The year to the end of March saw the local interest-bearing unit trust sub-categories faring better overall than the local equity sub-categories, with the equity general sub-category managing to return just 1.58 percent, well below inflation of 6.3 percent and below the FTSE/JSE All Share Index’s 2.53 percent. The local equity resource sub-category managed a commendable 16.78 percent for the year, but that was not enough to push its three-year performance into the black: it was still at the bottom of the list, with an average return of –3.22 percent a year. The small and mid-cap local equity sub-category also produced relatively robust performance in what has been a disappointing 12 months for the markets. The global and worldwide sub-categories were generally negatively affected by the stronger rand over the year.