The Fund achieved a return of 18.5% over the past 12 months, and 48.3% over the period since inception in mid-May 2013. This is ahead of the benchmark return of 8.8% and 24.0% respectively. The Fund's performance over the past 12 months can also be compared against the S&P 500 Index (in Rands), up 19.5%, and the FTSE All World Index in Rands), up 12.6%.

During the quarter, the Fund invested further in American Express and, most recently, invested in Royal Dutch Shell. The Fund's major investments are largely unchanged from the prior quarter, although the longstanding investment in Google has declined to 3.5% of assets.

The Fund experienced far greater inflows relative to prior quarters. Rands were converted to US dollars at an average rate of R13.12 per dollar. The Rand portion of the Fund has increased to 18.2%. The Fund's equity content closed the quarter at 54.3%.