-57.29 /
-0.8%
7140.64
NAV on 2019/05/20
| NAV on 2019/05/17 |
7197.93 |
| 52 week high on 2018/08/29 |
8115.9 |
| 52 week low on 2018/11/23 |
6749.2 |
| Total Expense Ratio on 2019/03/31 |
1.56 |
| Total Expense Ratio (performance fee) on 2019/03/31 |
0 |
| Additional |
111.44 |
1.66% |
| Basic Materials |
1111.96 |
16.58% |
| Consumer Goods |
1144.53 |
17.06% |
| Consumer Services |
1527.31 |
22.77% |
| Financials |
1416.27 |
21.11% |
| General Equity |
130.04 |
1.94% |
| Health Care |
341.91 |
5.10% |
| Industrials |
295.84 |
4.41% |
| Liquid Assets |
519.03 |
7.74% |
| Technology |
47.60 |
0.71% |
| Telecommunications |
62.18 |
0.93% |
|
CONSUMERSRVS |
1527.31 |
22.77% |
|
CONSUMERGDS |
1144.53 |
17.06% |
|
BASICMATERIAL |
1111.96 |
16.58% |
|
FINANCIALS |
1038.68 |
15.48% |
|
FINANCEINSTIT |
519.03 |
7.74% |
Management company:
Foord Unit Trusts Limited |
Formation date:
2002/08/31 |
ISIN code:
ZAE000181004 |
Short name:
U-FRDEQUI |
Risk:
Unknown |
Sector:
South African--Equity--General |
Benchmark:
FTSE/JSE All Share Capped Index (J303) |
Dave Foord
Dave Foord founded Foord Asset Management in 1981. Foord remains an independent, owner-controlled portfolio management business that focuses exclusively on investment management. For 30 years, Dave and the team at Foord have been delivering returns for their clients well in excess of market benchmarks. They have achieved this by consistently taking a long-term view and a contrarian approach when necessary.
Daryll Owen
Nicholas Balkin
Foord Equity comment - Sep 18
2018/12/13 00:00:00
- Global developed markets (+0.4% in US dollars) continued their rise despite monetary policy tightening, higher oil prices and trade war escalations - emerging markets (-0.5% in US dollars) were mixed, with oil exporters Russia (+9.8%) and Brazil (+7.0%) outperforming oil importers India (-9.1%) and China (-1.4%)
- The FTSE/JSE Capped All Share Index (-3.9%) was driven lower by industrials (-7.7%) and financials (-2.0%) on negative domestic economic news - resources (+1.0%) gained marginally as industrial metals and platinum prices rose
- Portfolio rand hedges British American Tobacco (-6.3%), Richemont (-8.8%) and Naspers (-6.4%) detracted mostly on rand strength - but pharmaceutical company Aspen (-41.9%) was harshly punished on poor management disclosures and earnings rising below market expectations
- Financials (-2.0%) lagged and RMB Holdings (-6.1%) retraced some of August's outperformance - local banks reacted negatively to weaker business confidence and confirmation of continued GDP contraction
- SA Industrials (-7.7%) posted their worst monthly return since 2009 with domestic economic weakness weighing heavily on the consumer sector - but investments in quality mid-caps Italtile (+3.7%), Kap International (+6.6) and Invicta (+3.7%) provided some offset
- The sizeable defensive cash position nearing 10% of fund was positive for absolute and relative returns - the position also provides valuable liquidity with which the managers can exploit increased market volatility
- The rand (+3.9%) recovered some of its recent losses as the year's emerging markets rout took a breather - but the unfolding global macro environment and weak SA economic fundamentals continues to leave the currency vulnerable
The objective of the fund is to earn a higher total rate of return than that of the average of the South African equity market as represented by the FTSE/JSE All Share index including income, without assuming greater risk.
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