NAV on 2021/09/16
|NAV on 2021/09/15
|52 week high on 2021/08/20
|52 week low on 2020/11/04
|Total Expense Ratio on 2021/03/31
|Total Expense Ratio (performance fee) on 2021/03/31
Alexander Forbes Investments Unit Trusts Limited
MSCI World index
Tim is located in London.
Investment Solutions Investment Team
The team comprises of 17 investment professionals and is headed by Glenn Silverman, the Chief Investment Officer of Investment Solutions. Portfolio decisions are also ratified by an investment committee. Investment Solutions is the largest provider of multi-manager investment portfolios in South Africa, with total assets under management exceeding R80bn.
Alexander Forbes Investments
Investment Solutions Global Equity Feeder - Mar 08
The portfolio performed in line with its benchmark for the quarter. Sector allocation was an important variable during the quarter and the portfolio benefited from the majority of its managers being underweight Financials and overweight Materials. However, this was negated by most managers' overweight to Telecoms and exposure to US mortgage insurers. MFS and Tradewinds were the best performing for the period. This was mainly due to their more defensive positioning, particularly through their significant exposure to gold-related stocks. Axiom was the worstperforming manager as its Growth approach and emerging-market exposure detracted from returns.
Global markets, as measured by the MSCI, declined 8.9% in dollar terms as volatility remained elevated. However, because of depreciation, this translated into a 7.7% rise in rands for the quarter. The sharp US economic slowdown threatened to develop into recession, raising the risk of downturns in Europe and Japan. Financial institutions globally reported further asset write-downs and the Federal Reserve slashed interest rates 2% in an effort to mitigate economic risks. Commodities continued to surge as several agricultural commodities touched record highs.
The investment managers selected for this portfolio may invest in global equities within predominantly developed countries, denominated in a variety of global currencies. The managers may either have active investment management styles or quantitative investment management styles. Through active stock selection they keep the volatility of returns below that of the average active global equity portfolio.
The portfolio is aimed at investors pursuing exposure to global equity markets. Investment Solutions expects:
! A low probability of capital loss over the longer term (however, due to volatility of the exchange rate of the currencies there may be capital loss in Rand terms)
! Investment returns in Rand terms to be more volatile due to movements in the exchange rate of the currencies