Marriott Global Income comment - Sep 04 - Fund Manager Comment20 Oct 2004
Distribution
The September 2004 distribution amounted to 3.1351 cents per unit, a decrease of 15% from the previous quarter's distribution, and lower than the comparable period last year. The volatility in the distributions over the last three years is a function of the volatility in the domestic currency market. During this time, the fund has produced consistent hard currency income.
Future Income
There is unlikely to be a significant change in the hard currency income produced by the fund due to the low-risk and predictable nature of the underlying investments. However, any change in the value of the rand will result in fluctuations in the distribution.
Capital
There has been very little movement in the hard currency capital values of the underlying investments. However, in the recent past the capital value per unit has decreased as the rand has strengthened against the US dollar, the euro and sterling. Looking forward, the capital value of the fund will continue to be driven by the value of the rand, with the low-risk underlying investments providing stable hard currency capital values.
Marriott Global Income comment - Jun 04 - Fund Manager Comment02 Aug 2004
Distribution
The June 2004 distribution amounts to 3.6979 cents per unit, a decrease of 14% from the previous quarters distribution, and lower than the comparable period last year. The volatility in the distributions over the last 3 years is a function of the volatility in the domestic currency market. During this time, the fund has produced consistent hard currency income.
Future Income
There is unlikely to be a significant change in the hard currency income produced by the fund due to the low-risk and predictable nature of the underlying investments. However, any change in the value of the rand will result in fluctuations in the distribution.
Capital
There has been very little movement in the hard currency capital values of the underlying investments. However, in the recent past the capital value per unit has decreased as the Rand has strengthened against the US dollar, the euro and sterling. Looking forward, the capital value of the fund will continue to be driven by the value of the rand, with the low-risk underlying investments providing stable hard currency capital values.
Marriott Global Income comment - Mar 04 - Fund Manager Comment05 May 2004
Distribution
The March 2004 distribution amounts to 4.2797 cents per unit, an increase of 17% over the previous quarters distribution, but lower than the comparable period last year. The volatility in the distributions over the last 3 years is a function of the volatility in the domestic currency market with the Rand depreciating rapidly in 2001 before appreciating significantly in 2002 and 2003 and then trading in a band between R6.20/US$ to R7.50/US$ in the first quarter of 2004. During this time, the fund has produced consistent hard currency income.
Future Income
There is unlikely to be a significant change in the hard currency income produced by the fund due to the low-risk and predictable nature of the underlying investments. However, any fluctuations in the value of the Rand will result in fluctuations in the distribution.
Capital
There has been very little movement in the hard currency capital values of the underlying investments. However, in the recent past the capital valueper unit has decreased as the Rand has strengthened against the US dollar, the Euro and Sterling. Looking forward, the capital value of the fund will continue to be driven by the value of the Rand, with the low-risk underlying investments providing stable hard currency capital values.
Marriott Global Income comment - Dec 03 - Fund Manager Comment27 Jan 2004
Distribution
The December 2003 quarterly distribution amounts to 3.6444 cpu, a reduction of 17% over the September distribution and further evidence of the rand's strength during the course of 2003. The last four distributions amount to 17.6466cpu, which represents an historical income yield of 7.8%. This yield however, is not indicative of the current income yield (which is 4.6%) as the rand's strength during 2003 has resulted in a 20% decline in distributions.
Future Income
There is unlikely to be a significant change in the hard currency income produced by the fund due to the low-risk and predictable nature of the underlying investments. However, any fluctuations in the value of the rand will result in fluctuations in the distribution.
Capital
There has been very little movement in the hard currency capital values of the underlying investments. However, in the recent past the capital value per unit has decreased as the rand has strengthened against the US dollar, the euro and sterling. Looking forward, the capital value of the fund will continue to be driven by the value of the rand, with the low-risk underlying investments providing stable hard currency capital values.