Brexit

The Brexit vote to leave the European Union is a clear vote against the political establishment. The UK’s withdrawal process will not be simple, uncontentious nor immediate. However, under the bloc’s governing treaty, it must be completed within two years.

FOREWORD | ISSUE 38 | 2nd QUARTER 2016

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Morningstar Award

Foord was awarded Best Fund House – Smaller Fund Range at the recent Morningstar Awards for the third year in a row. The best fund house awards are given to the fund groups with the best performing fund line-ups on a risk adjusted basis. The “smaller fund range” award is for fund houses with fewer than 10 funds (but more than three funds) with minimum five-year track records in the Morningstar database.

Feeder Funds Capped

Foord International Feeder Fund and Foord Global Equity Feeder Fund feed into USD denominated offshore collective investment scheme portfolios. The respective investment objectives require Foord to maximise the offshore portion of these portfolios. We do this by purchasing units in the master funds as rand cash is invested into the SA feeder funds.

Check Mate

Congratulations to Seth-Riley Adams and Matthew Saunders of the Mitchell’s Plain Chess Club for their outstanding performances at the recent SA Junior Nationals in Cape Town. Both players were undefeated and are placed top of their respective age groups. Seth-Riley has also qualified for the World Junior Championships in Khanty-Mansiysk, Russia later this year. We are proud of our continued association with this fine club.

Congratulations To Leap School Matric Class Of 2015

The LEAP Science and Maths School matric classes of 2015 has delivered the highest level of achievement in the 11-year history of the organisation.

Don't Chop And Change

The powerful emotions of greed and fear mean that it is simply human nature to chase the best returns. As a result, investors often fall into the trap of disinvesting from an underperforming fund to invest in one that outperformed over the same period. Studies abound on the folly of such an investment strategy. For example, a seminal US study showed that frequent trading eroded investor returns by up to 2.7% per annum. ADELE JANKOWITZ puts the Foord Equity Fund to the test.

FOREWORD | ISSUE 36 | 4th QUARTER 2015

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Sweet Performance From SA's Top General Equity Funds

Despite the market crash in 2008, the last decade has been a very rewarding one for equity investors. Even with that dip, the FTSE/JSE All Share Index (Alsi) has delivered an annualised return of more than 15% since September 2005.

Now Tax Free - Foord Flexible Fund

Foord now offers tax free investment accounts in the Foord Flexible Fund, Foord’s best investment view fund. Tax free investment accounts, into which South African investors can contribute up to R30 000 per year tax free, are only available to existing Foord unit trust investors. Those already invested in tax free investment accounts in either the Foord Balanced Fund or the Foord Equity Fund may now also choose to switch their tax free investment to the Foord Flexible Fund, without any tax consequence.