Newsletter • Quarter 2 • 2025

Woolworths Group Retirement Fund

Portfolio Performance

The chart below shows the investment performance of the Fund’s main investment portfolio – the Balanced Growth Portfolio – over various periods ending 31 March 2025.

The Balanced Growth Portfolio aims to outperform inflation. It targets an investment return of inflation plus 5.5% per year over seven years.

For periods longer than one year, the returns are shown per year.

The returns are shown after deducting investment management fees.

The Balanced Growth Portfolio

Over the long term (seven years or more) the Balanced Growth Portfolio has earned an investment return higher than inflation.

However, it has not reached its target of 5.5% above inflation. This is mostly because South African shares, which make up a large part of the portfolio, have not performed well.

Short-term returns (up to 5 years) have recently been strong, but do not pay too much attention to this, as these returns may just as easily have been poor.

Short-term performance is often driven by supply and demand, events, or ‘noise’ in investment markets. These day-to-day events are unpredictable and can be misleading. They do not give a clear picture of how the market will perform in the long run.

That is why you must focus on long-term growth instead of short-term changes.