The Mi-Plan IP Alternate Return Fund aims to achieve a consistent return in excess of inflation with the objective of capital appreciation at minimal volatility.

Financial markets shuddered during June. As set out in the body of this report we believe that markets collectively experienced a Minsky moment - that is a moment in time when the seeming presence of stability leads to chaos - in this case driven by the Feds' position on "tapering". Our sense is that calm will return to markets to some degree over the next while, but that an inflection point has been reached. Our review of domestic equity and bonds market points to low margins of safety in equities and duration risk in bonds as any further blow-out in the currency will lead to higher inflation that the SARB will not be able to influence through monetary policy. The negative return for June has dampened what would otherwise have been a promising quarter. Whilst our defensive asset allocation position implemented during May and throughout June did mitigate drawdown risk as did our very short duration positioning the bond market, a negative return in nonetheless unwelcome. At the time of writing both equity and bond markets have staged something of a dramatic recovery during the first few days of July. It remains to be seen whether this directional trend will persist as financial markets hang onto every macro data point.

The fund changed sectors from South African--Multi Asset--Flexible to South African--Multi Asset--Low Equity on 15 April 2013. The fund lost it's history

The MI-PLAN IP Protected Equity Fund will change it's name to MI-PLAN IP Alternate Return Fund, effective from 19 February 2013

The MI-PLAN IP Protected Equity Fund will change it's name to MI-PLAN IP Alternative Return Fund, effective from 18 February 2013