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5.4  /  1.44%


NAV on 2021/09/16
NAV on 2021/09/15 369.79
52 week high on 2020/09/25 436.78
52 week low on 2021/06/07 354.33
Total Expense Ratio on 2021/06/30 0.93
Total Expense Ratio (performance fee) on 2021/06/30 0
Incl Dividends
1 month change -1.58% -1.58%
3 month change 3.88% 3.88%
6 month change -2.79% -2.79%
1 year change -10.76% -10.76%
5 year change 1.28% 1.57%
10 year change 6.86% 7.04%
Price data is updated once a day.
Click and drag to zoom in on timeline.
  • Sectoral allocations
Liquid Assets 10.96 1.58%
Offshore 682.40 98.42%
  • Top five holdings
OMGLBCURRENCY 682.40 98.42%
  • 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



  • 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 - Dec 19

2020/02/24 00:00:00
Risk sentiment was buoyed in Q4 on signs of a stabilisation in global growth, expectations that a US/China trade deal was increasingly likely and signals of fiscal stimulus in a number of markets. At the start of the quarter, the US Federal Reserve (the Fed) was sufficiently concerned about the global growth and inflation backdrop to cut the fed funds rate for the third time in 2019 to a target range of 1.5-1.75%. What caught the eye of investors was Chairman Powell’s view that the Fed would need to see a “significant” move higher in inflation before it would consider raising rates in the future. As with the european Central Bank and Bank of Japan, it is clear that the major central banks are now signalling lower-for-even-longer policy rates as they try to reflate their respective economies. The US dollar weakened during the quarter, on a trade weighted basis declining to its lowest levels since June.
Among developed market currencies, we increased our overweight position in EUR versus USD. We also added an overweight to JPY versus USD in December. In terms of emerging market FUND COMMENTARY currencies, we booked profits on our exposure to the Brazilian real, and maintained our Indonesian rupiah position versus USD. We also added an exposure to the Russian ruble versus USD in December, which brought the overall underweight position in USD to 8%. Given the US dollar’s weakness during the quarter, all of these underweight positions added value to the portfolio.
Following the volatile, downbeat market environment which characterised the last quarter of 2018, the view sharply reversed in January when US Fed Chairman Powell signalled a policy pivot that the Fed’s pattern of interest rate increases was no longer on autopilot but now more data dependent, and the Fed subsequently cut rates three times during 2019 in response to concerns about slowing growth. Given the relative strength of the US economy early in the period versus the other developed markets, the dollar performed relatively well versus most G10 currencies, although the Fed’s H2 rate cuts, and the sense that the period of US relative outperformance was waning, led to a falling USD during Q4. For the full year, the US dollar was a median performer outperforming most European currencies including the euro, but underperforming CAD and GBP.
At the beginning of the period we held a short JPY/ long USD position, which was closed in January. We also opened a long JPY/short USD position in December. After closing a modest preference for EUR versus USD in April, we reopened the position again in June, and increased the size of the position during Q4. For the year overall, the euro positioning was an important source of added value. We held a basket of several emerging market currencies (periodically consisting of BRL, IDR & RUB) during the year. While the IDR and RUB positions added value, the BRL was a modest detractor. We maintained a neutral position in CNY via a hedged position in CNH, and this position had a negative impact over 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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