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Equities outperformed in ‘21, as global policy backstops continued to warrant risk-on behaviour. The NSX Overall Index was up 34.1% (total return), the JSE Top 40 Index up 28.5% and the MSCI World Index up 29.96% (in Namibia dollars). Regional fixed income markets, however, have been more muted with the S&P Namibia Bond Index up 4.7% and the South Africa Govi up 8.4%.