The Oakhaven SNN Core Income Fund will change it's name to Oakhaven Core Income FR Fund, effective from 07 September 2023

December was an extremely volatile month for SA markets. Both the exchange rate and bond market sold off aggressively at the beginning of the month, amid fears that President Ramaphosa would step down due to an investigation into a controversial robbery that took place on the president’s farm back in 2020. SA markets did recover after Rampahosa was re-elected as party president at the ANC elective conference. Nonetheless, the nominal yield curve bear-steepened on the month as foreign investors continued to reduce their SAGB exposure. Conversely, the real yield curve bull-flattened on the month because foreign investors have proportionately less exposure to linkers. Consequently, nominal bonds only manged to deliver a return of 0.6% on the month, while linkers posted a healthy return of 2.7% in December. For the year as whole nominal and linkers both returned 4.2%, which was less than the 5.2% return that was generated from money market instruments during 2022.

Please note: The above commentary is based on reasonable assumptions and is not guaranteed to occur.