Daily Investment Update

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Wall Street climbed on Tuesday, led by gains in tech and healthcare. Nvidia surged ahead of its earnings, boosting optimism that strong results could sustain the rally due to its S&P 500 weight and role in the AI boom. Eli Lilly also jumped after its experimental diabetes drug showed significant weight-loss benefits. These gains offset declines in energy and consumer staples, though markets remained cautious as President Trump’s removal of Federal Reserve (Fed) Governor Lisa Cook raised concerns about central bank independence.

European stocks closed lower, with the STOXX 50 down 1.10%. France led the decline as political turmoil intensified after Prime Minister François Bayrou called a confidence vote on 8 September that could topple his government. The CAC 40 slipped 1.60%, weighing on regional benchmarks, while London’s FTSE 100 fell 0.60% on its first day back from a holiday. Opposition parties—including the far-right National Rally, France Unbowed, and the Greens—have pledged to vote against Bayrou, leaving his administration on shaky ground. Broader sentiment across Europe remains fragile amid weak growth and persistent geopolitical risks.

Chinese stocks ended mixed on Tuesday, with the Shanghai Composite Index down 0.39% at 3 868 points and the Shenzhen Component up 0.26% at 12 473. Renewed trade tensions weighed on sentiment after Trump threatened to impose “200% tariffs or something” on rare-earth magnet exports from China. Still, equities have rallied sharply this month, with the Shanghai Composite touching its highest level since 2015. Analysts attribute the momentum partly to China’s 160 trillion yuan in household savings shifting from real estate into equities, particularly in technology-driven sectors such as semiconductors and renewables.

South African markets slipped, with the FTSE/JSE All Share Index closing at 102 433.16 points, down 0.53% amid global risk-off sentiment. The rand eased to around R17.61 against the US dollar from a nine-month high on 22 August as investors booked profits, though it was supported by rising gold prices and a softer dollar. Expectations of US rate cuts also helped, narrowing the yield gap with South Africa and making local assets more attractive.

Commodity markets were mixed, with gold climbing to a two-week high of $3 388.60 per ounce as investors sought safe-haven assets amid concerns over the Fed’s independence following President Trump’s dismissal of Governor Lisa Cook and expectations of future rate cuts. Crude oil, however, fell 2.40% to around $63 per barrel, pressured by weaker risk sentiment, though prices remained within the $62–$65 range seen throughout the month.

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ALBI (R) 1216.86 -0.05 Brent Oil ($) 67.30 0.12 Gold ($) 3377.83 -0.46 Platinum ($) 1354.61 -0.05 Rand/EUR 20.50 -0.06 Rand/GBP 23.74 -0.14 Rand/USD 17.64 -0.14

Market indicators

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Date Index Current Level 1 Day Move 1 Month Move 6 Month Move 1 Year Move
2025-08-27 ALSI 102433.16 -0.53 3.71 18.20 25.92
2025-08-27 Basic minerals 62906.30 0.50 8.15 47.04 50.54
2025-08-27 Fin + Ind 30 13118.36 -0.90 2.21 11.03 19.52
2025-08-27 Financial 53890.05 -1.11 3.12 8.35 11.00
2025-08-27 Industrial index 149519.04 -0.74 1.39 12.31 25.71

