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Issue 3 January 2013 www.vfsint.com
VFSI Market Commentary January 2013

Last year ended on a bullish note; investors globally breathed a sigh of relief as on the last day of the year, the US fiscal cliff issues was partly resolved. A headlong rush over the cliff was, as expected, avoided but the second issue of the debt ceiling ($16.4 trillion) still remains the subject of intense wrangling in Congress. The issue has to be resolved by the end of February to avoid US government default and the ensuing global economic repercussions.

2012 was nevertheless a positive year for most equity investors as the MSCI ASWI World index gained 13% and the US S&P 500 share index rose 13.4%. China however lagged as its economy cooled (albeit to 7.4% growth). Commodities were only marginally up, with oil prices lower, gold range trading, and base metals off their peaks. Bonds had a good year and Euro zone periphery issues were up after ECB support...
Vam Us Micro Cap Growth
Fund Cruising Ahead
Trusts vs Foundations
Despite various downturns over the past 10 years, the VAM US Micro Cap Growth Fund has been cruising ahead with 114% growth since launch (from 17/01/2003 to 15/01/2013). The Fund demonstrates the value of... There has been an increase in the popularity and use of Foundations in recent years by both international clients and private wealth managers. International clients may find it easier to understand the concept of...
Equity markets
Bond markets split - Stock
markets in high spirits
Over the last few years the determined efforts of economic historians and the exponential growth in computing power have created a surprisingly comprehensive history of stock market indices back to 1800. Whilst the first... Low yields for prime issuers – high yields in the European peripheral counries.The yields of the European Government bonds developed this year again very differently. 10-year yields of those countries considered as safe...
Riches from wealthy nation
bond investing
The future is a long way off
until it happens
Emirates NBD Asset Management presents a fixed income strategy that invests in financially stable economies. Assets that pay a decent income are more difficult for investors to find. A couple years ago cash deposits and... Your retirement may seem an age away, but it can sneak up on you before you know it. The surprise could be more of a shock when you realise retirement day isn’t the end of the story. Not only will living costs have risen hugely...
Money Markets
The Markets- Quarter and year to 31 December 2012
Key Statistics Quarter Ended
31 Dec 2012
Year to
Gold - average price $ 1 703 oz $ 1 676 oz
Oil WTI - average prices $ 88.99 $ 94.03
S&P 500 - US equities -1.0% +13.4%
FTSE EuroFirst 100 € - European equalities +4.0% +10.9%
Shanghai composite - Chinese equities +7.1% +1.6%
MSCI ACWI - World equities +1.2% +13.0%
US 10 Years treasury bills average yield 1.67% 1.73%
Source: Financial Times
Figures are calculated by taking the average of month ends for the gold, oil and treasury bill figures and actual quarter end for the equity figures

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