Performance review
The portfolio currently invests in all maturities over the very short end of the yield curve on all deposits. The portfolio provides investors with an ideal hedge against rand depreciation and access to a well diversified portfolio of developed market currencies.

Market review
USD
Three month dollar deposits traded in a range of between 0.09% and 0.44% during the month. On December 16, the Federal Open Market Committee (FOMC) kept the Fed Fund target rate unchanged at 0.25% and is expected to keep interest rates unchanged at the next meeting on January 27. We invested in the three month area of the money market curve during December.

EUR
Three-month euro deposits traded in a range of between 0.45% and 0.70% during the month. The European Central Bank (ECB) left interest rates unchanged at 1% on December 3. The next ECB meeting takes place on January 14 and they are expected to keep interest rates unchanged. We invested in the three month area of the money market curve.

GBP
Three month sterling deposits traded in a narrow range of between 0.45% and 0.55%. The Bank of England (BOE) left interest rates unchanged at 0.50% on December 10. The next meeting takes place on January 7 and we expect the BOE to keep interest rates unchanged at 0.50% at the next meeting. We invested in the three month area of the money market curve during December.