The local equity market ended the month slightly ahead of global equities, but this came at a deeper drawdown during the month. The rand also originally weakened to over R16 to the US dollar but recovered from these levels eventually finishing the month stronger than where it started. South African bonds was the strongest asset class rising 1% in rand terms. Global property fell strongly over the month affected by weakness in hard currency terms as well as a stronger rand. This contrasted with the local property sector that remained flat over the month. The financials sector on the local equity market strongly outperformed the other super sectors with the industrials sector falling most (driven by poor results from Tencent dragging down Naspers/Prosus) followed by resources.

PortfolioMetrix – Periodic Performance