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Investec GSF Global Growth Fund A Inc - News
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Investec GS Global Growth comment - Jun 10
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Monday, 20 September 2010
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Fund Manager Comment
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Quality companies able to deliver above-average earnings growth have an appeal regardless of market conditions. The challenge is identifying those companies with genuinely sustainable growth, whose share prices do not fully reflect their potential. The Global Growth Fund is able to choose its investments from companies that are expected to benefit from Asia's robust economic growth or expansion opportunities in other emerging markets, and blend them with giant companies in America's sophisticated market or firms that stand to gain from the expansion of the European Union. Geographic diversification has proved a sensible investment strategy as global stock markets have produced mixed performances. However, please note currency fluctuations may adversely affect the value the Fund's investments and may also adversely affect the profitability of an underlying company in which the Fund invests.
Investec Asset Management uses a proprietary bottom-up stock-picking method designed to buy attractively valued companies, with good track records and an improving earnings outlook, which are gaining increasing investor attention. The Fund invests in a diverse range of companies, involved in a variety of industries. Performance is related to global equity markets: when company earnings are growing or companies are cheap equities - and the Fund - are likely to perform well; and when earnings are falling or companies are expensive the opposite is likely to happen.
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Investec GS Global Growth comment - Sep 09
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Tuesday, 15 December 2009
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Fund Manager Comment
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Quality companies able to deliver above-average earnings growth have an evergreen appeal regardless of market conditions. The challenge is identifying those companies with genuinely sustainable growth, whose share prices do not fully reflect their potential. The Global Growth Fund is able to choose its investments from companies that are expected to benefit from Asia's robust economic growth or expansion opportunities in other emerging markets, and blend them with giant companies in America's sophisticated market or firms that stand to gain from the expansion of the European Union. Geographic diversification has proved a sensible investment strategy as global stock markets have produced mixed performances.
Investec Asset Management uses a proprietary bottom-up stock-picking method designed to buy attractively valued companies, with good track records and an improving earnings outlook, which are gaining increasing investor attention. The Fund invests in a diverse range of companies, involved in a variety of industries. Performance is related to global equity markets: when company earnings are growing or companies are cheap equities - and the Fund - are likely to perform well; and when earnings are falling or companies are expensive the opposite is likely to happen.
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Investec GS Global Growth comment - Jun 09
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Sunday, 13 December 2009
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Fund Manager Comment
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Quality companies able to deliver above-average earnings growth have an evergreen appeal regardless of market conditions. The challenge is identifying those companies with genuinely sustainable growth, whose share prices do not fully reflect their potential. The Global Growth Fund is able to choose its investments from companies that are expected to benefit from Asia's robust economic growth or expansion opportunities in other emerging markets, and blend them with giant companies in America's sophisticated market or firms that stand to gain from the expansion of the European Union. Geographic diversification has proved a sensible investment strategy as global stock markets have produced mixed performances.
Investec Asset Management uses a proprietary bottom-up stock-picking method designed to buy attractively valued companies, with good track records and an improving earnings outlook, which are gaining increasing investor attention. The Fund invests in a diverse range of companies, involved in a variety of industries. Performance is related to global equity markets: when company earnings are growing or companies are cheap equities - and the Fund - are likely to perform well; and when earnings are falling or companies are expensive the opposite is likely to happen.
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Investec GS Global Growth comment - Mar 09
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Tuesday, 9 June 2009
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Fund Manager Comment
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Quality companies able to deliver above-average earnings growth have an evergreen appeal regardless of market conditions. The challenge is identifying those companies with genuinely sustainable growth, whose share prices do not fully reflect their potential. The Global Growth Fund is able to choose its investments from companies that are expected to benefit from Asia's robust economic growth or expansion opportunities in other emerging markets, and blend them with giant companies in America's sophisticated market or firms that stand to gain from the expansion of the European Union. Geographic diversification has proved a sensible investment strategy as global stock markets have produced mixed performances.
