Veritas launches daily dealing on key funds

Veritas has moved its Global Income fund, one of the pioneers of the international equity income sector, and its Global Focus fund to a daily dealing basis.

The company previously launched retail share classes in the funds but the move from monthly to daily valuations will give it more appeal for the retail investor.

The fund has produced annual returns of 11.86% since launch and paid annual dividends of above 4% said Charles Richardson,  manager of the Global Income fund and Veritas chairman and chief executive.

‘Our own experience and the evidence arising from it over a number of decades is that embracing global investment thinking and analysis creates value,’ said Richardson.

‘There is now a received wisdom regarding this which was absent in the early nineties because economies have become inter-connected, international trade and communications have exploded, industries have addressed globalisation in a number of ways, academics have rushed to debate whether the world is flat or round and capital markets have developed in line with this. Markets are global.’

The global approach was also well suited to Veritas’ thematic investment philosophy he added, with analytic capacity focused around particular intellectual bearings.

On the positive side telecommunications had proved a key long-term trend since launch, while on the negative the same had recently proved true of global subprime exposure.

‘Our belief in increasing strain being put on natural resources around the world, combined with supply constraints in some areas has led us to the theme of “natures capital”,’ he said.

‘Within this we have sought investments where the supply response is limited or constrained such as the oil sector where there is a chronic lack of investment and in those beneficiaries of the supply response itself.

‘Allied with our work on individual company competitive advantage, strengths of finances and sustainable yield we have made a series of investments in oil and gas in recent years, such as Petrochina, ENI and StatoilHydro.