The JSE All Share Index rose by 8.7% on a total return basis in September 2010. The best performing sectors were Personal Goods (+20.5%), General Retailers (+16.9%) and Media (+14.8%). The worst sectors were Coal Mining (-1.2%), Software and Computer Services (-0.8%) and Gold Mining (1.5%).

The Fund delivered a total return of 9.95% outperforming the ALSI's 8.74% by1.21%. The portfolio's non-exposure to Gold Mining contributed to this outperformance, reversing last month's underperfomance. Overweight positions in both Personal Goods and Consumer Services were the other main drivers of this month's outperformance.

The FTSE / JSE All Share Index closed lower in June, delivering a total return of -3.17%. The three worst performing sectors were Media (-13.1%), Software & Computer Services (-7.9%) and Industrial Transportation (-7.6%). The three best performing sectors - Personal Goods (+5.9%), Food & Drug Retailers (+5.6%) and Non-life Insurance (+4.6%) all managed positive returns in a volatile environment.

The Fund delivered a total return of -2.48% outperforming the ALSI's -3.17%. Underweight positions in General Mining and the positions in non-index British American Tobacco (+8.3%) and General Retailers were the main contributors to this outperformance.

After a negative start to the year and a lacklustre February, the FTSE / JSE All Share Index delivered a solid total return of 7.87% to close at 28747, taking the total return for the first quarter to 4.5%. Basic Materials led the way, returning 9.75%, with Platinum mining up 11.25% and General Mining (Anglos and BHP Billiton) up 12.4%. All other economic groups (except Technology and Telecommunication) had total returns greater than 7% for the month. The Fund delivered a total return of 7.57% marginally underperforming the ALSI's 7.87%. The Fund's underweight exposure to General Mining, overweight position in Telecommunications and exposure to the non-index BAT compromised this month's performance, while significant positive contributors were the underweight positions in Gold Mining, Industrial Metal (no Arcelor Mittal) and Life Insurers.

The FTSE / JSE All Share Index ended the year on a positive note, posting a total return of 2.9% for December closing at 27,666, up 32.1% for 2009. Foreigners continued to be net purchasers of SA equities (for the 11th month in a row), R1.3bn for December, taking the total net foreign inflows to R73.7bn. The All Share's 2009 total return of 70.1% in dollar terms underperformed the MSCI Emerging Markets Index by 8.9%. The rand appreciated 0.1% against the dollar in December, and 28.7% for 2009, second to the Brazilian real's 32.9%. The best performing sector in 2009 was Pharmaceuticals (+93.6%), then Media (75.9%) and Household Goods (+72.1%). Automobiles & Parts (-8.6%), Forestry & Paper (-7.4%) and Fixed Line Telecoms (-1.3%) were the 2009 laggards. The Fund delivered a total return of 3.75% versus the ALSI's 2.92%. Stock selection played a key role in the 1 month outperformance, with the positions in Impala (+18.2%), PPC (+12.0%), BAT (+7.4%) and Standard Bank (+6.5%) all contributing to the outperformance. As a result or 12 month underperformance gap closed significantly, while our longer term performance remains ahead of benchmark.