In 3Q19, the Anchor BCI Global Technology Fund experienced large inflows, which led to significant purchases of equities throughout the period. The investment in Naspers increased in anticipation of the listing of Prosus in Amsterdam, Holland in early September.

Prosus, our preferred investment in the Naspers Group of companies, accounted for 7.5% of the fund at quarter end - with Naspers at 6.1%. Alibaba remains the largest single investment at 8.4% of the fund as at end September 2019. New investments were, however, made in Amazon, Microsoft, Facebook, The Walt Disney Co., Apple and Chegg.

The fund’s equity content ended the quarter at 79.9%, up from 64.6% at the end of June 2019. The balance of 20.1% is largely invested in US dollars and euros.

The Anchor BCI Global Technology Fund aims to maximise the long-term total return for investors.