Glacier Int Multi-Currency comment- Sep 12 - Fund Manager Comment13 Nov 2012
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
The rand appreciated against the US dollar (USD) and Yen (JPY) while depreciated against the Euro (EUR) and British pound (GBP) during the month.
USD
Three-month US dollar deposits fluctuate between 0.30% and 0.33% during the month. The FOMC decided to keep the Fed Fund Rate unchanged on the 13th of September at 0.25%. The next FOMC meeting will take place on the 24th of October and we expect that the Fed Fund Rate will remain unchanged.
EUR
Three-month EUR deposits fluctuate between 0.05% and 0.10% during the month. The European Central Bank (ECB) kept its policy rate unchanged at 0.75% on the 6th of September. Looking forward market expectation is that the ECB could leave interest rates unchanged at 0.75% on the 4th of October.
GBP
Three-month GBP deposits fluctuate in a narrow range of between 0.51% and 061%. The Bank of England (BOE) left interest rates unchanged at 0.50% on the 6th of September. We expect the BOE to leave interest rates unchanged at 0.50% at its next meeting on the 4th of October.
Glacier Int Multi-Currency comment- Jun 12 - Fund Manager Comment23 Aug 2012
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
The rand appreciated against the US dollar (USD), Euro (EUR), British pound (GBP) and against the Yen (JPY) during the month.
USD/ZAR went as high as 8.5721 on a daily close on the 1st of June and appreciated since then against the dollar to close at month end at 8.1393.
USD
Three-month US dollar deposits traded sideways at 0.33% during the month. The Fed Fund Rate remained unchanged at 0.25% on the 20th of June. The next meeting will take place on the 1st of August and we expect that the Fed Fund Rate will remain unchanged.
EUR
Three-month EUR deposits fluctuate between 0.45% and 0.55% during the month. The European Central Bank (ECB) kept its policy rate unchanged at 1.00% on the 6th of June. Looking forward market expectation is that the ECB could cut interest rates at the next meeting to 0.75% on the 5th of July.
GBP
Three-month GBP deposits fluctuate in a narrow range of between 0.79% and 0.84%. The Bank of England (BOE) left interest rates unchanged at 0.50% on the 7th of June. We expect the BOE to leave interest rates unchanged at 0.50% at its next meeting on the 5th of July.
Glacier Int Multi-Currency comment- Mar 12 - Fund Manager Comment28 May 2012
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
The rand depreciated against the US dollar( USD), Euro (EUR), and British pound (GBP) and against the Yen (JPY) during the month. .
USD
Three month US dollar deposits fluctuate between 0.30% and 0.32% during the month. The FOMC decided to keep the Fed Fund rate unchanged at 0.25%. The next meeting will be on the 25th of April 12.
EUR
Three-month EUR deposits fluctuate between 0.60% and 0.80% during the month. The European Central Bank (ECB) kept its policy rate unchanged at 1.00% on the 8th of March. We expect the ECB to leave interest rates unchanged at the next ECB meeting on the 4th of April 12.
GBP
Three-month GBP deposits fluctuate in a narrow range of between 0.89% and 0.91%. The Bank of England (BOE) left interest rates unchanged at 0.50% on the 8th of March. We expect the BOE to leave interest rates unchanged at 0.50% at its next meeting on the 5th of April 12.
Glacier Int Multi-Currency comment- Dec 11 - Fund Manager Comment16 Feb 2012
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
The Rand appreciated against the US dollar (USD), Euro (EUR), and British pound (GBP) during the month and depreciated against the Yen (JPY).
Due to outflows on the portfolio, maturities on money market deposits were not re-invested into fixed deposits but left on call.
USD
Three-month US dollar deposits fluctuate between 0.29% and 0.32% during the month. The FOMC kept the Fed Fund rate unchanged on the 13th of December. We expect the FOMC to keep the Fed Fund rate unchanged at the next meeting on the 25th of January 2012.
EUR
Three-month EUR deposits fluctuate between 1.20% and 1.30% during the month. The European Central Bank (ECB) cuts its policy rate by 25 basis points to 1.00% from 1.25% on the 8th of December. We expect the ECB to leave interest rates unchanged at the next ECB meeting on the 12th of January 2012.
GBP
Three-month GBP deposits fluctuate in an arrow range of between 0.87% and 0.90%. The Bank of England (BOE) left interest rates unchanged at 0.50% on the 8th of December. We expect the BOE to leave interest rates unchanged at 0.50% at its next meeting on the 12th of January.
Glacier Int Multi-Currency comment- Sep 11 - Fund Manager Comment15 Feb 2012
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 fluctuate between 0.23% and 0.35% during the month. The FOMC decided to keep the Fed Fund rate unchanged at 0.25% on the 21st of September. We expect the FOMC to keep the Fed Fund rate unchanged at the next meeting on the 2nd of November. We invested money market assets in the three-month area of the money market yield curve.
Three-month EUR deposits fluctuate between 1.32% and 1.40% during the month. The European Central Bank (ECB) kept its policy rate unchanged at 1.50% on the 8th of September. We expect the ECB to leave interest rates unchanged at the next ECB meeting on the 6th of October. 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 0.78% and 0.81%. The Bank of England (BOE) left interest rates unchanged at 0.50% on the 8th of September. We expect the BOE to leave interest rates unchanged at 0.50% at its next meeting on the 6th of October. We invested money market assets in the three-month area of the money market yield curve.