Fund Review
The STANLIB Index Fund ("the Fund") is a passively managed index-tracking fund. The aim is to replicate the performance of the FTSE/JSE All Share Index ("the Index") as closely as possible.

The fund is aimed at investors who seek exposure to the All Share Index at a reduced cost. This exposure is achieved by holding the index constituents in the most optimal proportions that will enable the fund to track the Index as closely as possible. The last quarterly review of the FTSE/JSE Africa Index series saw the Index Advisory Committee introduce a new methodology to how various indices are calculated. Of relevance to the fund was the implementation of the actual free floats in place of the banded free floats which brought on changes to the weights of the various constituents. Hospitality Property Fund B was included in the index and there were a number of changes to the shares in issue of various constituent companies. The fund has been repositioned for these changes.

Looking Ahead We will continue maintaining our tight tracking error to the FTSE / JSE Top 40 Index whilst keeping track of and adjusting for index changes as and when they happen.