The FTSE/JSE All Share (ALSI) gained 5.08% on a total return basis in September 2013. Small Caps (up 6.2%) outperformed Large Caps (up 5.1%) and Mid Caps (up 4.9%).

The best-performing sectors were Household Goods (up 21.8%), General Retailers (up 10.5%) and Pharmaceuticals & Biotechnology (up10.2%). The worst were Gold Mining (down
5.8%), Automobiles & Parts (down 5.7%) and Technology Hardware & Equipment (down 3.1%).

The Equity Fund realised a positive total return of 4.6% for the month. The key contributors to the Fund’s performance this month came from the positions in Naspers (up 9.9%), MTN (up 6.5%) and First Rand (up 11.5%). On the other hand, the detractors came from the positions in Lonmin (down 3.4%), Hospital Property Fund (down 10.1%) and Sasol (down 0.6%).

This brings the one year after fees performance of the Fund to 30.0%, with the Fund outperforming both its benchmark of 23.1% and the overall market total return of 27.0% (before fees).

The FTSE/JSE All Share (ALSI) declined 5.7% on a total return basis in June 2013. Mid Caps (down 0.4%) outperformed Small Caps (down 1.1%) and Large Caps (down 6.7%).

The best-performing sectors were Fixed Line Telecommunications (+11.4%), Pharmaceuticals & Biotechnology (+6.8%) and Technology Hardware & Equipment (+4.8%). The worst were Gold Mining (-19.8%), General Mining (-15.2%) and Platinum Mining (-12.4%).

The Equity Fund realised a negative total return of -5.2% for the month. The key contributors to the Fund's performance this month came from the positions in Omnia Holdings (up 6.36%), AVI (up 4.27%) and MTN Group (up 0.64%). On the other hand, the detractors came from the positions in BHP Billiton (down 13.76%), Anglo American (down 18.42%) and Old Mutual (down 11.53%).

This brings the one year after fees performance of the Fund to 24.9%, with the Fund outperforming both its benchmark of 16.5% and the overall market total return of 21.0% (before fees).

The FTSE/JSE All Share (ALSI) gained 1.2% on a total return basis for the month. Small Caps (up 3.3%) outperformed Mid-Caps (up 2.5%) and Large Caps (up 0.9%).

The best-performing sectors were Pharmaceuticals & Biotechnology (up 14.5%), Automobiles & Parts (up 13.5%) and Tobacco (up 9.4%). The worst were Industrial Metals (down 10.1%), Platinum Mining (down 5.7%) and Mobile Telecommunications (down 5.6%).

The Equity Fund achieved a positive total return of 0.9% for the month. The key contributors to the Fund's performance this month came from the positions in Sasol (up 6.1%), British American Tobacco (up 9.2%) and SAB Miller (up 9.3%). On the other hand, the detractors came from the positions in MTN (down 5.2%), Anglo American (down 6.3%) and Lonmin (down 13.4%).

This brings the 1 year after fees performance of the Fund to 21.4%, with the Fund outperforming its benchmark by 4.3%.

The FTSE/JSE All Share (ALSI) gained 3.15% on a total return basis in December. Mid-Caps (up 5.1%) outperformed Small Caps (up 3.8%) and Large Caps (up 2.8%).

The best-performing sectors were Construction & Materials (up 13.8%), Platinum Mining (up 13.3%) and Non-life Insurance (up 10.7%). The worst were Tobacco (down 8.0%), Software & Computer Services (down 6.5%) and Equity Investment Instruments (down 4.9%).

The Equity Fund achieved a total return of 2.1% for the month. The key contributors to the Fund's performance this month came from the positions in ABSA (up 15.7%), Netcare (up 11%) and Lonmin (up 4.6%). On the other hand, the specialist offshore holdings detracted from returns, as did the holding in Richemont (down 3.3%).

This brings the return for the calendar year to 24.8%, with the Fund outperforming its benchmark of 21.5%, both after fees. The fund has achieved a return of 22.3% p.a. over the past 10 years, placing it first in its category over the 10 year period.