Daily Investment Update

The US Federal Reserve held interest rates steady at 4.25%–4.50% for a fourth straight meeting in June 2025, aligning with market expectations. Policymakers remain cautious as they assess the broader economic effects of President Donald Trump’s policies, particularly on tariffs, immigration  and tax reform. Despite holding rates, officials still anticipate two rate cuts later this year. US equity markets erased earlier gains by late afternoon, with investors weighing the Fed’s stance and rising geopolitical risks. The S&P 500, Dow Jones, and Nasdaq 100 all ended marginally lower after earlier climbing as much as 0.50%.

In Europe, stock markets fluctuated throughout the day and closed slightly lower as investors digested global monetary policy signals, trade-related uncertainties and heightened tensions in the Middle East. The Eurozone’s STOXX 50 and the broader STOXX 600 each slipped 0.40%, finishing at  5 270 and 540, respectively. President Trump mentioned that Iran had made contact to discuss easing attacks from Israel, though his hawkish tone persisted.

Locally, the JSE All Share Index ended 0.35% higher on Wednesday, buoyed by steady inflation data. South Africa’s annual inflation rate remained at 2.80% in May—the same as April’s five-year low—while monthly CPI rose just 0.20%, slightly below the 0.30% recorded in April. Core inflation also held at 3%, the lowest since July 2021.

In Asia, the Hang Seng fell 1.10% to 23 711, declining for a second session as hopes for de-escalation in the Middle East faded. Meanwhile, Japan’s Nikkei 225 rose 0.90% to a four-month high, helped by weaker economic data that reduced pressure on the Bank of Japan to raise rates. 

In commodities, Brent crude dropped over 1% to $75.20, retreating from session highs on signs of possible US-Iran dialogue.

Navigation

ALBI (R) 1162.57 0.06 Brent Oil ($) 77.13 0.56 Gold ($) 3372.25 0.09 Platinum ($) 1341.32 1.48 Rand/EUR 20.67 0.05 Rand/GBP 24.17 0.00 Rand/USD 18.03 -0.26

Market indicators

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Date Index Current Level 1 Day Move 1 Month Move 6 Month Move 1 Year Move
2025-06-19 ALSI 94992.81 0.35 2.66 12.90 23.34
2025-06-19 Basic minerals 54682.27 0.63 15.87 41.06 36.50
2025-06-19 Fin + Ind 30 12441.14 0.28 -0.74 6.78 20.24
2025-06-19 Financial 50973.19 0.00 -2.01 0.90 14.67
2025-06-19 Industrial index 142050.74 0.48 -0.02 11.24 24.14

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 nameNAV (Rands)
at 17 Jun 2025
Performance –As at 2025/05/31
1 year %3 year %5 year %Inception %
South African - Multi Asset - Low Equity PSG Investment Management Cautious Fund of Funds  Class D 1.48 17.23 10.61 14.01 11.29
PSG Stable Fund Class A 1.83 13.87 9.98 12.97 8.73
PSG Stable Fund Class E 1.83 14.52 10.62 13.62 8.62
PSG Wealth Preserver Fund of Funds Class D 27.44 15.20 10.75 10.84 9.38
South African - Multi Asset - High Equity PSG Balanced Fund Class A 113.14 17.75 12.53 19.92 12.94
PSG Balanced Fund Class E 113.35 18.43 13.18 20.60 10.48
PSG Investment Management Growth Fund of Funds  Class D 1.85 24.05 12.69 19.19 14.13
PSG Wealth Moderate Fund of Funds Class D 47.56 17.67 12.51 14.13 11.14
South African - Multi Asset - Income PSG Diversified Income Fund Class A 1.37 12.65 9.56 9.37 8.09
PSG Diversified Income Fund Class E 1.37 13.36 10.26 9.99 8.71
PSG Investment Management Multi-Asset Income Fund  of Funds Class D 1.18 11.86 8.91 9.01 8.43
PSG Wealth Income Fund of Funds Class D 12.65 11.16 9.05 8.20 8.01
South African - Equity - General PSG Equity Fund Class A 19.78 17.75 13.15 22.80 13.01
PSG Equity Fund Class E 19.87 18.08 12.58 22.61 9.68
PSG Equity Fund Class F 19.86 18.28 13.67 23.33 10.59
PSG Investment Management Opportunity Equity Fund of Funds Class D 1.28
PSG Wealth Creator Fund of Funds Class D 62.86 19.87 11.90 17.96 12.47
South African - Equity - SA General PSG SA Equity Class F 2.01 29.31 14.49 26.34 9.07
South African - Interest Bearing - SA Money Market PSG Money Market Fund Class A 1.00 7.86 7.57 6.04 7.94
PSG Money Market Fund Class F 1.00 8.17 7.88 6.32 5.57
South African - Interest Bearing - Short Term PSG Income Fund Class A 1.09 9.90 8.32 7.49 7.32
PSG Income Fund Class E 1.09 10.21 8.63 7.80 7.99
PSG Wealth Enhanced Interest Fund of Funds Class D 1.02 8.73 8.30 6.75 6.89
South African - Interest Bearing - Variable Term PSG Bond Fund Class A 1.03
South African - Multi Asset - Flexible PSG Flexible Fund Class A 9.32 15.80 12.06 20.87 11.44
PSG Flexible Fund Class E 9.33 16.10 12.36 21.18 10.66

