The Worldwide Fund distributed 4.6305 cpu and produced a total return of 16% for the year ending 30 September 2014. The portfolio has approximately 85% exposure to growth assets, both locally and offshore to ensure inflation beating income and capital growth over the long term. The companies included in the portfolio tend to focus on basic necessities, enjoy country wide or global distribution and have strong balance sheets and consumer brands. Consequently, these companies are able to produce reliable and growing dividends irrespective of interest rate or business cycles ensuring a more predictable outcome. The fund also has a 4 Plexcrown rating for risk adjusted performance.

Offshore exposure remains maximised at approximately 70%. This decision has served investors well in 2014. American and UK economic data continues to confirm a sustainable economic recovery in these regions which has been reflected in good stock market performance particularly in the US where the fund is heavily weighted. Returns have also been bolstered by the depreciation of the Rand relative to first world currencies. Notwithstanding strong price appreciation, valuations of certain multi-national blue chip companies remain attractive with dividend yields at or above historic averages.

Domestic equities exposure remains low at 15% as valuations remain demanding. To ensure resilience in the current subdued economic environment, emphasis has been given to businesses which provide basic necessities or offer value to consumers.

The Worldwide Fund distributed 4.41 cpu in March. The portfolio has approximately 85% exposure to equities, both locally and offshore to ensure inflation beating income and capital growth over the long term. The companies included in the portfolio tend to focus on basic necessities, enjoy country wide or global distribution and have strong balance sheets and consumer brands. Consequently, these companies are able to produce reliable and growing dividends irrespective of interest rate or business cycles ensuring a more predictable outcome.

The fund's offshore market exposure remains maximised at approximately 70% to take advantage of the attractive valuations of blue chip multinational companies listed on first world exchanges. These companies are currently trading on dividend yields at or above their historic averages with secure dividend growth prospects.

Domestic equities exposure remains low at 15% as valuations remain demanding. Recent data continues to suggest that South Africa's economic prospects remain subdued and with dividend yields remaining below historic averages an increase in local equity exposure is not yet warranted. To ensure resilience in the current environment emphasis has been given to companies with track records demonstrating an ability to grow their profits and dividends in adverse economic circumstances.