„h Global equities (+3.5%) gained for the fourth consecutive month on positive US¡VChina trade deal news and improved Brexit clarity on the Tory election majority ¡V emerging markets (+7.5%) were led higher by global trade sensitive markets Brazil (+12.3%), China (+8.3%) and Russia (+8.2%)

„h The FTSE/JSE Capped All Share Index (+3.0%) moved higher on broadly improved emerging market sentiment ¡V despite another negative quarterly SA GDP print and unprecedented Stage 6 load shedding

„h Gold (+19.5%) and platinum (+17.6%) miners led the resources index (+7.0%) on sharply higher commodity prices ¡V while industrials (+2.3%) and financials (+0.7%) posted more moderate gains

„h The core holding in Sasol (+15.1%) contributed meaningfully as the share continued to recover from oversold positions while the zero weight in MTN (-10.5%) protected capital ¡V offset by short term weakness in midcap industrials holdings Invicta (-19.2%) and Italtile (-6.3%) and the zero weighting in gold and platinum miners

„h Key property investments Capital & Counties (+4.2%) and Stor-Age (+6.6%) outperformed the property sector (-2.1%) with the zero weight to large benchmark property stocks Growthpoint (-3.1%) and Redefine (-8.0%) adding value ¡V the managers continue to prefer niche property companies less exposed to the weak economy
„h The rand advanced against the US dollar (+4.6%) on renewed emerging market risk appetite and broad based EM currency strength ¡V but the unit is vulnerable leading up to next month¡¦s budget speech and Moody¡¦s downgrade decision „

h The fund¡¦s positioning remains defensive given rising global market exuberance and expensive valuations in the US, and the we ak South African economy ¡V good diversification and high levels of liquidity position the portfolio exceptionally well for the unfolding environment