South African Property comfortably outperformed all other asset classes for the month with global property the second-best performer. Property was buoyed by global yields falling back slightly and positive economic data providing a strong tailwind to a pro-cyclical asset class. The rand strengthened over the month which tempered returns of global asset classes when viewed in rands. South African bonds also had a reasonably good month with positive data supporting a “better than expected” scenario for government finances resulting in reductions in issuances by Treasury.

Local equities produced mediocre performance with Resources again the best performing sector. Interestingly, lower liquidity small-cap stocks performed strongly over the month and have meaningfully outperformed the large-cap segment over the last year.

SA PROFILE PERFORMANCE