Marriott Global Income comment - Sep 14 - Fund Manager Comment18 Dec 2014
The Marriott Global Income Fund is currently yielding 0.75%. Cash weighting in the fund
is high with just over 46% being held in short term US Dollar deposits. This conservative
positioning is in line with our view that offshore bond markets are expensive. The increase
in US government bond yields, triggered by the decision of the US Federal Reserve to
"taper" - or reduce - the size of the bond-buying program known as quantitative easing
midway through 2013, resulted in capital loss for long dated bond investors and endorsed
Marriott’s defensive view and current asset allocation. Bond yields remain under pressure
as US interest rates are anticipated to begin rising next year. The Fund remains, therefore,
defensively positioned in cash and short dated bond issues at least until yield curves
normalise.
Marriott Global Income comment - Jun 14 - Fund Manager Comment26 Aug 2014
The Marriott Global Income Fund is currently yielding 1.53%. Cash weighting in the fund
is high with just over 31% being held in short term US Dollar deposits. This conservative
positioning is in line with our view that offshore bond markets are expensive. The increase
in US government bond yields, triggered by the decision of the US Federal Reserve to
“taper” – or reduce – the size of the bond-buying program known as quantitative easing,
resulted in capital loss for long dated bond investors and endorsed Marriott’s defensive
view and current asset allocation. The Fund remains, therefore, defensively positioned in
cash and short dated bond issues at least until yield curves normalise.
Marriott Global Income comment - Mar 14 - Fund Manager Comment28 May 2014
The Marriott Global Income Fund is currently yielding 1.53%. Cash weighting in the fund
is high with just over 31% being held in short term US Dollar deposits. This conservative
positioning is in line with our view that offshore bond markets are expensive. The increase
in US government bond yields, triggered by the decision of the US Federal Reserve to
“taper” – or reduce – the size of the bond-buying program known as quantitative easing,
resulted in capital loss for long dated bond investors and endorsed Marriott’s defensive
view and current asset allocation. The Fund remains, therefore, defensively positioned in
cash and short dated bond issues at least until yield curves normalise.
Marriott Global Income comment - Dec 13 - Fund Manager Comment27 Mar 2014
The Marriott Global Income Fund is currently yielding 1.26%, and produced a total return of 20.4% for the year ended 31 December 2013, largely as a result of Rand weakness. Cash weighting in the fund is high with just over 38% being held in short term US Dollar deposit. This conservative positioning is in line with our view that offshore bond markets are expensive. The recent increase in US government bond yields, triggered by the decision of the US Federal Reserve to "taper" - or reduce - the size of the bond-buying program known as quantitative easing, resulted in capital loss for long dated bond investors and endorsed Marriott's defensive view and current asset allocation. The Fund remains, therefore, defensively positioned in cash and short dated bond issues at least until yield curves normalise.