June was shaped by three key themes: continued investment in artificial intelligence, easing tensions in the Middle East and shifting expectations for global interest rates. While geopolitical uncertainty remained elevated, improving prospects for lower energy prices helped reduce inflation concerns and eased pressure on the global economy.
Markets delivered mixed returns during the month. US equities were divided between continued strength in industrials and weakness in technology shares, while Japan remained one of the strongest-performing major markets. Locally, South African equities came under pressure as lower commodity prices weighed on resource shares.
Across our portfolios, Richemont continued to refine its brand portfolio through the sale of Baume & Mercier, while locally, Ninety One reported a strong recovery in assets under management and profitability, and Stor-Age delivered resilient results supported by continued strength in its South African operations.
In the latest issue of Prosperity, we explore these developments in more detail and provide updates on several companies held across our portfolios.