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 nameNAV (Rands)
at 18 Jun 2025
Performance –As at 2025/05/31
1 year %3 year %5 year %Inception %
Global - Equity - General PSG Global Equity Feeder Fund Class A 5.33 1.97 11.94 18.39 12.24
PSG Global Equity Feeder Fund Class E 5.54 2.55 12.58 18.89 11.89
PSG Wealth Global Creator Feeder Fund Class D 5.02 5.91 15.42 11.37 14.46
Global - Multi Asset - Flexible PSG Global Flexible Feeder Fund Class A 4.11 2.98 11.05 15.81 11.97
PSG Global Flexible Feeder Fund Class B 4.34 3.57 11.69 16.29 12.48
PSG Wealth Global Flexible Feeder Fund Class D 5.20 6.04 10.67 6.84 10.70
PSG Wealth Global Moderate Feeder Fund Class D 5.30 4.32 10.62 7.14 11.86
Global - Multi Asset - Low Equity PSG Wealth Global Preserver Feeder Fund Class D 1.61 2.45 8.90 4.38 6.40

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 nameNAV (Rands)
at 17 Jun 2025
Performance –As at 2025/05/31
1 year %3 year %5 year %Inception %
EAA Fund GBP Cautious Allocation PSG Wealth Global Preserver FoF (GBP) Class D 2.07 0.98 1.82 1.93 4.64
EAA Fund GBP Flexible Allocation PSG Wealth Global Flexible FoF (GBP) Class D 3.94 5.28 4.11 4.75 8.93
EAA Fund Global Flex-Cap Equity PSG Global Equity Sub-Fund Class A 2.52 6.49 7.75 18.48 6.12
PSG Global Equity Sub-Fund Class B 2.62 7.02 8.36 19.08 7.51
EAA Fund Global Large-Cap Blend Equity PSG Wealth Global Creator Fund of Funds Class D 3.21 9.90 10.17 10.53 9.65
EAA Fund USD Cautious Allocation PSG Wealth Global Preserver FoF (USD) Class D 1.80 6.88 4.16 3.78 3.70
EAA Fund USD Flexible Allocation PSG Global Flexible Sub-Fund Class A 21.69 7.36 6.96 16.18 6.13
PSG Global Flexible Sub-Fund Class B 23.11 7.85 7.46 16.55 6.76
PSG Investment Management Global Flexible Fund of Funds (Dollar) 1.74 8.72 4.28 4.36 2.94
PSG Wealth Global Flexible FoF (USD) Class D 3.39 10.19 5.70 6.17 7.90
EAA Fund USD Moderate Allocation PSG Wealth Global Moderate Fund of Funds Class D 2.23 8.43 5.69 6.42 5.41

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 2025/06/19
1 year %3 year %5 year %Inception %
PSG Wealth Income Growth Equity Portfolio 10.80 10.64 10.04 3.55
PSG Wealth Offshore Equity Portfolio (USD) 9.72 10.18 10.34 11.18
PSG Wealth SA Equity Portfolio 21.88 10.66 9.95 5.57
PSG Wealth SA Property Equity Portfolio 22.20 17.05 15.56 0.35

* 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

British American Tobacco full year results for FY24.

