News & Resources
World economy outlook downgraded

In what has now become an all-too-common occurrence, the IMF in July downgraded its outlook for the world economy and called on policy makers for stronger action to combat weaker growth. The Fund has slightly lowered its global growth forecast for 2012 to 3.5%, down 0.1% from its forecast three months ago. It was the IMF’s lowest forecast since 2009. 

For a closer look at Part 1 of CFAL's Global Economic Overview click here.
Global Bond Fund Review: June 2012

The CFAL Global Bond Fund continued to deliver a solid performance in Q2 2012, ending the quarter with a 2.28 percent return. The fund outperformed its benchmark, Merrill Lynch Global Broad Market Index (7-10yrs) by 128 basis points.Fears of European sovereign default and a weakening global economy drove a flight to safety, and a slight widening of corporate spreads during the quarter. In the face of these uncertainties, we remain disciplined as we continue to seek out attractively priced issues with intermediate term duration.

Read CFAL Global Bond Fund Second Quarter Review
Global Market Review - June 2012

A relief rally on the last trading day of June managed to salvage an 'up-and-down' month across equity markets but failed to redeem a difficult quarter. The source of the relief was the relaxation of conditons on the 100 billion Euro loan to the Spanish banking system and the hope that Germany was softening in its opposition to collective debt issuance of Euro bonds. Less promising are signs that the US economy is rapidly weakening: the ISM manufacturing purchasing managers' index (PM) plunged to 49.7 from 53.5 in May, a reading which indicates economic contraction.

Read CFAL Global Market Review - June 2012
Global Market Review — May 2012
Global stock markets were routed in May in some of the worst monthly declines since the September/October flash crash of last year. As it did back then, the trigger came from Europe as Greek contagion spread to too-big-rescue Spain and as a series of weak data compnded signs that the U.S. economic recovery might be stalling. Click Global Market Review May to read more...
Global Country Review - Brazil

Over the next four quarters we will examine the economies and markets of the BRICs: Brazil, Russia, India and China. Coined by Jim O’Neil of Goldman Sachs in 2011, the acronym symbolizes the high growth economies of the emerging markets which are poised to eventually supplant the developed world as global economic leaders. In our series of articles, we will examine and often challenge the assumption that their ascendancy is inevitable. Click The Future is Now? to read more…

International Market Review & Outlook - March 2012 Pt. 2

Chances are some of you are reading this on an Apple iPad. Through April 12th, the world’ most valuable company had surged 653% since the market lows of March 2009, accounting for 8% of the S&P500’s climb. However, the S&P500 has almost doubled since that same time even when Apple is excluded. A look at the perfor- mance of the S&P500 Equal Weighted Index, which gives each com- pany the same contribution regardless of size, has returned 34% annualized over the same period, a full 5.8% more than the capitali- zation weighted S&P500. The conclusion: this has been a broad- based market rally based on strong profit growth. More than 57% of companies listed on the New York Stock Exchange (NYSE) were trading above their 200-day moving average, compared with 7% on October 3rd, the low point for 2011. Apple has no doubt added some excitement to the market but all market sectors have risen. Click on Global Asset Classes: Equities to read more...

International Market Review & Outlook - March 2012 Pt. 1

Global stock markets were a mixed bag in March, as gains in the US and Japan were offset by losses in the emerging markets and Europe (excluding Germany). Japan posted an unex- pected trade surplus for February after four straight months of deficits, driven by strong ex- ports to the US. In contrast, Euro-region unemployment rose to its highest level in more than 14 years (10.8%) while manufacturing contracted for an eighth straight month, adding to signs that the region probably slipped into recession in the first quarter. Click on CFAL Global Market Review - March 2012 to read more...

CFAL Global Market Review — April 2012

What do Slovenia, Italy, Czech Republic, Ireland, Greece, Denmark, Portugal, Netherlands, Belgium, UK and Spain all have in common? The answer is they are all in recession. Standard & Poor's (S&P) downgraded Spain by two notches on April 26th in a sign of persistent investor concern over the stability of the Eurozone. The debt dynamics of Spain are rapidly deteriorating as the nation’s bond yields rise. The yield on Spain’s 10-year bond approached 6% in mid-April, renewing concerns that they may be forced to seek an international bailout. CFAL's Global Market Review — April 2012 provides an analyisis of recent trends in the global market...

Quarterly Market Recap - Quarter 3 2011

The BISX All-Share Index declined this quarter, losing 32.44 points or 2.427 percent to close at 1,376.14. Trading volume increased over the quarter as 803,865 shares crossed the exchange over 298 trades to accumulate a value of $2,842,891.02 compared toQ2 when 586,291 shares crossed the exchange over 296 trades to accumulate a value of $3,567,894.45. Market capitalization increased fell over the quarter by 2.44 percent or $7.909 million to $2.910 billion

Family of Funds Quarterly Review

Find out more about the performance of the CFAL family of funds.  From our Money Market Investment to Global Equity Fund you can learn how your investments are performing.



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