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Interest rate-sensitive assets gained<br />
<br />
<br />
Strong rand suppressed inflation, allowing rates to fall<br />
Lower rates meant capital gains for property and bonds<br />
Total<br />
return<br />
(%)<br />
Starting<br />
yield<br />
31.12.09<br />
(%)<br />
Closing<br />
yield<br />
31.12.10<br />
(%)<br />
Change<br />
in yield<br />
(%)<br />
Property 29.6 8.1 7.3 -0.9 Winner<br />
Bonds 15.2 9.1 8.1 -1.0 Winner<br />
Cash 6.8 7.1 5.5 -1.6 Loser<br />
5
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