For the year ending 30 September 2019 the Global Income Fund produced a total return of 9.7% reflecting an approximate 6.9% depreciation of the Rand over the period. The US Federal Reserve Bank’s decision to increase interest rates 4 times in 2018 also benefited the fund given its approximate 70% exposure to US Dollar denominated floating corporate debt. Looking ahead, the fund continues to favour floating corporate debt over long dated fixed rates government bonds due to more attractive yields and lower duration risk.