|Range: Investec Global Strategy Fund|
|The Fund is designed to protect and to maximise the value of liquid assets in terms of their international purchasing power, through the management and diversification of currency exposure. The composition of the portfolio is determined by a continuing analysis of the financial, economic, political and other factors affecting international exchange rates. Investments are made mostly in the world’s major currencies and held principally in bank deposits or short-term monetary instruments.|
|Portfolio manager: Tim O'Dell, Paul Carr|
|Portfolio manager biography:
Tim is an investment specialist with a focus on FX and rates within the Multi-Asset team and a portfolio manager. He is responsible for the team’s macroeconomic analysis process and for currency overlay in the fixed income funds. Prior to joining Investec Asset Management Tim worked in the top-rated economic department of Phillips and Drew. In his 15 years with the firm both before and after its acquisition by UBS, he launched the firm’s flagship global strategy product and developed the firm’s leading-edge research in the areas of international economics and investment strategy. He also worked specifically on international economic analysis and currency forecasting. Tim graduated from Cambridge University in 1981 with a degree in Economics.
Paul is an investment specialist with a focus on FX, rates and commodities within the Multi-Asset team, with responsibility for running the qualitative currency process that specialises in market fundamentals, price momentum and contrarian signals. Prior to his current role, Paul helped build and create the dealing desk following the merger of Investec Asset Management and Guinness Flight Hambro Fund Management in 1998. He worked on the dealing desk until 2003, where he dealt in most asset classes, before specialising in foreign exchange. Paul joined Hambros Fund Management in 1996 as a dealer for the institutional fixed income team. Paul received his Investment Management Certificate in 1997, and has completed and passed the Securities Institute Diploma papers in ‘Fixed Income’ and also ‘Fund Management’ achieving Member (MSI) status.
|Fund launch date||16/02/1984|
|Share class launch date||22/06/2005|
|Peer group sector||Money Market Global|
|Performance comparison index||Currency composite (developed and emerging markets currencies, incl. 35% USD, 15% EUR, 10% JPY and 5% GBP)|
Share class charges
|Maximum initial charge||5.00%|
|Annual management fee||0.75%|
|Pricing||16:00 New York Time (forward pricing)|
|Types of shares||Acc, Gross|
|Share class dealing currency||USD|
Share class codes
Collective investment schemes in securities (CISs) are generally medium to long term investments. The value of participatory interests (units) may go down as well as up and past performance is not necessarily a guide to the future.
Fluctuations or movements in exchange rates may cause the value of underlying international investments to go up or down. CISs are traded at ruling prices and can engage in borrowing, up to 10% of portfolio net asset value to bridge insufficient liquidity, and scrip lending. Forward pricing is used. A schedule of charges, fees and adviser fees is available on request from the manager. Additional adviser fees may be paid and if so, are subject to the relevant FAIS disclosure requirements. For money market funds the price of each participatory interest is aimed at a constant value. While a constant price is maintained the investment capital is not guaranteed. The total return to the investor is primarily made up of interest received but, may also include any gain or loss made on any particular instrument. In most cases this will merely have the effect of increasing or decreasing the daily yield, but in extreme case, e.g. defaults by underlying issuers, it can have the effect of reducing the capital value of the portfolio. Excessive withdrawals from the portfolio may place the portfolio under liquidity pressures. In such circumstances a process of ring-fencing of withdrawal instructions and managed pay-outs over time may be followed. A fund of funds is a portfolio that invests in portfolios of CISs, which levy their own charges, which could result in a higher fee structure for these portfolios. Feeder Fund is a portfolio that, apart from assets in liquid form, consists solely of participatory interests in a single portfolio of a CIS. CIS prices are calculated on a net asset value basis, which is the total value of all assets in the portfolio including any income accrual and less any permissible deductions from the portfolio. Different classes of units apply to the fund and are subject to different fees and charges. Fund valuations take place at approximately 16h00 SA time each day. Purchase and repurchase requests must be received by the Manager by 16h00 SA time each business day. Performance figures are based on lump sum investment. This portfolio may be closed in order to be managed in accordance with the mandate. The risk profile is a measure of volatility, i.e. how the absolute return of the fund varies. Note that there are other risks in the fund, which are not reflected in this rating, and that this rating can change over time.
Where portfolios invest in the participatory interests of foreign collective investment schemes, including Investec's foreign funds, these may levy additional charges which are included in the relevant Total Expense Ratio (TER). A higher TER ratio does not necessarily imply a poor return, nor does a low TER imply a good return. The ratio does not include transaction costs. The current TER cannot be regarded as an indication of future TERs. A #169 of our performance fees FAQ is available at www.investecassetmanagement.com. Investec Fund Managers SA (RF) (Pty) Ltd is a member of the Association for Savings and Investment SA (ASISA). All information provided is product related, and is not intended to address the circumstances of any Financial Service Provider's (FSP) clients. In terms of the Financial Advisory and Intermediary Services Act, FSPs should not provide advice to investors without appropriate risk analysis and after a thorough examination of a particular client's financial situation.
Investec Asset Management is an authorised financial services provider.
Fund ratings may be provided by independent rating agencies based on a range of investment criteria. For a full description of the ratings, please see www.investecassetmanagement.com/ratings. Where Morningstar Star RatingsTM or Morningstar OBSR Analyst RatingsTM are shown these are effective as at the date shown in the share class summary above. A rating is not a recommendation to buy, sell or hold a fund.
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