Imara African Opportunities Fund
Imara African Opportunities Fund
Performance (%) ¹
Portfolio Concentration (%)
One month Three month
Fund 0.0 5.2
MSCI ⁴ 2.6 14.0
Year to date Twelve month Three year ² Five year ² Ten year ²
-4.2 -21.1 -8.1 -2.7 2.2
4.7 -12.4 -6.3 0.1 2.5
Portfolio Fundamentals ³
Top 5
27.7
Top 10
50.9
P/E - Historic Earnings
Top 20
83.3
Price-to-Book ratio
Non-Financials 33.5x 9.9x
ROE (%)
21.7
46.7
Dividend Yield (%)
4.6
3.4
Net Debt (Net Cash)/Equity
N/A
13.9
1,065.8
1,505.5
Index
MTD
QTD
YTD
MTD
QTD
YTD
Inception
Botswana
BGSMDC
(LCY) -1.1
(LCY) -0.4
(LCY) -3.9
(USD) -6.1
(USD) 1.4
(USD) -3.2
(USD) 52.1
Egypt
CASE 30
-3.7
21.7
6.8
-3.7
7.4
-5.8
0.7
Kenya
MSCI Kenya
-1.5
6.2
6.4
-1.5
6.2
6.4
179.9
Mauritius
SEMDEX
-2.0
-3.5
-3.6
-3.5
-2.3
-2.6
96.0
Nigeria
MSCI Nigeria
15.5
19.5
1.3
15.5
19.5
1.3
59.2
Zambia
LUSE All Share
-0.9
-11.0
-13.4
-8.6
-2.6
-8.5
N/A
Zimbabwe
ZSE Industrial
-1.0
5.2
-8.8
Sector Breakdown
-1.0
Region:
Africa ex South Africa
NAV:
US$ 13.09
The Fund's objective is to deliver absolute returns over the medium term. The Fund Manager is index agnostic with a fundamental, bottom up, high conviction investment style. The Fund Manager is able to take advantage of the fact that in the Fund’s investment universe there are potentially many companies that exhibit strong business models and high barriers to entry which are undervalued. Risk is further mitigated by investing in companies with strong management and good governance as well as through diversification across markets and sectors.
5.2
-8.8
N/A
Fund Information 5.8
Portfolio Manager
John Legat & Jon Chew (since fund inception)
Safaricom Ltd
5.6
Benchmark
Absolute return over the medium term
Namibian Breweries Ltd
5.6
Inception Date
July 2005
British American Tobacco Kenya Ltd
5.5
Base Currency
USD
British American Tobacco Zambia Sefalana Holding Company
5.2 4.9
Minimum Investment
USD 100,000
Commercial International Bank
4.7
Dealing
Monthly at month end
Delta Corporation Ltd
4.6
Redemption Notice
90 days
Eastern Company for Tobacco
4.6
Management Fee
1.5% per annum
MCB Group Limited
4.4
Performance Fee
None
Domicile
British Virgin Islands
Listed
Irish Stock Exchange
Geographical Breakdown
Risk Analysis - 5 years to date ¹
Tracking error (%) Information ratio
Fund 11.7 -
Fund/MSCI ⁴ -1.6 0.5
Fund/Libor -3.9 -1.7
-
11.7 -0.1
11.7 -0.3
This risk analysis is for information purposes only. We do not manage the Fund to any of these risk parameters, the Fund is index agnostic. They are included to demonstrate our track record and that our investment process has delivered on our investment objectives.
