The Anchor BCI Diversified Stable Fund appreciated by 1.3% for September, outperforming the category average, which advanced by 0.7%. Following two months of losses, the equity market, as measured by the FTSE/JSE Capped Swix All Share Index, found some reprieve and appreciated by 0.3% for September.

Resources and industrials fell 0.5% and 0.9% MoM, respectively, while financials, the best-performing sector, gained 3.5% MoM. The underlying equity funds ended the month in the green, outperforming the ASISA General Equity (1.0%) category. The Satrix Capped Swix All Share Index, the Anchor Equity Fund, the Perpetua SCI Equity and the ClucasGray Equity Fund advanced by 0.7%, 1.0%, 1.8% and 2.5% MoM, respectively.

The Sanlam Small Cap Fund ended the month 1.7% higher, underperforming the Small Cap Index (+2.2% MoM). In dollar terms, the GinsGlobal European Equity Fund, the GinsGlobal Equity Fund and the iShares Core MSCI Emerging ETF advanced by 2.6%, 2.1% and 1.9% MoM, respectively. The rand strengthened 0.3% against the dollar, hiding a 5% intra-month appreciation, and subsequent depreciation, owing to protracted trade war negotiations.

Consequently, the GinsGlobal European Equity Fund, the GinsGlobal Equity Fund and the iShares Core MSCI Emerging ETF rose by 2.5%, 1.9% and 1.8% MoM, respectively, in rand terms. The IFM Bond Fund ended September 0.7% higher - outperforming the All Bond Index (+0.5% MoM). The IFM Income and Anchor Income Segregated Mandate both appreciated by 0.7% MoM, while cash generated a 0.5% return for the month.