In this study, the performance of the Rennies Provident Fund's management strategy is reviewed. The study aims to determine whether the Fund's management strategy created or destroyed shareholder value over the past 17- year period of its existence up to and including the 2004 financial year. First, the Rennies Provident Fund's performance is reviewed against its internally set performance objective of returning CPI (consumer price index) + 3% to its members. Secondly, the Fund's performance is compared to that of similar pension funds. Thirdly, the performance objective that the Fund has set itself is critiqued against the performance objectives of other pension funds. Finally, the value-based performance measurement approach is applied to the fund to determine whether shareholder value has been created or destroyed in absolute money terms during the 2003 financial year. This study finds that the Rennies Provident Fund has on average achieved the required internally set benchmark of returning CPI + 3% over the 17-year period of its existence. However, when the performance of the Fund is compared to available data for similar funds over a 12-year period, this study finds that the Rennies Provident Fund performed poorly. Further, this study also finds that in absolute monetary terms, the Rennies Provident Fund destroyed shareholder value over the 17-year review period. / Thesis (MBA)-University of KwaZulu-Natal, 2007.