Remarkably, November i.e. late in the year, saw the only consecutive positive monthly returns on the US equity market since mid-2021, other than in March and August, which registered consecutive monthly declines. Not only were markets volatile during 2022, but the size of monthly movements in either direction was unprecedented. During December, “Fed-speak” i.e. utterances by US Federal Reserve (Fed) officials were simply too hawkish (negative) for even the most positive of investors to bear. Equity markets headed lower again, concerned about the effects of one of the most aggressive (steep) rises in interest rates in modern history. The MSCI World index lost 4.3% during December and the US equity market 5.8%. The tech-heavy NASDAQ lost 8.7%, bringing its annual decline to 33.1%. The German and Swiss markets lost 3.3% and 3.6% respectively, although the Hong Kong equity market rose 6.4%, albeit off a multi-year low base. The MSCI Emerging market index lost only 1.6%, thanks in part to a weaker (-2.3%) dollar. The euro rose 3.6% against the dollar and the Swiss franc 3.0%. The commodity complex ended the month mixed, with the weaker dollar’s effect negated by concern about slowing demand. The oil price fell 2.8% but the copper price rose 2.4% and the iron ore price 14.6%, fueled in part by hopes of the Chinese economy re-opening after some draconian lockdown measures. The Bloomberg Global Aggregate Bond index rose 0.5% although the index still posted one of its worst years in history, ever, with an annual decline of 16.3%. At the end of the month 83.7% of the Fund’s assets were committed to the equity market, while the balance of 16.3% is being retained in cash. The Fund has adhered to its Policy objective during the month. Transaction Capital declined 13.4%, Sasol lost 9.9% on the back of a weaker oil price, Capitec lost 8.2%, Firstrand 7.2% and Standard Bank 6.8%. On a positive note, BHP Group and Hudaco both rose 0.7%, Richemont rose 1.4%, Star-age 5.2% and Afrimat 7.2% on the firm iron ore price.