The fund has performed in-line with its benchmark over the quarter. The last FTSE/JSE rebalance saw the index remain the same, with no additions or deletions of constituents. The fund benefited from its exposure to Sirius Real Estate, NEPI Rockcastle and Liberty Two Degrees, which were the top three performers, with Sirius Real Estate returning 14.3%. However, exposure to Intu Properties, MAS Real Estate and Attacq detracted from performance, as these were the three worst performers. Intu Properties returned -45.7% over the quarter.