In August 2025, the average prudential balanced portfolio returned 1.1% (July 2025: 2.3%). The top performer is the Allan Gray Balanced Fund, with a return of 1.9%, while the Lebela Balanced Fund, with a return of 0.5%, takes the bottom spot. M&G Managed Fund took the top spot for the three months, outperforming the ‘average’ by roughly 0.9%. The Investment Solutions Balanced Growth Fund underperformed the ‘average’ by 1.3% 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 August 2025 reviews portfolio performances and provides insightful portfolio analyses.

Which Equity Styles are Performing Well?

Most investors assume the current bull market is all about “Growth” stocks, dominated by the US Magnificent-7. That is true in the US—but outside the US, the picture looks very different. In international markets, the “Value” style has been the clear winner, with sector composition, performance drivers, and valuations diverging sharply from the US story.

This matters because when most people refer to “global markets,” they are actually referring to the US. The US makes up nearly 75% of the MSCI World index, so what happens in the other 25% barely registers. Extrapolating US performance globally is misleading, as it suggests that investors may be missing opportunities.

Read paragraph 6 of the Monthly Review of Portfolio Performance to 31 August 2025 for an interesting perspective on global equity sectors.