The Coronation ALSI 40 Tracker Fund changed name on the 12 Dec 2002, to Kagiso Top 40 Tracker Fund.

Equity markets around the world had a very poor quarter, with many of them experiencing losses of 15% or greater. The South African equity market, although negative, was more robust than most developed markets. The JSE All Share index returned -11.19%, while the American Dow Jones index returned -17.8%.

The Coronation ALSI 40 Tracker Fund returned -10.46% for the quarter, outperforming the return of -12.13% produced by the JSE Top 40 index. The three major sectors: Resources, Financials and Industrials were all in negative territory, with Resources being the strongest performer.

For the quarter, the best performing shares were Harmony, Goldfields and Sasol, with positive returns in excess of 8% for the period. However, the majority of shares were in negative territory, with Johnnic, M-Cell and Richemont losing more than 25% of their value, and Didata losing 56.5%.

The index was rebalanced on 19 September with no constituent changes. The performance of the Coronation ALSI 40 Tracker Fund continues to closely track the underlying index.

For the quarter, the fund returned -3.32% compared to the JSE Top 40 index return of -3.54%. This is a significant decline from the previous quarter, when the index returned 7.1%
All three major sectors within the index recorded poor performances. The Industrial and Resources sectors returned -4.8%, while the Financial sector returned -3.9%.
The best performing shares over the period were Iscor, BoE and Pick 'n Pay. With effect from 10 July, however, BoE will cease to trade and will, therefore, no longer form part the index.
Other activity during the quarter saw the conversion of the JSE ALSI 40 index to the new FTSE/JSE Africa Top 40 Free Float index. The constituents of the index were rebalanced on 21 June. Coronation Holdings, Durban Deep, and ABI replaced JD group, New Africa Capital and African Bank.
The performance of the fund continues to closely track the underlying index.

The Coronation ALSI 40 Tracker Fund returned 7.05% compared to the JSE Top 40 index return of 7.16%, a significant decline from the previous quarter when the index returned 33.23%.
During the quarter, the resources sector returned 15.4%. The best performing shares in this sector were Anglo Gold, Anglo American Platinum Corporation and Sasol. Industrial shares underperformed the index with its return of -0.2%. Although Richemont performed well, the performance of the industrial sector was negatively affected by the poor performance of the information technology and media sectors. The financial sector also underperformed the index with its return of -4%. Banks (with the exception of Stanbic) and financial services were the main detractors from this sector's performance.
The constituents of the index were rebalanced at quarter end. Coronation Holdings was replaced by JD Group.
The performance of the Coronation ALSI 40 Tracker Fund continues to closely track the underlying index.

The performance of the Coronation ALSI 40 Tracker Fund has continued to closely track the underlying index. At the close of the third quarter Datatec, MIH Holdings and Metcash have been replaced with Iscor, Pick 'n Pay and Steinhoff.