July 2025
Adriaan Pask
PSG Wealth
US stocks ended mostly lower on Tuesday as investors weighed the potential impact of further tariffs and considered the Federal Reserve’s next policy move. The S&P 500 slipped by 0.08% to close at 6 263.73 after briefly touching a fresh record earlier in the session, while the Dow Jones Industrial Average fell by 0.68%, shedding around 300 points. June’s inflation data showed headline figures rising to 2.70%, in line with expectations, although core inflation came in 2.90% slightly below forecast of 3%. Despite the softer core reading, markets still anticipate the Fed will hold interest rates steady at its upcoming meeting, with policymakers expected to remain cautious due to inflation risks linked to tariffs. White House officials confirmed that trade negotiations are ongoing with the European Union, Japan and South Korea – all of which have already been hit with steep import duties – fuelling concerns over potential price surges in August.
In corporate developments, JPMorgan Chase and Wells Fargo saw sharp declines after releasing their second-quarter earnings, while Citigroup outperformed its peers on the back of stronger-than-expected results. Meanwhile, Nvidia shares rose 4% after the US eased certain export restrictions on China, helping lift the tech-heavy Nasdaq 100, which ended the day up at 0.62%. The US dollar index initially dipped but later rebounded to trade above 98.4 points.
European stocks reversed early gains to close mostly lower, as investors continued to weigh the potential fallout from impending US tariffs on European goods. The Eurozone’s benchmark STOXX 50 edged down by 0.30%, while the broader STOXX 600 finished 0.37% lower at 544.95. Financials were among the biggest decliners, with shares of Allianz, BBVA, and UniCredit slipping between 1% and 2%. Ericsson also retreated over 4%, despite surpassing earnings expectations, as concerns mounted over the possible effects of US trade measures on its operations. On the upside, ASML gained 2.70%, lifted by improved sentiment in the semiconductor space following news that the US would loosen export restrictions on Nvidia chips.
Meanwhile, broader caution was evident across the region’s equity markets, with Germany’s DAX declining by 0.32% and London’s FTSE 100 slipping 0.61%, pulling back from record highs near the 9 000 mark. The FTSE was weighed down by homebuilders, following a disappointing trading update from Barratt Redrow, whose shares dropped 6.80%.
South Africa’s mining production edged up by 0.20% in May 2025, marking a modest recovery after a sharp 7.70% decline in April and bringing an end to six consecutive months of contraction. The rand firmed by 0.15% to trade at R17.89 against the US dollar and R20.77 against the euro at 17:21 SAST. On the equities front, the All Share Index (ALSI) rose by 0.23% to close at 97 019.36, with the Top 40 gaining 0.29%. In contrast, the JSE Resource 10 index slipped by 0.14%.
Asian markets closed mixed, with gains in Japan and Hong Kong offset by losses in mainland China. Japan’s Nikkei 225 rose by 0.55% to finish at 39 678.02, supported by improved investor sentiment. In Hong Kong, the Hang Seng Index climbed 1.45%, led by strength in Chinese-related stocks. However, the Shanghai Composite in mainland China slipped by 0.45%, closing at 3 503.89, as concerns over domestic economic conditions weighed on sentiment.
In the commodities market, gold slipped marginally by 0.02% to $3 340.17 per ounce, while silver declined by 1.46%. Platinum, on the other hand, rose by 2.47%. Brent crude futures continued to drift lower towards $69 a barrel, extending a 1.60% loss from the previous session. The decline followed growing scepticism among traders that US President Donald Trump’s recent pressure campaign on Russia would cause immediate disruptions to oil exports. President Trump announced increased military aid to Ukraine and warned of 100% tariffs if a peace deal is not reached within 50 days – raising the prospect of secondary sanctions on major Russian oil buyers such as India and China. However, the 50-day window was viewed by markets as reducing the risk of near-term supply disruptions.
