The H4 Worldwide Equity Fund ('the fund') gained 3.7% during Q3-2018, and has delivered 8.3% over the past 12 months. In terms of the asset classes to which the fund was exposed during the quarter, the local equity market (measured by the FTSE/JSE All Share Index) lost 2.2%, underperforming the FTSE/JSE Capped Top 40 Index (to which the fund is exposed) which fell 1.1%. The local listed property market (measured by the FTSE/JSE SA Listed Property Index) slipped 1%. Global equities (measured by the MSCI All Country World Index in US dollars) gained 4.3%, while global listed property (measured by the MSCI World REITs Index in US dollars) delivered 0.2%. During the quarter, the US dollar strengthened 3.2% versus the rand, contributing to the performance of global assets when measured in rand terms.

During the third quarter, the manager entered into additional zero-cost ZAR/USD option structures to protect roughly 75% of the fund's non-SA exposure against possible significant rand strength to mid-March 2019. During the quarter, the manager also increased the US protected equity allocation, while some profit was taken from the global equity allocation.

At quarter-end, the fund's asset class exposure consisted primarily of offshore and domestic listed equities; and limited exposure to local and global listed property companies.

The fund continues to adhere to its policy.

The H4 Worldwide Equity Fund ('the fund') gained 11.3% during Q2-2018, and has delivered 12.4% versus 12.1% for its SA CPI +7% p.a. benchmark over the past 12 months. In terms of the asset classes to which the fund was exposed during the quarter, the local equity market (measured by the FTSE/JSE All Share Index) gained 4.5%, marginally outperforming the FTSE/JSE Capped Top 40 Index (to which the fund is exposed) which increased by 4%. Local listed property (measured by the FTSE/JSE SA Listed Property Index) struggled during the quarter, falling 2.2%. Global equities (measured by the MSCI All Country World Index in US dollars) ended the quarter up 0.5%, while global listed property (measured by the MSCI World REITs Index in US dollars) rose 4.9%, continuing its rebound after a challenging start to the year. During the quarter, the US dollar strengthened 15.7% versus the rand, adding to the performance of global assets when measured in rand terms.

As valuations have improved during the quarter, the manager took the opportunity to increase the fund's local property and local equity allocations; by reducing the fund's global listed property and local protected equity exposures. During June, the manager entered into zero cost ZAR/USD option structures to protect about half of the fund's non-SA exposure against possible significant rand strength to mid-December 2018.

At quarter-end, the fund's asset class exposure consisted primarily of offshore and domestic listed equities; and limited exposure to local and global listed property companies.

The fund continues to adhere to its policy.