April 2024
Adriaan Pask, Chief Investment Officer
PSG Wealth
The local bourse rose on Thursday, alongside its global counterparts in an attempt to stage a rebound. Markets have been tense amid concerns about potential retaliation from Israel following Iran's weekend attack. Furthermore, remarks from Federal Reserve Chair Jerome Powell earlier in the week suggesting that interest rates could remain elevated for longer added another layer of caution following the release of robust US economic data. The rand continued to weaken and was trading above the R19/$ mark for most of the day.
Stocks in the US shifted course during afternoon trading, relinquishing earlier gains and moving into negative territory. Both the S&P 500 and the Nasdaq were poised to conclude a five-day losing streak, with declines of 0.30% and 0.50%, respectively. Similarly, the Dow Jones, after initially gaining 290 points, retraced its steps and hovered close to the flatline at 21h55. The US initial jobless claims report for the week ending 13 April 2024 revealed fewer-than-expected applications for unemployment benefits, indicating continued strength in the job market despite the presence of high interest rates. According to Bloomberg, weekly unemployment claims serve as a gauge for layoffs in the US and offer insight into the trajectory of the job market.
Asian markets were mixed on Thursday with the Shanghai Composite edging up by 0.09%, marking the second consecutive session of gains for mainland stocks and following a general uptick in the Asia Pacific region. Investors remained cautious about China's economic outlook, considering data indicating stronger-than-expected growth in the first quarter alongside signs of weakening activity in March. In contrast, the Nikkei increased by 0.31% on Thursday, rebounding from earlier losses and tracking a broader recovery across the Asia Pacific region.
European stock markets rose on Thursday, with the FTSE 100 seeing a slight increase, building on a 0.70% rise in the preceding session propelled by favourable company updates. Meanwhile, Frankfurt's DAX 40 index rose by 0.40% to reach 17 837 points as investors digested comments from central bank officials on the trajectory of global monetary policies.
WTI crude futures fell below $82 per barrel, extending a four-day decline driven by diminishing concerns over geopolitical tensions and a notable increase in US oil inventories. According to EIA data, US crude inventories surged by 2.735 million barrels to their highest levels since June, surpassing market expectations for a build of 1.6 million barrels.
Meanwhile, gold prices rose to approximately $2 380 an ounce on Thursday, nearing record highs, buoyed by a weaker dollar. The greenback’s decline followed rare warnings from finance chiefs in the US, Japan, and Korea regarding depreciation in other currencies.
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Date | Index | Current Level | 1 Day Move | 1 Month Move | 6 Month Move | 1 Year Move |
---|---|---|---|---|---|---|
2024-05-02 | ALSI | 76076.17 | -0.50 | 2.95 | 11.43 | 1.14 |
2024-05-02 | Basic minerals | 44610.06 | -4.07 | 6.33 | 12.48 | -7.01 |
2024-05-02 | Fin + Ind 30 | 9866.94 | 0.63 | 1.93 | 12.11 | 5.44 |
2024-05-02 | Financial | 40705.41 | 0.96 | 2.95 | 8.53 | 11.72 |
2024-05-02 | Industrial index | 111840.36 | 0.41 | 1.58 | 13.35 | 1.82 |
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.
