Dear Clients, Partners and Stakeholders,

I hope this finds you all in good health and good spirits as we move into the heart of the second half of 2025. It’s always a pleasure to share some insights with you and reflect on what’s been happening in the markets and the wealth management space.

I’m pleased to report that July was a very solid month for investors, with strength across most major asset classes. South African equities returned a commendable +2.3%, global equities performed even better at +3.1%, and SA bonds delivered a healthy +2.7%. This broad-based strength meant that well-diversified portfolios, like those we construct for our clients, saw strong performance throughout the month.

Adding to this tailwind was the South African Reserve Bank's (SARB) decision to ease interest rates, which was welcomed by both the markets and consumers alike. On Thursday, 18 July, SARB Governor, Lesetja Kganyago, announced a 25-basis point cut to the benchmark repo rate, bringing it down to 7.00%. This means the prime lending rate has now declined to 10.50%, the lowest it’s been since early 2022. The move provided much-needed relief to households and signalled cautious optimism about inflation moderating over the coming months.

We’re pleased to report that Warwick client portfolios performed particularly well during July, with many outperforming their respective benchmarks. The results reflect our disciplined, diversified approach to portfolio construction and our continued commitment to delivering real inflation-beating returns.

We are also proud to share that our investment partner, Orion Investment Managers, has recently expanded its global capabilities. Orion has signed on two additional international equity advisors, each with strong track records and backed by reputable global asset management teams. This enhances our already robust international offering, combining active and passive strategies to position our clients extremely well for the years ahead.

As always, we remain vigilant in what continues to be a volatile global environment. At Warwick, our focus remains on preserving and growing your wealth through thoughtful diversification across asset classes, geographies, currencies, and strategies. After all, as Nobel laureate Harry Markowitz once said: “Diversification is the only free lunch in investing.”

Thank you, as always, for your trust and partnership. Should you have any questions about your portfolio or the markets more broadly, please don’t hesitate to reach out to your Warwick Wealth Specialist, we’re always here to help.

Warm regards,