Local Equity Market – 4th Quarter 2021

The local equity market (+8.7%) outperformed both developed (+7.8%) and emerging markets
(-1.3%) peers in base currencies. This was driven primarily by strong performances from Resources (+22.2%) and Industrials (+16.1%).

The GTC Flexible Fund exactly tracked the Capped Swix Index on a net of fee basis for Quarter 4 of 2021 and outperformed the Index for the calendar year with a pleasing 28.8% return.

GTC Flexible Fund

As at 31 Dec 2021 3M 6M 1YR 2YR Since common inception
GTC Flexible 8.69 12.15 28.56 12.61 10.19
Industry Peer 1 7.98 11.45 26.18 12.50 9.80
Industry Peer 2 8.51 11.82 26.51 12.40 9.59
Industry Peer 3 8.68 12.15 26.72 12.50 9.95
Industry Peer 4 8.49 11.58 25.78 11.81 8.96
FTSE/JSE Capped SWIX All Share Index 8.68 12.15 27.08 13.05 10.20

All returns are net of fees.

Returns longer than 1 year are annualised.

 

The GTC Flexible Fund performed very well over the period as compared with recognised industry peers who operate in the same investment space in the South African local equity index. On a net of fees basis, the GTC fund has earned more than 1.4% against each peer and the index over the 2021 year. Since inception, and after fees, the GTC solution is only 0.01% behind its target benchmark, delivering on its mandate of reduced tracking error. This return experience is meaningfully superior relative to other industry peers mentioned above who lag the index between 0.25% and 1.24%.

The graph below illustrates the superior returns delivered by the GTC solution during 2021.

1 Year investment growth 1 January 2021 to 31 December 2021

 

All returns are net of fees.

 

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