The Worldwide Fund distributed 4 cpu in September. The fund's offshore exposure remains maximised at 70% to take advantage of the high yields currently offered by First World Mega cap companies. These companies are listed in markets which provide a high level of governance and have exposure to both advanced and emerging markets which should enable them to produce reliable growth in dividends for investors. Domestic equities sit at approximately 20%. Recently, Liberty Holdings has been added to the domestic equity exposure as it is showing good value with an attractive 6.4% forward yield. Attractive valuations and a strong rand afford an opportunity for South African investors to buy into companies best able to withstand current global pressures. The Worldwide Fund has been positioned to take advantage of yields well in excess of inflation internationally

The Worldwide Fund distributed 4 cpu in June. The fund's offshore exposure remains maximised at 70% to take advantage of the high yields currently offered by First World Mega cap companies. These companies are listed in markets which provide a high level of governance and have exposure to both advanced and emerging markets which should enable them to produce reliable growth in dividends for investors. Domestic equities sit at 9% due to low dividend yields without the prospects of high dividend growth. Attractive valuations and a strong rand afford an opportunity for South African investors to buy into companies best able to withstand current global pressures. The Worldwide Fund has been positioned to take advantage of yields well in excess of inflation internationally.

The Worldwide Fund distributed 4 cpu in March. The fund's offshore exposure was maximised to 70% in January to take advantage of the high yields currently offered by First World Mega cap companies. These companies are listed in markets which provide a high level of governance and have exposure to both advanced and emerging markets which should enable them to produce reliable growth in dividends for investors. Local equities have been reduced to 13% because of low dividend yields without the prospects of high dividend growth. Attractive valuations and a strong rand afford an opportunity for South African investors to buy into companies best able to withstand current global pressures. The Worldwide Fund has been positioned to take advantage of yields well in excess of inflation internationally.

The Worldwide Fund distributed 4 cpu in December. Attractive valuations and a strong rand afford a perfect opportunity for South African investors to buy into international companies best able to withstand the current global crisis. For this reason we hold 60% of the portfolio in international equities, real estate, bonds and cash. The fund continues to favour defensive international equities including Energy, Utilities, Tobacco and Telecoms. The same defensive positioning has been applied to the domestic equity exposure within the portfolio which currently stands at 30%. The Worldwide Fund is aptly positioned to take advantage of yields well in excess of inflation internationally.