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.
- With a moderate risk profile
- Seeking preservation of capital and safe investment growth.
Japan, Luxembourg, Singapore, South Africa, Switzerland, United Kingdom.
|Year||Fund Return %||MSCI World Return %||US Inflation %|
|1997 (from 10/Mar)||9.1||13.1||1.3|
|2021 (to 30/Sep)||0.4||13.0||4.7|
The use of MSCI benchmark is for performance comparison only
To achieve meaningful inflation-beating US dollar returns over a full investment cycle.
Longer than five years.
2 April 2013
|Initial investment amount||
US$10,000 or equivalent
|Subsequent subscription amount||
US$1,000 or equivalent
Complies with UCITS regulation. In addition, the Fund cannot entered 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.
A roll-up fund with income being reinvested in the portfolio.
Zero income yield as it does not distribute its income.
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 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 in periods shorter than five years. Subject to market volatility, lower in longer term.
|Security description||Asset class||Market||Portfolio weight %|
Monthly Commentary – September 2021
- Developed market equities (-4.2%) fell for the first time in eight months—a likely peak in global growth, increasingly hawkish central banks, the imminent US debt ceiling and potential credit default by China’s largest property developer were too much for investors to shrug off when coupled with elevated valuations
- US equities (-4.8%) fell precipitously, posting their first monthly loss of the year—the US Congressional brinkmanship over key Biden spending bills weighed heavily on shares given the potential for a US debt default and government shut down
- Emerging market equities (-4.0%) also fell, with Brazilian equities (-13.0%) faltering after the central bank raised the benchmark interest rate for the fifth time this year to combat near double-digit inflation—while investors in Chinese bourses (-5.0%) reflected expectations for slowing growth and a potential credit default by the country’s largest property developer, Evergrande
- Developed market bond yields, including the US 10-year, rose on worries that rising global inflation may not be as transitory as first believed—while Chairman Powell continues to walk a fine monetary policy line, it is becoming increasingly probable the US Fed will begin its bond tapering program within the next two months and we continue to expect a lift-off in rates sometime in 2022
- The US dollar advanced strongly against the other majors—with investors now more actively positioning for a moderation of the prevailing accommodative US monetary policy and the subsequent rise in interest rates
- Precious metals platinum (-4.8%), silver (-10.5%) and gold (-3.3%) moved lower on US dollar strength—with palladium (-22.6%) falling on continued auto production problems
- Industrial commodities including iron ore (-24.9%) and copper (-6.2%) fell on concerns of a slowdown in Chinese economic growth compounded by Chinese power supply constraints—oil (+7.6%), gas (+87.5%) and coal (+53.4%) rose sharply as alternative fuels capable of enabling Chinese power generation
- The fund’s US S&P 500 market index hedges contributed the most to fund performance—while leading global copper miner Freeport-McMoran (-10.6%) and US-based gold streamer Wheaton Precious Metals (-16.6%) detracted the most from fund performance
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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