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Date | Index | Current Level | 1 Day Move | 1 Month Move | 6 Month Move | 1 Year Move |
---|---|---|---|---|---|---|
2025-07-15 | ALSI | 96799.66 | -0.43 | 1.72 | 20.02 | 22.65 |
2025-07-15 | Basic minerals | 57012.09 | 0.30 | 2.62 | 38.84 | 29.60 |
2025-07-15 | Fin + Ind 30 | 12574.96 | -0.66 | 1.33 | 15.37 | 20.95 |
2025-07-15 | Financial | 51255.01 | -0.30 | -0.17 | 7.43 | 14.15 |
2025-07-15 | Industrial index | 144155.01 | -0.93 | 2.03 | 21.26 | 25.47 |
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 14 Jul 2025 | Performance –As at 2025/06/30 | |||
---|---|---|---|---|---|---|
1 year % | 3 year % | 5 year % | Inception % | |||
South African - Multi Asset - Low Equity | PSG Investment Management Cautious Fund of Funds Class D | 1.51 | 16.68 | 12.49 | 13.77 | 11.49 |
PSG Investment Management Cautious Fund of Funds Class D | 1.51 | 16.68 | 12.49 | 13.77 | 11.49 | |
PSG Stable Fund Class A | 1.85 | 14.94 | 12.29 | 13.11 | 8.87 | |
PSG Stable Fund Class E | 1.86 | 15.61 | 12.93 | 13.76 | 8.79 | |
PSG Wealth Preserver Fund of Funds Class D | 27.85 | 14.99 | 12.39 | 10.83 | 9.43 | |
South African - Multi Asset - High Equity | PSG Balanced Fund Class A | 116.15 | 19.83 | 17.01 | 19.50 | 13.04 |
PSG Balanced Fund Class A | 116.15 | 19.83 | 17.01 | 19.50 | 13.04 | |
PSG Balanced Fund Class E | 116.41 | 20.52 | 17.69 | 20.18 | 10.72 | |
PSG Investment Management Growth Fund of Funds Class D | 1.91 | 23.11 | 16.05 | 18.81 | 14.49 | |
PSG Wealth Moderate Fund of Funds Class D | 48.66 | 19.10 | 15.01 | 13.88 | 11.23 | |
South African - Multi Asset - Income | PSG Diversified Income Fund Class A | 1.38 | 12.23 | 10.26 | 9.53 | 8.12 |
PSG Diversified Income Fund Class A | 1.38 | 12.23 | 10.26 | 9.53 | 8.12 | |
PSG Diversified Income Fund Class E | 1.38 | 12.94 | 10.96 | 10.16 | 8.77 | |
PSG Investment Management Multi-Asset Income Fund of Funds Class D | 1.19 | 11.50 | 9.53 | 8.90 | 8.51 | |
PSG Wealth Income Fund of Funds Class D | 12.76 | 10.52 | 9.55 | 8.32 | 8.04 | |
South African - Equity - General | PSG Equity Fund Class A | 20.46 | 20.04 | 18.32 | 22.30 | 13.12 |
PSG Equity Fund Class A | 20.46 | 20.04 | 18.32 | 22.30 | 13.12 | |
PSG Equity Fund Class E | 20.56 | 20.48 | 17.78 | 22.12 | 9.95 | |
PSG Equity Fund Class F | 20.54 | 20.60 | 18.87 | 22.84 | 10.86 | |
PSG Investment Management Opportunity Equity Fund of Funds Class D | 1.31 | — | — | — | — | |
PSG Wealth Creator Fund of Funds Class D | 64.67 | 21.15 | 15.85 | 17.27 | 12.60 | |
South African - Equity - SA General | PSG SA Equity Class F | 2.12 | 28.31 | 20.01 | 25.00 | 9.37 |
PSG SA Equity Class F | 2.12 | 28.31 | 20.01 | 25.00 | 9.37 | |
South African - Interest Bearing - SA Money Market | PSG Money Market Fund Class A | 1.00 | 7.78 | 7.64 | 6.08 | 7.94 |
PSG Money Market Fund Class A | 1.00 | 7.78 | 7.64 | 6.08 | 7.94 | |
