The key indicators released during June remain largely negative. Most notably, the S&P downgraded South Africa to a BBB-rating, the May CPI print shot up to 6.6%, and Q1 2014 US GDP shrank by 2.9%.

On the local front, the platinum strike ended with R10.6bn in wage losses and R24bn in lost revenue. Despite the weak global & local stats, local assets continue to take their cue from bullish global markets, up 11.80% YTD. The key consensus at the moment is that the US, Europe and Japan will all remain devoted to low interest rates and QE, the underpin for "yield search and foreign appetite."

From an attribution perspective, Property was the top performing allocation. It handsomely outperformed the Property Index, up 3.36%, with the portfolio tilted toward the impact of rising inflation on rental yields, and a retail biased portfolio.

The flexible equity funds, cautiously positioned in anticipation of a market correction, underperformed the market, delivered 1.7% relative to the SWIX Index return of +2.76%.

Lastly, the fixed income space, still short duration, delivered a 0.79% return. This strategy remains largely cautious of foreign selling in the emerging market bond space.