The Anchor BCI Diversified Moderate Fund B Class gained 1.0% for December, outperforming the category average which returned 0.9% MoM. The equity market, as measured by the FTSE/JSE Capped Swix All Share Index, gained 3.1% MoM, mostly on the back of resource companies, which rallied 6.9% MoM (FTSE/JSE Resources 10 Index). Consequently, the Satrix Capped Swix All Share Index Tracker Fund, as well as the ClucasGray Equity Fund added 3.1% MoM. The Anchor BCI Equity Fund gained 1.3%, whilst the Perpetua SCI Equity Fund appreciated by 2.2% MoM. The SIM Small Cap Fund was the best-performing fund, returning 4.3% MoM. In US dollar terms, the GinsGlobal European Equity Fund and the GinsGlobal Equity Fund advanced by 2.9% and 2.8% MoM, respec..vely, while the iShares Core MSCI Emerging ETF rallied by 7.4% for the month. The rand strengthened 4.9% against the US dollar, mostly due to global investors buying more risky assets. Consequently, the GinsGlobal European Equity Fund and GinsGlobal Equity Fund fell by 1.8% and 1.7% MoM, respec..vely, whilst the iShares Core MSCI Emerging ETF gained 2.4% in rand terms. Local bonds had a good month, with the IFM Bond Fund advancing by 1.9%, in line with the All Bond Index (ALBI), which also appreciated by 1.9% for the month. The IFM Income and Anchor Income Segregated Mandate rose by 0.6% and 0.7% MoM, respec..vely, while cash generated a 0.5% return for the month.