Monthly Update
Steady growth at home, mixed signals abroad
South Africa closed the third quarter in 2025 on a firmer footing, with GDP growth coming in at 0.5%. This marks the fourth consecutive quarter of positive economic expansion, with nine out of ten industries recording growth compared to the previous quarter a reassuring sign of broad-based resilience in the local economy.
Offshore, the picture remains more nuanced. US job creation slowed in December, with non-farm payrolls increasing by just 50,000, pointing to softer hiring conditions as economic headwinds emerge. At the same time, US GDP growth accelerated to an annualised 4.3% in the third quarter, the strongest pace seen in the past two years — highlighting the contrasting forces shaping global markets.
Against this backdrop, our latest update also reviews the performance of Salvo’s funds across one-, three- and five-year periods, alongside our current portfolio positioning, key risks and emerging opportunities. As always, our focus remains on navigating uncertainty with discipline, perspective and a long-term view.
👉 Read more in our Monthly Market & Fund Update.
Summary – December ’25
