02
June 2025
Markets mixed on signs of easing inflation
Adriaan Pask
PSG Wealth
Global markets fluctuated on Friday, closing a turbulent yet upbeat May as investors reacted to renewed US-China trade friction and signs of easing inflation. The S&P 500 ended flat after recovering from a steep dip, the Nasdaq fell 0.40%, and the Dow edged up by 53 points. Tensions escalated after President Trump accused China of violating a trade deal, with reports suggesting more US tech restrictions could be on the way. The Federal Reserve’s preferred inflation gauge showed signs of cooling, providing some relief. Despite the volatility, May was a strong month: the S&P 500 rose 6.20%, the Nasdaq surged 9.60%, and the Dow climbed 3.90%.
In Europe, Germany’s DAX rose 0.60% Friday and posted a 7.10% monthly gain, its best since January, as softer inflation data supported expectations of an ECB rate cut.
Back home, the JSE closed 0.42% lower, and the rand weakened 1.36% to R18.03/$ amid global trade jitters.
In Asia, both the Nikkei and Shanghai Composite fell 1.22% and 0.47% respectively, on concerns over stalled US-China negotiations. A US court ruling reinstating Trump-era global tariffs also shook sentiment.
Gold hovered at $3 300/oz, poised for a weekly loss as strong US economic data curbed safe-haven demand despite trade war fears.
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Market indicators
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| Date | Index | Current Level | 1 Day Move | 1 Month Move | 6 Month Move | 1 Year Move |
|---|---|---|---|---|---|---|
| 2025-06-02 | ALSI | 94330.84 | -0.42 | 3.14 | 13.69 | 27.30 |
| 2025-06-02 | Basic minerals | 51247.64 | -0.87 | 2.65 | 28.56 | 17.26 |
| 2025-06-02 | Fin + Ind 30 | 12562.32 | -0.29 | 3.30 | 10.45 | 30.89 |
| 2025-06-02 | Financial | 51997.77 | -0.22 | 2.47 | 4.01 | 35.54 |
| 2025-06-02 | Industrial index | 142368.95 | -0.35 | 3.92 | 15.48 | 28.26 |
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 | NAV (Rands) at 29 May 2025 | Performance –As at 2025/04/30 | |||
|---|---|---|---|---|---|---|
| 1 year % | 3 year % | 5 year % | Inception % | |||
| South African - Multi Asset - Low Equity | PSG Investment Management Cautious Fund of Funds Class D | 1.47 | 15.54 | 10.06 | 13.37 | 10.96 |
| PSG Investment Management Cautious Fund of Funds Class D | 1.47 | 15.54 | 10.06 | 13.37 | 10.96 | |
| PSG Stable Fund Class A | 1.80 | 13.37 | 9.74 | 12.97 | 8.66 | |
| PSG Stable Fund Class E | 1.80 | 14.02 | 10.38 | 13.61 | 8.53 | |
| PSG Wealth Preserver Fund of Funds Class D | 27.16 | 14.43 | 10.26 | 10.79 | 9.32 | |
| South African - Multi Asset - High Equity | PSG Balanced Fund Class A | 110.69 | 16.12 | 11.91 | 19.12 | 12.86 |
| PSG Balanced Fund Class A | 110.69 | 16.12 | 11.91 | 19.12 | 12.86 | |
| PSG Balanced Fund Class E | 110.86 | 16.79 | 12.55 | 19.80 | 10.28 | |
| PSG Investment Management Growth Fund of Funds Class D | 1.83 | 20.83 | 11.73 | 18.06 | 13.55 | |
| PSG Wealth Moderate Fund of Funds Class D | 47.07 | 16.08 | 11.43 | 13.62 | 11.01 | |
| South African - Multi Asset - Income | PSG Diversified Income Fund Class A | 1.38 | 12.09 | 9.46 | 9.54 | 8.06 |
| PSG Diversified Income Fund Class A | 1.38 | 12.09 | 9.46 | 9.54 | 8.06 | |
| PSG Diversified Income Fund Class E | 1.38 | 12.80 | 10.15 | 10.16 | 8.66 | |
| PSG Investment Management Multi-Asset Income Fund of Funds Class D | 1.19 | 11.41 | 8.75 | 8.97 | 8.33 | |
| PSG Wealth Income Fund of Funds Class D | 12.82 | 10.93 | 8.91 | 8.33 | 7.99 | |
| South African - Equity - General | PSG Equity Fund Class A | 19.25 | 14.45 | 12.16 | 21.60 | 12.88 |
| PSG Equity Fund Class A | 19.25 | 14.45 | 12.16 | 21.60 | 12.88 | |
| PSG Equity Fund Class E | 19.33 | 14.66 | 11.56 | 21.42 | 9.35 | |
| PSG Equity Fund Class F | 19.32 | 14.97 | 12.68 | 22.13 | 10.27 | |
| PSG Investment Management Opportunity Equity Fund of Funds Class D | 1.28 | — | — | — | — | |
| PSG Wealth Creator Fund of Funds Class D | 62.48 | 17.07 | 10.70 | 17.04 | 12.27 | |
