In June our average prudential balanced portfolio returned 0.47% (May minus 0.65%). Top performer is Stanlib (1.41%), while Investec (minus 0.40%) takes bottom spot.

The severe economic woes of Europe just do not seem to end and will be around for quite some time. The US is in no better position and is still alternating between recession and some green shoots in the economy while every now and then, prospect of further monetary stimulus raising its head. Consumer sentiment has certainly shown little signs of improvement in the US while it is still in reverse gear in Europe. China which has enjoyed double digit growth over an extended period has experienced a significant decline in economic growth’ to an official 7.5% for the latest quarter, and this is said to be ‘faked growth, the real growth estimated to have only been 7.1%. This after economists earlier this year expected the Chinese economy to cool to around 9% growth, everything lower at that stage seen as a ‘hard landing’. In short what has driven our economy and that of other developing countries is in reverse gear and is unlikely to improve for an extended period of time.