced demand for traditional safe-haven assets.
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Date | Index | Current Level | 1 Day Move | 1 Month Move | 6 Month Move | 1 Year Move |
---|---|---|---|---|---|---|
2025-05-02 | ALSI | 91583.39 | 0.30 | 4.34 | 9.19 | 24.60 |
2025-05-02 | Basic minerals | 49949.87 | 0.26 | 2.05 | 16.65 | 14.94 |
2025-05-02 | Fin + Ind 30 | 12176.65 | 0.33 | 5.02 | 7.53 | 27.93 |
2025-05-02 | Financial | 50867.32 | -0.16 | 4.61 | 1.98 | 32.12 |
2025-05-02 | Industrial index | 137058.61 | 0.70 | 5.01 | 11.70 | 25.48 |
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 30 Apr 2025 | Performance –As at 2025/03/31 | |||
---|---|---|---|---|---|---|
1 year % | 3 year % | 5 year % | Inception % | |||
South African - Multi Asset - Low Equity | PSG Investment Management Cautious Fund of Funds Class D | 1.43 | 17.00 | 9.66 | 14.27 | 10.92 |
PSG Investment Management Cautious Fund of Funds Class D | 1.43 | 17.00 | 9.66 | 14.27 | 10.92 | |
PSG Stable Fund Class A | 1.77 | 13.12 | 9.13 | 13.91 | 8.59 | |
PSG Stable Fund Class E | 1.77 | 13.78 | 9.75 | 14.56 | 8.45 | |
PSG Wealth Preserver Fund of Funds Class D | 26.84 | 12.50 | 9.48 | 11.72 | 9.23 | |
South African - Multi Asset - High Equity | PSG Balanced Fund Class A | 108.20 | 16.12 | 11.91 | 19.12 | 12.86 |
PSG Balanced Fund Class A | 108.20 | 16.12 | 11.91 | 19.12 | 12.86 | |
PSG Balanced Fund Class E | 108.32 | 16.75 | 11.59 | 21.86 | 10.16 | |
PSG Investment Management Growth Fund of Funds Class D | 1.75 | 23.75 | 11.08 | 19.73 | 13.49 | |
PSG Wealth Moderate Fund of Funds Class D | 45.94 | 13.16 | 10.11 | 15.24 | 10.87 | |
South African - Multi Asset - Income | PSG Diversified Income Fund Class A | 1.36 | 12.09 | 9.46 | 9.54 | 8.06 |
PSG Diversified Income Fund Class A | 1.36 | 12.09 | 9.46 | 9.54 | 8.06 | |
PSG Diversified Income Fund Class E | 1.36 | 12.58 | 9.86 | 10.52 | 8.63 | |
PSG Investment Management Multi-Asset Income Fund of Funds Class D | 1.17 | 11.65 | 8.52 | 9.13 | 8.29 | |
PSG Wealth Income Fund of Funds Class D | 12.73 | 11.01 | 8.82 | 8.46 | 7.99 | |
South African - Equity - General | PSG Equity Fund Class A | 18.67 | 14.45 | 12.16 | 21.60 | 12.88 |
PSG Equity Fund Class A | 18.67 | 14.45 | 12.16 | 21.60 | 12.88 | |
PSG Equity Fund Class E | 18.73 | 17.81 | 10.99 | 24.39 | 9.35 | |
PSG Equity Fund Class F | 18.73 | 18.35 | 12.15 | 25.13 | 10.28 | |
PSG Investment Management Opportunity Equity Fund of Funds Class D | 1.24 | — | — | — | — | |
PSG Wealth Creator Fund of Funds Class D | 60.03 | 16.36 | 9.03 | 19.91 | 12.14 | |
South African - Equity - SA General | PSG SA Equity Class F | 1.92 | 28.87 | 12.03 | 27.91 | 8.56 |
PSG SA Equity Class F | 1.92 | 28.87 | 12.03 | 27.91 | 8.56 | |
South African - Interest Bearing - SA Money Market | PSG Money Market Fund Class A | 1.00 | 7.33 | 7.29 | 5.88 | 7.92 |
PSG Money Market Fund Class A | 1.00 | 7.33 | 7.29 | 5.88 | 7.92 | |
PSG Money Market Fund Class F | 1.00 | 8.35 | 7.72 | 6.27 | 5.54 | |
South African - Interest Bearing - Short Term | PSG Income Fund Class A | 1.10 | 9.86 | 8.16 | 7.67 | 7.30 |
PSG Income Fund Class A | 1.10 | 9.86 | 8.16 | 7.67 | 7.30 | |
PSG Income Fund Class E | 1.10 | 10.19 | 8.47 | 7.99 | 7.97 | |
PSG Wealth Enhanced Interest Fund of Funds Class D | 1.02 | 8.96 | 8.12 | 6.70 | 6.88 | |
South African - Interest Bearing - Variable Term | PSG Bond Fund Class A | 0.98 | — | — | — | — |
PSG Bond Fund Class A | 0.98 | — | — | — | — | |
South African - Multi Asset - Flexible | PSG Flexible Fund Class A | 8.87 | 13.26 | 11.39 | 19.89 | 11.34 |
