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25
March 2025
Wall Street rises as tariff concerns subside
Adriaan Pask
PSG Wealth
Wall Street surged on Monday as optimism grew that the Trump administration might take a more selective approach to tariffs, easing fears of a full-scale trade war. The S&P 500 jumped 1.80% to reach a two-week high, while the Nasdaq 100 gained 2.10% and the Dow Jones climbed 597 points. Tech stocks led the rally, with Nvidia and AMD rising 3.10% and 7%, respectively, while Tesla rebounded 11.90% after a series of declines.
In Europe, the DAX erased early gains to close slightly lower at 22 853, as investors analysed business activity data from major European economies and kept an eye on US trade policy developments. Reports suggested that upcoming US tariffs would be more focused and less severe than initially feared. However, President Donald Trump announced plans to impose duties on autos, aluminium and pharmaceuticals. Meanwhile, Germany’s private sector saw its strongest business activity growth in ten months, fuelled by a recovery in manufacturing production—the first in nearly two years. The FTSE 100 also ended slightly down at 8 638, as traders weighed US tariff concerns against a mixed UK PMI report.
In Asia, the Nikkei slipped 0.18% on Monday, closing at 37 608.49—marking its third consecutive decline—as concerns over President Donald Trump’s April 2 deadline for reciprocal tariffs dampened sentiment. Meanwhile, the Hang Seng closed at 0.93% (23 911.13), recovering from a subdued morning session. The rally was fuelled by strong gains in US futures after the Trump administration hinted at potential “flexibility” in tariffs ahead of the 2 April 2025 deadline. Markets also responded positively to Premier Li Qiang’s renewed commitment to proactive macroeconomic policies.
In South Africa, the FTSE/JSE All Share Index declined 0.60% on Monday, while the rand strengthened, gaining over 1% to trade at R18.17/$ by 18h00. Meanwhile, retail confidence dipped slightly in the first quarter of 2025, falling from 54% to 50%, according to the Bureau for Economic Research (BER). Despite the decline, confidence remains well above the long-term average.
Brent crude oil futures approached $73 per barrel, the highest in over three weeks, after President Trump proposed a 25% tariff on any country purchasing Venezuelan oil, intensifying tensions with the Maduro regime. China, a key buyer of Venezuelan crude, is expected to be significantly affected. Gold declined by 0.39%, closing at $3 014.06 per ounce.
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| Date | Index | Current Level | 1 Day Move | 1 Month Move | 6 Month Move | 1 Year Move |
|---|---|---|---|---|---|---|
| 2025-09-23 | ALSI | 105963.07 | -0.14 | 3.67 | 20.95 | 30.76 |
| 2025-09-23 | Basic minerals | 73514.09 | 2.26 | 19.96 | 52.54 | 84.72 |
| 2025-09-23 | Fin + Ind 30 | 12992.11 | -1.09 | -1.58 | 11.83 | 17.45 |
| 2025-09-23 | Financial | 54642.06 | -1.44 | -2.31 | 8.57 | 8.13 |
| 2025-09-23 | Industrial index | 148337.05 | -0.92 | -1.15 | 13.53 | 24.82 |
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 2025/08/31 | |||
|---|---|---|---|---|---|---|---|