  • On 13 February 2025, British American Tobacco released full year results for FY24.
     
    • Total revenue declined 6.4% to £25.9 billion, due to regulatory issues in Bangladesh and Australia as well as larger than expected decline in cigarette volumes in the US. DEPS was up 2% to 2400.24 p/share.
    • Combustibles revenue was flat with price increases of 5.3% offsetting volume declines of 5.2%.
    • Profit from operations came in £2.7 billion impacted by a once off £6.2 billion charge related to provisioning for the settlement in Canada.
    • NGPs increased by £251 million and now have a contribution margin of 7.1%.
    • Adjusted net debt/EBITDA now sits at 2.44x, below the target of 2.54x.
    • A mixed bag of category performance with vapour disappointing at -5%, but Modern Oral growing at 46%, ahead of expectations.
    • Guidance remained unchanged at 1% revenue growth and share buybacks continue. Management guided for £700 million in FY24 (now completed) and a further £900 million in FY25. (Subsequently a further £200 million in share buybacks has been announced taking the total to £1.1 billion).
    Our research supports hold recommendation.

Renergen’s FY25 results for the period ending 28 February 2025

  • In this report, we review Renergen’s FY25 results for the period ending 28 February 2025, released on 19 May 2025, as well as the offer by ASP Isotopes Inc to purchase all the outstanding shares of Renergen. Financials: Revenue improved by 80%, from R29 million in FY24 to R52.1 million in FY25. The increase was driven by improved production and higher LNG prices. Cost of sales rose by R61.3 million to R80.2 million, mainly due the following:
    • Depreciation increased by R32.7 million.
    • Fuel and lubrication costs rose by R9.7 million, due to a larger asset base leading to increased machine hours.
    • Utility costs increased by R14.7 million, impacted by increased machine hours and the commissioning of the LHe production plant.
    Our research supports a sell recommendation.

Harmony Gold’s interim results for the period ended 31 December 2024

  • In this report, we review Harmony Gold’s interim results for the period ended 31 December 2024, released in March 2025, alongside the current global macroeconomic environment. Financial:

    • Gold revenue increased from R29 705 million to R35 447 million, an increase of 19% over the period.
    • Headline earnings per share increased by 33% to 1 270 cents in 1H25, up from 956 cents in 1H24.
    • An interim dividend of 227 cents was reported for 1H25.
    • AISC increased by 20% from $1 403/oz (R843 043/kg) to $1 686/oz (R972 261/kg) mainly due to inflationary cost increases in operations and lower production numbers. The AISC remains well within the guidance provided by management, as outlined below.
    • The average gold price received improved by 28% to $2 437/oz during the period.

Corporate Actions

Date Company Share code Expectation
25 June 2025 British American Tobacco Plc BTI

Cash Dividend

25 June 2025 Fairvest Limited A SharesFTA

Cash Dividend

25 June 2025 Fairvest Limited B SharesFTB

Cash Dividend

25 June 2025 Oceana Group LimitedOCE

Cash Dividend

25 June 2025 PPC LimitedPPC

Cash Dividend

25 June 2025 Reunert Limited RLO

Cash Dividend

25 June 2025 Sirius Real Estate LimitedSRE

DRIP

25 June 2025 Sygnia Limited SYG

Cash Dividend

25 June 2025 SAB Zenzele Kabili Holdings Limited SZK

Special 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.

PSG Financial Services +27 (21) 918 7800

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