Your fund once again outperformed its benchmark in June. There were no ''star'' performers, but there was a slew of modest contributors to positive alpha. A holding since the very early days of the fund - Abbott Laboratories - was up 6.37% in the month, contributing 4bps of the total alpha.

We arranged with one of your fund's debt issuers, a roll-over of what had become a short dated bond, into a new 5-year bond sporting a spread of 510bps over same-maturity government bonds. In June we learnt that South Africa has slipped into a recession. This is according to the globally recognised definition of a recession, so the attempt by several politicians to pretend otherwise by calling it a ''technical'' recession is misguided. Regular readers are well appraised of our views of economists' forecasts, but for the record, they had expected growth of +0.9%; what we got was minus 0.7%. In certain circumstances, weak economic growth can benefit bonds but in this case, the probability of an increased budget deficit led to a 10bps rise in yields on the news.

Another month, another own-goal? Not in June. This time SA scored two own-goals. The ill-conceived mining charter and the bizarre statement from the Public Protector regarding the SARB's mandate (isn't the PP supposed to deal with havoc rather than create havoc?) each caused 11bps of weakness in the bond market.

The MI-PLAN IP Enhanced Income Fund will change it's name to Mi-PLAN IP Enhanced Income Fund, effective from 19 July 2017.

Despite South Africa..s well-publicised triple own goals ....recall, reshuffle and (consequent) rating downgrade, your fund had a good month, ending well ahead of both its benchmark and its target. No amount of political sophistry soothed the market or the rating agencies. Seventeen years of hard work went up in a puff of political smoke.

Your fund benefited from sharp narrowing of spreads in two FirstRand FRNs (FRB11 and FRB12). We sold Transnet's TN17 to fund the purchase of the new Barclays BGL15 at an initial yield of 11.12%, or a spread over 3 month-JIBAR of 378bps.

We held a hybrid Macquarie note from its launch until its maturity on 31st March 2017. This note paid, on the full creditworthiness of Macquarie, interest at JIBAR + 400bps. The catch was downside exposure to the share price of Exxaro, should the latter have been below R40 a share on maturity of the note; it ended March at R117.89, though it has to be said it approached the R40 mark in December 2015. Over the life of the note, it returned 37%, comfortably outperforming the 21% return of the STeFI Composite over the same period.