Specialists in frontier and emerging markets
Fact sheets February

Fact sheets February

Published on march 13, 2024

The Frontier Market index rose 0.5% in February, continuing the upward trend seen in January.
The biggest gainers this month were Kazakhstan (+12.8%) and Kenya (+10.3%) and the biggest decliner Niger... Read more

Fact sheets January

Fact sheets January

Published on february 15, 2024

The Frontier Market index rose 3% in January, a good start of the new year with Egypt (+17%) and Vietnam (+3.5%) as the biggest gainers and Pakistan (-2%) and Kenya (-0.9%) as the biggest decliners. Read more

Update and fact sheets November

Update and fact sheets November

Published on december 12, 2023

In November, the TCM Vietnam fund achieved a return of 5.98%. The fund outperformed the VN-Index, the index of the Vietnamese stock exchange, which rose by 4.9% during the same period, measured in eur... Read more

Fact sheets October

Fact sheets October

Published on november 13, 2023

​October was a month in which global stock markets were significantly under pressure, a direct consequence of escalating geopolitical tensions. This was evident in the downward movements of the ... Read more

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Equity Fund Global Frontier

Fund profile

TCM Global Frontier High Dividend Equity invests in stocks listed on the local exchanges of the Frontier Markets Universe. To set up the portfolio the fund will make a selection of countries on the basis of quantitative and qualitative screening. By using these selection criteria the fund will have a diversified portfolio invested in several countries and sectors. The equally weighted portfolio will be re-weighted and re-allocated on a periodically scale. The risk profile is high, due to investment in equities and Frontier Markets. In principle, the fund will pay out dividend twice a year with an expected dividend yield of approximately 5-6% per annum. The benchmark of the fund is the Frontier Market Index (Total Return). 
TCM Global Frontier High Dividend Equity is a subsidiary fund of Intereffekt Investment Funds N.V. (IIF), established with a so-called umbrella structure.

Sustainability
TCM has entered into an agreement with Sustainalytics for the screening of the portfolios of the TCM equity funds on ESG criteria (UN Global Compact and Controversial Weapons).

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Fund performance

grafiek global sep

The Fund Manager writes

Five years ago the TCM Global Frontier High Dividend fund was introduced. During this period the fund went up by 65.93% total return. For comparison, the Frontier 100 tracker rose by 58.34% over this period. The fund started with euro 6.1 million Assets under Management in November 2012. In the meantime the fund has grown to euro 31.9 due to inflow of new capital and price rises. Since the start the fund has achieved a positive return each year, except in 2015 when the fund fell by 2.31%. The highest annual return (30.13%) has been achieved in 2014 so far. From the start of the fund euro 5.3 million euro has been paid out to shareholders as dividend. In 2015 the fund won the prestigious international Investors Choice Award.
The applied dividend strategy was characterized as defensive over the past years. The maximum drawdown (3-year monthly basis) of the fund is the lowest in the peer group. This means that the fund drops the least in periods of decline. On November 6, the fund went ex-dividend. 32 eurocents was paid per share. It was the ninth time that the fund paid out a dividend. Since this year investors have the choice to have the dividend reinvested automatically. Investors have to make this choice by 22 November 2017 at the latest and this has to be reported to their broker.

Despite the fact that this year's fund return is positive (+ 1.97% based on total return), 2017 is a difficult investment year to beat the benchmark index. This is mainly due to the rally in Argentina, where the index has increased by more than 50% (in euro). The country has a weighting of 20% in the benchmark. The fund has no position in Argentina because there are no dividend shares that meet our selection method. With regard to our structured method of stock selection, we are confident about the future. It is this selection method that has set the above-mentioned track record over the past 5 years, with an outperformance for both the Global fund (compared to the Frontier 100 tracker) and the Vietnam and the Africa fund.
The Global fund currently holds (equally weighted) positions in 84 stocks spread across 24 different countries. The countries with the largest weightings are now Vietnam (14.19%), Bangladesh (10.74%) and Egypt (9.07%). In these markets we currently find the most interesting high dividend stocks, which meet our quality requirements. The country weightings are thus mainly determined by the relative attractiveness of the market as a whole relative to other countries. Consequently, the fund differs significantly from the benchmark index (active share of approximately 85%). The price/earnings ratio at fund level is currently 9.3 with a dividend yield of 6.31%. For the benchmark index these figures are 15.0 (P/E) and 3.2% (dividend yield) respectively.

Downloads

Latest factsheet
Factsheet Global Frontier 2024-02

Factsheets archive
Factsheet Global Frontier 2024-01
Factsheet Global Frontier 2023-12
Factsheet Global Frontier 2023-11
Factsheet Global Frontier 2023-10
Factsheet Global Frontier 2023-09
Factsheet Global Frontier 2023-08
Factsheet Global Frontier 2023-07
Factsheet Global Frontier 2023-06
Factsheet Global Frontier 2023-05
Factsheet Global Frontier 2023-04
Factsheet Global Frontier 2023-03
Factsheet Global Frontier 2023-02

Additional information
Outlook Frontier Markets 2024
Outlook Frontier Markets 2023
Outlook Frontier Markets 2022
information sheet fundmanagement

Legal information
Key Investor Information Document (only available in Dutch)
Prospectus (valid as of March 15, 2024)
legal merger
merger-exchange sub funds
Financial report 2022 (Caceis)
Semi-annual report 2023
Annual report 2022
Semi-annual report 2022
annual report 2021
Prospectus (valid till March 15, 2024)
Semi-annual report 2021
Annual report 2020
Certificate of Incorporation

Disclaimer

No rights may be derived from this publication. You are referred to the prospectus and Key Investor Information Document for the fund's terms and conditions. These documents may be obtained from the website or the address mentioned below. The manager of IIF has obtained a licence for this fund from the Netherlands Authority for the Financial Markets in accordance with the provisions of the Financial Supervision.