| 1 year % | 3 year % | 5 year % | Inception % | ||||
| South African - Multi Asset - Low Equity | PSG Investment Management Cautious Fund of Funds Class D | 2025/08/31 | 1.51 | 14.52 | 12.46 | 13.53 | 11.51 |
| PSG Investment Management Cautious Fund of Funds Class D | 2025/08/31 | 1.51 | 14.52 | 12.46 | 13.53 | 11.51 | |
| PSG Stable Fund Class A | 2025/08/31 | 1.87 | 13.05 | 12.20 | 12.89 | 8.92 | |
| PSG Stable Fund Class E | 2025/08/31 | 1.88 | 13.69 | 12.84 | 13.54 | 8.85 | |
| PSG Wealth Preserver Fund of Funds Class D | 2025/08/31 | 28.02 | 14.19 | 12.31 | 10.88 | 9.50 | |
| South African - Multi Asset - High Equity | PSG Balanced Fund Class A | 2025/08/31 | 113.51 | 17.04 | 16.57 | 18.92 | 13.04 |
| PSG Balanced Fund Class A | 2025/08/31 | 113.51 | 17.04 | 16.57 | 18.92 | 13.04 | |
| PSG Balanced Fund Class E | 2025/08/31 | 113.58 | 17.71 | 17.24 | 19.60 | 10.75 | |
| PSG Investment Management Growth Fund of Funds Class D | 2025/08/31 | 1.93 | 19.26 | 15.86 | 18.34 | 14.51 | |
| PSG Wealth Moderate Fund of Funds Class D | 2025/08/31 | 49.95 | 18.83 | 14.87 | 13.76 | 11.29 | |
| South African - Multi Asset - Income | PSG Diversified Income Fund Class A | 2025/08/31 | 1.39 | 11.02 | 10.29 | 9.48 | 8.15 |
| PSG Diversified Income Fund Class A | 2025/08/31 | 1.39 | 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 | 2025/08/31 | 1.19 | 10.50 | 9.54 | 8.86 | 8.54 | |
| PSG Wealth Income Fund of Funds Class D | 2025/08/31 | 12.83 | 9.67 | 9.68 | 8.41 | 8.08 | |
| South African - Equity - General | PSG Equity Fund Class A | 2025/08/31 | 20.79 | 18.96 | 18.34 | 21.77 | 13.18 |
| PSG Equity Fund Class A | 2025/08/31 | 20.79 | 18.96 | 18.34 | 21.77 | 13.18 | |
| PSG Equity Fund Class E | 2025/08/31 | 20.84 | 19.77 | 17.90 | 21.60 | 10.14 | |
| PSG Equity Fund Class F | 2025/08/31 | 20.85 | 19.50 | 18.89 | 22.31 | 11.03 | |
| PSG Investment Management Opportunity Equity Fund of Funds Class D | 2025/08/31 | 1.42 | 22.87 | — | — | 20.50 | |
| PSG Wealth Creator Fund of Funds Class D | 2025/08/31 | 68.70 | 22.28 | 16.36 | 17.06 | 12.77 | |
| South African - Equity - SA General | PSG SA Equity Class F | 2025/08/31 | 2.11 | 23.38 | 19.70 | 24.51 | 9.50 |
| PSG SA Equity Class F | 2025/08/31 | 2.11 | 23.38 | 19.70 | 24.51 | 9.50 | |
| South African - Interest Bearing - SA Money Market | PSG Money Market Fund Class A | 2025/08/31 | 1.00 | 7.58 | 7.75 | 6.19 | 7.94 |
| PSG Money Market Fund Class A | 2025/08/31 | 1.00 | 7.58 | 7.75 | 6.19 | 7.94 | |
| PSG Money Market Fund Class F | 2025/08/31 | 1.00 | 7.89 | 8.06 | 6.47 | 5.61 | |
| South African - Interest Bearing - Short Term | PSG Income Fund Class A | 2025/08/31 | 1.12 | 9.50 | 8.65 | 7.47 | 7.37 |
| PSG Income Fund Class A | 2025/08/31 | 1.12 | 9.50 | 8.65 | 7.47 | 7.37 | |
| PSG Income Fund Class E | 2025/08/31 | 1.10 | 9.82 | 8.96 | 7.78 | 8.04 | |
| PSG Wealth Enhanced Interest Fund of Funds Class D | 2025/08/31 | 1.02 | 8.42 | 8.51 | 6.90 | 6.91 | |
| South African - Interest Bearing - Variable Term | PSG Bond Fund Class A | 2025/08/31 | 1.05 | — | — | — | 9.89 |
| PSG Bond Fund Class A | 2025/08/31 | 1.05 | — | — | — | 9.89 | |
| South African - Multi Asset - Flexible | PSG Flexible Fund Class A | 2025/08/31 | 9.66 | 16.32 | 16.17 | 19.76 | 11.56 |
