The Fund offers efficient and cost effective exposure to listed property as represented by the FTSE/JSE SA Listed Property Index. Tracking error to the index is minimised in the process.

Investors who require exposure to SA listed property shares and who are comfortable with the volatility and potential short term capital losses that can result from exposure to property shares.

These portfolios typically hold meaningful equity and offshore exposure which may result in significant capital volatility over all periods. Due to their nature expected long term returns are higher than for the other risk categories.

The Prescient Property Equity Fund returns in December were in-line with the FTSE/JSE: SAPY index, which was up 4.2% for the month. During the last quarter of the year the Fund outperformed the benchmark slightly. The South African long bond yield moved from 9% to 8.8% during the month. The Fund is fully invested in South African listed property with sector selection neutral versus the SAPY index benchmark. The forward dividend yield for the Fund is 6.4%.

Contributors to Performance: The Fund benefited from holdings in shares that outperformed the SAPY index over the month, including Resilient (+10.5%) and Accelerate (+9.8%).
Detractors from Performance: Positions that detracted from performance over the month were holdings in Stenprop (-2.9%) and Rockcastle (-2.3%).