Newsletter – Q2 2018

We are pleased to report that the Rezco funds have had a strong performance for the first half of 2018, outperforming peers and the market. This outperformance is largely attributed to our key macro calls materialising:

1. Strong US economy, strong USD, and quantitative easing unwinding.
2. Sluggish South African economy: worsening expectations for SA economic growth; negative earnings
   revisions for SA Inc. shares.
3. Emerging market sell-off: weak Rand; SA Inc. share prices collapsing off the mid-February peak.

Read the full article here: Q2 2018 Newsletter