The Citadel SA Core Equity H4 Fund (the fund’) was up 10.6% in Q2-2025 as the FTSE/JSE Capped Top 40 Index rose 9.5%. At sector level, the fund benefitted from being overweight technology and underweight healthcare. In contrast, underweight allocations to telecommunications and energy detracted. At stock level, the fund benefitted from overweight positions in Prosus, Northam Platinum and AngloGold Ashanti along with underweight positions in Harmony Gold and Aspen. Detractors included underweight positions in Sibanye Stillwater, MTN Group, Impala Platinum, Capitec and Gold Fields.

The fund changed sectors from South African--Equity--Large Cap to South African--Equity--SA General on 10 March 2025