PSG Flexible Fund Class A | 8.87 | 13.26 | 11.39 | 19.89 | 11.34 | |
PSG Flexible Fund Class E | 8.87 | 15.63 | 11.18 | 22.65 | 10.36 |
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 02 May 2025 | Performance –As at 2025/04/30 | |||
---|---|---|---|---|---|---|
1 year % | 3 year % | 5 year % | Inception % | |||
Global - Equity - General | PSG Global Equity Feeder Fund Class A | 4.86 | 0.61 | 12.15 | 21.37 | 12.12 |
PSG Global Equity Feeder Fund Class A | 4.86 | 0.61 | 12.15 | 21.37 | 12.12 | |
PSG Global Equity Feeder Fund Class E | 5.05 | 1.19 | 12.80 | 21.77 | 11.74 | |
PSG Wealth Global Creator Feeder Fund Class D | 4.79 | 1.09 | 13.05 | 13.90 | 14.41 | |
Global - Multi Asset - Flexible | PSG Global Flexible Feeder Fund Class A | 3.83 | 1.30 | 11.07 | 18.24 | 11.82 |
PSG Global Flexible Feeder Fund Class A | 3.83 | 1.30 | 11.07 | 18.24 | 11.82 | |
PSG Global Flexible Feeder Fund Class B | 4.05 | 1.89 | 11.71 | 18.60 | 12.33 | |
PSG Wealth Global Flexible Feeder Fund Class D | 5.11 | 3.35 | 10.52 | 8.74 | 10.79 | |
PSG Wealth Global Moderate Feeder Fund Class D | 5.15 | 1.43 | 10.75 | 8.40 | 11.91 | |
Global - Multi Asset - Low Equity | PSG Wealth Global Preserver Feeder Fund Class D | 1.60 | 2.04 | 10.95 | 5.79 | 6.73 |
PSG Wealth Global Preserver Feeder Fund Class D | 1.60 | 2.04 | 10.95 | 5.79 | 6.73 |
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 30 Apr 2025 | Performance –As at 2025/04/30 | |||
---|---|---|---|---|---|---|
1 year % | 3 year % | 5 year % | Inception % | |||
EAA Fund GBP Cautious Allocation | PSG Wealth Global Preserver FoF (GBP) Class D | 2.05 | 2.34 | 2.56 | 3.83 | 4.84 |
PSG Wealth Global Preserver FoF (GBP) Class D | 2.05 | 2.34 | 2.56 | 3.83 | 4.84 | |
EAA Fund GBP Flexible Allocation | PSG Wealth Global Flexible FoF (GBP) Class D | 3.85 | 3.99 | 3.02 | 7.25 | 9.03 |
PSG Wealth Global Flexible FoF (GBP) Class D | 3.85 | 3.99 | 3.02 | 7.25 | 9.03 | |
EAA Fund Global Flex-Cap Equity | PSG Global Equity Sub-Fund Class A | 2.26 | 4.38 | 4.07 | 20.36 | 5.77 |
PSG Global Equity Sub-Fund Class A | 2.26 | 4.38 | 4.07 | 20.36 | 5.77 | |
PSG Global Equity Sub-Fund Class B | 2.34 | 4.91 | 4.67 | 20.93 | 6.76 | |
EAA Fund Global Large-Cap Blend Equity | PSG Wealth Global Creator Fund of Funds Class D | 3.01 | 3.99 | 4.49 | 12.72 | 9.34 |
PSG Wealth Global Creator Fund of Funds Class D | 3.01 | 3.99 | 4.49 | 12.72 | 9.34 | |
EAA Fund USD Cautious Allocation | PSG Wealth Global Preserver FoF (USD) Class D | 1.76 | 5.05 | 2.52 | 4.79 | 3.63 |
PSG Wealth Global Preserver FoF (USD) Class D | 1.76 | 5.05 | 2.52 | 4.79 | 3.63 | |
EAA Fund USD Flexible Allocation | PSG Global Flexible Sub-Fund Class A | 19.90 | 4.87 | 3.22 | 17.80 | 5.71 |
PSG Global Flexible Sub-Fund Class A | 19.90 | 4.87 | 3.22 | 17.80 | 5.71 | |
PSG Global Flexible Sub-Fund Class B | 21.19 | 5.36 | 3.71 | 18.03 | 6.33 | |
PSG Investment Management Global Flexible Fund of Funds (Dollar) | 1.67 | 5.07 | 0.75 | 5.94 | 2.78 | |
PSG Wealth Global Flexible FoF (USD) Class D | 3.28 | 6.25 | 2.22 | 7.84 | 7.77 | |
EAA Fund USD Moderate Allocation | PSG Wealth Global Moderate Fund of Funds Class D | 2.13 | 4.40 | 2.35 | 7.59 | 5.18 |
PSG Wealth Global Moderate Fund of Funds Class D | 2.13 | 4.40 | 2.35 | 7.59 | 5.18 |
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 2025/05/02 | |||
---|---|---|---|---|
1 year % | 3 year % | 5 year % | Inception % | |
PSG Wealth Income Growth Equity Portfolio | 19.47 | 6.30 | 10.54 | 3.42 |
PSG Wealth Offshore Equity Portfolio (USD) | 6.92 | 5.61 | 10.76 | 10.92 |
