Anglican Church of Southern African

Monthly Investment Report - Pension Fund

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June 2020

In line with most of the global economy, South Africa's economic activity
resumed under level 3 lockdown restrictions, with adjustments allowing for the
return to normal operations in almost all sectors, subject to health and safety
regulations. Economic data released throughout the quarter continued to point
to a dismal environment.

The one positive could be the continued fall in inflation as the most recent CPI
number (that being April 2020, due to the fact that some of the basket of items
used to determine the inflation rate did not trade during the lockdown) came in
right at the bottom of the Reserve Bank's 3% to 6% range, possibly opening
the door for further rate cuts towards year-end.

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