In December 2025, the average prudential balanced portfolio returned 1.7% (November 2025: 0.6%). The top performer is the Momentum Namibia Growth Fund, with 2.7%. The Allan Gray Namibia Balanced Fund, with 0.9%, takes the bottom spot. Momentum Namibia Growth Fund takes the top spot for the three months, outperforming the ‘average’ by roughly 1.8%. The NAM Coronation Balanced Plus Fund underperformed the ‘average’ by 2.5% on the other end of the scale. Note that these returns are before (gross of) asset management fees.

The Monthly Review of Portfolio Performance to 31 December 2025 reviews portfolio performances and provides insightful portfolio analyses. Download it

From Hegemony to Multipolar Risk? What Could its Implications be?

Western political commentary has focused heavily on President Trump's tone, conduct, and utterances, often presenting him as an aberration from accepted diplomatic norms. For long-term investors and fiduciaries, however, this focus risks obscuring a more important reality: U.S. geopolitical objectives have shown remarkable continuity across administrations, irrespective of diplomatic style.

From a trustee and investment-governance perspective, it is therefore imprudent to assume that a change in leadership or rhetoric in Washington would fundamentally alter the global economic or geopolitical backdrop. The strategic objective of maintaining Western primacy, political, financial, and military, has remained broadly unchanged since the end of World War II...

Read paragraph 6 of the Monthly Review of Portfolio Performance to 31 December 2025 for our views on investment markets and global political developments. It also reviews portfolio performances and provides insightful analyses.