Silk Invest New Horizons Frontier Fund
Name
As of 04/23/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
-3.0%
1 yr return
3.8%
3 Yr Avg Return
-1.6%
5 Yr Avg Return
0.4%
Net Assets
$14.4 M
Holdings in Top 10
41.4%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 3.07%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 33.00%
Redemption Fee 2.00%
Min Investment
Standard (Taxable)
$100,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 04/23/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
FSNHX - Profile
Distributions
- YTD Total Return -3.0%
- 3 Yr Annualized Total Return -1.6%
- 5 Yr Annualized Total Return 0.4%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 2.36%
- Dividend Yield 2.0%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameSilk Invest New Horizons Frontier Fund
-
Fund Family NameSilk Invest
-
Inception DateMay 25, 2016
-
Shares OutstandingN/A
-
Share ClassInstl
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerZin El Bekkali
Fund Description
Under normal market conditions the Fund will invest at least 80% of its net assets in securities of issuers located in frontier markets, or whose primary operations or principal trading markets are in frontier markets, and depositary receipts (including American Depositary Receipts) of such issuers. “Frontier markets” are a subset of “emerging markets,” representing countries that generally have smaller economies or less developed capital markets than traditional emerging market countries. In general, “frontier” market countries are currently considered by the Fund’s adviser, Silk Invest Limited (the “Adviser”), to be those countries included in at least one of the following frontier markets indices: MSCI Frontier Markets Index, Russell Frontier Index, FTSE Frontier Index or S&P Frontier BMI Index. These countries typically are located in Central and Eastern Europe, Africa, the Middle East, Asia and Central and South America.
The Adviser currently considers the following countries, among others, to be frontier market countries:
● | Central and Eastern Europe: Belarus, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Georgia, Hungary, Latvia, Lithuania, Macedonia, Montenegro, Romania, Serbia, Slovakia, Slovenia, Turkey, and Ukraine |
● | Africa: Botswana, Cote d’Ivoire, Egypt, Ghana, Kenya, Malawi, Mauritius, Morocco, Mozambique, Namibia, Nigeria, South Africa, Swaziland, Tanzania, Tunisia, Uganda, Zambia, and Zimbabwe |
● | Middle East: Bahrain, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, and United Arab Emirates |
● | Asia: Azerbaijan, Bangladesh, Cambodia, Indonesia, Kazakhstan, Mongolia, Pakistan, Philippines, Sri Lanka, Thailand, Turkmenistan, Vietnam |
● | Central and South America: Argentina, Chile, Colombia, Ecuador, Jamaica, Panama, Paraguay, Peru, Trinidad and Tobago, Uruguay, Venezuela |
The Adviser may make adjustments to the list of frontier market countries from time to time based on economic criteria, market changes, or other factors. The Fund may invest a portion of its assets in investments that are economically tied to traditional emerging market countries.
The Fund will predominantly invest in equity securities. The Fund may invest in companies of any market capitalization. The Fund’s exposure to certain frontier markets typically will be effected through participation notes (“P-Notes”), which are equity-linked derivatives issued by banks or broker-dealers that are designed to replicate the performance of certain issuers. The Fund will have significant investments in the financial services and telecommunications services sectors. The Fund may invest up to 35% of its total assets in the securities of companies in any one industry if, at the time of investment, that industry represents 20% or more of the MSCI Frontier Markets Index.
The Adviser makes investment decisions, predominantly within a defined country universe and liquidity parameters, based on a combination of qualitative and quantitative factors, including macroeconomic factors (such as the overall economy and industry conditions) and company-specific factors (such as management quality). The Adviser may sell securities which no longer meet its investment criteria, to secure gains, limit losses or redeploy assets to more promising opportunities.
The Fund’s investments may be denominated in the local currency of the respective frontier markets country. As discussed in more detail below in the “Risks of Investing in Nigeria” and “Currency Risks,” there is a risk associated with holding investments in foreign currency. For example, Naira, Nigeria’s currency, is subject to capital controls and therefore the Fund has experienced challenges in converting Naira into other currencies, including U.S. dollars.