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 25 Aug 2025
Performance –As at 2025/07/31
1 year %3 year %5 year %Inception %
South African - Multi Asset - Low Equity PSG Investment Management Cautious Fund of Funds  Class D 1.53 15.40 12.55 13.88 11.55
PSG Stable Fund Class A 1.88 13.46 12.12 13.43 8.91
PSG Stable Fund Class E 1.89 14.11 12.77 14.08 8.84
PSG Wealth Preserver Fund of Funds Class D 28.41 14.60 12.16 11.00 9.49
South African - Multi Asset - High Equity PSG Balanced Fund Class A 117.07 17.94 16.88 20.03 13.08
PSG Balanced Fund Class E 117.41 18.61 17.56 20.72 10.82
PSG Investment Management Growth Fund of Funds  Class D 1.93 20.81 16.00 18.99 14.60
PSG Wealth Moderate Fund of Funds Class D 49.71 18.74 14.61 13.95 11.29
South African - Multi Asset - Income PSG Diversified Income Fund Class A 1.40 11.61 10.20 9.48 8.14
PSG Diversified Income Fund Class E 1.40 12.32 10.90 10.10 8.80
PSG Investment Management Multi-Asset Income Fund  of Funds Class D 1.20 10.92 9.55 8.93 8.53
PSG Wealth Income Fund of Funds Class D 12.96 10.17 9.63 8.42 8.07
South African - Equity - General PSG Equity Fund Class A 20.78 18.12 18.43 22.64 13.18
PSG Equity Fund Class E 20.90 18.73 17.93 22.46 10.12
PSG Equity Fund Class F 20.88 18.66 18.97 23.18 11.02
PSG Investment Management Opportunity Equity Fund of Funds Class D 1.40
PSG Wealth Creator Fund of Funds Class D 67.48 20.94 15.46 16.90 12.70
South African - Equity - SA General PSG SA Equity Class F 2.14 25.38 19.74 25.25 9.51
South African - Interest Bearing - SA Money Market PSG Money Market Fund Class A 1.00 7.68 7.70 6.14 7.94
PSG Money Market Fund Class F 1.00 7.99 8.01 6.42 5.59
South African - Interest Bearing - Short Term PSG Income Fund Class A 1.11 9.71 8.67 7.47 7.36
PSG Income Fund Class E 1.11 10.03 8.98 7.78 8.03
PSG Wealth Enhanced Interest Fund of Funds Class D 1.02 8.53 8.48 6.85 6.91
South African - Interest Bearing - Variable Term PSG Bond Fund Class A 1.08
South African - Multi Asset - Flexible PSG Flexible Fund Class A 9.67 15.72 16.42 20.65 11.57
PSG Flexible Fund Class E 9.68 16.03 16.73 20.96 10.97

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 26 Aug 2025
Performance –As at 2025/07/31
1 year %3 year %5 year %Inception %
Global - Equity - General PSG Global Equity Feeder Fund Class A 5.49 15.19 16.87 19.25 12.67
PSG Global Equity Feeder Fund Class E 5.71 15.85 17.55 19.78 12.42
PSG Wealth Global Creator Feeder Fund Class D 5.13 12.38 16.92 11.43 14.72
Global - Multi Asset - Flexible PSG Global Flexible Feeder Fund Class A 4.16 13.23 15.13 16.20 12.28
PSG Global Flexible Feeder Fund Class B 4.41 13.89 15.79 16.71 12.80
PSG Wealth Global Flexible Feeder Fund Class D 5.26 10.48 11.02 6.69 10.90
PSG Wealth Global Moderate Feeder Fund Class D 5.38 10.25 11.81 7.50 12.12
Global - Multi Asset - Low Equity PSG Wealth Global Preserver Feeder Fund Class D 1.62 6.35 9.34 5.07 6.75

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 25 Aug 2025
Performance –As at 2025/07/31
1 year %3 year %5 year %Inception %
EAA Fund GBP Cautious Allocation PSG Wealth Global Preserver FoF (GBP) Class D 2.13 3.21 3.01 2.98 4.84
EAA Fund GBP Flexible Allocation PSG Wealth Global Flexible FoF (GBP) Class D 4.09 7.31 5.08 5.31 9.12
EAA Fund Global Flex-Cap Equity PSG Global Equity Sub-Fund Class A 2.66 12.37 12.54 17.71 6.37
PSG Global Equity Sub-Fund Class B 2.77 12.94 13.17 18.33 8.03
EAA Fund Global Large-Cap Blend Equity PSG Wealth Global Creator Fund of Funds Class D 3.36 11.33 12.65 9.67 9.84
EAA Fund USD Cautious Allocation PSG Wealth Global Preserver FoF (USD) Class D 1.85 6.57 5.76 3.54 3.81
EAA Fund USD Flexible Allocation PSG Global Flexible Sub-Fund Class A 22.55 10.91 11.00 15.00 6.29
PSG Global Flexible Sub-Fund Class B 24.05 11.41 11.51 15.45 6.91
PSG Investment Management Global Flexible Fund of Funds (Dollar) 1.80 9.08 5.83 3.45 3.05
PSG Wealth Global Flexible FoF (USD) Class D 3.51 9.95 7.25 5.17 8.00
EAA Fund USD Moderate Allocation PSG Wealth Global Moderate Fund of Funds Class D 2.32 9.30 7.82 5.82 5.62

