Global economies are currently starting to top-out, mainly due to the high oil price. Thanks to a strong Chinese economy, commodity prices are however expected to remain strong to at least the end of the year and emerging markets (especially commodity markets like South Africa) should therefore benefit. Local inflation has bottomed in the current cycle, but should remain low for the remainder of the year and stay within the target bands set by the Reserve Bank. Domestic demand should remain buoyant, driving the recovery and growth in the local economy.

Equity valuations in general still remain attractive. The Gryphon All Share Tracker Fund due to its tracker nature remains fully invested. The fund is, relative to its benchmark, slightly tilted towards Banks, Oil and the Retail sectors. Being an index fund, it is more exposed to the larger more liquid stocks on the Johannesburg Stock Exchange. Currently the fund is relative to its benchmark slightly overweight on the Top 40 and Small Cap stocks and underweight on Mid-Caps.

Our view is for a sustainable recovery in the global economy in 2004. Commodity prices are expected to remain strong for most of the year and emerging markets (especially commodity markets like SA) should therefore benefit. Local inflation has bottomed in the current cycle, but should remain low for the reminder of the year and stay within the target bands set by the Reserve Bank. Domestic demand should remain buoyant, driving the recovery and growth in the local economy.
Equity valuations in general still remain attractive. The Gryphon All Share Tracker Fund due to its tracker nature remains fully invested. The Fund is, relative to its benchmark, slightly tilted towards Banks, Mining, Platinum, Oil and the Retail Sectors. Being an index fund, it is more exposed to the larger more liquid stocks on the JSE. Currently the Fund is relative to its benchmark slightly overweight on the Mid Cap stocks and underweight on Top 40 & Small Cap stocks.

Our view is for a sustainable recovery in the global economy in 2004. Commodity prices are expected to remain strong for most of the year and emerging markets (especially commodity markets like SA) should therefor benefit. Local inflation has bottomed in the current cycle, but should remain low for the remainder of the year and stay within the target bands set by the Reserve Bank. Domestic demand should remain buoyant, driving the recovery and growth in the local economy.

Equity valuations in general still remain attractive. The Gryphon All Share Tracker Fund due to its tracker nature remains fully invested. The Fund is, relative to its benchmark, slightly tilted towards Banks, Mining, Platinum, Oil and the more cyclical Industrial Sectors. Being an index fund, it is more exposed to the larger more liquid stocks on the JSE. Currently the Fund is relative to its benchmark slightly overweight on the Top 40 stocks and underweight on Mid & Small Cap Stocks.

Our view is for a sustainable recovery in the global economy in 2004. Commodity prices are expected to remain strong for most of the year and emerging markets (especially commodity markets like SA) should therefor benefit. Local inflation has bottomed in the current cycle, but should remain low for the remainder of the year and stay with the target bands set by the Reserve Bank. Domestic demand should remain buoyant, driving the recovery and growth in the local economy.

Equity valuations in general still remain attractive. The Gryphon All Share Tracker Fund due to its tracker nature remains fully invested. The fund is, relative to its benchmark, slightly tilted towards banks, mining, platinum, oil and the more cyclical industrial sectors. Being and index fund, it is more exposed to the larger more liquid stocks on the JSE. Currently the fund is relative to its benchmark overweight on top 40 and small cap stocks and underweight on mid cap stocks.

On 5 February 2004, the The Gryphon Imperial SA Tracker Fund changed its name to the the Gryphon All Share Tracker Fund. The investment policy of the fund has also changed.