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:
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Hi Maria, |
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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. |
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Our fund administrator will issue the
contract note for the transfer upon: |
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-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. |
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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? |
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Thanks in
advance, |
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