PSG Money Market Fund Class F | 1.00 | 8.09 | 7.95 | 6.37 | 5.58 | |
South African - Interest Bearing - Short Term | PSG Income Fund Class A | 1.10 | 9.82 | 8.54 | 7.40 | 7.34 |
PSG Income Fund Class A | 1.10 | 9.82 | 8.54 | 7.40 | 7.34 | |
PSG Income Fund Class E | 1.10 | 10.15 | 8.86 | 7.72 | 8.01 | |
PSG Wealth Enhanced Interest Fund of Funds Class D | 1.02 | 8.70 | 8.39 | 6.80 | 6.90 | |
South African - Interest Bearing - Variable Term | PSG Bond Fund Class A | 1.05 | — | — | — | — |
PSG Bond Fund Class A | 1.05 | — | — | — | — | |
South African - Multi Asset - Flexible | PSG Flexible Fund Class A | 9.55 | 17.92 | 16.62 | 20.50 | 11.54 |
PSG Flexible Fund Class A | 9.55 | 17.92 | 16.62 | 20.50 | 11.54 | |
PSG Flexible Fund Class E | 9.56 | 18.23 | 16.93 | 20.80 | 10.89 |
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 15 Jul 2025 | Performance –As at 2025/06/30 | |||
---|---|---|---|---|---|---|
1 year % | 3 year % | 5 year % | Inception % | |||
Global - Equity - General | PSG Global Equity Feeder Fund Class A | 5.32 | 12.40 | 15.19 | 18.80 | 12.44 |
PSG Global Equity Feeder Fund Class A | 5.32 | 12.40 | 15.19 | 18.80 | 12.44 | |
PSG Global Equity Feeder Fund Class E | 5.54 | 13.04 | 15.86 | 19.32 | 12.14 | |
PSG Wealth Global Creator Feeder Fund Class D | 5.07 | 8.73 | 16.81 | 11.84 | 14.55 | |
Global - Multi Asset - Flexible | PSG Global Flexible Feeder Fund Class A | 4.07 | 11.79 | 13.85 | 16.02 | 12.11 |
PSG Global Flexible Feeder Fund Class A | 4.07 | 11.79 | 13.85 | 16.02 | 12.11 | |
PSG Global Flexible Feeder Fund Class B | 4.30 | 12.44 | 14.51 | 16.52 | 12.62 | |
PSG Wealth Global Flexible Feeder Fund Class D | 5.20 | 8.73 | 11.00 | 6.81 | 10.72 | |
PSG Wealth Global Moderate Feeder Fund Class D | 5.32 | 8.06 | 11.62 | 7.40 | 11.96 | |
Global - Multi Asset - Low Equity | PSG Wealth Global Preserver Feeder Fund Class D | 1.60 | 5.65 | 8.99 | 4.43 | 6.45 |
PSG Wealth Global Preserver Feeder Fund Class D | 1.60 | 5.65 | 8.99 | 4.43 | 6.45 |
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 14 Jul 2025 | Performance –As at 2025/06/30 | |||
---|---|---|---|---|---|---|
1 year % | 3 year % | 5 year % | Inception % | |||
EAA Fund GBP Cautious Allocation | PSG Wealth Global Preserver FoF (GBP) Class D | 2.10 | -0.07 | 2.50 | 1.74 | 4.61 |
PSG Wealth Global Preserver FoF (GBP) Class D | 2.10 | -0.07 | 2.50 | 1.74 | 4.61 | |
EAA Fund GBP Flexible Allocation | PSG Wealth Global Flexible FoF (GBP) Class D | 4.03 | 4.44 | 5.37 | 4.53 | 8.95 |
PSG Wealth Global Flexible FoF (GBP) Class D | 4.03 | 4.44 | 5.37 | 4.53 | 8.95 | |
EAA Fund Global Flex-Cap Equity | PSG Global Equity Sub-Fund Class A | 2.56 | 15.50 | 14.17 | 18.33 | 6.41 |
PSG Global Equity Sub-Fund Class A | 2.56 | 15.50 | 14.17 | 18.33 | 6.41 | |
PSG Global Equity Sub-Fund Class B | 2.66 | 16.08 | 14.81 | 18.95 | 8.13 | |
