Old Mutual Global Currency Feeder comment - Sep 13 - Fund Manager Comment23 Dec 2013
We were overweight to our top-rated currencies (Australian dollar, New Zealand dollar and Norwegian kroner) and the US dollar. Within emerging markets we were long on the Mexican peso, the Chilean peso, the Peruvian nuervo sol, the Brazilian real (from September) and the Malaysian ringgit. We were underweight to the Japanese yen, pound sterling and the euro. The Australian dollar performed very poorly until mid-August, while the New Zealand dollar and Norwegian kroner excelled. The US dollar also performed poorly. Emerging market currencies staged mixed returns, as the Mexican peso and the ringgit lagged, while the real, the Chilean peso and the nuervo sol performed well. Similarly, the yen, the pound and the euro outperformed.
Given these performances being overweight the New Zealand dollar and the kroner impacted positively, while being overweight to the US and Australian dollars detracted. Within emerging markets, our allocation to the Mexican peso and the ringgit proved negative, whereas our holdings of the nuervo sol and the Chilean peso proved positive, while being underweight to the yen, the pound and the euro detracted from performance.
Fund Merged - Official Announcement01 Nov 2013
Old Mutual UK Money Market Feeder Fund has closed and merged into Old Mutual Global Currency Feeder Fund.
Old Mutual US Dollar Feeder comment - Jun 13 - Fund Manager Comment11 Sep 2013
For the quarter ending 30 June 2013, we were overweight to our top-rated currencies, namely the Australian dollar (AUD), the New Zealand dollar (NZD), and the Norwegian kroner (NOK). Within the emerging markets, we were long on the Chilean peso (CLP), Mexican peso (MXN), Malaysian ringgit (MYR) and Peruvian nuevo sol (PEN) in June.
We had an underweight position in the Japanese yen (JPY), pounds sterling (GBP), US dollar (USD), and the euro (EUR) in June.
During the period, the AUD, NOK and NZD performed extremely poorly, while the JPY weakened significantly. Meanwhile, the USD, GBP and EUR performed relatively well. Our overweight position to the AUD, NOK and NZD detracted from performance, whereas our underweight position in the JPY performed positively. Our underweight position in the EUR and GBP performed relatively negative. Similarly, our overweight position to emerging market currencies also had a negative impact on the fund.
Fund Name Changed - Official Announcement12 Mar 2013
The Old Mutual US Dollar Feeder Fund will change it's name to Old Mutual Global Currency Feeder Fund, effective from 12 March 2013