Weekly market summary

Week ending Friday 23 July 2010

Market Highlights 
The cautiously optimistic tone of the last while gathered momentum last week pushing risky assets higher. Some US companies showed solid earnings which effectively increased risk appetite, whilst others were disappointing and poorly received. Ben Bernanke, the Federal Reserve chairman, acknowledged an “unusually uncertain” economic outlook for the US and stated that economic conditions are likely to warrant exceptionally low levels of the federal funds rate for an extended period. Read more >

Weekly income fund yields

30 July 2010

Monthly fund snapshot

Month ended 30 June 2010

Global economic overview
Global markets were hampered by the likely negative repercussions for global growth posed by fiscal consolidation in June. The European debt crisis and the health of European banks remained at the forefront of investor concerns. Indications of slower growth in China plus concerns about the US consumer also made investors question the pace and sustainability of the global recovery.  Read more >

Monthly fund performance ranking

Month ended 30 June 2010

Ranking analysis
View fund performance over time periods ranging from three months through to ten years. Read more >

Quarterly economic overview

Quarter ended 30 June 2010

Sovereign debt woes take centre-stage
"Risk Off" was the clear and present message from global markets during 2Q10. Most notably, 10-year US Treasury yields fell below 3%, a near historic low, while German Bund yields flirted with 2.5%, an historic low.

A world in the World Cup country
Living in South Africa, one could be forgiven for forgetting the risk asset woes of 2Q10 as the country has never been livelier as host nation to the 2010 Soccer World Cup competition. Still, this did not cushion domestic equities from the fate of foreign counterparts, but may have done more for the rand... Read more >

Quarterly houseview

Quarter ended 30 June 2010

Interest Rates
Increasing evidence of domestic economic recovery suggests that the prospect for further easing is muted. Even so, we do not think that the prospect of further rate cuts has completely disappeared.

Inflation
Inflation has positively surprised in the January and February readings. We expect March's inflation reading to reinforce this trend. Read more >

Quarterly fund manager commentary

Quarter ended 30 June 2010

Message from the CIO
Fear returns to the market
Sadly the second quarter of 2010 proved a much tougher one for markets than the first. The year had opened with quite buoyant hopes for improving economic growth and a strong earnings recovery that would serve to drive solid performances from risky asset classes like equity. Read more >

Annual report

Year ended 30 June 2009

Market summary and outlook
The economic and market events of the last year and the year preceding it have been significant in a historical context and are likely to be defining in their continuing impact on the economic backdrop moving forward.

Performance
Investment returns were disappointing from some of our funds through the year as substantial equity declines in local and global stock detracted from returns.
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