South African (SA) growth assets continued to drive SA portfolios with SA property leading the way followed by local equity. SA Bonds and cash performed reasonably over the month as the SARB tightened financial conditions by raising rates. The 10-year SA government bond yield rose marginally ending the month at 9.6%.

Global asset class performance in rands struggled due to the local currency broadly strengthening over the month. Global bonds in particular were hard hit as the asset class suffered under rising yields globally as well as the strengthening of the rand.

SA PROFILE PERFORMANCE