FOREWORD | ISSUE 41 | 1st QUARTER 2017

<p></p>

The Year In Review 2016

It may be trite to state that 2016 was an eventful year for all of us in South Africa and around the world. NICK CURTIN describes some of the major events and market outcomes of the past year and gives them some historical perspective.

FOREWORD | ISSUE 40 | 4th QUARTER 2016

<p></p>

How Many Local Equity Funds Have Consistently Beaten An Index Fund?

Over the last ten years, which active managers have delivered consistent performance? As noted on Moneyweb earlier this week, there are a number of reasons why effective active management is possible. There are good reasons why skilled fund managers can outperform the market.

Foord Edges Allan Gray, Truffle In Latest Ranking Of SA Top Active Managers

There are various rankings of active fund managers, but the one I prefer is the one published by global group Morningstar, the Chicago headquartered investment research group. Its latest rankings of South African active managers, published below, puts Dave Foord’s value house top of the pile ahead of dead-heaters Allan Gray and the emerging boutique Truffle. There is daylight between these three and the rest of the country’s 23 biggest asset managers.

Brexit

The Brexit vote to leave the European Union is a clear vote against the political establishment. The UK’s withdrawal process will not be simple, uncontentious nor immediate. However, under the bloc’s governing treaty, it must be completed within two years.

FOREWORD | ISSUE 38 | 2nd QUARTER 2016

<p></p>

Morningstar Award

Foord was awarded Best Fund House – Smaller Fund Range at the recent Morningstar Awards for the third year in a row. The best fund house awards are given to the fund groups with the best performing fund line-ups on a risk adjusted basis. The “smaller fund range” award is for fund houses with fewer than 10 funds (but more than three funds) with minimum five-year track records in the Morningstar database.

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.

Check Mate

Congratulations to Seth-Riley Adams and Matthew Saunders of the Mitchell’s Plain Chess Club for their outstanding performances at the recent SA Junior Nationals in Cape Town. Both players were undefeated and are placed top of their respective age groups. Seth-Riley has also qualified for the World Junior Championships in Khanty-Mansiysk, Russia later this year. We are proud of our continued association with this fine club.