Market review
The All Share index ended the first quarter of 2016 up 1.8%. During the same period, the FTSE World Index gained 0.4% in dollar terms. The Rand / US dollar exchange rate appreciated by 4.1 % during the first quarter of 2016.

Investment strategy
The Fund's overall investment strategy is the achievement of a consistent real return over the medium to long term, whilst minimising investment risk. The Brackenham SCI Managed Fund seeks to deliver long term capital growth and income normally associated with the investment structure of a moderate risk profile retirement fund.

Asset Mix
The Asset Mix of the fund as at 31 March 2016 can be summarised as follows:

o SA Equities 40%
o International Assets 27%
o Cash and Cash instruments 33%

Local Equity exposure ranged between 38% and 40% for the first quarter. International asset exposure was maintained above the maximum limit of 25% throughout the first quarter of 2016. Due to the Rands ongoing weakness, the Funds offshore exposure has exceeded the permissible limit. This will have to be addressed within the time frames permitted (rand strength later in the quarter did reduce the over exposure significantly) .

Outlook
The fund will likely remain fully exposed to International assets for the foreseeable future. Local equity exposure will continue to be monitored closely and increased when considered appropriate.