STANLIB Weekly Focus - Liberty

NewsflashWhile the rand has lost 23% against the dollar over the past 12 months, it hasamazingly lost only 6% against the euro and has in fact gained 8.2% against thepound.Market returns (courtesy of Deutsche Bank)Equity Market (FTSE/JSE) - Other IndicesFebruary 3 6 12 Year-to-Code Name 2009 months months months dateHeadline IndicesJ200 Top 40 -10.4% -14.1% -34.1% -39.7% -14.6%J201 Mid Cap -6.4% -0.6% -15.9% -20.1% -8.2%J202 Small Cap -8.3% -7.9% -23.1% -33.3% -9.5%J203 ALL SHARE INDEX -9.9% -12.4% -32.0% -37.6% -13.7%TradableJ210 Resource 20 -8.8% -11.4% -39.6% -47.7% -11.2%J211 Industrial 25 -11.0% -11.9% -25.2% -25.0% -15.2%J212 Financial 15 -12.2% -21.4% -30.3% -36.2% -19.5%J213 Financial & Industrial 30 -11.6% -15.9% -28.0% -29.8% -17.1%Secondary MarketJ230 Development Capital -2.7% -14.0% -33.9% -57.8% -23.4%J231 Venture Capital -14.6% -65.5% -67.6% -83.3% -64.2%J232 Alt X -18.3% -30.2% -54.0% -58.1% -25.2%Specialist IndicesJ250 Financial & Industrial -10.6% -13.1% -25.6% -27.8% -15.5%J257 All Share Industrials -10.6% -10.4% -24.0% -24.2% -14.7%J258 All Share Resources -8.9% -11.5% -39.6% -47.7% -11.3%J253 SA Listed Property -2.8% 0.8% 0.8% -1.0% -3.9%J255 Property Unit Trusts -2.9% 3.6% 1.8% -4.5% -3.1%J256 Property Loan Stocks -2.7% -0.1% 0.6% 0.3% -4.1%With regard to the performance numbers above, it is interesting to see that despite theextremely depressed world economy (and therefore depressed demand for resources), theResource 20 Index (-11.2% year-to-date) has outperformed the Financial & Industrial 30 Index (-17.1%). Of course, Resources underperformed hugely in the six months to end December - andin the twelve months to end February - so perhaps they had already had the stuffing knockedout of them. However, because of perceived higher risk, STANLIB is underweight resources.Also of interest is that Small Caps (-9.5%) and Mid Caps (-8.2%) have outperformed the Top 40 (-14.6%) in the first two months of 2009, although ALT X (-25.2%) has more than made up forthat!3