Investec Asset Management uses a proprietary bottom-up stock-picking method designed to buy attractively valued companies, with good track records and an improving earnings outlook, which are gaining increasing investor attention. The Fund invests in a diverse range of companies, involved in a variety of industries. Performance is related to global equity markets: when company earnings are growing or companies are cheap equities - and the Fund - are likely to perform well; and when earnings are falling or companies are expensive the opposite is likely to happen.
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Investec GS Global Growth comment - Dec 08
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Friday, 27 March 2009
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Fund Manager Comment
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Quality companies able to deliver above-average earnings growth have an evergreen appeal regardless of market conditions. The challenge is identifying those companies with genuinely sustainable growth, whose share prices do not fully reflect their potential. The Global Growth Fund is able to choose its investments from companies that are expected to benefit from Asia's robust economic growth or expansion opportunities in other emerging markets, and blend them with giant companies in America's sophisticated market or firms that stand to gain from the expansion of the European Union. Geographic diversification has proved a sensible investment strategy as global stock markets have produced mixed performances.
Investec Asset Management uses a proprietary bottom-up stock-picking method designed to buy attractively valued companies, with good track records and an improving earnings outlook, which are gaining increasing investor attention. The Fund invests in a diverse range of companies, involved in a variety of industries. Performance is related to global equity markets: when company earnings are growing or companies are cheap equities - and the Fund - are likely to perform well; and when earnings are falling or companies are expensive the opposite is likely to happen.
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Investec GS Global Growth comment - Sep 08
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Thursday, 27 November 2008
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Fund Manager Comment
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Quality companies able to deliver above-average earnings growth have an evergreen appeal regardless of market conditions. The challenge is identifying those companies with genuinely sustainable growth, whose share prices do not fully reflect their potential. The Global Growth Fund is able to choose its investments from companies that are expected to benefit from Asia's robust economic growth or expansion opportunities in other emerging markets, and blend them with giant companies in America's sophisticated market or firms that stand to gain from the expansion of the European Union. Geographic diversification has proved a sensible investment strategy as global stock markets have produced mixed performances.
Investec Asset Management uses a proprietary bottom-up stock-picking method designed to buy attractively valued companies, with good track records and an improving earnings outlook, which are gaining increasing investor attention. The Fund invests in a diverse range of companies, involved in a variety of industries. Performance is related to global equity markets: when company earnings are growing or companies are cheap equities - and the Fund - are likely to perform well; and when earnings are falling or companies are expensive the opposite is likely to happen.
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Investec GS Global Growth comment - June 08
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Monday, 15 September 2008
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Fund Manager Comment
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Quality companies able to deliver above-average earnings growth have an evergreen appeal regardless of market conditions. The challenge is identifying those companies with genuinely sustainable growth, whose share prices do not fully reflect their potential. The Global Growth Fund is able to choose its investments from companies that are expected to benefit from Asia's robust economic growth or expansion opportunities in other emerging markets, and blend them with giant companies in America's sophisticated market or firms that stand to gain from the expansion of the European Union. Geographic diversification has proved a sensible investment strategy as global stock markets have produced mixed performances.
Investec Asset Management uses a proprietary bottom-up stock-picking method designed to buy attractively valued companies, with good track records and an improving earnings outlook, which are gaining increasing investor attention. The Fund invests in a diverse range of companies, involved in a variety of industries. Performance is related to global equity markets: when company earnings are growing or companies are cheap equities - and the Fund - are likely to perform well; and when earnings are falling or companies are expensive the opposite is likely to happen.
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Investec GS Global Growth comment - June 05
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Friday, 29 July 2005
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Fund Manager Comment
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Quality companies able to deliver above average earnings growth have an evergreen appeal regardless of market conditions.
The challenge is in the identification of those companies with genuinely sustainable growth whose share prices do not fully reflect their potential.
