2022 proved to be a difficult year for global investors - most major global equity and bond markets sold off materially, making it one of the worst years for global balanced fund investors on record,. Given elevated fixed income yields and undemanding equity valuations. South African investors were spared the worst of it. The CLucasGray Equilibrium Prescient Fund gained 7.2% in the final quarter of 2022. The fund returned 4.4% for the year, which compared favourably to the industry peer group, where the average fund was marginally down. Over the last 3 years the fund has delivered an annualised return of over 10%, against a peer group return of 8&. Since inception nearly 8 years ago in January 2015, the fund has achieved compound annual returns of nearly 9% versus the peer group of less than 6%. The fund has continued to adhere to its policy objective.