ASISA category | Fund name | NAV (Rands) at 30 Apr 2024 | Performance –As at 2024/04/30 | |||
---|---|---|---|---|---|---|
1 year % | 3 year % | 5 year % | Inception % | |||
South Africa - Equity - General | PSG Equity Fund Class A | 16.49 | 5.75 | 16.54 | 9.96 | 12.82 |
PSG Equity Fund Class A | 16.49 | 5.75 | 16.54 | 9.96 | 12.82 | |
PSG Equity Fund Class E | 16.49 | 4.60 | 15.91 | 9.98 | 8.86 | |
PSG Equity Fund Class F | 16.54 | 6.24 | 17.08 | 10.47 | 9.84 | |
PSG SA Equity Class F | 1.54 | 5.00 | 17.16 | 8.77 | 7.23 | |
PSG Wealth Creator Fund of Funds Class D | 52.07 | 6.61 | 9.40 | 10.37 | 11.86 | |
South Africa - Multi Asset - Flexible | PSG Flexible Fund Class A | 7.92 | 5.13 | 15.39 | 10.16 | 11.26 |
PSG Flexible Fund Class A | 7.92 | 5.13 | 15.39 | 10.16 | 11.26 | |
PSG Flexible Fund Class E | 7.92 | 5.41 | 15.70 | 10.44 | 10.13 | |
South Africa - Multi Asset - High Equity | PSG Balanced Fund Class A | 96.02 | 4.17 | 13.85 | 10.20 | 12.73 |
PSG Balanced Fund Class A | 96.02 | 4.17 | 13.85 | 10.20 | 12.73 | |
PSG Balanced Fund Class E | 96.11 | 4.77 | 14.50 | 10.84 | 9.69 | |
PSG Wealth Moderate Fund of Funds Class D | 40.53 | 9.93 | 10.12 | 9.17 | 10.72 | |
South Africa - Multi Asset - Low Equity | PSG Stable Fund Class A | 1.63 | 4.93 | 9.82 | 7.48 | 8.29 |
PSG Stable Fund Class A | 1.63 | 4.93 | 9.82 | 7.48 | 8.29 | |
PSG Stable Fund Class E | 1.63 | 5.54 | 10.45 | 8.09 | 8.03 | |
PSG Wealth Preserver Fund of Funds Class D | 24.54 | 8.61 | 8.68 | 7.73 | 9.01 | |
South Africa - Multi Asset - Income | PSG Diversified Income Fund Class A | 1.31 | 7.91 | 7.99 | 7.82 | 7.84 |
PSG Diversified Income Fund Class A | 1.31 | 7.91 | 7.99 | 7.82 | 7.84 | |
PSG Diversified Income Fund Class E | 1.31 | 8.59 | 8.61 | 8.39 | 8.28 | |
PSG Wealth Income Fund of Funds Class D | 12.42 | 7.81 | 7.50 | 7.01 | 7.79 | |
South Africa - Interest Bearing - Short Term | PSG Income Fund Class A | 1.08 | 8.14 | 6.76 | 7.27 | 7.11 |
PSG Income Fund Class A | 1.08 | 8.14 | 6.76 | 7.27 | 7.11 | |
PSG Income Fund Class E | 1.08 | 8.46 | 7.07 | 7.59 | 7.77 | |
PSG Wealth Enhanced Interest Fund of Funds Class D | 1.02 | 8.96 | 6.59 | 6.49 | 6.71 | |
South Africa - Interest Bearing - Money Market | PSG Money Market Fund Class A | 1.00 | 7.64 | 5.88 | 5.71 | 7.92 |
PSG Money Market Fund Class A | 1.00 | 7.64 | 5.88 | 5.71 | 7.92 | |
PSG Money Market Fund Class F | 1.00 | 7.92 | 6.16 | 5.97 | 5.23 | |
South African - Multi Asset - Low Equity | PSG Investment Management Cautious Fund of Funds Class D | 1.30 | 5.22 | 9.01 | — | 9.62 |
PSG Investment Management Cautious Fund of Funds Class D | 1.30 | 5.22 | 9.01 | — | 9.62 | |
South African - Multi Asset - High Equity | PSG Investment Management Growth Fund of Funds Class D | 1.50 | 2.95 | 11.00 | — | 11.35 |
PSG Investment Management Growth Fund of Funds Class D | 1.50 | 2.95 | 11.00 | — | 11.35 | |
South African - Multi Asset - Income | PSG Investment Management Multi-Asset Income Fund of Funds Class D | 1.13 | 6.96 | 7.34 | — | 7.57 |
PSG Investment Management Multi-Asset Income Fund of Funds Class D | 1.13 | 6.96 | 7.34 | — | 7.57 |
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:
ASISA category | Fund name | NAV (Rands) at 30 Apr 2024 | Performance –As at 2024/04/30 | |||
