The FTSE/JSE All Share (ALSI) declined 1.7% on a total return basis in December 2015. The All Bond Index declined 6.7% and the Inflation- Linked Bond Index declined 1.8%. Cash returned 0.5%.

The NSX Overall Index declined 8.4% and the NSX Local Index gained 1.4% on a total return basis. Over a 12-month period the NSX Overall Index returned -17.8% versus 34.3% for the Local Index. The IJG All Bond Index declined 3.2% in December and over 12 months, 1.1%. The IJG Money Market Index increased by 0.6% in December and over 12 months, 6.5%. The Namibian Dollar weakened 6.9% against the US Dollar, 9.5% against the Euro and 5.0% against the Pound in December 2015.

The Fund realised a total return of -0.2% for the month and 10.4% over a one-year period. The key contributors to performance this month came from the Fund’s position in SA and Namibian listed property. The Fund delivered a return of 10.2% per annum since inception (after fees) whilst NCPI inflation has increased by 3.4% per annum.