The Taquanta Equity SNN Fund will change it's name to Taquanta Equity FR Fund, effective from 07 September 2023

The Fed slowed the pace of its hiking cycle to 50 bps to a 4.25% - 4.50% range as expected but signalled that tightening will continue and culminate at a level above market expectations. Both the ECB and BOE followed suit and increased their policy rates by half a point, while the PBOC vowed to remain supportive amid easing lockdown restrictions. In the US, the S&P 500 index was down 5.7% m/m versus November 2022. The Russell 1000 value index fell by 4.0% m/m while the Russell 1000 growth index slid by 7.8% versus the previous month. The Dow Jones Industrial and Nasdaq also decreased by 4.1% and 8.7%, respectively, versus November. In Europe, the German DAX and the French CAC40 were down 3.3% and 3.8% respectively versus the previous month. Similarly, the Euro Stoxx 50 decreased by 4.0% m/m, while the commodity linked FTSE 100 returned a negative 1.5% versus November 2022. In South Africa, the ALBI TR ZAR Index was up 0.6% m/m (and up 4.2% y/y). Hawkish forward guidance saw the CILI TR ZAR index increase by 2.6% m/m (and up 4.2% y/y). The JALSH TR ZAR Index fell by 2.3% m/m (and up 3.6% y/y), while the JSAPY TR ZAR increased by 1.1% m/m (and up 0.5% y/y).