Our fund declined 3 16 net for the month of December 2022 and returned 2 38 for the year The biggest detractor to portfolio performance in the month was our holding in MTN, which traded down following a pre close update, largely driven by macro concerns in some of its geographies Other detractors included our Gaming holdings, Tsogo Sun and Sun International, which traded down in December after trading up alongside Tsogo Sun’s results release in November This was somewhat offset by positive contribution from our holding in Outsurance with its name change and the final step in its transition from Investment Holding company RMIH completed in early December, as well as our holding in Reinet, which continued trading up following positive interim results released at the end of November At month end, we held 96 1 of our capital in 38 positions