---|---|---|---|---|---|---|
1 year % | 3 year % | 5 year % | Inception % | |||
Global - Equity - General | PSG Global Equity Feeder Fund Class A | 4.94 | 10.55 | 18.24 | 14.36 | 13.08 |
PSG Global Equity Feeder Fund Class A | 4.94 | 10.55 | 18.24 | 14.36 | 13.08 | |
PSG Global Equity Feeder Fund Class E | 5.11 | 11.20 | 18.93 | 14.92 | 12.81 | |
PSG Wealth Global Creator Feeder Fund Class D | 4.62 | 22.27 | 11.92 | 15.34 | 15.26 | |
Global - Multi Asset - Flexible | PSG Global Flexible Feeder Fund Class A | 3.81 | 11.50 | 15.71 | 13.27 | 12.83 |
PSG Global Flexible Feeder Fund Class A | 3.81 | 11.50 | 15.71 | 13.27 | 12.83 | |
PSG Global Flexible Feeder Fund Class B | 4.00 | 12.14 | 16.38 | 13.77 | 13.33 | |
PSG Wealth Global Flexible Feeder Fund Class D | 4.80 | 9.50 | 7.25 | 10.48 | 11.15 | |
PSG Wealth Global Moderate Feeder Fund Class D | 4.92 | 10.96 | 8.96 | 9.94 | 12.44 | |
Global - Multi Asset - Low Equity | PSG Wealth Global Preserver Feeder Fund Class D | 1.54 | 8.38 | 8.91 | 7.95 | 7.08 |
PSG Wealth Global Preserver Feeder Fund Class D | 1.54 | 8.38 | 8.91 | 7.95 | 7.08 |
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
ASISA category | Fund name | NAV (Rands) at 29 Apr 2024 | Performance –As at 2024/03/31 | |||
---|---|---|---|---|---|---|
1 year % | 3 year % | 5 year % | Inception % | |||
EAA Fund GBP Cautious Allocation | PSG Wealth Global Preserver FoF (GBP) Class D | 2.05 | 6.23 | 2.28 | 2.49 | 5.01 |
PSG Wealth Global Preserver FoF (GBP) Class D | 2.05 | 6.23 | 2.28 | 2.49 | 5.01 | |
EAA Fund GBP Flexible Allocation | PSG Wealth Global Flexible FoF (GBP) Class D | 3.71 | 7.61 | 3.14 | 6.39 | 9.38 |
PSG Wealth Global Flexible FoF (GBP) Class D | 3.71 | 7.61 | 3.14 | 6.39 | 9.38 | |
EAA Fund Global Flex-Cap Equity | PSG Global Equity Sub-Fund Class A | 2.23 | 6.31 | 8.80 | 8.10 | 5.87 |
PSG Global Equity Sub-Fund Class A | 2.23 | 6.31 | 8.80 | 8.10 | 5.87 | |
PSG Global Equity Sub-Fund Class B | 2.30 | 6.92 | 9.42 | 8.72 | 7.09 | |
EAA Fund Global Large-Cap Blend Equity | PSG Wealth Global Creator Fund of Funds Class D | 2.84 | 23.38 | 5.16 | 10.46 | 9.82 |
PSG Wealth Global Creator Fund of Funds Class D | 2.84 | 23.38 | 5.16 | 10.46 | 9.82 | |
EAA Fund USD Cautious Allocation | PSG Wealth Global Preserver FoF (USD) Class D | 1.66 | 7.71 | 0.33 | 2.30 | 3.54 |
PSG Wealth Global Preserver FoF (USD) Class D | 1.66 | 7.71 | 0.33 | 2.30 | 3.54 | |
EAA Fund USD Flexible Allocation | PSG Global Flexible Sub-Fund Class A | 19.27 | 4.80 | 6.92 | 7.47 | 5.79 |
PSG Global Flexible Sub-Fund Class A | 19.27 | 4.80 | 6.92 | 7.47 | 5.79 | |
PSG Global Flexible Sub-Fund Class B | 20.42 | 5.29 | 7.42 | 8.05 | 6.41 | |
PSG Investment Management Global Flexible Fund of Funds (Dollar) | 1.56 | 7.92 | -1.45 | 3.38 | 2.65 | |
PSG Wealth Global Flexible FoF (USD) Class D | 3.01 | 9.46 | 0.13 | 5.54 | 7.87 | |
EAA Fund USD Moderate Allocation | PSG Wealth Global Moderate Fund of Funds Class D | 1.99 | 11.27 | 1.35 | 4.74 | 5.25 |
PSG Wealth Global Moderate Fund of Funds Class D | 1.99 | 11.27 | 1.35 | 4.74 | 5.25 |
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 2024/05/02 | |||
---|---|---|---|---|
1 year % | 3 year % | 5 year % | Inception % | |
PSG Wealth Income Growth Equity Portfolio | 3.52 | 5.59 | -0.21 | 1.58 |
