In February 2025, the average prudential balanced portfolio returned minus 0.2% (January 2024: 1.6%). The top performer is the Allan Gray Balanced Fund, with 0.5%, while the Lebela Balanced Fund, with minus 0.8%, takes the bottom spot. NAM Coronation Balanced Plus Fund took the top spot for the three months, outperforming the ‘average’ by roughly 0.8%. The Stanlib Managed Fund underperformed the ‘average’ by 1.4% 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 28 February 2025 reviews portfolio performances and provides insightful analyses.
The new world order and your investments
The term "new world order" gained prominence during President George H.W. Bush's administration, particularly in the post-Cold War era and the Gulf War. In his 1991 State of the Union Address, President Bush shared his vision for this new order, emphasising a world where diverse nations collaborate to achieve universal aspirations such as peace, security, freedom, and the rule of law.
This envisioned order was characterised by strengthened international cooperation, collective security measures, and a commitment to resolving conflicts diplomatically. The aim was to move beyond the bipolar tensions of the Cold War, fostering a global environment where nations work together to uphold shared values and address common challenges.
In contrast, the new Trump administration's philosophy departs from this vision. President Trump's recent address to Congress highlighted a shift towards nationalism and a focus on American sovereignty. The administration's policies reflect a preference for bilateral agreements over multilateral institutions, emphasising "America First" principles. This approach includes reassessing traditional alliances and international commitments, focusing on protecting U.S. interests, reducing involvement in global governance structures, and unwinding all ‘woke’ practices and policies. At the recent Munich Security Conference, Vice President JD Vance gave further insight into the Trump administration’s new noble beliefs, criticising the European allies about their lack of democracy, suppression of free speech, failure to control mass migration and the resulting internal security challenges, practices of marginalising populist movements and restricting genuine democratic choice.
Read paragraph 6 of the Monthly Review of Portfolio Performance to 8 February 2025 for our views on investment markets and global political developments. It also reviews portfolio performances and provides insightful analyses.