Feeder Funds Capped
Foord International Feeder Fund and Foord Global Equity Feeder Fund feed into USD denominated offshore collective investment scheme portfolios. The respective investment objectives require Foord to maximise the offshore portion of these portfolios. We do this by purchasing units in the master funds as rand cash is invested into the SA feeder funds.
However, exchange controls limit the Foord Unit Trust Scheme’s overall foreign exposure. The recent material depreciation of the rand relative to hard currencies has caused the Scheme to now exceed its permissible foreign exposure limits. It has regrettably become necessary for Foord to restrict further inflows into its feeder funds.
Foord International Feeder Fund and Foord Global Equity Feeder Fund will be closed to new investments with effect from 1 February 2016. The funds will remain closed until further notice. Existing investments in the portfolios, including existing recurring debit order instructions, will remain unaffected.
Investors are able access the underlying USD denominated foreign funds directly. Please direct any enquiries to email@example.com for Foord Global Equity Fund and firstname.lastname@example.org for Foord International Trust or visit www.foord.com for more information.
For further assistance or for any queries relating to applications for tax clearance certificates in respect of the R10 million per annum individual foreign investment allowance, please call us directly on 021 532 6969 or email us on email@example.com.