PSG Wealth SA Equity Portfolio | 24.96 | 6.14 | 10.13 | 5.17 |
PSG Wealth SA Property Equity Portfolio | 32.17 | 13.96 | 18.93 | 0.28 |
* 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.
PPC’s largest segment is South Africa and Botswana:
a) Price increases should continue to help improve margins.
b) Increased construction from lower interest rates, improvement in infrastructure and thematic themes such as urbanisation could potentially help with industry growth. Volumes could also further benefit from expansion projects such as the R3 billion cement plan in the Western Cape. Thanks to its premium cement, the company can safeguard its market share against competitors offering lower-quality products, especially where quality is a priority for customers.
c) However, volumes are going to remain under pressure as competition remains high and exacerbated by price increases.
d) The real opportunity lies in government intervention: government spend (infrastructure plan), import tariffs and SOE performance.
International (Zimbabwe): The company switched to hard currency; the dollar cleans up reporting with no more hyper-inflation items.
Our valuation has an upside of 6% which supports our hold view. We value the company on a discounted cash flow basis which takes into account dividends received in international business. A high discount rate was applied due to inflationary pressure in Zimbabwe and uncertainty relating to supply demand dynamics in the cement industry.
On 13 March 2025, Standard Banks released its FY24 results. Highlights from the results were as follows:
1. Net interest income increased by 3% to R101 billion.
a) Average interest earning assets grew by 4%.
b) Net interest margin decreased from 4.94% to 4.90%.
2. Non-interest revenue (NIR), including insurance and asset management, increased by 1% to R80 billion.
a) Banking net fee and commission income (representing 40% of the total R80 billion) increased by 4% (11% in constant currency) due to client and volume growth combined with price increases.
b) Combined net income from insurance and asset management had strong growth (+11%) benefiting from positive market movements while insurance also benefitted from 14% growth in new business value.
c) Other gains and losses on financial instruments were a large detractor, with R1.7 billion decrease, impacted by assets being reclassified resulting in the related income being classified to net interest income in 2024.
Our research supports a buy recommendation.
Headline earnings increased by 20% to R8.8 billion, driven by higher results from operations, stronger shareholder investment returns, and a non-repeat of prior year once-off losses relating to IFRS 17 accounting transition. Our research supports a buy recommendation.
Date | Company | Share code | Expectation |
---|---|---|---|
05 May 2025 | Anheuser-Busch InBev SA/NV | ANH | Cash Dividend |
05 May 2025 | Newbelco Restricted Shares | UNBL | Cash Dividend |
07 May 2025 | Afrocentric Investment Corporation Limited | ACT | Cash Dividend |
07 May 2025 | Exxaro Resources Limited | EXX | Cash Dividend |
07 May 2025 | PSG Konsult Limited | KST | Cash Dividend |
07 May 2025 | Netcare Limited Cumulative, Non-Redeemable, Non Participating, Non-Convertible Preference Shares | NTCP | Cash Dividend |
07 May 2025 | RCL Foods Limited | RCL | Cash Dividend |
07 May 2025 | Trematon Capital Investments Limited | TMT | 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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