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

New fact sheets equity funds available

Publiced on february 16, 2017

In January the Africa fund share price rose 1.43% while the benchmark index fell 1.90%, both measured in euro and based on total return. The amount of outstanding shares declined slightly to 586,081 s... Read more

New fact sheets equity funds available

New fact sheets equity funds available

Publiced 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

Publiced 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

Publiced on november 16, 2016

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

In January the fund share price rose 0.29% and thereby it could not keep up with the benchmark that gained 4.32% over the period, both in euro and based on total return. Driving the performance in Frontier Markets was an unlikely duo of Markets: Argentina and Kuwait of which the indices rallied respectively 15.82% and 11.68%. Within the mentioned tracker these countries have the biggest weighting with 22% for Kuwait and 18% for Argentina. Within the fund we have a minimal weight in Kuwait and nothing in Argentina since it is extremely hard to find stocks that comply with our (dividend) criteria in these countries. Meanwhile we stick to our strategy and will be collecting dividends which led to the outperformance in the last three consecutive years. Argentina was led higher mostly by the stock YPF, that rallied almost 30%, while Kuwait’s surge was fairly broad based but lacked stock-specific news. The rally therefore seems to be technical rather than fundamental in nature.
The fund had a net inflow in January also and issued 132,957 shares lifting the total amount of outstanding shares to 2,319,558. The AuM rose from 29.5 to 31.4 million euro.
Currently the fund has 89 (equally weighted) stocks in portfolio, which are spread over 21 different countries. The countries with the largest weightings are now Pakistan (18.88%), Vietnam (12.88%) and Bangladesh (10.94%). 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. Within the fund we added to our positions in Bangladesh by buying Jamuna Oil and Meghna Petroleum, both trading currently at around ten times earnings and a dividend yield of 5%.
Among the winners this month was Eastern Tobacco (+34.53%) in Egypt as the stock was profiting from solid earnings growth expectations. Other winners were City Bank Limited (+19.79%) in Bangladesh and Compagnie Miniere de Toussit (+13.67%). The losers this month were Kenyan names such as Equity Group Holdings (-22.06%) and Standard Chartered Bank (-15.82%), all measured in euro and based on total return.

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Latest factsheet
factsheet global frontier 2017-01

Factsheets archive
factsheet global frontier 2016-12
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

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.