Foreword | Issue 63 | 3rd Quarter 2022
DID YOU KNOW? FOORD UNIT TRUSTS TURNS 20
The Foord Equity and Foord Balanced Funds launched on 1 September 2002. Previously, Foord had tried unsuccessfully to obtain a unit trust license for decades. One was finally awarded to the early empowerment joint venture between Foord Asset Management and AMB (African Merchant Bank) Holdings, known as AMB Foord Asset Management and AMB Foord Unit Trusts. The funds were called AMB Foord Equity Fund and AMB Foord Balanced Fund. Foord later bought out the AMB shareholding and on 30 September 2003 the names changed to Foord Unit Trusts, Foord Equity Fund and Foord Balanced Fund.
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WE'D RATHER BE MOSTLY RIGHT THAN PRECISELY WRONG
The famous British economist, Sir John Maynard Keynes, reportedly said that ‘it is better to be approximately right, than precisely wrong.’ Investment executive NICK CURTIN discusses how Foord embraces this philosophy in building safety-first investment portfolios.
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EMERGING MARKETS — AT THE MERCY OF THE MIGHTY DOLLAR
In September, the rand broke through R18 to the US dollar for the first time since the COVID-19 crisis. Investment executive LINDA EEDES writes that the rand’s recent slump is less about the rand and more about what is finding favour with the world’s investors: the US dollar.
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M.I.C.E. UPDATED
We’ve written previously about the M.I.C.E. framework that Foord uses as a temperature gauge for share markets. With global bourses now in bear market territory, portfolio manager RASHAAD TAYOB revisits the framework to test current market levels.
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ADIEU WILLIAM FRASER
Our colleague and friend William Fraser retired from Foord at the end of August. He is only 48 but was with the firm and in the hot seat for 17 years. He has courageously left his portfolio manager day job at the peak of his career to focus more on himself and his family. Managing director PAUL CLUER applauds him for making this very difficult decision at a very difficult time.
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MARKETS IN A NUTSHELL
We summarise the market movements for the latest quarter.
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