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Foord International Fund

For conservative, absolute-return investors

Celebrating 25 Years
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INVESTMENT OBJECTIVE

The fund aims to achieve meaningful inflation-beating US$ returns over rolling five-year periods from a conservatively managed portfolio of global investments reflecting Foord's prevailing best investment view.

FOR INVESTORS

  • With a moderate to high risk profile
  • Seeking preservation of capital and safe investment growth.

REGISTERED COUNTRIES

Belgium, France, Japan, Luxembourg, Singapore, South Africa, Switzerland, United Kingdom.

Performance

Returns
Year Fund Return % MSCI World Return % US Inflation %
1997 (from 10/Mar) 9.1 13.1 1.3
1998 13.9 24.3 1.6
1999 -11.7 24.9 2.7
2000 23.7 -13.2 3.4
2001 -4.0 -16.8 1.6
2002 3.2 -19.9 2.5
2003 21.1 33.1 2.0
2004 13.0 14.7 3.3
2005 5.8 9.5 3.3
2006 18.4 20.1 2.5
2007 12.7 9.0 4.1
2008 -18.4 -40.7 0.0
2009 18.8 30.0 2.8
2010 10.2 11.8 1.4
2011 -1.1 -5.5 3.0
2012 11.2 15.8 1.8
2013 15.1 26.7 1.5
2014 -1.9 4.9 0.7
2015 1.9 -0.9 0.7
2016 1.2 7.5 2.2
2017 15.5 22.4 2.0
2018 -9.6 -8.7 1.9
2019 17.0 27.7 2.3
2020 6.8 15.9 1.3
2021 2.8 21.8 7.0
2022 1.6 -18.1 6.4

The use of MSCI benchmark is for performance comparison only

Characteristics
Objective

To achieve meaningful inflation-beating US dollar returns over a full investment cycle.

Time horizon

Longer than five years.

Inception date

2 April 2013

Initial investment amount

US$10,000 or equivalent

Subsequent subscription amount

US$1,000 or equivalent

Significant restrictions

Complies with UCITS regulation. In addition, the Fund cannot enter into total return swaps, securities lending transactions, repurchase transactions or reverse repurchase transactions or any other securities financing transactions. Only listed derivatives can be used for efficient portfolio management.

Income distributions

A roll-up fund with income being reinvested in the portfolio.

Income characteristics

Zero income yield as it does not distribute its income.

Portfolio orientation

Flexible asset allocation across different asset classes - global equities, listed commodity securities, interest-bearing securities, cash and money market instruments - to achieve its objective.

The fund is actively managed without any reference to a benchmark.

The Manager actively decides the composition of its portfolio including regional allocation, sector views and overall level of exposure to the market in order to take advantage of investment opportunities.

 

Risk considerations

The fund is priced in US dollars. Among others, investment value is subject to foreign exchange risk, market risk and interest rate risk, and credit risk of the issuers.

Risk of loss

Moderate to high in periods shorter than five years. Subject to market volatility, lower in longer term.

Top 5
Security description Asset class Country of Listing Portfolio weight %
FMC Corp Equity US 6.7
SSE PLC Equity GB 5.1
ETFS Physical Gold Commodity GB 5.0
Activision Blizzard Inc Equity US 5.0
Freeport-McMoran Inc Equity US 4.8
Commentary

Monthly Commentary – December 2022

  • Developed market equities (-4.2%) declined — as hawkish central bank rhetoric on quelling inflation, which is now apparent in the services sectors, clashed with investor optimism on softer CPI prints
  • Emerging markets (-1.4%) outperformed on a further rebound in Chinese (+5.2%) stocks — China has markedly reversed course on its zero-COVID policy, reopening far more quickly than even optimistic investors expected
  • Developed market bond yields rose as US Fed Chair Powell reminded market participants that a slowing pace of interest rate increases should not be construed as weakened resolve to tackle inflation
  • Precious metals including gold (+3.1%) and silver (+5.4%) rose further, simultaneously boosted by US dollar weakness and the (potential) peaking of nominal yields oil (+0.6%) was little changed as concerns for a global economic slowdown were partially assuaged by China’s belated reopening
  • The US dollar further tempered its previously extended strength, weakening against the euro (+3.7%), British pound (+1.0%) and Japanese yen (+5.8%) the probability of having moved past peak interest rate differentials has strengthened alternative hard currencies
  • The fund’s short S&P 500 futures hedge contributed most to returns in a falling market, supported by Wharf Real Estate (+26.5%) and Wynn Macau (+46.1%) on China’s zero-COVID U-turn — while the investment in Livent (-29.0%) detracted
  • The fund (+1.3%) was positive for the month despite the market declines — ditto for the year (+2.0%), with astute asset allocation protecting investors against the global equity (-18.1%) and bond (-18.3%) market rout, capping the worst year for stocks and bonds combined in 150 years
Fees

Management Fee (Percentage of the applicable Net Asset Value per share)
Class B: 1.00% (Institutional investors)
Class R: 1.00% (Retail investors)
 

WHAT IF YOU HAD INVESTED WITH US IN THE PAST?


Experience the compounding phenomenon of a sustained, long-term investment with the Foord International Fund.

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Currency
Using rand returns of Foord’s best investment view South African funds. ? In calculating the current value of your hypothetical investment, we have applied the returns of Foord Asset Management’s retirement fund track record from 1 January 1990 to 31 March 2008 (gross of fees) combined with the net returns of the Foord Flexible Fund of Funds from 1 April 2008. Any information provided is not intended nor does it constitute financial, tax, legal, investment, or other type of advice, and the suitability or potential value of any information or particular investment source is not guaranteed. Performance may be affected by changes in the market or economic conditions and legal, regulatory and tax requirements. Distributions may be subject to mandatory withholding taxes. Foord does not provide any guarantee either with respect to the capital or the performance return of investments.
Using US dollar returns of Foord’s best investment view global fund. ? In calculating the current value of your investment, we have applied the long-term returns of the Foord International Trust. These returns are calculated net of fees. Past performance is no guarantee of future performance. Foord Asset Management (Singapore) Pte. Limited disclaims any liability for any loss, liability, or damages (whether direct or consequential) of any nature whatsoever that may be suffered as a result of, or which may be attributable, directly or indirectly to the use of or reliance upon the information provided.
Value Today: $0
Annualised Return: 0%
The annualised return is the effective annual percentage return achieved over the term of the investment. Results for an investment term of less than one year should be treated with caution.

Insights

24 Jan 2023

China - Why We Are Cautiously Optimistic

Brian Arcese and JC Xue discuss the investability of China, the conviction Foord has around the quality of businesses they own and the valuations they own them at.

Watch now

24 Jan 2023

Foord Global Equity Fund Q4 2022 Commentary

Ishreth Hassen, portfolio manager on the Foord Global Equity Fund provides an update on the fund's performance through Q4 2022.

Watch now
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