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ForewordISSUE 44
4TH QUARTER 2017

Did you know?
Multiple Counsellor System

In conventional fund management a single fund manager typically takes full responsibility for the management of a portfolio. In contrast, the multiple-counsellor approach involves dividing the assets of each portfolio among several portfolio managers, called counsellors. These managers then make independent investment decisions and manage their portions as though they were separate funds, but with full transparency.

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The Year in Review

The Year in Review

Politics has always impacted financial market outcomes, but in 2017 the effects were particularly acute. This dynamic was not isolated to any specific region but was manifest across the globe, perhaps indicating an inflection point in the world order. NICK CURTIN reviews the major events and market outcomes of 2017.

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The JSE's Largest Corporate Failure

The JSE's Largest Corporate Failure

Markus Jooste’s December resignation as Steinhoff CEO and the company’s admission of accounting irregularities delaying the publication of its audited financial year-end results caused a precipitous fall in the Steinhoff share price. Managing Director PAUL CLUER clarifies Foord’s exposure to the counter.

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Farewell Brian Davey

Farewell Brian Davey

Foord’s lead personal investment portfolio manager, Brian Davey, has made the decision to retire from Foord. NICHOLAS BALKIN bids a sad farewell to this champion “Foordie”.

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Tax Year-End

The tax year for individuals ends on 28 February 2018. Provisional IT3B and IT3C tax statements can be requested from Foord to assist provisional tax payers with their second provisional tax returns. Final tax statements will be distributed after the tax year-end.

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Portfolio Management Team Update

Foord’s multiple-counsellor system (see Did You Know?) allocates the management of each investment portfolio to two or more portfolio managers. The firm annually reviews the optimal fund manager complement, considering the skill set available and capacity of the individual managers. We provide an update on the 2018 team.

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Markets in a Nutshell

We summarise the market movements for the latest quarter.

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