As a short-term tactical move to take advantage of better buying opportunities in July, the fund manager allowed the cash position to increase through fund inflows. June also saw a move away from large cap stocks towards the mid and small cap counters.

South African equities went against the global trend in May, gaining 4.6% against a decline of 1.6% in the MSCI All Country benchmark. Resources once again advanced strongly, leaving the fund trailing its benchmark by a narrow margin. The fund saw the beginning of a drastic overhaul with respect to both strategic and tactical approach. Whilst individual counter activity was too large to detail here, the main sector switch from industrials into resources, exemplifies the new focus on investing in avenues "where the money is made". SA equity investment opportunities are increasing every month. The fund manager's intermediate term view on the market is positive. Altogether, the trajectory of the fund’s value should generally continue upward.