Performances
News center
Margin Of Safety Fund (P Class)
Margin of Safety Fund (P class) Q4-2011 report
Margin of Safety Fund (I class) Q4-2011 report
Portfolio Highlights (2011)
Annual letter to investors 2011
Annual letter to investors 2010
Annual letter to investors 2009
CUMULATIVE RETURNS SINCE INCEPTION
|
Margin of Safety
Fund (USD) (P Class) |
MSCI World (USD) dividends reinvested |
MSCI World (USD) Price Index |
|
|---|---|---|---|
| Cumulative Returns* | 254,1% | 75,3% | 27,2% |
|
Compound Annual Return* |
9,5% | 4,1% | 1,7% |
* Cumulative Returns and Compound Annual Return from
02/02/1998
to
27/01/2012 (from Margin of Safety Fund (USD) (P class) inception to the latest net asset value known of the previous month)
Total annual returns
|
Margin of Safety Fund (USD) (P Class) |
MSCI World (USD) dividends reinvested |
MSCI World (USD) Price Index |
|
|---|---|---|---|
| 1998* | 2,5% | 21,4% | 17,4% |
| 1999 | 42,0% | 25,3% | 23,6% |
| 2000 | 15,1% | -12,9% | -14,0% |
| 2001 | 5,7% | -16,5% | -17,8% |
| 2002 | -13,4% | -19,5% | -21,1% |
| 2003 | 43,8% | 33,8% | 30,8% |
| 2004 | 23,9% | 15,2% | 12,8% |
| 2005 | 5,3% | 10,0% | 7,6% |
| 2006 | 20,9% | 20,7% | 18,0% |
| 2007 | -4,0% | 9,6% | 7,1% |
| 2008 | -40,1% | -42,7% | -44,3% |
| 2009 | 69,9% | 35,6% | 31,6% |
| 2010 | 16,2% | 12,3% | 9,6% |
| 2011 | -19,7% | -5,0% | -7,6% |
| 2012** | 11,6% | 5,5% | 5,4% |
* Margin of Safety Fund‘s (USD - P class) inception on February 2nd, 1998
**
From 30/12/2011
to
27/01/2012
GENERAL INFORMATION
Margin of Safety Fund's simplified prospectus
Net asset value (P class)
27/01/2012
:
3541 $
Net asset value (I class)
27/01/2012
:
3437,09
$
ISIN Code
(P class)
:
LU0152377916
ISIN Code (I class) : LU0152376942
Legal structure :
Luxembourg SICAV - UCITS
Inception date :
February 2nd, 1998
Valuation frequency :
Weekly
Currency denomination :
USD
Minimum subscription (P class) :
1,500 USD / 1,500 Euro
Recommended holding period :
Over 5 years
Custodian :
CACEIS Bank Luxembourg
Central administration :
CACEIS Bank Luxembourg
INVESTMENT UNIVERSE AND OBJECTIVES
Margin of Safety Fund is an open-ended mutual fund invested primarily in publicly-traded international equities (US, UK and Continental Europe).
It is managed with the twin goal of achieving a positive long term return while minimizing the risk of permanent loss of invested capital.
Its investment methodology, developed and time tested by its manager, Pastel & Associés, is based on an original process combining an independent research effort, tightly concentrated portfolios and a “long-term owner approach” in valuing and investing in public companies.
The fund’s foreign currency exposure has been managed through forward currency sales, from the viewpoint of a USD based investor. However, rather than implementing a systematic, 100% hedging program, Pastel & Associés has opted for a more "pragmatic" approach.
Disclaimer:
Performances: source Pastel & Associés. The MSCI World performance has been provided herein for information only. It should be reminded that the investment manager's goal is to generate an absolute return over the long term while allowing for significant deviations from major stock indices.
In addition, the reader is cautioned that past performance is no guarantee of future results.
However comprehensive the information presented herein is, prior to making any investment decision regarding the fund, one is required to obtain and read the "Prospectus simplifié".
It is the investor's responsibility, before any investment decision is made, to seek guidance from his/her own advisers as to whether this Fund is subject or not to any restriction, and especially that the investor does not come from a country where the laws prohibit or regulate access to such products.