EAA Fund Global Large-Cap Blend Equity | PSG Wealth Global Creator Fund of Funds Class D | 3.29 | 11.70 | 14.66 | 11.03 | 9.88 |
PSG Wealth Global Creator Fund of Funds Class D | 3.29 | 11.70 | 14.66 | 11.03 | 9.88 | |
EAA Fund USD Cautious Allocation | PSG Wealth Global Preserver FoF (USD) Class D | 1.82 | 8.42 | 6.46 | 3.88 | 3.80 |
PSG Wealth Global Preserver FoF (USD) Class D | 1.82 | 8.42 | 6.46 | 3.88 | 3.80 | |
EAA Fund USD Flexible Allocation | PSG Global Flexible Sub-Fund Class A | 21.88 | 14.93 | 12.72 | 15.86 | 6.39 |
PSG Global Flexible Sub-Fund Class A | 21.88 | 14.93 | 12.72 | 15.86 | 6.39 | |
PSG Global Flexible Sub-Fund Class B | 23.32 | 15.46 | 13.24 | 16.28 | 7.02 | |
PSG Investment Management Global Flexible Fund of Funds (Dollar) | 1.76 | 10.90 | 7.19 | 4.42 | 3.06 | |
PSG Wealth Global Flexible FoF (USD) Class D | 3.45 | 11.58 | 8.60 | 6.16 | 8.02 | |
EAA Fund USD Moderate Allocation | PSG Wealth Global Moderate Fund of Funds Class D | 2.27 | 10.68 | 9.16 | 6.75 | 5.63 |
PSG Wealth Global Moderate Fund of Funds Class D | 2.27 | 10.68 | 9.16 | 6.75 | 5.63 |
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 2025/07/15 | |||
---|---|---|---|---|
1 year % | 3 year % | 5 year % | Inception % | |
PSG Wealth Income Growth Equity Portfolio | 12.05 | 12.60 | 10.86 | 3.73 |
PSG Wealth Offshore Equity Portfolio (USD) | 8.99 | 11.76 | 10.13 | 11.35 |
PSG Wealth SA Equity Portfolio | 23.42 | 12.29 | 10.64 | 5.78 |
PSG Wealth SA Property Equity Portfolio | 25.72 | 18.70 | 15.85 | 0.78 |
* 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.
Date | Company | Share code | Expectation |
---|---|---|---|
16 July 2025 | ABSA Bank Limited Non-Cumulative Non-Redeemable Preference Shares | ABSP | Cash Dividend |
16 July 2025 | Acsion Limited | ACS | Cash Dividend |
16 July 2025 | Alexander Forbes Group Holdings Limited | AFH | Cash Dividend |
16 July 2025 | Alexander Forbes Group Holdings Limited | AFH | Special Cash Dividend |
16 July 2025 | CastleView Property Fund Limited | CVW | DRIP |
16 July 2025 | Datatec Limited | DTC | DVOP |
16 July 2025 | ISA Holdings Limited | ISA | Cash Dividend |
16 July 2025 | Marshall Monteagle Plc | MMP | Cash Dividend |
16 July 2025 | Ninety One Plc | N91 | Cash Dividend |
16 July 2025 | Nictus Limited | NCS | Cash Dividend |
16 July 2025 | Novus Holdings Limited | NVS | Cash Dividend |
16 July 2025 | Ninety One Limited | NY1 | Cash Dividend |
16 July 2025 | PBT Group Limited | PBG | Capital Distribution |
16 July 2025 | PBT Group Limited | PBG | Cash Dividend |
16 July 2025 | Schroder European Real Estate Investment Trust PLC | SCD | Cash Dividend |
16 July 2025 | The Foschini Group Limited | TFG | Cash Dividend |
16 July 2025 | Trencor Limited | TRE | Special 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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