At least 70% of assets in South African investment markets at all times. A minimum of 75% in equities at all times and generally seek maximum capital appreciation as the primary goal. A minimum of 80% of the equity portfolio must at all times be invested in the JSE sector/s as defined by the category and a maximum of 20% of the equity portfolio may be invested outside the defined JSE sector/s provided these investments comply fully with the category definition.

The BOE Core Equity Fund has been renamed to NGI Private Wealth Core Equity Fund with effect from 22 October 2012.

The total return of the JSE All Share Index return) was 1.64% for September. Resources (+5.7%) had a strong rally in the early part of the month, outperforming both Industrials (-0.4%) and Financials (+0.0%). Large Caps (+1.8%) outperformed Mid- Caps (+0.9%) and Small Caps (+1.3%). Property was weaker by 3.3%.

The best-performing sectors were Forestry & Paper (+9.5%, Coal Mining (+8.9%) and Gold Mining (+8.7%). The worst performance was recorded by Fixed Line Telecommunications (-8.4%), Tobacco (-4.8%), and Industrial Transportation (-4.7%).

The Fund's 81bps underperformance is attributable to not having any exposure to Mondi and Gold Mining as well as a decline of 7.4% for Mr Price after a year of stellar performance. The overweight position in BAT (-4.8%) also cost relative performance.

Woolworths (+3.5%) and Spar (+3.3%) were notable positive contributors for the month.

Both the JSE All Share Index and the SWIX40 delivered a1.9% total return in June. The three top performing sectors were Travel & Leisure (+9.6%), Food & Drug Retailers (+8.4%) and Real Estate Investment & Services (+7.8%). The poorest sector returns were in Fixed line Telecommunications (-17.1%), Gold Mining (-9.2%) and Personal Goods (-8.3%).

The Fund performed in line with benchmark for the month and enjoys a healthy top quartile ranking relative to its peers in the Domestic Equity category.

Overweight positions in BHP Billiton (+6.1%), Mr Price (+9.6%) and SAB (+4.9%) all contributed positively to this month’s outperformance. Fortunately there is no exposure to ABSA which declined 5.9% on the release of negative earnings news.

The SWIX40's decline of -0.9% in March versus the ALSI's -1.41% decline highlights the tough month Resource shares experienced. Gold Mining (-12.1%), Mining (-8.7%) and Platinum Mining (-8.2%) were the three worst performing sectors in March. Of the larger market cap sectors, Healthcare (+7.7%), Industrial Transportation (+6.3%) and Construction (+6.2%) were the top performers on a total return basis.

This has suited the Fund's positioning, with the underweights Mining, Oil & Gas, and Industrial Metals and the overweights in Equity Investment Instruments (RMI and REI), Pharmaceuticals and Tobacco all contributing positively to this month's relative performance.
As a result, the model generated a healthy 1.38% excess return for the month and a pleasing 5.5% outperformance over the last year.

It was a rollercoaster ride for investors in 2011 with large intramonth moves a feature of almost every month. A high of 33,094 was seen on Valentine's Day and the low of 28,391 in early August. After all the volatility, the FTSE\JSE All Share index had lost just 0.41% by the end of the year with dividends pushing the total return for the year into positive territory at +2.57%. Equities were the worst performing asset class in 2011 dragged down by Resources (- 6.5%), while Financials (+6.6%) and Industrials (+9.2%) both delivered positive total returns.

December saw a recoupment of the extreme moves on the last day of November, resulting in the Fund outperforming by 305bps for the month and a very pleasing 220bps for the year.

This annual outperformance was a result of the Fund's holding in BATS (+56.5%), which was excluded from the index for most of the year, and the overweight positions in retailers (WHL: +51.1%) and SAB (+23.0%). Implats (-25.8%) and Anglo American (-12.4%) were among the chief detractors from performance for the year.