Investec uses a proprietary bottom up stock picking method designed to buy attractively valued companies, with good track records and an improving earnings outlook, which are gaining increasing investor attention. The growth mandate of the Fund imposes an additional caveat: its companies must demonstrate a five-year track record of above average sales and earnings growth and a sustainable growth outlook. The Fund invests in a diverse range of companies, involved in a variety of industries.
This is in place of a focus on the technology sector, the traditional hunting ground for growth investors, which is often overvalued. It also invests in a wide range of equity markets world-wide, since it has few geographic restrictions.
The combination of its disciplined investment process and flexible mandate offers an opportunity to invest in what the manager believes are some of the most promising growth stocks available in global markets.
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Investec GS Global Growth comment - Mar 05
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Wednesday, 22 June 2005
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Fund Manager Comment
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Quality companies able to deliver above average earnings growth have an evergreen appeal regardless of market conditions. The challenge is in the identification of those companies with genuinely sustainable growth whose share prices do not fully reflect their potential.
Investec uses a proprietary bottom up stock picking method designed to buy attractively valued companies, with good track records and an improving earnings outlook, which are gaining increasing investor attention. The growth mandate of the Fund imposes an additional caveat: its companies must demonstrate a five-year track record of above average sales and earnings growth and a sustainable growth outlook. The Fund invests in a diverse range of companies, involved in a variety of industries.
This is in place of a focus on the technology sector, the traditional hunting ground for growth investors, which is often overvalued. It also invests in a wide range of equity markets world-wide, since it has few geographic restrictions. The combination of its disciplined investment process and flexible mandate offers an opportunity to invest in what the manager believes are some of the most promising growth stocks available in global markets.
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Investec GS Global Growth comment - Dec 04
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Friday, 28 January 2005
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Fund Manager Comment
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Quality companies able to deliver above average earnings growth have an evergreen appeal regardless of market conditions. The challenge is in the identification of those companies with genuinely sustainable growth whose share prices do not fully reflect their potential.
Investec uses a proprietary bottom up stock picking method designed to buy attractively valued companies, with good track records and an improving earnings outlook, which are gaining increasing investor attention. The growth mandate of the Fund imposes an additional caveat: its companies must demonstrate a five-year track record of above average sales and earnings growth and a sustainable growth outlook. The Fund invests in a diverse range of companies, involved in a variety of industries.
This is in place of a focus on the technology sector, the traditional hunting ground for growth investors, which is often overvalued. It also invests in a wide range of equity markets world-wide, since it has few geographic restrictions. The combination of its disciplined investment process and flexible mandate offers an opportunity to invest in what the manager believes are some of the most promising growth stocks available in global markets.
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Investec GS Global Growth comment - Sep 04
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Monday, 1 November 2004
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Fund Manager Comment
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Quality companies able to deliver above average earnings growth have an evergreen appeal regardless of market conditions. The challenge is in the identification of those companies with genuinely sustainable growth whose share prices do not fully reflect their potential.
Investec uses a proprietary bottom up stock picking method designed to buy attractively valued companies, with good track records and an improving earnings outlook, which are gaining increasing investor attention. The growth mandate of the Fund imposes an additional caveat: its companies must demonstrate a five-year track record of above average sales and earnings growth and a sustainable growth outlook. The Fund invests in a diverse range of companies, involved in a variety of industries.
This is in place of a focus on the technology sector, the traditional hunting ground for growth investors, which is often overvalued. Solid growth in the US, widespread economic revival in Asia; a significant improvement in Japan and signs of recovery in Europe has increased the Fund's investment universe significantly. The Fund's portfolio is currently biased towards oil and auto stocks as well as health care services and equipment stocks which clearly meet its investment criteria.
