The fund delivered a return of -2.9% for the month which was slightly ahead of its benchmark, the MSCI ACWI, which delivered a return of -4.4%. The rand strengthened by 1.1% during the month, acting as a headwind to performance. Netease and Facebook were two of our laggards for the month, but have performed well year-to-date,so some consolidation should be expected. Our largest contributors for the month were Trupanion, Zalando and Cartrack.
As required by legislation, we confirm that the fund has adhered to its policy objective and strategy.