In May 2023, the average prudential balanced portfolio returned 0.7% (April 2023, 2.3%). The top performer is NAM Coronation Balanced Fund, with 2.1%, while Momentum Namibia Growth Fund, with -0.3%, takes the bottom spot. Hangala Absolute Capital Balanced Fund took the top spot for the three months, outperforming the 'average' by roughly 2%. M&G Managed Fund underperformed the 'average' by 2.1% 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 May 2023 provides a full review of portfolio performances and other insightful analyses. 

Is China back in vogue?

In the latest diplomatic charm offensive, US foreign secretary adopted a totally different posture towards China during his visit. He did his utmost to flatter China as a global superpower and eye-level partner of the US. This is the same person who was vociferous in his anti-China polemic, the same government that sent high emissaries to Taiwan and made a point of challenging China by sending warships to the South China Sea, imposing sanctions on the export of microchips, edging Huawei out of 5G projects across Western countries, and much more, knowing full well that it would upset the China-US relationship. Even Germany has changed its tone towards China and recently approved China’s investment in the Hamburg Container Terminal business. Could it be that the Doves, spurred on by other US commercial business interests, took control of US foreign policy? Or is this just a ploy by the US government to appease China pretending not to present any threat to it, and to secure China’s cooperation and support in subjugating Russia (as a first step)?

The Monthly Review of Portfolio Performance to 31 May 2023 also reflects the editor’s views on current developments and their impact on investment markets.