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Foord Global Equity Feeder Fund

CLOSED TO NEW INVESTMENT

For long-term investors in global equity securities

 

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INVESTMENT OBJECTIVE

To outperform the MSCI All Country World Net Total Return Index from an actively managed portfolio of global equities, without assuming greater risk.

FOR SOUTH AFRICAN INVESTORS

•    With a higher risk profile
•    Requiring diversification through investments not available in South Africa
•    Seeking to hedge rand depreciation
•    And able to withstand investment volatility in the short to medium term.

Performance

Returns
Year Fund Return % Benchmark Return % SA Inflation %
2014 (from 01/May) 6.7 12.0 1.6
2015 32.0 31.8 5.2
2016 -9.4 -5.1 6.8
2017 14.1 11.7 4.7
2018 -3.5 5.1 4.5
2019 24.3 23.9 4.0
2020 (to 30/Sep) 26.4 21.2 2.6

Characteristics
Benchmark

The ZAR equivalent of MSCI All Country World Total Return Index.

Time horizon

Longer than three years.

Inception date

2 May 2014

Minimum investment

R50 000 lump sum or R1 000 per month

Significant restrictions

The portfolio may only invest in cash and one other collective investment scheme.

Income distributions

The Foord Global Equity Fund, in which the fund invests, does not distribute its income.

Income characteristics

Marginal to zero income yield as the Foord Global Equity Fund is a roll-up fund and does not distribute its income.

Portfolio orientation

Invests in Foord Global Equity Fund, a fund invested primarily in a diversified portfolio of global equities, priced in US dollars and domiciled in Singapore.

Risk of loss

Currency volatility means risk of loss in the short term is high. In general, the risk is high in periods shorter than one year and lower in periods longer than three years

Top 10
Security description Asset class Market Portfolio weight %
JD.Com Inc Equity US 6.7
Tencent Holdings Equity HK 4.6
IPG Photonics Corporation Equity US 4.4
Alphabet Inc Equity US 4.1
ICS USD Fund Cash IE 3.9
Wheaton Precious Metals Equity US 3.7
AIA Group Ltd Equity HK 3.2
Extended Stay America Inc Equity US 3.2
Freeport-McMoran Inc Equity US 3.0
Elanco Animal Health Inc Equity US 2.7
Commentary

Monthly Commentary – September 2020

  • Global equities (-3.2%) fell for the first time in six months, weighed down by benchmark-heavy tech stocks—a wave of IPOs, M&A and stock splits typically evident of excessive liquidity characterised the month
  • US equities (-3.8%) declined on disappointing macroeconomic data and expiring stimulus measures—America’s unemployment rate is still high at 8.4%, with retail sales growth slowing dramatically in August
  • The US dollar strengthened against most majors, weighing on emerging markets and commodities—gold (-4.1%) retraced some of its recent gains and oil (-9.6%) tumbled after Saudi Arabia cut prices for major customers
  • Emerging markets (-1.6%) displayed mixed performance—commodity consumers such as India (+0.6%) (also on rumours of more stimulus) faring better than commodity producers such as Brazil (-7.1%) and Russia (-7.4%)
  • On the geopolitical front, tensions between the US and China (-2.7%) remain elevated—the Pentagon said it would extend export restrictions to China’s biggest semiconductor manufacturer SMIC
  • All sectors fell—energy (-12.1%), financials (-5.3%) and communication services (-5.1%) performed worst
  • The fund performed in line with its benchmark—its non-tech Chinese investments mostly added value, while core holdings Alphabet (-10.1%) and Wheaton Precious Metals (-8.1%) weighed on performance
  • The managers raised cash and added to portfolio hedges ahead of the volatility—market valuation levels remain stretched given the prevailing macroeconomic environment
  • The rand (+1.1% vs the US dollar) gained materially against the dollar but lost ground latterly—on risk off sentiment as fears of renewed European COVID-19 lockdowns mounted
Fees

The standard charge rate is a fixed fee of 0.35% plus VAT. A 0.85% fixed amount fee plus 15% performance sharing fee is charged in the Foord Global Equity Fund.

WHAT IF YOU HAD INVESTED WITH US IN THE PAST?


Experience the compounding phenomenon of a sustained, long-term investment with Foord.

Calculate
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

02 Sep 2020

Investment Insight - In Conversation with Dave Foord

Dave Foord talks to Nedgroup Investments’ Rob Johnson about the events that unfolded over the last nine months and what experiences have helped him navigate the current situation.

Listen now

31 Aug 2020

The More Things Change...

The COVID-19 pandemic has dramatically and swiftly changed our living routines and operating habits. Future gazers have opined on how much of our daily lives will change permanently. But Foord Singapore analyst JC…

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