The Anchor BCI Worldwide Flexible Fund achieved a 9.6% return over the past 12 months and an annualised return of 12.0% since its inception in mid-May 2013. This compares with the benchmark South Africa (SA) CPI +4% returns over the same periods of 7.5% and 8.8%, respectively.

The fund’s performance over the past 12 months can also be compared against the S&P 500 and the FTSE All World indices, which were up 3.3% and 8.0% YoY, respectively, in rand terms. Minor changes were made to the equity portfolio in 4Q25. The existing investments in Unilever and Nike were increased, while the stake in Constellation Brands was reduced further.

No new equity holdings were introduced during the quarter. Equity content ended 4Q25 at 65.7%, down from 70.1% at the end of September 2025. The remainder of the fund was primarily invested in rand, along with euro and US dollar money market instruments. At the end of 4Q25, 21.6% of the portfolio was directly exposed to the rand through a combination of local cash and minor equity holdings.

Note that the remaining rand hedges (i.e., long rand/short US dollar) were closed out in late 4Q25.