Marriott Global Income comment - Mar 06 - Fund Manager Comment02 May 2006
Distribution
The March 2006 distribution amounted to 2.3779 cents per unit, a decrease of 7.1% from the previous quarter's distribution, and lower than the same period last year. The volatility in the distributions over the last 5 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 - Dec 05 - Fund Manager Comment13 Mar 2006
Distribution
The December 2005 distribution amounted to 2.5597 cents per unit, similar level to the previous quarter's distribution. 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.