Foreword | Issue 64 | 4th Quarter 2022
DID YOU KNOW? YEAR OF THE RABBIT
Chinese New Year is a festival that celebrates the new year and the transition between zodiac signs. Also known as Lunar New Year, it is one of the most important holidays in China, throughout Asia and in Asian communities around the world.
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YEAR IN REVIEW
Calendar year 2022 started with a tone of cautious optimism. However, all too swiftly markets succumbed to a new threat: rising global inflation. Investment professional LINDA EEDES describes how the inflation theme came to dominate global markets, leading to the worst year for global stocks and bonds combined in 150 years.
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CHINA – TURNING A CORNER?
Chinese equities were resilient in 2020 as the country (ironically) avoided the COVID-19 recessions that afflicted most other economies. China then heavily underperformed after implementing strict zero-COVID policies and scoring a slew of policy own goals. Foord Singapore portfolio manager JC XUE looks at whether China has now turned a corner.
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FOORD FIXED INCOME FUNDS
We reported on the August appointments of experienced fixed income portfolio managers Rashaad Tayob and Farzana Bayat in Foreword Issue 62. Since then, they and the Foord team have launched two new fixed interest funds, which are now available to direct investors. PAUL CLUER introduces the Foord Flex Income Fund and the Foord Bond Fund.
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FOORD UMBRELLA PROVIDENT FUND — A THOUSAND-BAGGER INVESTMENT
The Foord staff provident fund in which all Foord employees invest, was started in 1987 as the brainchild of the then Foord & Meintjes principals. The contribution rate was a modest 10% on the expectation that employees should contribute more, where possible. The fund was managed as a separate portfolio until late 2005, when it was transferred into the Foord Balanced Fund unit trust. Staff retirement monies have been co-invested with Foord’s other investors in that product ever since.
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MARKETS IN A NUTSHELL
We summarise the market movements for the latest quarter.
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