|
CORPORATE NEWS: March 2008
A message from the Managing Director
The year started off poorly with the global barometer
MSCI World Index slipping by
-7.71% in January and then by a further
-0.74% in February.
Although the GAA USD Global
'Q' Fund slipped in January reflecting ongoing
global negative market sentiment, the Fund rallied in
February and closed at USD209.12
per share on 1 March, posting a month on month gain of
+5.54%.
Despite continued sub-prime woes in the States and
elsewhere, the Fund finished 2007 up
+33.22% against a back drop gain of just +7.09% posted by the
MSCI World Index.
The Fund is currently running at an
average annualised compound growth rate of
+21.22% since launch.
Meanwhile the
GAA GBP Global 'Q' Fund grew by
+3.62%
in February, closing at GBP129.23
per share on 1 March 2008. The Fund finished 2007
up
+23.72%, against a backdrop gain of
just
+3.79% posted by the FTSE 100 over the
same period.
The GAA Blueprint Property Fund grew by
+0.71% in February,
closing at GBP110.13
a share amid ongoing concerns with regards to the US
and UK property markets. The Fund Manager is
taking every step to ensure that that Fund benefits from
current discounts in the property sector and will be
posting details of its current strategy shortly.
Despite recent setbacks investor demand still remains
strong in the UK for prime real estate which is
experiencing rental growth, while for the moment stock markets appear to be making sweeping negative
projections. There will be opportunities to pick up
property assets at good value over the forthcoming
months.
From a marketing perspective, the company will be
pushing for the continued expansion of its distribution
of the recently launched GAMMA International Investment
Plan throughout Malaysia, with plans to enter into the
Filipino, Thai and Indonesian markets later in the year.
Having secured licencing in Malaysia in 2006 to enter
the domestic market via Malaysia's offshore financial
centre of Labuan through its sister company GAA Direct
Limited, GAA is now actively exploring the establishment
of Government regulated entities in a number of other
jurisdictions including
Europe.
GAA enters Singapore market
GAA is delighted to announce the recent incorporation in
Singapore of Global Asset Allocation (S) Pte Ltd
(Company Registration Number: 200709410C), a company
established in compliance with the Monetary Authority of
Singapore (MAS) guidelines with regards to the fund
management industry in Singapore.
Pursuant to the Securities and Futures Act and Financial
Advisers Act (and their respective regulations), Global
Asset Allocation (S) Pte Ltd (GAAS) has secured
exemption from
licensing in Singapore from the MAS on the basis that its business is
limited to the maximum number of qualified clients as
determined and permitted by the regulations.
GAA launches in Malaysia
GAA Direct
Limited was incorporated in Malaysia in mid 2005 and
subsequently secured its Labuan based insurance
brokerage licence from the Malaysian Ministry of Finance
and from the Labuan Offshore Financial Services
Authority (LOFSA) later the same year with an aim to
bringing GAA's funds to the Malaysian domestic market.
The GAMMA
International Investment Plan was formally launched in
Kuala Lumpur, Malaysia, on 13 November 2006 by leading Malaysian
insurance company, MAA International Assurance
Limited (MAAIA). The launch was officiated by Encik
Mohamad Umar Swift, Group Managing Director of MAAIA's
listed holding company MAA Holdings Berhad (MAAH),
together with the then Chairman of MAAIA, Mr James Beltran,
and Global Asset Allocation Limited (GAA) Managing
Director, Mr Jeremy Smeeton.
The GAMMA
International Investment Plan represented a joint venture
between GAA and MAAIA in the
offshore financial centre of Labuan, Malaysia. At
the time of launch, MAAIA appointed GAA, Bermuda, as fund manager to the GAMMA
International Investment Plan, which offered
investors the choice of 2 funds, namely the GAMMA USD
'Q' Fund and the GAMMA GBP Property Fund. Both
funds purchased GAA's existing funds, the GAA USD
Global 'Q' Fund and the GAA Blueprint Property Fund
respectively, at cost.
From left: Jeremy Smeeton, Umar Swift
and James Beltran
at the launch of the GAMMA
International Investment Plan
at MAA's Head Office in Kuala Lumpur
GAA Direct Limited was appointed to
lead the distribution of the GAMMA range of funds both
in Malaysia and throughout South East Asia. The
GAMMA facility has since been closed to further
investment via GAA Direct albeit that GAA's existing
range of funds are still available to qualified
investors in Malaysia.
