Our portfolio (Class B1) declined 1.95% net for the month of September 2018, versus the JSE Capped SWIX Total Return Index which declined 4.21% for the month.

The portfolio benefitted in the month from our holdings in a Platinum producer, which traded up strongly alongside a higher platinum price, as well as a Base Metals producer, which reported earnings ahead of consensus expectations during the month. The portfolio also benefitted from a Life Insurer holding, which paid a special dividend after releasing earnings largely in line with expectations last month. This was only partly offset by a Retail holding which traded down alongside the retail sector following negative GDP data released in the month, and a Global Media holding which traded down alongside the share price of a major underlying investment.

At month end, we held 97.7% of our capital in 34 positions.