The FTSE/JSE All Share Index gained 4.3% during September. The Industrial and Financial Indices showed gains of over 5% after moderate increases of less than 2% the month before, while the Resources Index improved by 1% after a 7.5% gain in August. The SA Listed Property Index gained 6.7% after giving back 3.6% in August.

Global markets have responded positively to the Federal Reserve Bank's decision to delay the tapering of quantitative easing for the time being. Both the Dow Jones and the S&P 500 Indices gained some ground after losses in August and the UK, France, Germany and Japan saw their main indices close higher after losses the month before.

The current shutdown of the US government will undoubtedly add some volatility to markets all over the world. Its effect on emerging markets can be positive, but to what extent the South African market will be affected is yet to be seen.

The Warwick Managed Fund of Funds was recently rebalanced to shift our exposure to different asset classes to what we believe are the optimal levels in the current market conditions.

We continue to hold funds that are in line with our house view and we believe that the mixture of funds we hold will outperform our benchmark in the long run while reducing our client's risk exposure.