PSG Wealth Offshore Equity Portfolio (USD) | 8.76 | 3.68 | 9.59 | 11.40 |
PSG Wealth SA Equity Portfolio | -3.48 | 2.46 | 0.68 | 3.10 |
PSG Wealth SA Property Equity Portfolio | 12.48 | 7.39 | -2.15 | -2.96 |
* 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.
On 4 March 2024, Aspen released its half-year financial results for the six months ended 31 December 2023. · Total sales increased by 10.40% to R21.1bn, but up only 2% when adjusted for currency.
· EPS (cents) increased by 1.20% from 680 (cents in Dec 2022) to 688 (cents) in Dec 2023.
· EBITDA margins decreased from 26.50% to 24.60% as the company unwinds an inventory backlog of Heparin.
· The acquisition of a portfolio of drugs from Viatris, management of the Chinese volume-based procurement and filling of the vacant sterile contracts will lift growth going forward.
Our research supports a hold recommendation.
Please join us on Thursday at 11h30 for our Microsoft Teams Q&A sessions. Click here to join. <https://www.psg.co.za/wealthonline#investment-research>
n this report, we discuss the latest results released by Implala Platinum and provide our view on platinum group metals.
We include an updated valuation for Impala and stress test various assumptions to show valuation asymmetry that is skewed upwards. Impala Platinum released its interim results for the six months ended 31 December 2031 in early March 2024. The results, which contained the maiden interim inclusion of Impala Bafokeng, were characterised by the following:
Our research supports a hold recommendation.
Please join us on Thursday at 11h30 for our Microsoft Teams Q&A sessions. Click here to join. <https://www.psg.co.za/wealthonline#investment-research>
On 29 February 2024, FirstRand released its half-year results for 2024. Highlights from the results were as follows:
1. Headline earnings were up by 6%, with revenue (+9%) rising in line with operating costs (+9%).
2. Net interest income increased by 13%.
a. Growth in core lending advances of 11% is the main driver of higher net interest income. Growth spread across segments with RMB corporate and investment banking being the largest contributor.
b. Net interest margin slightly increased from 4.38% to 4.47% benefitting less from higher interest rates due to FirstRand’s asset-liability management strategy which should also protect the margin when interest rates decrease.
Our research supports a buy recommendation.
Please join us on Thursday at 11h30 for our Microsoft Teams Q&A sessions. Click here to join. <https://www.psg.co.za/wealthonline#investment-research>
View the Economic Calendar
Date | Company | Share code | Expectation |
---|---|---|---|
24 April 2024 | aREIT Property Limited | APO | Cash Dividend |
24 April 2024 | Barloworld Limited 6 percent Cumulative Preference | BAWP | Cash Dividend |
24 April 2024 | Ibex Investment Holdings Limited Preference Shares | IBX | Cash Dividend |
24 April 2024 | Investec Bank (Mauritius) | IMRP5 | Cash Dividend |
24 April 2024 | Shafterbury Capital Plc | SHC | Cash Dividend |
24 April 2024 | Anchor Group Pty Ltd | UAUG | Tender Offer |
24 April 2024 | Wilson Bayly Holmes Ovcon Limited | WBO | 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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