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Foord International Fund

For conservative, absolute-return investors

Celebrating 25 Years
INVEST NOW

INVESTMENT OBJECTIVE

The fund aims to achieve meaningful inflation-beating US$ returns over rolling five-year periods from a conservatively managed portfolio of global investments reflecting Foord's prevailing best investment view.

FOR INVESTORS

  • With a moderate to high risk profile
  • Seeking preservation of capital and safe investment growth.

REGISTERED COUNTRIES

Belgium, France, Japan, Luxembourg, Singapore, South Africa, Switzerland, United Kingdom.

Performance

Returns
Year Fund Return % MSCI World Return % US Inflation %
1997 (from 10/Mar) 9.1 13.1 1.3
1998 13.9 24.3 1.6
1999 -11.7 24.9 2.7
2000 23.7 -13.2 3.4
2001 -4.0 -16.8 1.6
2002 3.2 -19.9 2.5
2003 21.1 33.1 2.0
2004 13.0 14.7 3.3
2005 5.8 9.5 3.3
2006 18.4 20.1 2.5
2007 12.7 9.0 4.1
2008 -18.4 -40.7 0.0
2009 18.8 30.0 2.8
2010 10.2 11.8 1.4
2011 -1.1 -5.5 3.0
2012 11.2 15.8 1.8
2013 15.1 26.7 1.5
2014 -1.9 4.9 0.7
2015 1.9 -0.9 0.7
2016 1.2 7.5 2.2
2017 15.5 22.4 2.0
2018 -9.6 -8.7 1.9
2019 17.0 27.7 2.3
2020 6.8 15.9 1.3
2021 2.8 21.8 7.0
2022 (to 30/Apr) 3.2 -13.0 3.0

The use of MSCI benchmark is for performance comparison only

Characteristics
Objective

To achieve meaningful inflation-beating US dollar returns over a full investment cycle.

Time horizon

Longer than five years.

Inception date

2 April 2013

Initial investment amount

US$10,000 or equivalent

Subsequent subscription amount

US$1,000 or equivalent

Significant restrictions

Complies with UCITS regulation. In addition, the Fund cannot enter into total return swaps, securities lending transactions, repurchase transactions or reverse repurchase transactions or any other securities financing transactions. Only listed derivatives can be used for efficient portfolio management.

Income distributions

A roll-up fund with income being reinvested in the portfolio.

Income characteristics

Zero income yield as it does not distribute its income.

Portfolio orientation

Flexible asset allocation across different asset classes - global equities, listed commodity securities, interest-bearing securities, cash and money market instruments - to achieve its objective.

The fund is actively managed without any reference to a benchmark.

The Manager actively decides the composition of its portfolio including regional allocation, sector views and overall level of exposure to the market in order to take advantage of investment opportunities.

 

Risk considerations

The fund is priced in US dollars. Among others, investment value is subject to foreign exchange risk, market risk and interest rate risk, and credit risk of the issuers.

Risk of loss

Moderate to high in periods shorter than five years. Subject to market volatility, lower in longer term.

Top 5
Security description Asset class Market Portfolio weight %
FMC Corp Equity US 7.4
SSE PLC Equity GB 5.5
Nestle Equity CH 5.2
Freeport-McMoran Inc Equity US 4.8
CVS Health Corp Equity US 4.8
Commentary

Monthly Commentary – April 2022

  • Global developed market equities (-8.3%) slumped on stubbornly high and seemingly accelerating inflation — the spike in the US 10-year yield affected long-duration growth stocks most, with the tech-heavy Nasdaq Composite dropping 13.3%, its worst monthly performance since October 2008
  • Emerging markets (-5.6%) also fell, led by Brazilian equities (-13.7%) which retraced after a market-leading 1Q22 return (+35.9%) driven by the sustained rise in global commodity prices — while Chinese markets (-4.1%) fell on the negative growth effect of its continued zero-covid policy
  • World bond markets (-5.9%) fell as developed market bond yields rose markedly on expectations of aggressive policy tightening — investors in US Treasuries are now pricing in additional interest rate hikes of 2.5%  by the end of 2022
  • Oil (+1.3%) gained marginally but was volatile intramonth with prices driven by uncertainty on supply, strategic reserves and Russian sanctions — soft commodities including wheat (+3.8%), soybean (+5.6%) and corn (+9.3%) rose as weather, the Ukraine war and high fertilizer costs were worries for crop yields
  • Precious metals gold (-2.0%) and silver (-5.5%) declined —metals face competition from fixed interest instruments whose yields have finally risen on speculation for more aggressive US Federal Reserve tightening compared to prior expectations  
  • The US dollar rose materially against all major currencies including the euro (-5.2%), British pound (-4.6%) and Japanese yen (-6.3%) — widening interest rate differentials coupled with the currency’s safe-haven status have concurrently served to strengthen the greenback
  • The fund’s hedges including the sizable short S&P 500 futures position (+8.9%) contributed materially to fund returns in the declining market — the investment global copper miner Freeport-McMoRan (-18.2%) detracted on falling copper prices
Fees

Management Fee (Percentage of the applicable Net Asset Value per share)
Class B: 1.00% (Institutional investors)
Class R: 1.00% (Retail investors)
 

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Currency
Using rand returns of Foord’s best investment view South African funds. ? In calculating the current value of your hypothetical investment, we have applied the returns of Foord Asset Management’s retirement fund track record from 1 January 1990 to 31 March 2008 (gross of fees) combined with the net returns of the Foord Flexible Fund of Funds from 1 April 2008. Any information provided is not intended nor does it constitute financial, tax, legal, investment, or other type of advice, and the suitability or potential value of any information or particular investment source is not guaranteed. Performance may be affected by changes in the market or economic conditions and legal, regulatory and tax requirements. Distributions may be subject to mandatory withholding taxes. Foord does not provide any guarantee either with respect to the capital or the performance return of investments.
Using US dollar returns of Foord’s best investment view global fund. ? In calculating the current value of your investment, we have applied the long-term returns of the Foord International Trust. These returns are calculated net of fees. Past performance is no guarantee of future performance. Foord Asset Management (Singapore) Pte. Limited disclaims any liability for any loss, liability, or damages (whether direct or consequential) of any nature whatsoever that may be suffered as a result of, or which may be attributable, directly or indirectly to the use of or reliance upon the information provided.
Value Today: R0
Annualised Return: 0%
The annualised return is the effective annual percentage return achieved over the term of the investment. Results for an investment term of less than one year should be treated with caution.

Insights

25 May 2022

How does Foord manage risk in the Foord Flexible Fund?

Dave Foord discusses how diversification is used to manage risk in the Foord Flexible Fund.

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25 May 2022

What hedging strategies are employed in the Foord Flexible Fund especially on currency risk?

Dave Foord discusses what hedging strategies are employed in the Foord Flexible Fund, especially on currency risk.

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