Investments

Life stage (default)

The fund applies a life stage model which automatically takes members through different investment portfolios i.e. aggressive to more conservative portfolios as they near retirement age. The life stages are as follows:

Members younger than age 55 - Aggressive Growth portfolio
Members age 55 and older, but younger than age 62 -Capital Growth portfolio
Members age 62 and older - Stable Growth portfolio

The fund has implemented a phasing-in approach for default switches. Read more

The first 25% switch to the new recommended portfolio will commence at the end of a member’s birthday month. As a result, it will take 12 months for a total portfolio switch to be completed. After the 12 month phase-in period, all future member contributions will automatically accrue to the new default life stage portfolio. See an illustration of a default switch from the Aggressive Growth portfolio to the Capital Growth portfolio below.

*The first 25% switch to the new recommended portfolio will commence at thee end of a member's birthday month.

Member investment choice

The fund also allows flexibility in providing our members with the option to elect any of the individual investment portfolio options available.
Investment switch form

Aggressive Growth Portfolio

Investment objective: To maximise capital growth over a long-term investment horizon. Members should acknowledge that this strategy could deliver volatile and negative returns over the short-term. This strategy is suitable for members with more than 10 years to retirement.

Capital Growth Portfolio

Investment objective: :To target capital growth over a medium to long-term investment horizon. Members should acknowledge that this strategy could deliver volatile and negative returns over the short-term. This strategy is suitable for members with 5 to 10 years to retirement.

Stable Growth Portfolio

Investment objective: To target stable returns over a medium-term investment horizon with low volatility and a low probability of negative returns. This strategy is suitable for members with 1 to 5 years to retirement.

Capital Protector Portfolio

Investment objective: To provide capital security with very low volatility and an extremely low probability of negative returns. This strategy is suitable for members with less than 1 year to retirement where capital protection is absolutely necessary

Shari’ah portfolio

This portfolio is suitable for Muslim investors requiring a Sharia-compliant investment portfolio. The portfolio will be invested in a variety of domestic and international asset classes. The underlying investments will comply with Shari'ah requirements as prescribed by the Auditing Organisation for Islamic Financial Institutions. The portfolio targets capital growth over the long-term while limiting short term market fluctuations.

Latest investment returns

Economic Commentary: April 2026

The global investment environment remained highly uncertain as investors grappled with contradictory messaging from global leaders, mixed macro-economic news and astonishing corporate profits in the US, all against a backdrop of a war in the Middle East.

The US economy grew 2% annualised in Q1, slightly below expectations but above the 0.5% rate in the previous quarter. The growth was primarily driven by a surge in business investment and government spending, which offset a notable slowdown in consumer activity. Spending on AI-related equipment, data centre construction, and software was the main contributor to the increase, while a rebound in government spending after the shutdown last year also contributed. A marked slowdown in consumer spending and residential investment detracted from growth. Headline inflation rose 3.3% in March, from 2.4% in February, with the large increase mainly attributed to a 21% surge in fuel prices. Likewise, a 1.7% jump in monthly retail sales was largely due to higher gas station receipts and therefore are not a good indicator of consumer strength. The labour market meanwhile remains optically robust as non-farm payrolls for March and April beat expectations, and average wages have risen 3.5% over the past year. Further AI-related layoffs in the technology sector and in other industries are however likely to impact this trend, and with recent layoffs targeting high-salary positions, may have a large impact on consumer sentiment and spending. The Federal Open Market Committee meanwhile voted 11-1 to keep interest rates on hold at its April meeting, but there were three members dissented against the inclusion of easing bias in the statement. This was the highest number of dissents since 1992 and signals that policy makers are increasingly shifting to a more hawkish, neutral stance as the war has created a high level of uncertainty.

Global markets rebounded spectacularly in April as robust corporate profitability and optimism around a de-escalation in the Middle East stabilised markets. The MSCI World Index gained 9.6% as large gains in technology and communication services stocks (up 17.5%) offset a 2% decline in energy stocks. Worries over record AI spending appeared to recede as many AI companies reported results that showed a surge in profitability. Consumer staples and healthcare stocks, often seen as steady defensive sectors, lagged the growth-obsessed market. US markets outperformed as large gains in technology stocks drove the S&P500 (up 10.5%) and NASDAQ (up 15.7%) to record highs. With significant technology exposure, Japan’s Nikkei rebounded 17.4% as strong corporate earnings and the new Prime Minister’s pro-growth agenda – including massive stimulus packages and strategic investments in AI and semiconductors – bolstered investor confidence. Emerging markets gained 14.7% in April as South Korean and Taiwanese stocks (18% and 25% of the index, respectively) surged to record highs on the back of large gains in semi-conductor stocks. The MSCI EM index has become extremely concentrated with three chipmakers (TSMC, Samsung and SK Hynix) now accounting for over 21% of the index weight. Global bonds gained 1.3% as yields on the US 10yr Treasury rose dipped slightly and EM bonds gained, while global property stocks recovered all of March’s losses with gains of 8.6% for the month.

In South Africa, inflation edged up to 3.1% in March from 3.0% in February, primarily driven by rising costs in housing and utilities and financial services. While inflation remains near the SARB’s newly adopted 3% target, geopolitical tensions in the Middle East have introduced significant upward risks, with fuel price hikes expected to filter through to inflation in upcoming reports. The government announced that the fuel levy subsidy will be extended into June to provide some relief to households and businesses but there will be an impact on the nation’s fiscal position and further credit rating upgrades are unlikely. Manufacturing production meanwhile remained constrained (although data is very delayed), but the consumer appears relatively resilient as new vehicle sales posted a gain of 58060 units in March – the highest level in almost 20 years. Household credit extension has however slowed as banks tighten lending criteria amid an increase in credit loss ratios and impairment charges.

The local equity market recovered some lost ground but lagged global markets in April as the continued sell-off in resources stocks, despite stable commodity prices, weighed on the bourse. The All Share Index gained just 1.6% in April and remains well off its February high as the flow of capital favoured developed markets and emerging markets with technology exposure. The Resources Index declined 2.6% as investors rotated out of local gold and platinum miners into global technology stocks. Financials and Industrials gained 4.3% and 3%, respectively, with the latter benefiting from gains in Naspers, Richemont and MTN. The rand started the month at a low of R16.97 but strengthened slightly to close at R16.67 as sentiment towards emerging markets improved. The yield on the 10yr government bond followed the currency moves, with yields starting the month above 9%, reaching a low of 8.22% mid-month before settling at 8.9% at month end to cement a gain of 3.3% for the All Bond Index for the month. Listed property stocks meanwhile gained 5.4% as investors bet that improving fundamentals would offset the negative impact of higher short-term funding rates.