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-20.02  /  -1.01%

1986.2

NAV on 2021/02/24
NAV on 2021/02/23 2006.22
52 week high on 2020/08/13 2289.5
52 week low on 2020/03/24 1720.85
Total Expense Ratio on 2020/12/31 1.9
Total Expense Ratio (performance fee) on 0
NAV
Incl Dividends
1 month change -5.08% -5.08%
3 month change -4.2% -4.16%
6 month change -10.91% -9.74%
1 year change -0.88% 1.17%
5 year change 3.68% 6.28%
10 year change 10.29% 13.41%
Price data is updated once a day.
Click and drag to zoom in on timeline.
  • Sectoral allocations
Liquid Assets 30.83 6.46%
Offshore 446.20 93.54%
  • Top five holdings
O-MARINC 446.20 93.54%
  • Performance against peers
  • Fund data  
Management company:
Marriott Unit Trust Management Company Ltd.
Formation date:
2004/06/30
ISIN code:
ZAE000056990
Short name:
U-MARGIGF
Risk:
Unknown
Sector:
Global--Multi Asset--Flexible
Benchmark:
Average S&P 500 index and JP Morgan Global Government Bond index
Email
info@marriott.co.za

Website
http://www.marriott.co.za

Telephone
031-765-0700

  • Fund management  
Marriott Asset Management
All asset management decisions are made together with the Marriott Investment Committee using an income-focused approach to investing.


  • Fund manager's comment

Marriott Intl Growth Feeder comment - Dec 19

2020/02/20 00:00:00
In Dollar terms, global equities roared higher over the final quarter of 2019 rounding off a remarkable year for international markets. Whilst the divergence between the top performing regions and the bottom was pronounced, double digit returns were widespread. In past cycles, returns of this magnitude were dulled by high inflation. But today, inflation in the US is only 1.8% whilst interest rates are less than 2%. US equities returned 28.9% in 2019, representing a real return of over 27%. This compares with the long term average (going back over 90 years) of 6.5%. By any conventional measure, therefore, 2019 was an extraordinary year.
Once again, global markets were led higher by the United States. Although the Dollar was relatively weak against sterling, losing 4% of its value over the year (and nearly 8% in the final quarter alone), US equities still dominated equity index tables. Emerging markets produced the lowest return (+15.4%), but the importance of the US in global equity indices meant that World equities produced a 12 month return of 24.1% as investors continued to move money away from bond markets and cash where returns were significantly lower. Strangely, gold bullion, often the harbinger of doom, also enjoyed a good year, rising by 18.6% in Dollar terms. The early indications are that hedge funds have had another bad year relative to the market. But it was, unquestionably, in the wider equity market where the best returns were to be found.
So, what to expect in 2020?
Many of the key questions from 2019 remain unanswered as we head into the new year: Are we still heading for a global recession?; What is next for the UK and Brexit?; Will the US/China trade war simmer down or boil over?; and, what will Trump do next? This uncertainty (which undermines investment) coupled with a grossly over indebted financial system suggests that the current environment of sluggish economic growth and low inflation will continue for the foreseeable future – a scenario which has clearly been priced into the yield curve as evidenced by a current market value of sub-zero (negative) yielding bonds in excess of $10 trillion dollars. This low growth/low inflation scenario is further entrenched by limited scope for additional monetary policy loosening.
As such, we remain of the view that the world’s best dividend paying investments are likely to serve investors best in the years ahead. Not only are the dividend yields of high quality companies like Nestle and Coke significantly higher than bond yields, “defensive” products and strong balance sheets suggest they will continue to increase dividends (the long term driver of capital growth) despite challenging economic conditions and unpredictable politics.
  • Fund focus and objective  
The Marriott International Growth Feeder Fund is a rand-denominated feeder fund that invests all its non-cash assets in the Marriott International Growth Fund. The objective and mandate of the Marriott International Growth Fund is to generate long-term capital growth, a distributable income stream and value through holding a combination of dividend paying equities, bonds, listed real estate securities and money market instruments. The underlying fund is managed to achieve a gross yield in US dollar terms comparable to the yield generated by the average of the S&P 500 Index and the JP Morgan Global Government Bond Index, and generate capital growth in US dollars in excess of US Consumer Price Inflation. The Current Currency Allocation chart shown here closely reflects that of the Marriott International Growth Fund. The underlying fund is a class of shares in an open-ended investment company listed on the Irish Stock Exchange and is regulated by The Central Bank of Ireland. The underlying fund is approved for sale in South Africa by the Financial Sector Conduct Authority (FSCA). The portfolio is valued and returns are measured in rands.
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