The Sanlam Private Wealth Balanced Fund is a managed prudential portfolio seeking to deliver long term capital growth and income normally associated with the investment struvture of a moderate risk profile retirement fund.

The Fund delivered a return of 9.5% for the 12 months to the end of December, in line with the peer group average. Th Fund remains in the top hals of competitors over three years.

The equity exposure in the Fund was maintained at around 63%. Since we hold the view that we are in an advanced stage of a global equity bull market, the equity position is underweight relative to the maximum allowable equity exposure of 75%.

we maintained the property holdings in the portfolio. The fixed interest exposure remains conservatively positioned.