Foord International Fund
For conservative, absolute-return investors
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.
| 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
| 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. |
| 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 |
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
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.
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…
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…