Markets recovered in October despite relatively poor economic news, high inflation readings and continued increases in interest rates. In rand terms, the best performing asset class by quite a margin was South African (SA) property which was followed by global equity and global property. Cash lagged most with SA bonds the second worst performing asset class, although still up 1.1%. The local equity market had large divergence in returns with financials up 13% and Industrials up 2%. SA equities provided strong returns for the month outperforming the broader emerging market (EM) index by 6% in rand terms as Chinese equities dragged the EM index down.

PERIODIC PERFORMANCE