The BIP BCI Moderate Worldwide Flexible Fund is a worldwide portfolio with a moderate risk profile that aims to deliver a moderate to high longterm total return.

South African (SA) stocks did enough in December to push the local market into positive territory for 2020 (FTSE/JSE Capped SWIX Index +5.5 MoM and +0.7% for 2020). Most sectors contributed positively, the exception being the Naspers/Prosus complex, which were unable to overcome a strong currency headwind (the rand was up 5.3% MoM vs the US dollar) and negative sentiment around Chinese tech heavyweights (which came under scrutiny from Chinese anti-trust regulators). Still, despite a disappointing end to the year, Naspers and Prosus’ combined performance for 2020 resulted in a 37% gain, contributing 5.4% to the FTSE/JSE Capped SWIX Index performance for 2020.

Mining companies were up across the board, with platinum miners (+21% MoM and 47% higher for 2020) leading the way on the back of another strong performance from platinum group metals. Mining shares rose by 19% in aggregate for 2020, contributing 6% to the FTSE/JSE Capped SWIX Index. SA Inc. shares, sensitive to the domestic economy, also had a good month, particularly the local banks, which rose 8.8% MoM, although that was not nearly enough to put these counters into positive territory for the year as SA Inc . shares ended the year 16% weaker.