South African (SA) asset classes generally held up well over the month, considering the environment, with global unhedged bonds the best performing asset class. The rand weakened sharply, driving much of the performance of offshore asset classes in ZAR. Local equities remained positive, driven by resource stocks and rand hedged industrials. The worst performing asset class was local cash, while SA bonds still offered positive returns as the yield curve flattened somewhat on the back of a rate increase by SARB.

SA PROFILE PERFORMANCE