Specialists in frontier and emerging markets
Fact sheets derivative funds published

Fact sheets derivative funds published

Published on January 18, 2017

On a monthly basis the Japanese Nikkei index went up by 2.7 percent in euro in December. The fund price of the Japan fund increased by 3.3 percent. The yen, which often serves as a proxy for the ... Read more

Market Monitor

Market Monitor

Published on January 18, 2017

The Market Monitor provides fundamental and technical data about the markets in which the Derivative Funds are active. Read more

Fact sheets derivative funds published

Fact sheets derivative funds published

Published on December 15, 2016

In the month of November the HSCEI index went up 6.4 percent in euro terms. The price of the China fund rose by 4.4 percent. The value of the Hong Kong dollar rose 3.3 percent. The trading m... Read more

Fact sheets derivative funds published

Fact sheets derivative funds published

Published on November 15, 2016

The Intereffekt Active Leverage Brazil fund increased by 88.9% this year until October. A nice increase but given the level of leverage the fund runs a bit behind. The reason for this is that the trad... Read more

Fact sheets derivative funds published

Fact sheets derivative funds published

Published on October 14, 2016

In September the HSCEI index went up 0.2 percent in euro terms. The fund price of the China fund increased by 0.6 percent. The value of the Hong Kong dollar fell 0.6 percent. The trading model re... Read more

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Derivative fund Brazil

Fund profile

Intereffekt Brazil Warrants is called Intereffekt Active Leverage Brazil from 2 November 2015.

Intereffekt Active Leverage Brazil invests in derivatives on the financial markets in Brazil. The fund is aiming at a leverage of 2 to 3 times the return on the underlying values. Its investment policy will be aimed primarily at achieving capital growth (the fund will not pay any dividends). The risk profile is high, due to investments being channeled into derivatives. The manager will not use a benchmark as a gauge for the purposes of determining investment policy or comparing the results achieved by the fund.

Intereffekt Active Leverage Brazil is a subsidiary fund of Intereffekt Investment Funds N.V. (IIF), established with a so-called umbrella structure.

Fund performance

grafiek brazil sep

The Fund Manager writes

The last month of the year was relatively quiet compared to previous months. The Bovespa Index fell by 2.7% in local currency, but managed to rise 2.8% in euro. The lowest level was just below the 57000 points, after which the index ended the year at 60277 points. Following the rebound of the index the trading model gave a positive signal after a period of almost a month without any signals. Because of this positive signal the leverage was raised from 1 to 2 at the start of 2017. For 2016 the tide seems to have turned for the Brazilian financial markets. The Bovespa index rose 38.9% in real and 76.2% in euro. This loss in 2015 was largely compensated and the Bovespa index was the best performing index worldwide. Not only stocks outperformed. The Brazilian currency, the Real, was the best performing currency in 2016 against the dollar and the euro. The currency appreciated by 22% against the dollar and 25.7% against the euro.

The main event which determined the direction of the Brazilian stock markets was the impeachment of President Rousseff. Other important (domestic) events in 2016 were the Zika virus, the Olympic Games in Rio and the ongoing economic recession. Global events that affected the movement of stock prices was the US monetary developments and the presidential election.

For 2016, the impeachment had the most impact on the financial markets. Speculations about this were the order of the day. Every step closer to impeachment was positively received in the market. This makes the price movements very erratic, and volatility remained high. After Rousseff was finally deposed in August, investors looked forward to the policy of the new president Temer. It turns out that far-reaching reforms which have been announced are not easy to find support in both Houses. In addition, a new uncertainty appeared, which is the result of the outcome of the US elections. This puts an aggressive monetary easing policy at risk. In other words, to cut the main interest rate (SELIC) below the double-digits will take more time. This does not mean that the economic growth will not be able to look forward and leave behind the lowest levels of growth in 2016.
 
Due to the fierce fluctuations the trading model was unable to come to an outperformance.

Downloads

Latest factsheet
Factsheet Brazil 2016-12

Factsheets archive
Factsheet Brazil 2016-11
Factsheet Brazil 2016-10
Factsheet Brazil 2016-09
Factsheet Brazil 2016-08
Factsheet Brazil 2016-07
Factsheet Brazil 2016-06
Factsheet Brazil 2016-05
Factsheet Brazil 2016-04
Factsheet Brazil 2016-03
Factsheet Brazil 2016-02
Factsheet Brazil 2016-01
Factsheet Brazil 2015-12

Market Monitor / Trading model
Latest Market Monitor

Legal information
Key Investor Information Document
Change of conditions 2016-12
IIF semi-annual report 2016
Trustus conflict of interest policy 2016-07
Trustus annual report 2015
IIF annual report 2015
Change of conditions 2015-11
Name change funds 2015-10
Certificate of Incorporation TRUSTUS
Certificate of Incorporation Intereffekt
Prospectus
Licence

Disclaimer

No rights may be derived from this publication. You are referred to the prospectus and Key Investor Information Document for the fund's terms and conditions. These documents may be obtained from the website or the address mentioned below. The manager of IIF has obtained a licence for this fund from the Netherlands Authority for the Financial Markets in accordance with the provisions of the Financial Supervision.