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Foord International Fund

For conservative, absolute-return investors

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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 6.5

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 6.6
Nestle Equity CH 5.7
CVS Health Corp Equity US 5.6
SSE PLC Equity GB 5.3
Freeport-McMoran Inc Equity US 5.0
Commentary

Monthly Commentary – December 2021

  • Developed market equities (+4.3%) were buoyed by signs that the more infectious Omicron COVID-19 variant appears to be substantially less virulent than the previous Delta variant—optimistic investors rotated back into more cyclical European markets (+6.6%) while tech-heavy US bourses (+3.9%) underperformed
  • Emerging markets (+1.9%) underperformed as continued regulatory pressure and property developer worries weighed on Chinese bourses (-3.2%)—energy centric Russian markets (-2.3%) failed to recover despite a rebound in oil prices (+10.2%)
  • The US 10-year bond yield (1.51%) was little changed despite indication from Fed Chairman Powell that retraction of current policy stimulus would take place faster than expected—an acknowledgement that inflation is likely to be more persistent than previously thought also had little impact on bond yields
  • The US dollar weakened against the other majors driven by a reduction in fear over the Omicron variant—the dollar fell against the British pound (+2.4%) and euro (+1.0%) while strengthening against the yen (-1.4%)
  • Most industrial commodities including copper (+4.1%), iron ore (+18.5%) and oil (+10.2%) rebounded as investors re-engaged with economically-sensitive cyclical commodities—in anticipation of a limited Omicron related impact to economic activity
  • Precious metals silver (+1.0%) and gold (+3.0%) rose despite the looming contractionary monetary policy shift—real interest rates remain negative, decreasing the opportunity cost and increasing the attraction of holding precious metals as an alternative store of value
  • The fund’s investment in leading US managed care organisation, CVS (+15.8%), contributed the most to performance—while the fund’s hedging positions detracted from performance in the rising market
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 Foord.

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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

07 Jan 2022

Markets in a nutshell — December 2021

Global equities were buoyed by signs that the highly transmissible Omicron COVID-19 variant appears to be substantially less virulent than previous variants. Optimistic investors rotated back into more cyclical…

Read more

09 Dec 2021

Markets in a nutshell — November 2021

The new and potentially more transmissible Omicron COVID-19 variant latterly weighed on global equities, with the tech-heavy US bourses outperforming. European stocks underperformed on waning economic recovery…

Read more
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