Resources led the way in September, pulling the JSE up 4.99% for the month. The Fund was up 6.59% and out-performed the index by 1.59% for the month. This continues the trend for the year: the Fund is up 25.8% ytd, 2.96% more than the JSE.

Our overweight positions in Mittal (price move + special dividend), BHPBilliton, Kumba and Impala added most of the outperformance to the Fund relative to the index. The Grindrod position also added significantly to portfolio out-performance. The underweight positions in Financials and Telecoms were also to the Fund's benefit.

For the first time this year, foreigners were net sellers of domestic equities - R1.1 billion for the month.