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Larry Seruma From Komfie Manalo, Opalesque Asia:
The New York-based Nile Capital Management which manages the Nile Pan Africa Fund, has reported that the fund gained +22.07% returns one year after its inception on April 28, 2010 compared to the MSCI Frontier Markets Index (+9.94%), the Dow Jones Africa 50 Titans Index (+11.07%), and the S&P 500 Total Return Index (+16.67%) during the same period.
Standard deviation of Nile Pan Africa, which was based on monthly returns, was 16.77% - lower than the S&P 500 (18.09%) and MSCI Frontier Markets (17.21%) - which is an indication of favorable risk profile for the fund, the company said in a statement.
"The Funds performance in its first year reinforces the case for investment in Africa through an actively managed Fund. We continue to believe that there are substantial opportunities for long term investors throughout the continent of Africa, and that active management and on-the-ground knowledge set Nile apart as an investment manager," Portfolio Manager Larry Seruma said.
Seruma revealed that the funds strong performance came mostly from its exposures in the mining and consumer goods sectors, particularly in First Quantum, a copper and gold mining company, which was up 73% in the past 12 months as strong prices in both copper and gold (up more than 20% and 30% respectively), as well as successes in the companys operations helped price appreciation.
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