The flagship fund, Tower Fund (ZAR) has gained 17.5% net for 2012 (as at end of November). This fund has achieved annualized returns since inception (August 2009) of more than 18.5% net with a standard deviation of 8.4%. Correlation with the local South African market, the JSE All Share Index, has been low since inception (0.42). It is currently featured in Opalesque Solutions’ Emerging Managers Database.