The fund aims to outperform the FTSE/JSE Capped All Share Index over the long term, with lower risk of loss.
FOR SOUTH AFRICAN INVESTORS
- With a higher risk profile
- Seeking long-term growth over periods exceeding five years
- From a portfolio of JSE-listed equity, commodity and property stocks
- And able to withstand investment volatility in the short to medium term.
|Year||Fund Return %||Benchmark Return %||SA Inflation %|
|2002 (from 01/Sep)||5.3||-2.9||3.1|
|2022 (to 30/Apr)||0.1||1.1||1.9|
Total return of the FTSE/JSE Capped All Share Index.
Longer than five years.
1 September 2002
R50 000 lump sum or R1 000 per month
SA equity exposure between 80% and 100%, with balance invested in cash and oither JSE listed securities.
End-March and end-September each year.
Low gross yield, similar to FTSE/JSE All Share Index dividend yield. Income distributions are reduced by the annual service charge, which varies with the relative performance of the fund against its benchmark.
A portfolio of quality JSE shares that present compelling long-term investment value.
|Risk of loss||
High in periods shorter than one year. Lower in periods greater than three years.
|Security description||Asset class||Market||Portfolio weight %|
Monthly Commentary – April 2022
- Global equities (-8.0% in US dollars) fell on US Federal Reserve comments suggesting larger than expected interest rate increases in the months ahead — protracted hostilities between Russia/Ukraine and the economic ramifications of widespread COVID-19 lockdowns in China also spooked global bourses
- Oil (+1.3%) was marginally up but volatile intramonth and is +31% higher since the beginning of the year on supply concerns while industrial commodities were broadly weaker on growing economic slowdown fears — gold (-2.0%) fell on weaker expected Chinese jewellery demand but the physical gold ETF investment contributed positively on the much weaker rand
- The FTSE/JSE Capped All Share Index (-3.6% in rands) fell in line with global equity markets and other merging market commodity exporting countries — weakness was broad-based with resources (-4.8%), industrials (-1.7%) and financials (-5.5%) in negative territory
- Fund outperformance was driven by the underweight allocation to resources, overweight to industrials and stock selection within financials — allocations to media (-2.6%) and healthcare (-6.6%) detracted on a relative basis
- Investments in Mediclinic (+8.9%), Anheuser-Busch InBev (+4.1%) and Omnia (+10.9%) were the largest contributors to outperformance — holdings in Aspen (-14.4%) and Naspers (-3.3%) were the largest detractors on short-term company specific weakness
- The rand (-8.1% vs the US dollar) sharply retraced some of its recent gains in line with other ermerging market commodity exporters and broad based US dollar strength — the currency is vulnerable to a reversal in the commodity export-driven terms of trade support
The fee is a performance based fee that varies around the at-benchmark fee rate as disclosed on the fact sheet. The daily fee rate is adjusted up or down based on the portfolio’s one-year rolling return relative to that of its benchmark. Minimum fee rates apply.
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