In January 2026, the average prudential balanced portfolio returned 1.6% (December 2025: 1.7%). The top performer is the Allan Gray Namibia Balanced Fund, with 2.7%. The M&G Managed Fund, with 0.6%, takes the bottom spot. Momentum Namibia Growth Fund takes the top spot for the three months, outperforming the ‘average’ by roughly 2.0%. The NAM Coronation Balanced Plus Fund underperformed the ‘average’ by 2.9% 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 December 2025 reviews portfolio performances and provides insightful portfolio analyses.

Investment opportunities in South Africa

Ever since the Ukraine conflict began, I foresee the world heading toward a major confrontation between the Global West and the Global East. There is no indication that the Global West, under US leadership, is relenting in its efforts to put increasing pressure on Russia and China. Countries in ‘the line of fire’ are likely to suffer collateral damage, and that is generally the northern hemisphere. In such a scenario, the southern hemisphere should be in a sweet spot for investment, particularly given that a major confrontation would drive massive demand for natural resources.

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