Fuh Hwa South Africa Short-Term Income ZAR Fund Units Class A


The Fuh Hwa South Africa Short-Term Income ZAR Fund seeks stable income and long-term capital appreciation by investing in short-term investment-grade bonds and has been a consistent performer since its launch in 2012.

The fund aims to participate in South African paper’s relatively high-yield portfolio through a diversified portfolio of short-term debt issued by government, quasi-government agencies, and policy banks.

The fund’s investment process uses top-down, macroeconomic analysis considering factors such as GDP growth, current account position, debt levels, and credit growth. The manager conveyed a deep understanding of local market conditions and how interrelated domestic issues such as farming yields, electricity price adjustment mechanisms, and exchange rate inflation transmission impact the interest-rate curve. These considerations determine how duration is adjusted across the portfolio, typically between one to three years.

It is a comparatively concentrated portfolio with less than 30 holdings and not actively traded with less than 20% turnover in the past three years.

The fund has delivered a strong performance with relatively little volatility with net returns of more than 301 points above the benchmark on a 1Y, 3, 5Y, and 7Y period.

This fund has been reviewed by three industry veterans of the Benchmark judging committee.


House Awards: Emerging Markets Fixed Income
Taiwan – Outstanding Achiever


ISIN: TW000T2280A3
Inception Date: 12/11/2012
AUM: –
Manager Name: I Chieh Wu
Total Expense Ratio: –
3-Yr Return: –
3-Yr Max Drawdown: –

ESG Score: –
GC Score: –
Near-Term Score(<=2°C): -
Business Involvement:
Alcohol Involvement: -, …

Investment Style Consistency: 5.00
Environmental Consequence: 2.50
Stewardship – Engagement: 4.44

Contact Details:

Company Website: https://www.fhtrust.com.tw/

Name: Darren Pai

Title: Senior Associate Manager

Contact Number: +886-2-8161-6738

Email Address: darren_pai@fhtrust.com.tw

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