The PSG Wealth House View SA Equity Portfolio ended the month up with a return of 1.98%, underperforming the FTSE/JSE Capped Swix (net of fees), which posted a 2.94% return. Six of the 20 stocks in the portfolio outperformed the benchmark. Since inception, the PSG Wealth House View SA Equity Portfolio had an annualised return of 1.93%, underperforming the JSE hybrid benchmark (net of fees), which showed an annualised return of 2.62%.

During December, the MSCI Emerging Market Index Net TR (USD) advanced 7.46%, outperforming the MSCI World Index Net TR (USD), which posted a return of 3%. The ALSI TR (USD) outperformed the MSCI Emerging Market Index, showing a return of 8.29% for December. The one-month return for ALSI TR (ZAR) was up 3.30%.

Locally, equities was the best performing asset class, managing a return of 3.09% for the month. Bonds advanced 1.89%, cash returned 0.60%, while real estate lost ground in December, ending 2.07% lower.
On a sectoral basis, the materials sector contributed most toward benchmark returns as the sectors had strong performers all-round. Gold and platinum producers saw a good month once again, and Sasol showed noticeable recovery in December, contributing to the sector’s outperformance. Conversely, the communication services sector detracted most on the market returns for December. All the stocks in the sector had negative performance, with MTN and Telkom showing the most notable declines in share prices. This was mostly caused by a proposal published by the SA competition commission that called for lower data costs for cellular users.