The Fund returned 1.2% for the month of September and 6.6% for the 12 month period. The rand bounced back slightly, closing the month at 15.14/USD. Globally, earnings expectations have been falling and the overall sentiment is still largely informed by weakening economic data as developed economies continued to slow down, particularly China, Germany and Japan.

Industrial confidence in the Eurozone was negative, with the weakness emanating mainly from manufacturing and trade. Japan implemented a 2% increase in their consumption tax rate which added to pressure from the slowdown in overseas economies. Political unrest in Hong Kong, the bombing in Saudi Arabia and the possible impeachment of president Trump contributed to global strains. The Fund will retain its current geographic exposures, with its largest exposure still towards the US.