Foreword | Issue 61 | 1st Quarter 2022
DID YOU KNOW — FEEDER FUNDS
Feeder funds are unit trust funds that, apart from cash, may only hold units or shares in another unit trust fund. The fund in which the feeder fund invests is known as the master fund or sometimes as the target fund.
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FOORD INTERNATIONAL FUND — A FUND FOR ALL SEASONS
Foord International Fund is Foord’s conservative, multi-asset global fund. The fund was launched in 1997 and celebrated its 25th anniversary last month. Portfolio manager BRIAN ARCESE reflects on the fund’s objective and achievements.
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THE ECONOMIC EFFECTS OF WAR
Russia’s invasion of Ukraine strikes us as one of the most-expected unexpected events of recent times. Steeped in a revisionist ideal of Russian identity, President Putin is rattling the cage of the current world order. NICK CURTIN writes about the inflationary pressures that result from the war.
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THE INFLATION GENIE
We all know that inflation is a hot topic. For some years now we’ve talked about it being our No. 1 emerging global risk. Inflation has however only latterly hit home in the real economy and financial markets. Portfolio Manager WILLIAM FRASER looks at how the inflation genie escaped the bottle.
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HEAD DEALER HEATHER RIDLEY RETIRES
Heather Ridley, Foord’s fearless head dealer, retired at the end of March after 27 years of service to Foord. While not quite the Foord record, 27 years is a full career by anyone’s standards — especially in the high-pressure environment of the dealing room.
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CELEBRATING TEN YEARS IN SINGAPORE
Foord Singapore has turned ten! The company started in 2012 when three South African staff members relocated to the city state of Singapore. Today, Foord Singapore has ten members of staff, including eight investment professionals.
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FOORD FEEDER FUNDS
Foord International Feeder Fund and Foord Global Equity Feeder Fund are rand-priced conduits into Foord’s US dollar-denominated global funds. Feeder fund investors escape the complexities of SA’s exchange control regulations. This burden instead falls to Foord within the constraints of SARB’s exchange control regulations, which set an upper foreign exposure limit for all South African unit trusts.
MARKETS IN A NUTSHELL
We summarise the market movements for the latest quarter.