In July 2025, the average prudential balanced portfolio returned 2.3% (June 2025: 1.9%). The top performer is the Lebela Balanced Fund, with 3.6%, while the Allan Gray Balanced Fund, with 1.6%, takes the bottom spot. NAM Coronation Balanced Plus Fund took the top spot for the three months, outperforming the ‘average’ by roughly 2.8%. The Investment Solutions Balanced Growth Fund underperformed the ‘average’ by 1.5% 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 July 2025 reviews portfolio performances and provides insightful portfolio analyses.

US Tariffs: A New Global Strategy and Its Impact on South Africa

The recent imposition of U.S. tariffs on South African exports signals a significant shift in U.S. trade policy, moving from long-term economic strategy to short-term political objectives. While initially intended to target countries with large trade surpluses to promote U.S. reindustrialisation, the new tariff regime, as of August 2025, seems to be focused on members of the BRICS economic bloc, specifically South Africa, Brazil, and India. Tariffs on these countries have been raised significantly, from 10–25% to 30–50%, while other nations with large trade surpluses, like Cambodia, Vietnam, and Thailand, have largely been spared. This change suggests a strategic move by the U.S. to maintain its global dominance and decouple from non-aligned nations.

Economic Fallout for South Africa
The sweeping tariffs, which include a 30% blanket levy on key sectors and a 25% duty on vehicles, effectively nullify the benefits South Africa previously enjoyed under the African Growth and Opportunity Act (AGOA). This has created a critical economic moment for South Africa and, by extension, its interconnected neighbours like Namibia...

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