The Citadel SA 20/20 Equity H4 Fund (‘the fund’) delivered 3.6% in Q4-2019, as the FTSE/JSE Capped Top 40 Index rose 5.2%. At sector level, the fund benefitted from an overweight allocation to healthcare, along with underweight in consumer services and telecommunications. Detractors included the underweight allocation to materials, along with the overweights in financials and consumer goods. At stock level, the fund benefitted from holding Remgro, RMB Holdings, PSG Group, British American Tobacco, Growthpoint and Sanlam. Detractors included positions in BHP Group, NEPI Rockcastle, Standard Bank, MTN Group, Nedbank and Anglo American. No changes were made to the fund during the quarter. The fund continues to adhere to its policy.