Specialists in frontier and emerging markets
New fact sheets equity funds available

New fact sheets equity funds available

Published on January 18, 2017

Over the year 2016 the share price of the Africa fund declined 1.91% while the benchmark index fell 5.12%, both measured in euro and based on total return. The fund had a net inflow and issued 27,199 ... Read more

New fact sheets equity funds available

New fact sheets equity funds available

Published on December 15, 2016

Since the start of the year the share price of the Global Frontier fund rose 6.2% and thereby it outperformed the iShares Frontier 100 ETF that gained 3.76% over the period, both measured in euro and ... Read more

Interim dividend

Interim dividend

Published on November 16, 2016

A gross interim dividend in cash of € 0.38 per ordinary share will be paid out for: Read more

New fact sheets equity funds available

New fact sheets equity funds available

Published on November 15, 2016

Since the start of the year the TCM Global Frontier High Dividend fund share price rose 4.4% and thereby it outperformed the iShares Frontier 100 ETF that gained 0.68% over the period, both measured i... Read more

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Equity Fund Global Frontier

Fund profile

Intereffekt Global Frontier High Dividend Equity is called TCM Global Frontier High Dividend Equity since November 2015.

TCM Global Frontier High Dividend Equity invests in stocks listed on the local exchanges of the Frontier Markets Universe. To set up the portfolio the fund will make a selection of countries on the basis of quantitative and qualitative screening. By using these selection criteria the fund will have a diversified portfolio invested in several countries and sectors. The equally weighted portfolio will be re-weighted and re-allocated on a periodically scale. The risk profile is high, due to investment in equities and Frontier Markets. In principle, the fund will pay out dividend twice a year with an expected dividend yield of approximately 5-6% per annum. The benchmark of the fund is the Frontier Market Index (Total Return). 
TCM Global Frontier High Dividend Equity is a subsidiary fund of Intereffekt Investment Funds N.V. (IIF), established with a so-called umbrella structure.

Sustainability
TCM has entered into an agreement with Sustainalytics for the screening of the portfolios of the TCM equity funds on ESG criteria (UN Global Compact and Controversial Weapons).

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Fund performance

grafiek global sep

The Fund Manager writes

Over the year 2016 the fund share price rose 10.78% and thereby it outperformed the iShares Frontier 100 ETF that gained 5.10% over the period. It is the third consecutive year that the fund outperformed its benchmark. Since inception of the fund in November 2012 the fund share price has risen 62.73% compared to a gain of 35.88% for the iShares Frontier 100 ETF, all measured in euro and based on total return. The fund had a net inflow and issued 529,541 shares in 2016, lifting the total amount of outstanding shares to 2,186,601. The AuM rose from 21.6 to 29.5 million euro. Furthermore, in May as well as November, a dividend per share of EUR 0.38 was paid. Based on the year-end-closing price this amounts to a dividend yield of 5.6%.
Within the frontier markets universe the markets in Pakistan (13.94%) and Morocco (+10.15%) were among the best performers last month. De rally in Pakistan is said to be inspired by the expected upgrade to Emerging Market status in May. Vietnam (-3.85%) and Ukraine (-6.88%) were the laggers during December. Within the portfolio we took some profits in Attock Cement in Pakistan. The stock doubled in value in 12 months’ time. Furthermore, we added to our positions in Vietnam and Bangladesh and bought a few new names such as Blom Bank in Lebanon. The stock trades currently at 5.37 times expected earnings and has a dividend yield of 7.5%.
Currently the fund has 86 (equally weighted) stocks in portfolio, which are spread over 21 different countries. The countries with the largest weightings are now Pakistan (20.10%), Vietnam (13.16%) and Bangladesh (8.69%). In these markets we currently find the most interesting high dividend stocks, which meet our quality requirements. The country weightings are thus mainly determined by the relative attractiveness of the market as a whole relative to other countries. Consequently, the fund differs significantly from the benchmark index.
Among the winners this month were mostly Pakistani names like Pakistan Oilfields (+24.95%) and Bank Al Habib (+22.14%), but also Alexandria Mineral Oils was up by 23.19% in Egypt.
The losers this month were Vietnamese names such as Petroviet Nhon Trach (-11.95%) and Petroviet Fert & Chemical (-11.54%), all measured in euro and based on total return.

Downloads

Latest factsheet
factsheet global frontier 2016-12

Factsheets archive
factsheet global frontier 2016-11
factsheet global frontier 2016-10
factsheet global frontier 2016-09
factsheet global frontier 2016-08
factsheet global frontier 2016-07
factsheet global frontier 2016-06
factsheet global frontier 2016-05
factsheet global frontier 2016-04
factsheet global frontier 2016-03
factsheet global frontier 2016-02
factsheet global frontier 2016-01
factsheet global frontier 2015-12

Additional information
information sheet fundmanagement 2016-07
Family Office Elite 2016-07
Citywire AAA ranking 2014-01
brochure global frontier 2012

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.