The Fund Manager writes
Key figuresNet Asset Value:
Euro 11.20
Stock Price:
Euro 11.25
Fund Capital:
Euro 13.8 million
Start Date: 15 November 2012
Structuur: open end
Ongoing Charges Figure:
1.86% (Budget 2014)
ISIN Code: NL0010278073
Fund Performance Benchmark:MSCI Frontier Markets Index
(Total Return)
Trading:The fund is listed on Euronext,
which means that the fund can be
During December the fund share price rose 0.99%, whereas the
MSCI Frontier Markets Total Return Index gained 0.68%, both
measured in euros. The amount of outstanding shares of the fund
rose with 50,801 shares to a total of 1,233,633 shares. Under
influence of an increasing amount of shares and a rising share
price, the total fund value rose from 13.1 million euro to 13.8
million euro.
Currently we have 77 equally weighted stocks in portfolio, which
are spread over 15 different countries. The countries with the
largest weightings are now Saudi Arabia (16.0%), Pakistan (14.6%),
Vietnam (13.8%), and Egypt (12.7%). In these markets we currently
find the most interesting high dividend stocks, which meet our
quality requirements. The country weightings are thus mainly
determined by the relative attractiveness of the market as a whole
relative to other countries. Consequently, the fund differs
significantly from the benchmark index. The eyecatcher this month
was the Dubai Financial Market General Index that rallied to a
record 107% year-on-year. In December the market rose over 14% as
Dubai was appointed to host the World Expo 2020. The authorities
estimate staging the fair would boost the economy by US$23 billion,
equivalent to about 24.4 per cent of GDP, across 2015 to 2021. The
Expo also helps to cement Dubai’s claim as a global destination for
tourism and business as it would attract 25 million visitors over
six months, while creating 277,000 jobs. Currently the fund has a
weighting of 2.75% in the United Arabic Emirates.
Among the winners this month were Honeywell Flour Mill (+20%) in
Nigeria, Thal LTD (+17.5%) in Pakistan and Qatar National Cement
(+14.6%) in Qatar, all measured in local currency. Among the losers
were Telecom Argentina ADR (-14.5%) in the US and Bamburi Cement
(-7.6%) in Kenya. Of the 77 stocks in portfolio 49 gained, 26
declined and 2 remained unchanged.
oktober 2009
cijfers per 30-10-2009
Factsheet
31 December 2013
115
120
125
traded on trading days through any
bank or broker. On trading days the
fund will sell shares against NAV
with a positive deviation of 0.5%
and buy back shares against NAV
with a negative deviation of 0.5%.
Managing Company:
TRUSTUS Capital Management
Fund Management:
Frontier Markets Team:
Wytze Riemersma
Marco Balk
Tau van Ngo (Vietnam)
Contact Information:
Intereffekt Investment Funds N.V.
Sewei 2, 8501 SP Joure
The Netherlands
Return in euro's* 2012** 2013 3 mnths 1 mnth +31 (0) 513 48 22
22
Intereffekt Global Frontier -0,80% 16,49% 6,80% 0,99%
MSCI FM Daily NET TR Index 0,42% 20,51% 4,56% 0,68%
[email protected]
* Exchange traded levels ** Data 2012 from the start date of the
fund: 15-11-2012 www.intereffektfunds.com
Twitter: @intereffekt
Fund profileIntereffekt Global Frontier High Dividend Equity
(IFHD) is a subsidiary fund of Intereffekt Investment Funds
N.V.
(IIF), established with a so-called umbrella structure. The fund
will invest in stocks listed on the local exchanges of
the Frontier Markets Universe. To set up the portfolio the fund
will make a selection of countries on the basis of
quantitative and qualitative screening. By using these selection
criteria the fund will have a diversified portfolio
invested in several countries and sectors. The equally weighted
portfolio will be re-weighted and re-allocated on a
90
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100
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110
115
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In P
erce
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Global Frontier MSCI FM Daily NET TR Index
periodically scale. The risk profile is high, due to investment
in equities and Frontier Markets. In principle, the fund
will pay out dividend twice a year with an expected dividend
yield between 6-7% per annum.
Sector Allocation Top 10 HoldingsPETROVIETNAM LOW PRESSURE GA
1,82%HABIB BANK LTD 1,75%QATAR NATIONAL CEMENT CO 1,72%PETRO
VIETNAM SOUTHERN GAS 1,70%SAVOLA 1,67%YAMAMAH SAUDI CEMENT CO. LTD
1,66%DANGOTE SUGER REFINERY PLC 1,60%SIDI KERIR PETROCHEMICALS CO
1,59%DOHA BANK QSC 1,58%PETROLIMEX PETROCHEMICALS 1,54%
Gewicht top 10 in portefeuille 16,63%
Country AllocationSaudi Arabia 16,16%Pakistan 14,62%Vietnam
13,86%Egypt 12,81%Qatar 10,26%Nigeria 6,64%Kenya 6,34%Cash 5,15%Sri
Lanka 4,93%UAE 2,75%
Financials ; 27,11%
Industrials; 16,40%
Consumer Goods; 14,71%
Basic Materials; 9,72%
Oil & Gas; 9,34%
Consumer Services; 6,12%
Utilities; 5,27%Cash; 5,15%
Telecommunication; 5,04%
Health Care; 1,15%
16,16%
14,62%
6,64%
6,34%
5,15%4,93%
2,75%1,43%
1,38%1,25%
1,17%
0,98%
0,29%
Factsheet
31 December 2013
Romania 1,43%Kuwait 1,38%Ghana 1,25%Argentina 1,17%Ukraine
0,98%Bangladesh 0,29%
Fund Characteristics
Fund Benchmark
Number of Position 77 143
Dividend Yield * 6,36% 3,64%
Price/Earnings Ratio * 8,72 13,23
Price to Book Ratio * 1,85 1,74
Investment limits
Fund Benchmark**
GCC-Region limit max. 35% 48,6%
Country limit max. 20% 18,1%
Sector limit max. 30% 53,3%
Company limit Equally weighted portfolio 1 - 1.5% 5,0%
* source: Bloomberg/IIF
** weightings as per 31 December 2013, resp. GCC, Kuwait,
Financials and the largest individual position
DisclaimerNo rights may be derived from this publication. You
are referred to the prospectus and Key Investor Information
Document for the fund's terms and conditions. These documents may
be obtained from the website or the address mentioned above. The
manager of IIF has obtained a licence for this fund from the
Netherlands Authority for the Fi i l M k t i d ith th i i f th Fi i
l S i i
13,86%
12,81%
10,26%
Financial Markets in accordance with the provisions of the
Financial Supervision.
