Foord Equity comment - Sep 04 - Fund Manager Comment19 Oct 2004
- Strong performance from equities in the quarter, especially Resources
- Driven by lower interest rates and consequential weaker Rand
- Commodity prices strengthening
- Prospect of sustained and higher economic growth in South Africa
- Lower inflation expectations
- Remain fully invested in equities
- Diversify risk across sectors
Foord Equity comment - Jun 04 - Fund Manager Comment25 Aug 2004
The equity market growth have been negative in both quarter and half year. June showed continued rand strength with lower commodity prices. The fund manager's believe that South African shares remain undervalued and that there is prospect of economic growth from internal demand and higher exports.
The fund's portfolio will be fully invested.
Foord Equity - Solid longer-term potential - Media Comment18 Jun 2004
Given Foord Asset Management's exceptional track record, Foord Equity Fund's (FEF) returns are disappointing. For the first 12 months after its August 2002 launch, FEF's returns exceeded its sector average but thereafter drifted below average, notably so since January 2004. To blame is its resource exposure, almost twice the sector average. But Foord is a house with a long-term focus and, despite lagging short-term returns, FEF is a fund that should remain firmly on investor radar screens.
Foord Equity comment - Mar 04 - Fund Manager Comment07 Apr 2004
The fund manager believes that South African shares are not overvalued and that corporate earnings growth is limited by the strong rand. The strong rand has started to take its toll on the current account.
The portfolio remains fully invested. The fund manager is focusing on undervalued domestically-oriented growth companies as well as on mining companies that will benefit from rand weakness.
Foord Equity comment - Dec 03 - Fund Manager Comment21 Jan 2004
The fund managers believe that a major turning point occurred in the middle of the year. After a decade-long winning streak, bonds are now going to take a back seat to equities. The fund manager's expect this to be a global phenomenon.
The fund manager's have been saying for over a year that the South African equity market is cheap and offers very good value and therefore double-digit returns can be expected for several years to come. The fund manager's expect equities to continue to perform well in absolute and relative terms for some considerable period.