Precy Dumlao, Opalesque Asia:
All three funds from Africa-focused, Cayman-domiciled Scipion Capital Ltd., produced positive returns in July due to the weak U.S. dollar and to strengthening African currencies, said Nicolas Clavel, founder and CIO of the firm in a communication with investors.
In his "African Explorer's Diary," Clavel said that July proved to be an excellent month for Scipion's Index Tracker Fund and the Alpha Seeker Fund as many markets returned positive performance.
The Scipion Index Tracker Fund produced +6.06% (-2.96% YTD), the Scipion Alpha Seeker Fund produced +3.18% (+2.12% YTD), and the Scipion Commodity Trade Finance Fund gained +0.84% (+7.10%. YTD).
Clavel wrote in his diary: "Since the Index Tracker Fund [was] launched in July 2007, a number of technological advances have been made that have a major impact on growth in Africa. First was the Pesa system launched by Vodafone in Kenya which enabled first domestic and now international money transfer from mobile to mobile, thus reducing the cost of transfer, increasing its speed and bringing money efficiently to the remotest part of rural Africa."
He also noted the launch of sub-sea cables in Africa last year which increased Internet speed considerably and helped remove some trade barriers in the region. "Now systems are being introduced to bring mini weather stations on all mobile telecom towers across t......................
To view our full article Click here