| PSG Flexible Fund Class A | 2025/08/31 | 9.66 | 16.32 | 16.17 | 19.76 | 11.56 | |
| PSG Flexible Fund Class E | 2025/08/31 | 9.66 | 16.63 | 16.47 | 20.07 | 10.96 | |
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 2025/08/31 | |||
|---|---|---|---|---|---|---|---|
| 1 year % | 3 year % | 5 year % | Inception % | ||||
| Global - Equity - General | PSG Global Equity Feeder Fund Class A | 2025/08/31 | 5.50 | 18.41 | 16.55 | 17.83 | 12.61 |
| PSG Global Equity Feeder Fund Class A | 2025/08/31 | 5.50 | 18.41 | 16.55 | 17.83 | 12.61 | |
| PSG Global Equity Feeder Fund Class E | 2025/08/31 | 5.72 | 19.09 | 17.22 | 18.39 | 12.35 | |
| PSG Wealth Global Creator Feeder Fund Class D | 2025/08/31 | 5.13 | 11.40 | 15.90 | 10.17 | 14.53 | |
| Global - Multi Asset - Flexible | PSG Global Flexible Feeder Fund Class A | 2025/08/31 | 4.16 | 15.82 | 14.89 | 14.93 | 12.20 |
| PSG Global Flexible Feeder Fund Class A | 2025/08/31 | 4.16 | 15.82 | 14.89 | 14.93 | 12.20 | |
| PSG Global Flexible Feeder Fund Class B | 2025/08/31 | 4.40 | 16.49 | 15.55 | 15.48 | 12.71 | |
| PSG Wealth Global Flexible Feeder Fund Class D | 2025/08/31 | 5.21 | 10.51 | 10.18 | 5.93 | 10.73 | |
| PSG Wealth Global Moderate Feeder Fund Class D | 2025/08/31 | 5.37 | 9.51 | 10.83 | 6.84 | 11.97 | |
| Global - Multi Asset - Low Equity | PSG Wealth Global Preserver Feeder Fund Class D | 2025/08/31 | 1.60 | 6.77 | 7.95 | 4.79 | 6.51 |
| PSG Wealth Global Preserver Feeder Fund Class D | 2025/08/31 | 1.60 | 6.77 | 7.95 | 4.79 | 6.51 | |
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 2025/08/31 | |||
|---|---|---|---|---|---|---|---|
| 1 year % | 3 year % | 5 year % | Inception % | ||||
| EAA Fund GBP Cautious Allocation | PSG Wealth Global Preserver FoF (GBP) Class D | 2025/08/31 | 2.14 | 3.30 | 1.98 | 2.81 | 4.76 |
| PSG Wealth Global Preserver FoF (GBP) Class D | 2025/08/31 | 2.14 | 3.30 | 1.98 | 2.81 | 4.76 | |
| EAA Fund GBP Flexible Allocation | PSG Wealth Global Flexible FoF (GBP) Class D | 2025/08/31 | 4.10 | 7.25 | 4.59 | 4.78 | 9.05 |
| PSG Wealth Global Flexible FoF (GBP) Class D | 2025/08/31 | 4.10 | 7.25 | 4.59 | 4.78 | 9.05 | |
| EAA Fund Global Flex-Cap Equity | PSG Global Equity Sub-Fund Class A | 2025/08/31 | 2.72 | 19.41 | 15.86 | 16.80 | 6.66 |
| PSG Global Equity Sub-Fund Class A | 2025/08/31 | 2.72 | 19.41 | 15.86 | 16.80 | 6.66 | |
| PSG Global Equity Sub-Fund Class B | 2025/08/31 | 2.83 | 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 | 3.42 | 10.29 | 14.58 | 8.79 | 9.92 |
| PSG Wealth Global Creator Fund of Funds Class D | 2025/08/31 | 3.42 | 10.29 | 14.58 | 8.79 | 9.92 | |
| EAA Fund USD Cautious Allocation | PSG Wealth Global Preserver FoF (USD) Class D | 2025/08/31 | 1.87 | 6.66 | 6.67 | 3.54 | 3.86 |
| PSG Wealth Global Preserver FoF (USD) Class D | 2025/08/31 | 1.87 | 6.66 | 6.67 | 3.54 | 3.86 | |
| EAA Fund USD Flexible Allocation | PSG Global Flexible Sub-Fund Class A | 2025/08/31 | 22.96 | 16.79 | 14.23 | 14.17 | 6.61 |
| PSG Global Flexible Sub-Fund Class A | 2025/08/31 | 22.96 | 16.79 | 14.23 | 14.17 | 6.61 | |
| PSG Global Flexible Sub-Fund Class B | 2025/08/31 | 24.49 | 17.32 | 14.75 | 14.67 | 7.24 | |
