Dear Investor

 

Moriah Global FoF has grown, nett off all fees, approximately 1.32% for December 2017 and for the year 9.25% in USD. Our goal is more or less two times that, namely +/- 18% per annum, but we are happy with the 9.25%, taking the uncertainties concerning Brexit and the Election of President Trump in 2016, which had spilled over to 2017, into account.

 

Global Markets are busy adapting to these uncertainties and the achievement of Pres. Trump to lower the tax rate from 35% to 22% has been welcomed by the markets. A majority of economists predict that the US economy will lead the rest of the world with good growth for 2018.

 

The Polar Star fund, one of the underlying funds, has already grown with 3.6% for the first week of January 2018.

 

Unfortunately, as mentioned in my general Newsletter, the good News of Ramaphosa elected as the new president of the ANC has caused the ZAR to increase in value over night with almost 10%, because of which the ZAR growth for Moriah Global FoF was -8.71% for December 2017 and -1.6% for the year. We are not too concerned about that, as economists believe that USD will outpace the ZAR during 2018.

 

The appointment of International Assurance Ltd has unfortunately not as yet been finalised, but it seems to us to be imminent. See below our latest correspondence with Steve Fletcher of Hadiar.

 

Friendly greetings

 

Andre Delport

Letter of Correspondence with Haidar:

Hi Maria,

Sorry to say that I am a little confused regarding the timeline you outlined below. We only received the transfer request in mid-December and the documents had a requested transfer date 1/1/18 so naturally nothing on our end would have been able to be processed two months ago.

Our fund administrator will issue the contract note for the transfer upon:

-Finalization of our December return [because we have a complex fund (both in terms of strategy and our operations), I would expect the return to be finalized sometime during the third week of January]

-Receipt of outstanding information from the Transferee ( Capital International (Nominees) Ltd). Evidently, our fund administrator is still waiting to hear back regarding some of these missing items.

In order to expedite delivery of the contract note, perhaps you can reach out to Capital Nominees regarding the missing items and request that they reply to Christine Carroll at Opus Fund Services?

Thanks in advance,