Glacier Int Multi-Currency comment- Jun 11 - Fund Manager Comment23 Aug 2011
Performance review
The portfolio currently invests in all maturities over the very short end of the yield curve on all deposits. The portfolio provides investors with an ideal hedge against rand depreciation and access to a well diversified portfolio of developed market currencies.
Market review
Three-month US dollar deposits fluctuated between 0.20% and 0.25% during the month. The FOMC decided to keep the Fed Fund rate unchanged at 0.25% on the 22nd of June. We expect the FOMC to keep the Fed Fund rate unchanged at the next meeting on 9 August. We invested money market assets in the three-month area of the money market yield curve.
Three-month EUR deposits fluctuated between 1.25% and 1.40% during the month. The European Central Bank (ECB) kept its policy rate unchanged at 1.25% on 9 June. We expect the ECB to leave interest rates unchanged at the next ECB meeting on 7 July. Money market assets were invested in the three-month area of the money market yield curve.
Three-month GBP deposits fluctuated in a narrow range of between 0.70% and 0.73%. The Bank of England (BOE) left interest rates unchanged at 0.50% on 9 June. We expect the BOE to leave interest rates unchanged at 0.50% at its next meeting on 7 July. We invested money market assets in the three-month area of the money market yield curve.
Glacier Int Multi-Currency comment- Mar 11 - Fund Manager Comment25 May 2011
Performance review
The portfolio currently invests in all maturities over the very short end of the yield curve on all deposits. The portfolio provides investors with an ideal hedge against rand depreciation and access to a well diversified portfolio of developed market currencies.
Market review
Three-month US dollar deposits fluctuated between 0.35% and 0.45% during the month. The FOMC decided to keep the Fed Fund rate unchanged on the 15th of March at 0.25%. We expect the FOMC to keep the Fed Fund rate unchanged at the next meeting on 27th of April. We invested money market assets in the three-month area of the money market yield curve.
Three-month EUR deposits fluctuated between 0.95% and 1.05% during the month. The European Central Bank (ECB) left interest rates unchanged at 1% on 3rd of March. We expect the ECB to leave interest rates unchanged at the next ECB meeting on 7th of April. Money market assets were invested in the three-month area of the money market yield curve.
Three-month GBP deposits fluctuate in a narrow range of between 0.70% and 0.73%. The Bank of England (BOE) left interest rates unchanged at 0.50% on the 10th of March. We expect the BOE to increase interest rates 1.00% at its next meeting on the 7th of April. We invested money market assets in the three-month area of the money market yield curve.