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 Japan

Fund profile

Intereffekt Japanse Warrants is called Intereffekt Active Leverage Japan from 2 November 2015.

Intereffekt Active Leverage Japan invests in derivatives on the financial markets in Japan. 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 Japan is a subsidiary fund of Intereffekt Investment Funds N.V. (IIF), established with a so-called umbrella structure.

Fund performance

grafiek japan sep

The Fund Manager writes

On a monthly basis the Nikkei index went up by 2.7 percent in euro in December. The fund price increased by 3.3 percent. The yen, which often serves as a proxy for the Japanese equity market, moved within a range of 118-124 against the euro. The value of the yen eventually fell by 1.7 percent. The trading model was positive in December, and so the fund has been invested with leverage throughout the month.

After the Nikkei index in November reached its highest level of the year, it was in the first week of December time for profit taking. But it was short-term weakness and so a year-end rally started in the second week. Eventually, the Nikkei managed to reach the 19,600 points, the highest level since December 2015. From the low of November 9, the Nikkei recovered from the 16,000 level by more than 20 percent. As a result of the Trump rally, the yen went down with more than 17 percent since the election. Due to Trump's plan for growth, investors now think inflation and interest rates will continue to rise in the US. The Fed has already fulfilled a part of these expectations on December 15 by raising interest rates with 25 basis points from 0.50 to 0.75 percent. In response, the yen intraday fell by more than 3 percent.
According to policy officials from the central bank, the Fed will probably hike rates three times with an average interest rate of 1.40 end 2017. Taking into account the extremely low inflation in Japan, the yen will likely continue to weaken in 2017. Recent figures show that a weak yen would be welcome for Japanese exports. Exports for the month of November fell by 0.4 percent relative to last year, where a decline of 2.3 percent was expected. Imports declined by 8.8 percent due to lower energy prices such as oil. As a result imports declined already 23 months in a row. Despite falling energy prices, inflation in November increased by 0.5 percent relative to last year.

Finally, the Japanese economy has grown much faster than expected in the third quarter. The Japanese economy grew by 2.2 percent year on year, which was expected a 0.8 percent economic growth. It is the strongest growth of the Japanese economy since early 2015.

Downloads

Latest factsheet
Factsheet Japan 2016-12

Factsheets archive
Factsheet Japan 2016-11
Factsheet Japan 2016-10
Factsheet Japan 2016-09
Factsheet Japan 2016-08
Factsheet Japan 2016-07
Factsheet Japan 2016-06
Factsheet Japan 2016-05
Factsheet Japan 2016-04
Factsheet Japan 2016-03
Factsheet Japan 2016-02
Factsheet Japan 2016-01
Factsheet Japan 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.