The portfolio’s primary objective is the maximisation of long term returns through significant outperformance of the FTSE/JSE Capped SWIX Index. The investment strategy is to maximize investor capital by buying securities with trading values materially lower than their intrinsic values. The portfolio has a minimum equity exposure of 95%.

The portfolio benefitted in the month from a Global Technology holding which traded up as further clarity on Chinese gaming regulations buoyed the share price of its major underlying investment, and a Retail holding which benefitted from a positive trading statement. Our Insurance holdings and Bank holding also traded up in the month alongside the SA Financials sector generally, and a Poultry holding benefitted on expectations of increased global protein prices following the devastating impact of disease on the Chinese pig herd. This was only partly offset by a Tobacco holding, which traded down following some downward revisions by a US competitor on volume expectations in that jurisdiction. At month end, we held 99.28% of our capital in 33 positions.