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Dear Fintax Investor

Please find attached the latest Fintax Fund fact sheets as well as MGIM commentary.

Last month the funds delivered 0.7% (Balanced) and 2.2% (Growth) versus 2.3% for Global Equities and -1.9% for Global Fixed Income. Year-to-date the Growth Fund has delivered 2.4% and Balanced 0.7% versus 1.9% for Global Equities and -2.9% for Global Fixed Income.

In the attached commentary, MGIM refer to the rotation taking place out of Growth and into Value. Below are the top performing equity holdings in the Funds over the past 12 months. Noteworthy is Conventum Lyrical – a Value manager, now being listed as a top 5 performer:

InvestmentPerformanceStyle
Merian Chrysalis91.24%Growth
Sands Capital Emerging Markets Growth61.87%Growth
Sands Capital Global Growth59.60%Growth
Conventum Lyrical39.07%Value
Amundi JPX Nikkei ETF33.22%Index ETF

12 month performance in US$ as at 28 February. Not weighted

In our biweekly meeting with MIGIM they noted the rise in real interest rates and the resulting negative impact this has on the price of gold. They continue viewing gold as a good diversifier in the portfolios, and a form of insurance, should inflation occur faster than expected.

One of the recent additions to the Growth Fund is TB Evenlode Global Income. This fund is currently yielding 3%. As noted in last month’s manager commentary, Evenlode specialises in equity income investing, focussing on real dividend growth in the long term, balancing present income with the opportunity for growth. The fund aims to outperform global developed world equities with less volatility and downside risk, investing in high quality, cash generating companies with diverse revenue streams.

Please click on the link below to be redirected to a short introductory video by Hugh Yarrow, lead portfolio manager and co-founder of Evenlode.

https://evenlodeinvestment.com/about-us/introducing-evenlode