Stock Exchange of Mauritius Custodian
Standard Chartered Bank (Dubai)
Sub Custodian
Standard Chartered Bank (Mauritius)
Administrator
CIM Fund Services (Mauritius)
Auditor
Ernst & Young (Mauritius)
Legal Advisors
Harneys Westwood & Riegels (BVI)
Bloomberg Ticker
IMARAAF VI
CUSIP
G47189108
ISIN
VGG471891082
LEI
13250000000000000592
SEDOL
B1GCVZ8
Investment Manager
Imara Asset Management Limited Regulated by BVI FSC
Performance (%) ¹ Jul 2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
YTD
Fund MSCI ⁴
3.9 19.0
30.0 30.4
48.8 58.9
-47.7 -46.8
11.9 7.1
21.1 17.7
-12.4 -30.5
16.8 41.1
20.2 18.3
-4.4 -5.8
-18.4 -19.5
-4.2 4.7
LIBOR
3.0
6.1
6.1
6.1
4.1
3.3
2.9
2.8
2.3
1.9
2.5
2.2
1. Net returns for the Fund & MSCI. 2. Annualised. 3. Weighted & historic as at last financial Year-Ends. 4. MSCI EFM Africa ex SA (Net). Performance Data and Analytics to 31 May 2016. Past performance is not indicative of future returns. All performance information shown for the Fund is net of fees. Source of information: Bloomberg, Imara Asset Management Limited (where Bloomberg cannot provide data). Issued by Imara Asset Management Limited
Long-Only Equities
East African Breweries Ltd
Standard Deviation (%) Alpha (%) Beta
Year
Strategy:
Top 10 holdings (%)
Performance of African Markets (%) Market
31 May 2016
Investment Objective and Approach
Financials 11.5x 2.3x
Market Capitalisation (USDm)
Monthly factsheet:
Registered with the US SEC as an Investment Adviser Contact Details
Level 12, NexTeracom Tower 1 Cybercity, Ebene 72201 Republic of Mauritius
Phone
+230 467 2388
Fax
+230 467 2740
Email
[email protected]
Website
www.imara.com
Definitions:
Volatility: Standard deviation of returns.
Alpha: Fund return p.a – Index return p.a
Beta: Slope of the Fund vs. slope of the Index. The extent to which the fund tracks the Index.
Tracking error: The Standard deviation of the difference between the return of the Index and the return of the Fund.
Information ratio: The active return per unit of risk.
Disclaimer and other important information: Issued by: This document is produced by Imara Asset Management Limited, registered in the British Virgin Islands and authorised and regulated by the British Virgin Islands Financial Services Commission. Fees: Apart from the management fee, the Fund also has custodian fee, administrator's fee, directors' fees, listing fee, legal and professional fees and operating expenses which are all defined in the prospectus of the Fund. Distribution: European Union: The Fund has been authorised in accordance with the Alternative Investment Fund Managers Directive (“AIFMD”) National Private Placement Regime for marketing in the United Kingdom and the Netherlands only. It has not been authorised for distribution in any other European jurisdiction, and hence this document may only be distributed to professional investors in such jurisdictions at their own initiative. Switzerland: The Fund has not been licensed for distribution in Switzerland, and accordingly distribution is limited exclusively to Regulated Qualified Investors, as defined under the Swiss Federal Act on Collective Investment Schemes (CISA) and the Swiss Federal Ordinance on Collective Investment Schemes (CISO). United States: The shares of the Fund have not been registered under the U.S. Securities Act of 1933, as amended pursuant to an exemption from such registration, and have not been registered with, or approved by, any U.S. state securities or blue sky administrator, or any other regulatory authority. The Fund is exempt from registration from the U.S. Investment Company Act of 1940, as amended. This Fact Sheet is for informational purposes only and does not constitute an offer to buy or sell or an invitation to make an offer to buy or sell shares of the Fund. This Fact Sheet has been prepared by the Fund solely for the benefit of persons who meet applicable suitability and sophistication standards, and have been approved by Imara to access this Fact Sheet. Any reproduction of this Fact Sheet, in whole or in part, or the divulgence of any of its contents, without the prior written consent of the Fund, is prohibited. South Africa: The Fund has not been registered under the Collective Investment Schemes Control Act (CISCA) for distribution in South Africa. Persons residing outside of the jurisdictions specified here should refer to the offering documentation of the Fund for further specific jurisdictional information. Suitability: The Fund has been established and is recognised as a Professional Fund under the British Virgin Islands Securities and Investment Business Act (2010) and is only suitable for Professional Investors (as defined in the Fund’s Prospectus). We recommend that you seek independent financial advice to ensure this Fund is suitable for your investment needs. Information has not been prepared for, and is not suitable for access by ordinary retail investors. Risk Factors: This information is provided for information purposes only and is not a buy or sell recommendation for any particular security. The full documentation that should be considered before making an investment, including the Prospectus which sets out the Fund specific risks, is available from Imara Asset Management Limited. Past performance is not indicative of future results. The value of shares and the income from them can fall as well as rise and you may get back less than the amount invested. If the currency of the share class chosen differs from your domestic currency, returns may increase or decrease as a result of currency fluctuations. Emerging markets or less developed countries may face more political, economic or structural challenges than developed countries.
