In a year characterised by extreme global equity market volatility, the final quarter of 2022 was a very strong one for South African equity investors. A number of index heavyweights prformed well, resulting in the JSE Swix gaining over 12% in the quarter - some much needed damage limitation after a tough first three quarters. The JSE Swix only returned 3.6% for the full year.

The ClucasGray Equity Prescient Fund delivered a rreturn of 11% in 2022, well ahead of both the JSE Swix referred to above, and the peer group, which returned 3.1% in the year. Over the last 3 years, which include the tough Covid impacted 2020, the fund has gained 13% per annum, compared to the JSE Swix return of 8.8%, and the peer group of 9.8%. Since inception over 11 years ago in October 2011, the fund has deliveredcompund annual net returns of 11.8%, outperforming the JSE Swix (10.8%) and the peer group (9%). The fund has continued to its policy objective.