Click here
to download the Malaysian ASTRO TV news coverage of this
event
Click here
to download the animated presentation which accompanied
the launch
FUND NEWS: March 2008
GAA USD GLOBAL 'Q' FUND
-
USD209.12
@ 1 March
-
+109.12% since
launch (1 May 2004 - 1 March 2008)
-
+5.54% in
February
2008 confirmed
-
+21.22% pa
compound annualised return since
launch
-
+33.22%
for 2007
-
+29.51%
12 month rolling return to 1 March 2008
-
+7.36% WORST 12
month rolling return since launch
-
+60.24% BEST 12
month rolling return since launch
GAA BLUEPRINT PROPERTY FUND
-
GBP110.13
@ 1 March
-
+0.71%
in February 2008
confirmed
-
+10.42%
growth 1 January - 31 December 2006
-
-18.57% WORST 12
month rolling return since launch
-
+15.86% BEST 12
month rolling return since launch
NB: The GAA USD Global 'Q' Fund is also
available in GBP
LATEST
REPORTS
LATEST FUND PROSPECTUSES
LATEST FUND APPLICATION FORMS
NEW BUSINESS CHECKLIST
CORPORATE STRENGTH
Regulated Fund
Custody & Administration
GAA Investment
Funds Limited (GAAIFL) employs Bermuda based banking group Bermuda
Commercial Bank Limited (BCB) as its Fund Custodian,
together with associated company International Corporate
Management of Bermuda Limited (ICMOB) as its Fund Administrator. BCB is one of only four registered banking and custody
providers in Bermuda. Consent for the above appointments
was granted by the Bermuda Monetary Authority (BMA) on 2
May 2006. All valuation reports produced by ICMOB are
audited annually for GAA Investment Funds Limited by Deloitte Touche Tohmatsu
in Bermuda.
FUND
SUMMARIES
GAA
USD GLOBAL
'Q' FUND
USD 209.12 per share @ 1
March 2008
+5.54% confirmed last month
The GAA USD
Global 'Q' Fund grew by +5.54%
a share last month against a backdrop loss of
-0.74%
posted by the MSCI World Index in the same month. The
Fund remained 100% hedged against the components of the
MSCI World Index in order to maximize protection against
any short term volatility.
The Fund
purchased stocks deemed to be undervalued with good
earnings potential based purely on stock fundamentals, a
strategy which achieved growth of
+33.22%
for the whole of 2007 against a MSCI World Index gain
for 2006 of just +7.09%.
The Fund has achieved an annualized return of
+21.22%
since launch and continues to be reweighted on a monthly
basis to ensure that it will benefit from any gains made
from the purchase of undervalued stocks as they recover
in price.
Since inception
the Fund has always achieved a positive 12 month rolling
return. Its worst 12 month return to date is
+7.36%,
whilst its best is
+60.24%:
The Fund has now
enjoyed winning months 60.9% of the time (28 winning
months vs 18 losing months), its average winning month
being +4.81%,
whilst its average losing month is
-3.38%:
Stock purchase: market & sector analysis
The Fund
continually analyses data on stocks from across 52
countries each month. The largest exposure this month
was to the United States, followed by Japan,
France, Finland and Brazil. Canada and
Norway
continued to offer up a high percentage of stocks that
were selected whilst Spain, Sweden, and the United
Kingdom also made it into the top 10 this month.
All in all,
stocks from a total of 23 different countries made it
into the Fund this month:
The Fund
identifies global stocks which are deemed likely to
perform in the following 30 days only. The underlying
Fund portfolio is rebalanced every month to reflect its
stock selection methodology and typically holds stocks
from around 25 - 30 of the 52 countries that it
considers. Since inception the Fund has invested in more
than 40 different countries.
The Manager
remains confident in the continued integrity of the
model driving the Fund's monthly stock selection and
believes that the Fund will continue to grow in the
medium term. No critical changes or amendments have been
applied to the model since the Fund was launched in May
2004.
As per previous months,
all non-US dollar currency positions were broadly hedged
back into US dollars and the Fund continued to hedge all
underlying stocks purchased against the currencies in which
they were denominated where possible. The GAA USD Global 'Q' Fund
remains hedged against individual price fluctuations in
currencies which include the Euro, British Pound, Swiss
Franc, Yen, Australian Dollar, Canadian Dollar and Singapore
Dollar.
Other
information
Between November 2003
and March 2004, the underlying stock selection model employed
by the GAA USD Global 'Q' Fund was tested in real time prior to launch,
with all information being made available to the public. Stocks were
selected at the beginning of each month, posted on this
website and valued at the end of each month. This
information was made available during the
testing period and the performance figures were adjusted to
reflect the actual costs of running a fund. The model
returned a net gain of
+14.67%
over the 6 months
of testing.
Click
here
for more information
on this Fund. global quant
fu
nd glo
|