Performance (%) ¹
Portfolio Concentration (%)
One month Three month
Fund 0.0 5.2
MSCI ⁴ 2.6 14.0
Year to date Twelve month Three year ² Five year ² Ten year ²
-4.2 -21.1 -8.1 -2.7 2.2
4.7 -12.4 -6.3 0.1 2.5
Portfolio Fundamentals ³
Top 5
27.7
Top 10
50.9
P/E - Historic Earnings
Top 20
83.3
Price-to-Book ratio
Non-Financials 33.5x 9.9x
ROE (%)
21.7
46.7
Dividend Yield (%)
4.6
3.4
Net Debt (Net Cash)/Equity
N/A
13.9
1,065.8
1,505.5
Index
MTD
QTD
YTD
MTD
QTD
YTD
Inception
Botswana
BGSMDC
(LCY) -1.1
(LCY) -0.4
(LCY) -3.9
(USD) -6.1
(USD) 1.4
(USD) -3.2
(USD) 52.1
Egypt
CASE 30
-3.7
21.7
6.8
-3.7
7.4
-5.8
0.7
Kenya
MSCI Kenya
-1.5
6.2
6.4
-1.5
6.2
6.4
179.9
Mauritius
SEMDEX
-2.0
-3.5
-3.6
-3.5
-2.3
-2.6
96.0
Nigeria
MSCI Nigeria
15.5
19.5
1.3
15.5
19.5
1.3
59.2
Zambia
LUSE All Share
-0.9
-11.0
-13.4
-8.6
-2.6
-8.5
N/A
Zimbabwe
ZSE Industrial
-1.0
5.2
-8.8
Sector Breakdown
-1.0
Region:
Africa ex South Africa
NAV:
US$ 13.09
The Fund's objective is to deliver absolute returns over the medium term. The Fund Manager is index agnostic with a fundamental, bottom up, high conviction investment style. The Fund Manager is able to take advantage of the fact that in the Fund’s investment universe there are potentially many companies that exhibit strong business models and high barriers to entry which are undervalued. Risk is further mitigated by investing in companies with strong management and good governance as well as through diversification across markets and sectors.
5.2
-8.8
N/A
Fund Information 5.8
Portfolio Manager
John Legat & Jon Chew (since fund inception)
Safaricom Ltd
5.6
Benchmark
Absolute return over the medium term
Namibian Breweries Ltd
5.6
Inception Date
July 2005
British American Tobacco Kenya Ltd
5.5
Base Currency
USD
British American Tobacco Zambia Sefalana Holding Company
5.2 4.9
Minimum Investment
USD 100,000
Commercial International Bank
4.7
Dealing
Monthly at month end
Delta Corporation Ltd
4.6
Redemption Notice
90 days
Eastern Company for Tobacco
4.6
Management Fee
1.5% per annum
MCB Group Limited
4.4
Performance Fee
None
Domicile
British Virgin Islands
Listed
Irish Stock Exchange
Geographical Breakdown
Risk Analysis - 5 years to date ¹
Tracking error (%) Information ratio
Fund 11.7 -
Fund/MSCI ⁴ -1.6 0.5
Fund/Libor -3.9 -1.7
-
11.7 -0.1
11.7 -0.3
This risk analysis is for information purposes only. We do not manage the Fund to any of these risk parameters, the Fund is index agnostic. They are included to demonstrate our track record and that our investment process has delivered on our investment objectives.