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 2025/08/26
1 year %3 year %5 year %Inception %
PSG Wealth Income Growth Equity Portfolio 14.13 11.94 12.44 4.48
PSG Wealth Offshore Equity Portfolio (USD) 13.05 11.03 9.68 11.61
PSG Wealth SA Equity Portfolio 24.95 11.88 11.92 6.30
PSG Wealth SA Property Equity Portfolio 25.65 19.71 20.33 1.34

* 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

Harmony Gold

  • In this report, we review Harmony Gold’s most recent released statement on production, grade, and cost guidance for FY25. The information includes: Harmony Gold expects to meet FY25 guidance on production, grade, and costs. FY25 production expected between 1 400 000 and 1 500 000 ounces (in line with guidance). All-in-sustaining costs (AISC) to fall within R1 020 000/kg to R1 100 000/kg guidance range. Underground recovered grades will surpass guided 6g/t. Total capital expenditure will be slightly below the R10.8 billion guidance. Highlights for FY25 include:
    • Achieving or beating all guidance metrics for the 10th consecutive year.
    • Record interim dividend of R1.4 billion.
    • Potential acquisition of MAC Copper in Australia, which would add over 40 000 tonnes of annual copper production (pending conclusion in H2 2025).
    • On-time and on-budget completion of Mine Waste Solutions extension project (Phase 1).
    • MSCI ESG rating upgraded to BB (from B) in June 2025 due to sustainable mining practices.

Renergen Limited

  • This report provides a summary of the Renergen and ASPI offer, along with the latest developments related to it. ASPI has made a firm offer to buy all shares of Renergen. This offer is planned to happen through a formal arrangement between Renergen and its shareholders. If this arrangement does not go through, there is a backup “standby offer” that can be used instead. A detailed document explaining the offer and setting out the meeting details was sent to all Renergen shareholders listed as of 30 May 2025. This document explains how the offer will work and what conditions need to be met for it to proceed. If the main arrangement is successful: 
    •    Shareholders will receive new shares from ASPI according to a set exchange rate. 
    •    ASPI will take full ownership of Renergen 
    •    Renergen Shares will be delisted from the JSE, A2X and ASX. 
    If the arrangement fails because certain conditions are not met, the standby offer will open. This backup offer will have the same terms as the original one and shareholders will be informed when it becomes available. Our research supports a sell recommendation.

South Africa’s largest retailer, Shoprite, remains a market leader with ongoing growth and expansion

  • At current levels, the stock trades below historical price multiples and presents an upside to our intrinsic value. Shoprite is a high-quality SA retailer as evidenced by:
    • Internal price inflation for the period averaged just 1.9%. This reflects Shoprite’s commitment to affordability and its ability to pass on cost savings to consumers, which should help with future volume growth.
    • Shoprite’s consistent margin expansion, driven by pricing power and operational efficiency, underscores its ability to preserve profitability while maintaining affordability, solidifying its value-driven market leadership.
    • Successful platforms like Sixty60 and Xtra Savings have boosted transaction values and customer loyalty, reinforcing margin resilience and evidencing management’s innovation.
    • The group’s consistent rollout of new stores across various formats, without compromising operational efficiency or margin integrity, reinforces its ability to capture market share, drive top-line growth, and deliver long-term shareholder value.
    • South Africa’s recent shift to lower interest rates and a subdued inflation environment creates a supportive backdrop for consumer-focused businesses like Shoprite.
    Our research supports a buy recommendation

Corporate Actions

Date Company Share code Expectation
27 August 2025 AECI Limited AFE

Cash dividend

27 August 2025 Alphamin Resources Corp APH

Cash dividend

27 August 2025 AFRICAN RAINBOW CAP INVESTMENTS LTD ARC

Tender offer

27 August 2025 Argent Industrial Limited ART

Cash dividend

27 August 2025 Glencor PlcGLN

Share premium distribution

27 August 2025 Mpact Limited MPT

Cash dividend

27 August 2025 NEWWAVE EURO EXCHANGE TRADED NOTESNEWEUR

Interest payment

27 August 2025 NEWWAVE GBP EXCHANGE TRADED NOTESNEWGBP

Interest payment

27 August 2025 NEWWAVE USD EXCHANGE TRADED NOTESNEWUSD

Interest payment

27 August 2025 Quilter Plc QLT

Cash dividend

27 August 2025 Weaver Fintech Ltd WVR

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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