Emerging markets in general had a difficult month which included South Africa given its high EM beta characteristics. After being one of the best performing emerging currencies this year, the rand weakened strongly boosting offshore asset class returns in ZAR terms. Local equities blew off some steam after several positive months and was the worst performing asset class for South African investors. Somewhat surprisingly, local property continued to produce good returns, however global equity and global property eclipsed all SA asset classes as their positive returns in hard currency were boosted by the weaker rand. After significant outperformance, the resources sector fell over 6% despite the weakening rand.

Source: PortfolioMetrix

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