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Risky government credits and limited investment options continue to be a major challenge for mutual funds in the Caribbean, says Investment Director of Fortress Fund Managers Roger Cave.He gave this indication as he reported that after a good start to the 2022 financial year, the Barbados dollar funds managed by Fortress Fund Managers declined late in the year, although still outperforming those in other markets.Highlights of the three Barbados dollar funds – Fortress Caribbean High Interest Fund, Fortress Caribbean Growth Fund and Fortress Caribbean Pension Fund – were shared with investors recently in the 2022 Annual Report.Cave pointed out that the Fortress Caribbean High Interest Fund continued to face challenges finding new local investments consistent with its risk and return objectives, and undeployed cash remained a drag on performance.
The actions of the United States Federal Reserve are impacting one of the largest funds operated by the locally based Fortress Fund Managers.In its latest quarterly report on the performance of the three funds in its portfolio for the period ending September 30, 2022, Fortress said its Caribbean Growth Fund registered an 8.6 per cent decline for the third quarter when compared to the same period in 2021.The net assets of the fund stood at $565 million for the period, down from the $629 million for this time last year, while the compound rate of return since the fund’s inception in 1996, stood at 7.6 per cent per year.Indicating that though the portfolio of the Caribbean Growth Fund remained diversified by currency, geography and security, the fund ended with a sharp selloff, as inflation rose and central banks around the world took action including the US Federal Reserve, which raised interest rates twice.
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Started in 1994, ToffeeWeb is the longest-running, most comprehensive and up-to-date Everton FC website around with a thriving community of Blues. The site provides an independent forum delivering unparalleled coverage of one of England's greatest football clubs to a global audience.