| PSG Investment Management Global Flexible Fund of Funds (Dollar) | 2025/08/31 | 1.81 | 9.72 | 7.41 | 3.09 | 3.13 | |
| PSG Wealth Global Flexible FoF (USD) Class D | 2025/08/31 | 3.55 | 9.89 | 8.80 | 4.66 | 8.05 | |
| EAA Fund USD Moderate Allocation | PSG Wealth Global Moderate Fund of Funds Class D | 2025/08/31 | 2.36 | 8.70 | 9.39 | 5.49 | 5.71 |
| PSG Wealth Global Moderate Fund of Funds Class D | 2025/08/31 | 2.36 | 8.70 | 9.39 | 5.49 | 5.71 | |
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 2025/09/12 | |||
|---|---|---|---|---|
| 1 year % | 3 year % | 5 year % | Inception % | |
| PSG Wealth Income Growth Equity Portfolio | 12.66 | 12.29 | 12.75 | 4.35 |
| PSG Wealth Offshore Equity Portfolio (USD) | 14.39 | 11.37 | 9.96 | 11.56 |
| PSG Wealth SA Equity Portfolio | 28.08 | 12.95 | 12.69 | 6.50 |
| PSG Wealth SA Property Equity Portfolio | 15.16 | 20.52 | 22.04 | 1.27 |
* 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
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.
Sibanye Stillwater
- Sibanye Stillwater recently released a trading statement for the FY25 interim results, expected on 28 August 2025. Below are the key financial and operational performance highlights: Financial performance:
- HEPS: 180–200 SA cents expected (9.8–10.9 US cents), an increase of over 19x 1H24 (10 SA cents/0.5 US cents) — driven by higher SA gold profits and gold price.
- EPS loss: 120–133 SA cents (6.5–7.2 US cents), improved 55%–60% vs. 1H24 (259 SA cents/14 US cents loss).
- EPS loss due to US PGM and Keliber asset impairments (tax law changes, lower lithium prices).
- PGM (SA & US): Consistent year-on-year; 804 252 4Eoz (SA, incl. Mimosa), 840 046 4Eoz (total). Underground production remains steady, surface production down 30% due to rainfall. The recent price rally may boost future earnings.
- SA Gold: Down 13% to 300 191oz (production challenges), but 2H25 recovery expected.
- Century Zinc: 51.3kt payable zinc, up 22%.
- US PGM: 141 124 2Eoz, in line with guidance. Recycling feed down 10%, 3E PGM oz sold down 14%. Reldan: 63 992oz gold, 932 712oz silver, 8 020oz platinum, 11 557oz palladium, 1.5 million lb copper.
Corporate Actions
| Date | Company | Share code | Expectation |
|---|---|---|---|
| 23 September 2025 | Barloworld Limited | BAW | Tender offer |
| 23 September 2025 | Bid Corporation Limited | BID | Cash dividend |
| 23 September 2025 | The Bidvest Group Limited | BVT | Cash dividend |
| 23 September 2025 | Clientele Limited | CLI | Cash dividend |
| 23 September 2025 | Cashbuild Limited | CSB | Cash dividend |
| 23 September 2025 | Discovery Limited Preference Shares | DSBP | Cash dividend |
| 23 September 2025 | RCL Foods Limited | RCL | Cash dividend |
| 23 September 2025 | Remgro Limited | REM | Unbundling |
| 23 September 2025 | Shoprite Holdings Limited | SHP | Cash dividend |
| 23 September 2025 | Sun International Limited | SUI | Cash dividend |
| 23 September 2025 | Trellidor Holdings Limited | TRL | Cash dividend |
| 23 September 2025 | Woolworths Holdings Limited | WHL | Cash dividend |
| 25 September 2025 | BNP Paribas Issuance B.V. | ZA260 | Final redemption |
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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