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Investec GS Global Growth comment - Jun 04
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Wednesday, 18 August 2004
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Fund Manager Comment
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Quality companies able to deliver above average earnings growth have an evergreen appeal regardless of market conditions. The challenge is in the identification of those companies with genuinely sustainable growth whose share prices do not fully reflect their potential.
Investec uses a proprietary bottom up stock picking method designed to buy attractively valued companies, with good track records and an improving earnings outlook, which are gaining increasing investor attention. The growth mandate of the Fund imposes an additional caveat: its companies must demonstrate a five-year track record of above average sales and earnings growth and a sustainable growth outlook. The Fund invests in a diverse range of companies, involved in a variety of industries.
This is in place of a focus on the technology sector, the traditional hunting ground for growth investors, which is often
overvalued. Above average GDP growth in the US, widespread economic revival in Asia; a significant improvement in Japan and signs of recovery in Europe has increased the Fund's investment universe significantly. The Fund's portfolio is currently biased towards construction stocks, particularly US and UK house builders and those health care services and equipment stocks which clearly meet its investment criteria.
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Investec GS Global Growth comment - Dec 03
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Thursday, 12 February 2004
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Fund Manager Comment
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Quality companies able to deliver above average earnings growth tend to have an evergreen appeal in almost any market conditions. The difficulty has been to avoid those with illusory potential and find companies delivering genuinely sustainable growth at a reasonable price.
Investec uses a proprietary bottom up stock picking method designed to buy attractively valued companies, with good track records and an improving earnings outlook, which are gaining increasing investor attention. The growth mandate of the Fund imposes an additional caveat: its companies must demonstrate a five-year track record of above average sales and earnings growth and a sustainable growth outlook. The fund invests in a diverse range of companies, involved in a variety of industries rather than focusing on the technology sector, the traditional hunting ground for growth investors, and therefore frequently overvalued.
Record GDP growth in the US, a significant improvement in Japan and signs of recovery in Europe has increased the fund's investment universe significantly. The fund's portfolio is currently biased towards construction stocks, particularly US and UK house builders, and towards those health care services and equipment stocks which clearly meet its investment criteria.
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Investec GS Global Growth comment - Sep 03
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Monday, 10 November 2003
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Fund Manager Comment
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After the collapse of the technology boom, investors mistakenly came to associate growth investments with expensive technology companies that disappointed high expectations. However, quality companies able to deliver above average earnings growth have always been a sensible investment. Growth companies can be found in a variety of sectors and, after three years out of favour, have begun to offer significant value.
The manager aims to buy attractively valued companies, with good track records and an improving earnings outlook, which are gaining increasing investor attention. These are measured by four factors: strategy, valuation, dynamics and technicals. The growth mandate of the fund imposes an additional caveat: its companies must demonstrate a five-year track record of above average sales and earnings growth and a sustainable growth outlook. The fund's bottom-up stock picking process has biased its portfolio towards technology stocks, which have cut costs significantly and are benefiting from a more stable operating environment, and mid-size pharmaceutical companies exploiting profitable niches. However, the manager invests in a diverse range of companies, provided they meet its investment criteria.
Greater optimism about the economic outlook has caused investors to revisit growth companies. The fund is biased towards several sectors, such as construction, clothing and healthcare, which are demonstrating improving growth momentum. Many companies have undertaken significant restructuring demanded by a tougher economic climate and are expected to benefit from even a small improvement in operating conditions.
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Investec GS Global Growth comment - June 2003
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Tuesday, 12 August 2003
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Fund Manager Comment
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After the collapse of the technology boom, investors mistakenly came to associate growth investments with expensive technology companies that disappointed high expectations. However, quality companies able to deliver above average earnings growth have always been a sensible investment. Growth companies can be found in a variety of sectors and, after three years out of favour, have begun to offer significant value.
