Specialists in frontier and emerging markets
New fact sheets equity funds available

New fact sheets equity funds available

Publiced on may 18, 2017

In April the Africa fund share price declined 0.08% while the benchmark index gained 0.15%, both measured in euro and based on total return.
Our positions in Nigeria and Ghana contributed in a po... Read more

New fact sheets equity funds available

New fact sheets equity funds available

Publiced on april 20, 2017

In March the Africa fund share price rose 1.77% while the benchmark index gained 0.92%, both measured in euro and based on total return.

Kenya contributed in a positive way to the performance, es... Read more

Roadshow Frontier Markets Companies

Roadshow Frontier Markets Companies

Publiced on march 21, 2017

Last month Wytze Riemersma (CEO of TCM Investment Funds) was one of the guest speakers at the 2nd annual MENA (Middle East & North Africa) conference in Lon... Read more

New fact sheets equity funds available

New fact sheets equity funds available

Publiced on march 21, 2017

“Vietnam’s upcoming free trade agreement with the European Union (EVFTA) is expected to make Vietnam the most promising business destination for European companies in Southeast Asia”. The statement wa... Read more

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Equity Fund Africa

Fund profile

TCM Africa High Dividend Equity is an equity fund, investing in listed shares in the northern and sub-Sahara regions of Africa. Initially it will focus on Egypt, Morocco and Nigeria. In addition, it will invest in Kenya, Ghana, Botswana and Mauritius. In principle, its portfolio will have limited exposure to South Africa. The relationship between global financial markets and African markets is low, because the latter are less sensitive to international developments. The funds investment policy will be aimed at achieving capital growth as well as dividend pay outs. The benchmark of the fund is the Africa ex South Africa Index (Total Return). The risk profile is very high, due to investments being channelled into frontier/emerging markets in Africa. 
TCM Africa High Dividend Equity is a subsidiary fund of Intereffekt Investment Funds N.V (IIF)., established with a so-called umbrella structure.

Sustainability
TCM has entered into an agreement with Sustainalytics for the screening of the portfolios of the TCM equity funds on ESG criteria (UN Global Compact and Controversial Weapons).

logo's duurzaamheid

Fund performance

grafiek afrika sep

The Fund Manager writes

In April the fund share price declined 0.08% while the benchmark index gained 0.15%, both measured in euro and based on total return.
 
Our positions in Nigeria and Ghana contributed in a positive way this month as banks rallied in these markets. For instance, Stanbic in Nigeria jumped 48.72%. During the rally the bank reported strong results since the profit after taxes rose 106% year on year.
During the period, Nigeria dominated the news since the government has introduced a new FX rate applicable to importers and exporters as well as foreign investors. The new FX window should make it easier to get access to foreign currencies. The goal is to trigger international trade again which has come to a halt due to the shortage of dollars. Effectively it is a naira devaluation of 20%, which has been calculated into the portfolio in the beginning of May. In May the fund will declare its dividend and as of this time investors have a choice between stock and cash.

Currently the fund has 38 stocks in portfolio, spread over 7 different countries. The countries with the largest weightings are now Egypt (28.09%), Nigeria (19.44%), Morocco (15.16%) and South Africa (14.62%). In these markets we currently find the most interesting high dividend stocks, which meet our quality requirements. The country weightings are thus mainly determined by the relative attractiveness of the market as a whole relative to other countries. Consequently, the fund differs significantly from the benchmark.
 
Among the winners this month were Stanbic (+48.72%) in Nigeria and Cal Bank (+48.15%) in Ghana. Cal bank recovered from the decline of 29% in the previous month. Furthermore, National Co For Maize rose 30.98% in Egypt after the stock had doubled in the forgoing month since 4 parties are bidding for a stake in the company. The losers this month were Alexandria Mineral Oils (-12.12%) in Egypt and Lewis Group (-10.34%) in South Africa, all measured in euro and based on total return.

Downloads

Latest factsheet
factsheet africa 2017-04

Factsheets archive
factsheet africa 2017-03
factsheet africa 2017-02
factsheet africa 2017-01
factsheet africa 2016-12
factsheet africa 2016-11
factsheet africa 2016-10
factsheet africa 2016-09
factsheet africa 2016-08
factsheet africa 2016-07
factsheet africa 2016-06
factsheet africa 2016-05
factsheet africa 2016-04

Additional information
information sheet fundmanagement 2016-07
Citywire AAA ranking 2014-01

Legal information
Key Investor Information Document
IIF annual report 2016
Trustus annual report 2016
Change of conditions 2016-12
IIF semi-annual report 2016
Trustus conflict of interest policy 2016-07
Trustus annual report 2015
IIF annual report 2015
Change of conditions 2015-11
Name change funds 2015-10
Certificate of Incorporation TRUSTUS
Certificate of Incorporation Intereffekt
Prospectus

Disclaimer

No rights may be derived from this publication. You are referred to the prospectus and Key Investor Information Document for the fund's terms and conditions. These documents may be obtained from the website or the address mentioned below. The manager of IIF has obtained a licence for this fund from the Netherlands Authority for the Financial Markets in accordance with the provisions of the Financial Supervision.