FSNHX - Performance
Return Ranking - Trailing
Period | FSNHX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -3.0% | -11.1% | 9.2% | 88.89% |
1 Yr | 3.8% | -11.1% | 30.5% | 71.64% |
3 Yr | -1.6%* | -24.5% | 7.4% | 15.99% |
5 Yr | 0.4%* | -8.3% | 10.6% | 66.14% |
10 Yr | N/A* | -3.2% | 6.1% | N/A |
* Annualized
Return Ranking - Calendar
Period | FSNHX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | -0.6% | -6.5% | 35.5% | 98.78% |
2022 | -19.7% | -50.1% | -2.4% | 16.36% |
2021 | 14.9% | -33.1% | 22.5% | 1.77% |
2020 | 5.3% | -22.1% | 80.1% | 90.42% |
2019 | 0.7% | -0.7% | 42.0% | 99.84% |
Total Return Ranking - Trailing
Period | FSNHX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | -3.0% | -11.1% | 9.2% | 88.89% |
1 Yr | 3.8% | -11.1% | 30.5% | 71.64% |
3 Yr | -1.6%* | -24.5% | 7.4% | 15.99% |
5 Yr | 0.4%* | -8.3% | 10.6% | 66.14% |
10 Yr | N/A* | -3.2% | 6.1% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | FSNHX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 1.2% | -2.7% | 42.0% | 98.64% |
2022 | -17.6% | -42.2% | 1.9% | 18.32% |
2021 | 18.9% | -32.5% | 33.1% | 3.84% |
2020 | 6.9% | -20.0% | 81.6% | 90.42% |
2019 | 3.3% | 2.3% | 42.0% | 99.84% |
NAV & Total Return History
FSNHX - Holdings
Concentration Analysis
FSNHX | Category Low | Category High | FSNHX % Rank | |
---|---|---|---|---|
Net Assets | 14.4 M | 682 K | 103 B | 93.57% |
Number of Holdings | 43 | 10 | 7049 | 91.55% |
Net Assets in Top 10 | 5.94 M | 118 K | 19.2 B | 91.55% |
Weighting of Top 10 | 41.36% | 0.7% | 122.2% | 23.49% |
Top 10 Holdings
- Access Bank PLC 5.95%
- Emaar Properties PJSC 4.77%
- United Bank for Africa PLC 4.47%
- Douja Promotion Groupe Addoha SA 4.44%
- First American Government Obligations Fund 4.36%
- Guaranty Trust holding Co., PLC. 3.74%
- Zenith Bank PLC 3.61%
- BRAC Bank Ltd. 3.54%
- Kapsi.KZ JSX 3.44%
- VNDirect Securities Corp. 3.04%
Asset Allocation
Weighting | Return Low | Return High | FSNHX % Rank | |
---|---|---|---|---|
Stocks | 89.27% | 0.00% | 103.65% | 91.69% |
Cash | 10.73% | -2.03% | 99.29% | 1.21% |
Preferred Stocks | 0.00% | 0.00% | 10.09% | 82.98% |
Other | 0.00% | -1.64% | 50.31% | 68.10% |
Convertible Bonds | 0.00% | 0.00% | 7.40% | 61.00% |
Bonds | 0.00% | 0.00% | 94.30% | 65.42% |
Stock Sector Breakdown
Weighting | Return Low | Return High | FSNHX % Rank | |
---|---|---|---|---|
Financial Services | 37.37% | 0.00% | 48.86% | 0.81% |
Communication Services | 20.51% | 0.00% | 39.29% | 0.95% |
Real Estate | 15.23% | 0.00% | 17.15% | 0.27% |
Basic Materials | 5.93% | 0.00% | 30.03% | 68.79% |
Consumer Defense | 5.72% | 0.00% | 25.90% | 60.79% |
Technology | 4.38% | 0.00% | 47.50% | 98.91% |
Industrials | 4.09% | 0.00% | 43.53% | 78.15% |
Healthcare | 3.52% | 0.00% | 16.53% | 57.12% |
Consumer Cyclical | 3.25% | 0.00% | 48.94% | 99.05% |
Utilities | 0.00% | 0.00% | 39.12% | 87.52% |
Energy | 0.00% | 0.00% | 24.80% | 94.44% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | FSNHX % Rank | |
---|---|---|---|---|
Non US | 85.83% | 0.00% | 100.18% | 45.17% |
US | 3.44% | 0.00% | 101.58% | 80.70% |
FSNHX - Expenses
Operational Fees
FSNHX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 3.07% | 0.03% | 24.48% | 7.00% |
Management Fee | 1.00% | 0.00% | 2.00% | 80.00% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.01% | 0.85% | N/A |
Sales Fees
FSNHX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 3.50% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
FSNHX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | 2.00% | 1.00% | 2.00% | 61.67% |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
FSNHX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 33.00% | 0.00% | 189.00% | 30.76% |
FSNHX - Distributions
Dividend Yield Analysis
FSNHX | Category Low | Category High | FSNHX % Rank | |
---|---|---|---|---|
Dividend Yield | 1.95% | 0.00% | 10.34% | 46.25% |
Dividend Distribution Analysis
FSNHX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | None | Annually | Annual | Annual |
Net Income Ratio Analysis
FSNHX | Category Low | Category High | FSNHX % Rank | |
---|---|---|---|---|
Net Income Ratio | 2.36% | -1.98% | 17.62% | 10.57% |
Capital Gain Distribution Analysis
FSNHX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Quarterly | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Dec 18, 2023 | $0.153 | OrdinaryDividend |
Dec 20, 2022 | $0.214 | OrdinaryDividend |
Dec 19, 2022 | $0.214 | OrdinaryDividend |
Dec 20, 2021 | $0.351 | OrdinaryDividend |
Dec 18, 2020 | $0.137 | OrdinaryDividend |
Dec 19, 2019 | $0.211 | OrdinaryDividend |
FSNHX - Fund Manager Analysis
Managers
Zin El Bekkali
Start Date
Tenure
Tenure Rank
May 25, 2016
6.02
6.0%
Mr. Bekkali has been Chief Executive Officer and a portfolio manager since founding Silk Invest Limited in 2008. From 2004 to 2008, Mr. Bekkali led groups in strategy, product development, operations and M&A transactions at Fortis Investments. Prior to that, he consulted in private equity at Bain & Company from 2003 until 2004. He also previously served as manager of insurance assets in Eastern Europe and Head of Business Services at ING Investment Management from 1999 until 2003. Mr. Bekkali was born in the Netherlands and holds Moroccan and Dutch citizenship. He has lived in Africa, Europe and Asia and speaks Dutch, Arabic, French and English. He holds a bachelor’s degree in Econometrics and a Master’s degree in Operations Research & Management from the University of Amsterdam. Mr. Bekkali is a CFA charter holder and he completed his Executive Master’s in Business Administration from the London Business School of the University of London.
Adele Gikonyo
Start Date
Tenure
Tenure Rank
Oct 28, 2020
1.59
1.6%
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.09 | 33.71 | 6.54 | 13.42 |