Strong commodity prices once again dominated the domestic market, helping the FTSE/JSE All Share Index back from its previous month's losses to post a 7,1% gain for the month and 13,3% for the quarter. Resources were the strongest sector posting 9,0% for the month, led in most part by platinum, up 17,1%, and oil and gas, up 10,4% for the month. Industrials and financial also had a strong month, up 6,0% and 6,4% respectively.

The bond market ended the month softer, in line with other emerging markets and global bond markets, losing 0,2% for the month. The longer end of the yield curve moved up steeper with the 12+ years sector losing 1,3%, underperforming the shorter 0 - 3 years sector, which gained 0,4% for the month.

The rand lost ground to the euro, ending 1,5% down for the month, on the back of diminishing investment allure of emerging-market currencies. However, it still strengthened against the US dollar and was up 0,5% for the month.

The holding in the Prudential Global Income Plus Fund was reduced and the proceeds invested in Allan Gray Orbis Global Equity Feeder Fund. The cash holding was also reduced and invested in the STANLIB Gold Fund to add a gold exposure to the fund.