| South African - Equity - SA General | PSG SA Equity Class F | 1.99 | 24.72 | 13.04 | 25.59 | 8.65 |
| PSG SA Equity Class F | 1.99 | 24.72 | 13.04 | 25.59 | 8.65 | |
| South African - Interest Bearing - SA Money Market | PSG Money Market Fund Class A | 1.00 | 7.22 | 7.36 | 5.91 | 7.92 |
| PSG Money Market Fund Class A | 1.00 | 7.22 | 7.36 | 5.91 | 7.92 | |
| PSG Money Market Fund Class F | 1.00 | 7.50 | 7.66 | 6.19 | 5.51 | |
| South African - Interest Bearing - Short Term | PSG Income Fund Class A | 1.10 | 9.92 | 8.30 | 7.59 | 7.31 |
| PSG Income Fund Class A | 1.10 | 9.92 | 8.30 | 7.59 | 7.31 | |
| PSG Income Fund Class E | 1.10 | 10.24 | 8.62 | 7.90 | 7.98 | |
| PSG Wealth Enhanced Interest Fund of Funds Class D | 1.02 | 8.83 | 8.21 | 6.72 | 6.89 | |
| South African - Interest Bearing - Variable Term | PSG Bond Fund Class A | 1.01 | — | — | — | — |
| PSG Bond Fund Class A | 1.01 | — | — | — | — | |
| South African - Multi Asset - Flexible | PSG Flexible Fund Class A | 9.09 | 13.26 | 11.39 | 19.89 | 11.34 |
| PSG Flexible Fund Class A | 9.09 | 13.26 | 11.39 | 19.89 | 11.34 | |
| PSG Flexible Fund Class E | 9.10 | 13.55 | 11.69 | 20.20 | 10.42 | |
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 | NAV (Rands) at 30 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 | 5.08 | 0.22 | 11.73 | 16.95 | 12.11 |
| PSG Global Equity Feeder Fund Class A | 5.08 | 0.22 | 11.73 | 16.95 | 12.11 | |
| PSG Global Equity Feeder Fund Class E | 5.28 | 0.79 | 12.37 | 17.47 | 11.73 | |
| PSG Wealth Global Creator Feeder Fund Class D | 4.95 | 5.25 | 14.36 | 11.39 | 14.39 | |
| Global - Multi Asset - Flexible | PSG Global Flexible Feeder Fund Class A | 3.94 | 2.17 | 11.25 | 14.84 | 11.94 |
| PSG Global Flexible Feeder Fund Class A | 3.94 | 2.17 | 11.25 | 14.84 | 11.94 | |
| PSG Global Flexible Feeder Fund Class B | 4.17 | 2.76 | 11.89 | 15.33 | 12.45 | |
| PSG Wealth Global Flexible Feeder Fund Class D | 5.13 | 7.60 | 10.58 | 7.05 | 10.84 | |
| PSG Wealth Global Moderate Feeder Fund Class D | 5.19 | 6.40 | 10.73 | 6.97 | 11.99 | |
| Global - Multi Asset - Low Equity | PSG Wealth Global Preserver Feeder Fund Class D | 1.58 | 5.27 | 9.53 | 4.59 | 6.83 |
| PSG Wealth Global Preserver Feeder Fund Class D | 1.58 | 5.27 | 9.53 | 4.59 | 6.83 | |
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 | NAV (Rands) at 29 May 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 | -0.04 | 1.45 | 2.68 | 4.63 |
| PSG Wealth Global Preserver FoF (GBP) Class D | 2.05 | -0.04 | 1.45 | 2.68 | 4.63 | |
| EAA Fund GBP Flexible Allocation | PSG Wealth Global Flexible FoF (GBP) Class D | 3.92 | 3.78 | 2.96 | 5.46 | 8.85 |
| PSG Wealth Global Flexible FoF (GBP) Class D | 3.92 | 3.78 | 2.96 | 5.46 | 8.85 | |
| EAA Fund Global Flex-Cap Equity | PSG Global Equity Sub-Fund Class A | 2.42 | 3.27 | 5.93 | 16.91 | 5.67 |
| PSG Global Equity Sub-Fund Class A | 2.42 | 3.27 | 5.93 | 16.91 | 5.67 | |
| PSG Global Equity Sub-Fund Class B | 2.52 | 3.79 | 6.54 | 17.50 | 6.53 | |
| EAA Fund Global Large-Cap Blend Equity | PSG Wealth Global Creator Fund of Funds Class D | 3.19 | 7.08 | 7.51 | 10.30 | 9.24 |
| PSG Wealth Global Creator Fund of Funds Class D | 3.19 | 7.08 | 7.51 | 10.30 | 9.24 | |
| EAA Fund USD Cautious Allocation | PSG Wealth Global Preserver FoF (USD) Class D | 1.78 | 6.69 | 3.58 | 4.02 | 3.64 |
| PSG Wealth Global Preserver FoF (USD) Class D | 1.78 | 6.69 | 3.58 | 4.02 | 3.64 | |
| EAA Fund USD Flexible Allocation | PSG Global Flexible Sub-Fund Class A | 20.99 | 5.21 | 5.62 | 15.16 | 5.73 |
| PSG Global Flexible Sub-Fund Class A | 20.99 | 5.21 | 5.62 | 15.16 | 5.73 | |
| PSG Global Flexible Sub-Fund Class B | 22.36 | 5.72 | 6.12 | 15.52 | 6.35 | |
| PSG Investment Management Global Flexible Fund of Funds (Dollar) | 1.72 | 7.71 | 2.82 | 4.39 | 2.79 | |
| PSG Wealth Global Flexible FoF (USD) Class D | 3.37 | 9.41 | 4.33 | 6.27 | 7.76 | |
| EAA Fund USD Moderate Allocation | PSG Wealth Global Moderate Fund of Funds Class D | 2.20 | 7.55 | 4.62 | 6.32 | 5.19 |