The manager aims to buy attractively valued companies, with good track records and an improving earnings outlook, which are gaining increasing investor attention. These are measured by four factors: strategy, valuation, dynamics and technicals. The growth mandate of the fund imposes an additional caveat: its companies must demonstrate a five-year track record of above average sales and earnings and a sustainable growth outlook. The fund's bottom-up stock picking process has biased its portfolio towards technology stocks, which have cut costs significantly and are benefiting from a more stable operating environment, and mid-size pharmaceutical companies exploiting profitable niches. However, the manager invests in a diverse range of companies, provided they meet its investment criteria.
Growth companies are undergoing a revival, as investors turn more optimistic about economic recovery. Many companies have undertaken significant restructuring demanded by a tougher economic climate and are expected benefit from even a small improvement in operating conditions.
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Investec Wired Index name change
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Friday, 20 June 2003
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Official Announcement
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With effect from 16 June 2003, the Investec Wired Index Fund changed its name to Investec Global Growth Fund. The investment objective of the fund has also be broadened.
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Investec GS Wired Index - November 2002
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Friday, 7 February 2003
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Fund Manager Comment
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Innovation produces opportunity, which has become the key to competitive advantage and causes rapid changes in the commercial landscape.
Technology enables almost every enterprise, large and small, to operate more efficiently. It makes possible the provision of goods and services that would otherwise be unavailable.
The Wired Index® fund invests in a diversified portfolio of 40 companies that use technology intelligently to exploit the opportunities of the Information Economy. The fund seeks to replicate the performance of the Wired Index®, which is constructed by the experts at Wired® magazine. Although the Wired Index® includes a number of suppliers of Information Technology hardware and software, it is well represented across the healthcare, biotechnology, financials, media and industrial sectors. The Wired Index® is constructed to avoid dominance by one or two of the largest among the 40 companies.
The fund has been unable to avoid the recent volatility in global stockmarkets. Over the long-term, however, it is expected to benefit from secular trends such as demographics, globalisation and the trend towards outsourcing by businesses.
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Investec GS Wired Index comment - October 2002
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Monday, 25 November 2002
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Fund Manager Comment
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Innovation produces opportunity, it is now the key to competitive advantage. It also means that the commercial landscape is changing at a rate that would have been unimaginable ten years ago. Technology in turn enables virtually every enterprise, both large and small, to operate more efficiently. It makes possible the provision of goods and services that would otherwise be unavailable. The Wired Index® Fund invests in a diversified portfolio of 40 companies that use technology intelligently to exploit the opportunities of the information Economy. The Fund seeks to replicate the performance of the Wired Index®, which is constructed by the experts at Wired® magazine. Although the Wired Index® includes a number of suppliers of Information Technology hardware and software, it is well represented across the healthcare, biotechnology, financials, media and industrial sectors. The Wired Index® is constructed so that it is not dominated by one or two of the largest among the 40 companies. The Fund has been unable to avoid the recent volatility in global stockmarkets. Over the long-term, however, the Fund should benefit from secular trends such as demographics, globalisation and the trend towards outsourcing by businesses.
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Investec GS Wired Index comment - September 2002
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Wednesday, 20 November 2002
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Fund Manager Comment
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Innovation produces opportunity, it is now the key to competitive advantage. It also means that the commercial landscape is changing at a rate that would have been unimaginable ten years ago.
Technology in turn enables virtually every enterprise, both large and small, to operate more efficiently. It makes possible the provision of goods and services that would otherwise be unavailable.
The Wired Index® Fund invests in a diversified portfolio of 40 companies that use technology intelligently to exploit the opportunities of the Information Economy. The Fund seeks to replicate the performance of the Wired Index®, which is constructed by the experts at Wired® magazine. Although the Wired Index® includes a number of suppliers of Information Technology hardware and software, it is well represented across the healthcare, biotechnology, financials, media and industrial sectors. The Wired Index® is constructed so that it is not dominated by one or two of the largest among the 40 companies.
The Fund has been unable to avoid the recent volatility in global stockmarkets. Over the long-term, however, the Fund should benefit from secular trends such as demographics, globalisation and the trend towards outsourcing by businesses.
