Foreword | Issue 69 | 1st Quarter 2024
DID YOU KNOW? ASEAN
Short for the Association of Southeast Asian Nations, ASEAN is a 10-nation grouping located in Southeast Asia and the Pacific Rim. Established in 1967 with just five member states — Indonesia, Malaysia, the Philippines, Singapore and Thailand — ASEAN’s purpose was to pacify the region and contain the spread of communism.
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PERFORMANCE REVIEW — LIGHT AT THE END OF THE TUNNEL
The Foord International Fund is known for its resilience during market weakness. It is much more likely to lag in bull markets — and last year was no exception. In this article, Managing Director PAUL CLUER discusses why the Foord global funds underperformed last year, when and how we expect them to recover, and how the Foord South African funds are positioned to generate inflation-beating returns in the year ahead.
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INVESTING IN CHINA — RISKS AND OPPORTUNITIES
China’s main Hong Kong stock market index — the Hang Seng — has nearly halved on net selling by foreign investors since its post-COVID peak. The index is trading at levels last seen 25 years ago and at valuation lows reminiscent of the 1997 Asian Financial Crisis. In this article, Foord Singapore portfolio manager JC XUE counters the ‘China is not investible’ argument and looks at long-term opportunities for patient investors.
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NAVIGATING ESG COMPLEXITIES IN THE REAL WORLD — SOUTH AFRICA'S LOOMING GAS CRISIS
After Eskom, Sasol is South Africa’s second-biggest polluter of greenhouse gases. The petrochemical giant faces mounting Environmental, Social and Governance (ESG) pressures to improve its greenhouse gas emissions. Equity Analyst DYLAN GRIFFITHS writes how near-term ESG wins for Sasol have alarming real-world consequences for other South African corporates.
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UNLOCKING OPPORTUNITIES IN SA INC. COUNTERS
Investing in ‘SA Inc.’ companies can seem daunting, given the country’s many economic headwinds. Economic growth has been paltry for the last decade and government debt has ratcheted to its highest levels in history. Without significant economic reform, this trend should persist. Portfolio Manager WIM MURRAY and LINDA EEDES look at how Foord navigates this tricky minefield to find investments that should generate meaningful returns without undue risk.
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MORE THAN ENOUGH OFFICIALLY HITS THE CLASSROOMS
In 2019 we took an unexpected step into the world of children’s book publishing — we launched our first book about saving and investing, More than enough. Five years on, CHRISTINA CASTLE tells the story and shares the next chapter of Foord’s unusual adventure into financial literacy.
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MARKETS IN A NUTSHELL
We summarise the market movements for the latest quarter.
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