Stock Exchange of Mauritius Custodian
Standard Chartered Bank (Dubai)
Sub Custodian
Standard Chartered Bank (Mauritius)
Administrator
CIM Fund Services (Mauritius)
Auditor
Ernst & Young (Mauritius)
Legal Advisors
Harneys Westwood & Riegels (BVI)
Bloomberg Ticker
IMARAAF VI
CUSIP
G47189108
ISIN
VGG471891082
LEI
13250000000000000592
SEDOL
B1GCVZ8
Investment Manager
Imara Asset Management Limited Regulated by BVI FSC
Performance (%) ¹ Jul 2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
YTD
Fund MSCI ⁴
3.9 19.0
30.0 30.4
48.8 58.9
-47.7 -46.8
11.9 7.1
21.1 17.7
-12.4 -30.5
16.8 41.1
20.2 18.3
-4.4 -5.8
-18.4 -19.5
-4.2 4.7
LIBOR
3.0
6.1
6.1
6.1
4.1
3.3
2.9
2.8
2.3
1.9
2.5
2.2
1. Net returns for the Fund & MSCI. 2. Annualised. 3. Weighted & historic as at last financial Year-Ends. 4. MSCI EFM Africa ex SA (Net). Performance Data and Analytics to 31 May 2016. Past performance is not indicative of future returns. All performance information shown for the Fund is net of fees. Source of information: Bloomberg, Imara Asset Management Limited (where Bloomberg cannot provide data). Issued by Imara Asset Management Limited
Long-Only Equities
East African Breweries Ltd
Standard Deviation (%) Alpha (%) Beta
Year
Strategy:
Top 10 holdings (%)
Performance of African Markets (%) Market
31 May 2016
Investment Objective and Approach
Financials 11.5x 2.3x
Market Capitalisation (USDm)
Monthly factsheet:
Registered with the US SEC as an Investment Adviser Contact Details
Level 12, NexTeracom Tower 1 Cybercity, Ebene 72201 Republic of Mauritius
Phone
+230 467 2388
Fax
+230 467 2740
[email protected]
Website
www.imara.com
Definitions:
Volatility: Standard deviation of returns.
Alpha: Fund return p.a – Index return p.a
Beta: Slope of the Fund vs. slope of the Index. The extent to which the fund tracks the Index.
Tracking error: The Standard deviation of the difference between the return of the Index and the return of the Fund.
Information ratio: The active return per unit of risk.
Disclaimer and other important information: Issued by: This document is produced by Imara Asset Management Limited, registered in the British Virgin Islands and authorised and regulated by the British Virgin Islands Financial Services Commission. Fees: Apart from the management fee, the Fund also has custodian fee, administrator's fee, directors' fees, listing fee, legal and professional fees and operating expenses which are all defined in the prospectus of the Fund. Distribution: European Union: The Fund has been authorised in accordance with the Alternative Investment Fund Managers Directive (“AIFMD”) National Private Placement Regime for marketing in the United Kingdom and the Netherlands only. It has not been authorised for distribution in any other European jurisdiction, and hence this document may only be distributed to professional investors in such jurisdictions at their own initiative. Switzerland: The Fund has not been licensed for distribution in Switzerland, and accordingly distribution is limited exclusively to Regulated Qualified Investors, as defined under the Swiss Federal Act on Collective Investment Schemes (CISA) and the Swiss Federal Ordinance on Collective Investment Schemes (CISO). United States: The shares of the Fund have not been registered under the U.S. Securities Act of 1933, as amended pursuant to an exemption from such registration, and have not been registered with, or approved by, any U.S. state securities or blue sky administrator, or any other regulatory authority. The Fund is exempt from registration from the U.S. Investment Company Act of 1940, as amended. This Fact Sheet is for informational purposes only and does not constitute an offer to buy or sell or an invitation to make an offer to buy or sell shares of the Fund. This Fact Sheet has been prepared by the Fund solely for the benefit of persons who meet applicable suitability and sophistication standards, and have been approved by Imara to access this Fact Sheet. Any reproduction of this Fact Sheet, in whole or in part, or the divulgence of any of its contents, without the prior written consent of the Fund, is prohibited. South Africa: The Fund has not been registered under the Collective Investment Schemes Control Act (CISCA) for distribution in South Africa. Persons residing outside of the jurisdictions specified here should refer to the offering documentation of the Fund for further specific jurisdictional information. Suitability: The Fund has been established and is recognised as a Professional Fund under the British Virgin Islands Securities and Investment Business Act (2010) and is only suitable for Professional Investors (as defined in the Fund’s Prospectus). We recommend that you seek independent financial advice to ensure this Fund is suitable for your investment needs. Information has not been prepared for, and is not suitable for access by ordinary retail investors. Risk Factors: This information is provided for information purposes only and is not a buy or sell recommendation for any particular security. The full documentation that should be considered before making an investment, including the Prospectus which sets out the Fund specific risks, is available from Imara Asset Management Limited. Past performance is not indicative of future results. The value of shares and the income from them can fall as well as rise and you may get back less than the amount invested. If the currency of the share class chosen differs from your domestic currency, returns may increase or decrease as a result of currency fluctuations. Emerging markets or less developed countries may face more political, economic or structural challenges than developed countries.
