South African (SA) asset classes outperformed offshore asset classes meaningfully over the month. Although the market was concerned about inflation and interest rate hikes in the developed world, the rand strengthened over the month dragging down performance of offshore assets in rands. Emerging market (EM) assets generally outperformed and South Africa was one of the better performing markets within the EM universe. SA Equities led from the front whilst SA bonds and cash provided positive returns. SA property fell slightly but materially outperformed the broader global property market.

Source: PortfolioMetrix

SA PROFILE PERFORMANCE