July was characterised by renewed geopolitical uncertainty, evolving interest rate expectations and continued debate around the scale of investment in AI. While higher energy prices placed renewed pressure on inflation, central banks adopted a measured approach, leaving interest rates unchanged as they weighed inflation risks against slowing economic activity.
Markets delivered mixed returns during the month as investors looked beyond headline earnings and questioned the sustainability of AI-related capital expenditure. Beneath relatively subdued index performance, there was significant divergence across sectors and companies, particularly within technology.
Across our portfolios, Prosus and Naspers reported strong full-year results and continued to strengthen their ecosystem offerings, while Valterra Platinum delivered robust operational performance and maintained full-year production guidance. Globally, companies such as ASML, Microsoft, Alphabet and Amazon continued to benefit from AI-driven demand, reinforcing one of the long-term structural themes shaping our portfolios.
In the latest issue of Prosperity, we unpack these developments in more detail and provide updates on a selection of companies held across our portfolios.