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News Release from: Gartmore | Subject: Investment
Edited by the Insidemoneytalk Editorial
Team on 25 June 2007
Gartmore news in brief
Top Ranking for Gartmore's SICAV Latin America Fund
One year since Chris Palmer became Head of Global Emerging Markets at Gartmore, his SICAV Latin America Fund which he has managed since inception in 2004' is established as the top performing Fund amongst its peers The Fund returned an impressive 64% in the year to May, outperforming the sector average by more than 7% and its nearest rival by almost 1.5%
This article was originally published on Insidemoneytalk on 23 Mar 2007 at 8.00am (UK)
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Latin American equities have performed strongly in recent years as a result of improved trade volumes arising from rising global economic growth and better pricing for global mineral and agricultural commodities.
While much has been written about China's voracious appetite for Latin America's natural resources, Chris Palmer believes that structural changes within Latin America's financial markets are of equal importance.
In Brazil, inflation is close to the 3% mark, the lowest level since 1999.
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This allowed its central bank to cut the benchmark lending rate again in June to 12%.
As a result, Brazil's capital intensive infrastructure and housing industries are able to play a part in economic growth and create jobs.
According to Chris Palmer, "Lower real interest rates should help shift Brazil's vast pension and savings industry towards more aggressive purchases of domestic equities".
"The shift to lower interest rates, coupled with the rapid growth of institutional pension assets under management, has promoted stable fixed income markets and strong equity returns in Chile, Peru, Mexico, Colombia, and Argentina".
"We are really excited about the prospects for local institutional investors to play a larger role in Latin America's equity markets".
Gartmore's SICAV Latin America Fund ranks as the top performing Fund in its sector over both 1 and 5 years.' Chris Palmer's Emerging Markets desk has Euro 3 billion of funds under management, over Euro 500 million in Latin America.
Merger fever shows no signs of cooling.
"A high volume of mergers and acquisitions is altering the landscape of the financial world and providing a catalyst for our positive outlook towards European equities", says Roger Guy, Manager of the Gartmore European Investment Trust p.l.c.
Fuelled by low interest rates for debt-financed leveraged buyouts and plentiful liquidity, the pace of deal-making shows little sign of abating this year.
The first three months of the year were characterised by the busiest and most lucrative first quarter on record, with the volume of global mergers and acquisitions deals reaching over $1,000 billion.
And global mergers and acquisitions to date have already surpassed last year's previous record.
Euro-zone capital expenditure has recovered and is back to levels seen in previous periods of good economic growth.
Levels are expected to remain high given high corporate profitability and with companies operating at high utilisation rates.
Large cap companies in Europe now offer both compelling valuation and liquidity.
Moreover, during periods of volatility, large caps are more resilient to market shocks and more likely to benefit from Mand A activity.
Companies making the headlines so far this year include a merger between listed banks Unicredito and Capitalia, utility giant Enel's bid for Spanish power company Endesa and Barclays bid for ABN Amro.
Notes: Special Offers For the Gartmore Cautious Managed Fund, the Gartmore Global Focus Fund and the Gartmore MultiManager range of Funds, for all lump sum investments until 30th September 2007.
1% discount on the initial charge.
4% initial commission.
No Initial Charge on Investment Trust Schemes New investments into the company's investment trust ISAit, PEPit and SAVEit schemes; No initial charge for new investments.
£1,000 lump sum and minimum transfer value.
£50 minimum amount for monthly savings.
' The Gartmore SICAV Latin American Fund was launched on 29th October 2004.
The assets of the Gartmore Capital Strategy ("GCSF") Latin America Fund were amalgamated with the assets of the Gartmore SICAV Latin American Fund on 24th March 2005.
The past performance shown for the Gartmore SICAV Latin American Fund prior to 24th March 2005 is the past performance of the GCSF Latin America Fund.
After 24th March 2005 the past performance appearing as that of the Gartmore SICAV Latin American Fund will be the past performance of the accumulated assets of the Gartmore SICAV Latin American Fund which will include the assets previously invested in the GCSF Latin America Fund.
Due to this amalgamation, performance figures obtained from sources other than Gartmore may vary from those stated above.
Source: Lipper: Basis: Mid to mid, gross income reinvested and net of fees to the 31st May 2007.
Source: Gartmore as at 31st March 2007.
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