| PSG Wealth Global Moderate Fund of Funds Class D | 2.20 | 7.55 | 4.62 | 6.32 | 5.19 | |
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 2025/05/30 | |||
|---|---|---|---|---|
| 1 year % | 3 year % | 5 year % | Inception % | |
| PSG Wealth Income Growth Equity Portfolio | 19.72 | 8.09 | 11.30 | 3.68 |
| PSG Wealth Offshore Equity Portfolio (USD) | 10.22 | 6.17 | 10.77 | 11.29 |
| PSG Wealth SA Equity Portfolio | 26.28 | 7.53 | 10.95 | 5.52 |
| PSG Wealth SA Property Equity Portfolio | 31.40 | 15.09 | 19.84 | 0.33 |
* 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’s interim results for the period ended 31 December 2024
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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.
Capitec Bank full-year 2025 results summary
-
In this report, we will look at the full year 2025 results:
- Headline earnings leaped 30% to reach a record high of R13.7 billion.
- Net interest income increased by 23% to R20.2 billion, up from R16.5 billion.
- Net interest income after credit impairments increased by 54% to R11.9 billion and contributed R2.7 billion to headline earnings growth for the year.
- Gross loans and advances grew by 12% to R116 billion with business banking growing by 22% and the private banking sector by a lower 7%.
- Net non-interest income increased by 22% to R23.9 billion. Net transaction and commission income, including VAS and Capitec Connect, increased by 25% to R18.5 billion, accounting for 78% of net non-income (FY2024: 76%). Digital transactions and card payments accounted for 90% of transaction volumes and grew by 17% and 20%, respectively.
- Credit impairments decreased by 5% to R8.3 billion, despite the inclusion amount of R830 million of credit impairments from AvaFin.
- Operating expenses increased by 30% to R18 billion, of which 7% is attributable to the inclusion of AvaFin, 9% to increased employee incentives from higher earnings growth, 8% due to higher employee headcount, and 6% from employee increases.
Our research supports a sell recommendation.
Impala Platinum 31 December 2025 interim results summary
- In this report, we look at the interim results for the period ended 31 December 2024 of Impala Platinum, released in February 2025, alongside the current global macroeconomic environment.
- Financials:
- Revenue declined by 2.6% to R42.3 billion, affected by lower realised 6E dollar price and a stronger rand to dollar conversion. This was offset by higher sales volumes and an increase in revenue from Nickel sales during the period.
- The cost of sales increased by less than 1% during the period, showing the effect of restructuring initiatives during FY24.
- EBITDA declined by 23% to R6.5 billion.
- Headline earnings per share declined by 43.6% to 206 cents compared to 365 cents for 1H24.
- The realised price per 6E ounce declined by 7.6% to R23 831.
- Group unit cost worsened by 2.7% with the cost of production per 6E ounce increasing to R20 885.
- Our research supports a hold recommendation
Corporate Actions
| Date | Company | Share code | Expectation |
|---|---|---|---|
| 04 June 2025 | AECI Limited 5.5 percent Cumulative Preference Shares | AFEP | Cash Dividend |
| 04 June 2025 | Afrimat Limited | AFT | Cash Dividend |
| 04 June 2025 | Assura PLC | AHR | Cash Dividend |
| 04 June 2025 | COLLINS PROPERTY GROUP LIMITED | CPP | Cash Dividend |
| 04 June 2025 | Dipula Properties Limited | DIB | Cash Dividend |
| 04 June 2025 | Equites Property Fund Limited | EQU | Cash Dividend |
| 04 June 2025 | Kaap Agri Limited | KAL | Cash Dividend |
| 04 June 2025 | Newpark REIT Limited | NRL | Cash Dividend |
| 04 June 2025 | We Buy Cars Holdings Limited | WBC | Cash Dividend |
| 04 June 2025 | Oasis Crescent Property Fund (REIT) | OAS | DRIP |
| 02 June 2025 | Anglo American Plc | AGL | Unbundling |
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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