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-1.06  /  -0.28%


NAV on 2020/02/21
NAV on 2020/02/20 376.08
52 week high on 2019/08/12 385.63
52 week low on 2019/07/22 350.35
Total Expense Ratio on 2019/09/30 1.01
Total Expense Ratio (performance fee) on 2019/09/30 0
NAV Incl Dividends
1 month change 2.62% 2.62%
3 month change 1.53% 1.53%
6 month change -1.04% -1.04%
1 year change 5.62% 5.64%
5 year change 5.26% 5.6%
10 year change 0% 0%
Price data is updated once a day.
  • Sectoral allocations
Liquid Assets 20.07 4.40%
Offshore 435.55 95.60%
  • Top five holdings
OMGLBCURRENCY 435.55 95.6%
  • Performance against peers
  • Fund data  
Management company:
Old Mutual Unit Trust Managers (RF) (Pty) Ltd.
Formation date:
ISIN code:
Short name:
Global--Interest Bearing--Short Term
A composite of the currency weights of the IMF’s Special Drawing Rights Basket (SDR) and the capital returns and yields on three-month instruments across the US, Europe, the UK and Japan
Contact details




  • Fund management  
Old Mutual Investment Group SA
Old Mutual Investment Group SA (OMIGSA) was incorporated in 1993 as a wholly owned subsidiary of the Old Mutual Group. In June 1997 it became a fully contained and independent asset management company.
Based in Cape Town OMIGSA is a major player in the local institutional and retail market and offers a wide range of investment products to local and international investors as well as administering a variety of life fund products on behalf of the Old Mutual Group.
A team of over 30 investment analysts conducts in-depth, independent, in-house research. This makes OMIGSA unique due to the proprietary nature of the research as well as the fact that it is current across all sectors, markets and economies. In South Africa, OMIGSA provides institutional and retail investors with access to a spread of international markets and investment opportunities through its operations in the United Kingdom and USA.
Rogge Global Partners

  • Fund manager's comment

Old Mutual Global Currency Feeder comment - Sep 19

2019/10/23 00:00:00
The tale of the tape for the third quarter of 2019: Local equities fell 5% and local bonds returned nearly 1%, while global equities and bonds were approximately flat and 1% higher respectively in US dollar terms, and the rand weakened by over 7% against the US dollar.
Various measures have pointed to a broad-based slowdown in global economic activity, which was compounded by a re-escalation in trade tensions between the US and China during the quarter. In addition, the state of the UK political environment remains one of confusion with no clarity on the likely outcome. In response to the muted growth outlook and increased uncertainty, several central banks, including the US Federal Reserve, have clearly stepped off the brake and are slowly reapplying the accelerator. Time will tell if this is sufficient to offset the uncertainty created by political developments. In the meantime, equity markets remained somewhat directionless, while industrial metals continued to come under pressure. Global bond yields moved lower again and precious metal prices rose as investors sought safe havens. Many sovereign bonds are once again trading on negative yields, while the US 10-year bond yield reached a low of 1.5% before unwinding a little towards the end of the quarter.
The South African economy has been and remains tied to the hip of the global economy. Hence the impact of slower global growth filtered through to South African markets and the currency. While a Chief Reorganisation Officer was finally appointed at Eskom during the quarter, visa restrictions were relaxed on several countries and President Ramaphosa announced his Economic Growth Advisory Council, progress on inducing a meaningful economic recovery has been slower than many expected. At the end of September, the President published his first weekly newsletter – over the coming months this may shed further light on the focus of Government. The South African Reserve Bank trimmed interest rates by 0.25% in the quarter as inflation remains well contained and growth anaemic.
It was a rollercoaster ride for Government bond markets and risk sentiment in Q3. The quarter began with market expectations of an imminent US Federal Reserve (Fed) interest rate cut; at the end of July, the Fed duly delivered on these expectations, with a 25 basis point rate cut – its first rate cut in just over a decade. The European Central Bank also became increasingly concerned about the growth and inflation outlook, indicating that a series of policy easing measures would soon be announced. August saw Government bond yields fall sharply as risk sentiment deteriorated following an escalation in the US-China trade war, heightening concerns about the global growth outlook. The hardening in the US stance on trade negotiations resulted in a further depreciation in the Chinese yuan. US growth outperformance versus the rest of the world and relatively more dovish central banks outside the US supported the US dollar, which on a trade-weighted basis ended the quarter around two-and-a-half year highs.
Among developed market currencies, we continued to hold a small position in EUR versus USD. We also implemented a long AUD versus USD position, which was closed in August and had a modest negative impact. In terms of emerging marketing currencies, we continued to hold a small overweight position in the Brazilian real, and in September booked long-term profits on half of our Indonesian rupiah position. With the USD appreciating against most emerging market currencies during the quarter, the Brazilian real position had a negative impact on performance during the period.
  • Fund focus and objective  
The fund aims to maximise total return to investors through full exposure to a basket of major foreign currencies by investing in a foreign collective investment scheme focusing on global currencies. Any income earned will be of an incidental nature.
This fund is aimed at investors who want rand-denominated exposure to a basket of major foreign currencies, while avoiding equity risk. The investor can tolerate exchange rate volatility.
Apart from assets in liquid form, the feeder fund holds participatory interests in only one collective investment scheme, the Old Mutual Global Currency Fund, a sub-fund of the Russell Investment Company Plc. This underlying sub-fund will primarily invest in short-term securities with an outstanding term of 12 months or less including commercial paper, banker's acceptances, certificates of deposit and government securities.
The fund aims to offer exposure to a specific asset class. It therefore holds a higher allocation to international assets than what is allowed in terms of Regulation 28 of the Pension Funds Act. This fund is therefore not Regulation 28 compliant.

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