In July risk assets outperformed, but the best performers were SA Property, Global Property and Global Equity. These three asset classes have also been the worst performers year-to-date; a real story of how volatile markets have been. A reversal in the Resources super sector also served as a drag on SA equity, as commodity prices continued to fall off their recent peaks. Global Bonds continued to provide a degree of stability to our rand-based portfolios which face an uncertain outlook despite easing inflation expectations and the slightly less hawkish central bankers that go with that.

Periodic Performance