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Investec GS Wired Index comment - June 2002
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Monday, 9 September 2002
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Fund Manager Comment
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The Wired Index fell for the third consecutive month during June. Investors fretted that the US and global economies might suffer a "double dip" later in 2002. All major central banks left their key interest rates unchanged. In the USA, as in the UK and Euroland, particular statistics pointed to lingering weakness in economies. Several high profile companies, including Nokia, Flextronics, FedEx, Monsanto, and WPP, issued profit warnings. Finally, sentiment, particularly in the telecommunications- and technology- related areas was hit by the revelation that Worldcom had improperly capitalised US$3.9bn in expenditure over the last two years.
Your Adviser made no significant changes to the Fund's portfolio during the month. Your Adviser is concerned that business conditions remain difficult for many of the Wired Index stocks, especially as a number appear to be fully valued by historical standards. Following the rebalancing of the Wired Index, the Fund has a prospective Price/Earnings ratio of around 28 times. Accounting irregularities, SEC investigations, corporate governance and debt levels will remain key areas of worry for many investors.
Over the long-term, however, the Fund should benefit from secular trends such as demographics, globalisation and the trend towards outsourcing by businesses.
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Investec GS Wired Index comment April 2002
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Monday, 10 June 2002
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Fund Manager Comment
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The Wired Index™ performed poorly in April. A number of economic indicators were weaker than many investors had expected. In addition, a number of high profile companies, including General Electric and IBM posted disappointing results and/or issued profit warnings. A number of prominent software suppliers, technology equipment suppliers and other companies that are taking advantage of the New Economy in their business development, were sold down sharply.
During the month, a number of changes were made to the Wired Index™. Additions to the Fund included Dell Computer, Check Point Software, Monsanto, Nvidia, Cemex, TSMC, Ryanair and Citigroup. Sales included i2 Technologies, BroadVision, Aventis, Nucor, Applied Materials, Marriott International and AES. Your Adviser is concerned that business conditions remain difficult for many of the Wired Index™ stocks, especially as a number appear to be fully valued by historical standards. Following the rebalancing of the Wired Index™, the Fund has a prospective Price/Earnings ratio of around 29 times. Accounting irregularities, SEC investigations, corporate governance and debt levels will remain key areas of worry for many investors.
Over the long-term, however, the Fund should benefit from secular trends such as demographics, globalisation and the trend towards outsourcing by businesses.
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Investec GS Wired Index comment - March 2002
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Tuesday, 14 May 2002
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Fund Manager Comment
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The Wired Index performed well in March as investors focused on the clear signs of the acceleration of the US economy. Investors were especially heartened by the rise in the Institute of Supply Management’s index of manufacturing and by official statistics that indicated that labour productivity had risen again in February. Towards the end of the month, several high profile groups, including cellular phone giant Nokia and networking group Lucent Technologies, issued warnings in relation to sales or earnings: this caused the Wired Index to weaken somewhat.
Your Adviser considers that, with clearer evidence of the upturn in the global economy, it is reasonable to expect superior investment performance by the growth stocks that predominate in the Wired Index. However, it is possible that investors are pricing in a recovery in corporate profits that may take longer-than-expected to materialise. Several of the companies in the Wired Index are fully valued and, therefore, at risk if they disappoint. Individual stocks will remain vulnerable to sell-offs as a result of concerns over accounting irregularities, levels of debt and corporate governance.
Over the long-term, the Fund should benefit from secular trends such as demographics, globalisation and the trend towards outsourcing by businesses.
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Fund manager wields selective axe
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Friday, 18 May 2001
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Media Comment
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The Investec Wired Index fund dropped three former hot stocks after they moved onto shaky ground. They were WorldCom, Lucent and Globalstar. They were replaced with eBay, WPP Group and Millennium Pharmaceuticals.
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