FondsAnbieter-Charlemagne Capital: Magna Africa Fund.

19. Dezember 2012 von um 09:30 Uhr
Wie beurteilen FondsAnbieter ihre Anlagerreigionen ? Wie fällt die Analyse der Kapitalanlagegesellschaften (KAG) über Fundamentaldaten, Währungen und Kapitalflüsse aus? Informationen direkt aus dem Research Centern der FondsBranche finden SJB FondsBlogger in der Kategorie "Anbieter. Berichten."

Bei der FondsAuswahl zählt die Unabhängigkeit vom Anbieter! FondsAnbieter- Charlemagne Capital: African stockmarkets were generally weaker in November, though the frontier markets of Nigeria and Kenya again held up comparatively well, with Egypt falling sharply on the back of renewed political turmoil. Share prices were lower in South Africa, though there were few developments of note. In Egypt, protestors returned to the streets following President Morsi’s increasingly authoritarian actions and ahead of a referendum to approve a new constitution that seems to lack the support of significant minorities, with share prices on the Egyptian exchange falling by around 15% as a result.

The situation continues to be uncertain and the Fund’s positioning therefore remains cautious. This does not however prevent the Fund from taking advantage of market volatility, ensuring that the portfolio holds only the best companies. Indeed, during the month some exposure was switched from the construction to fertilizer group OCI to the bank CIB.

The performance of the Fund over the month found strong support from its holdings in Sub-Sahara Africa. Letshego, the micro-lender based in Botswana but active across Southern Africa, put on a further 20% with its share price having now risen by 40% over the past two months. The company has been performing well though the sharp share price movement is more a reflection of its relative illiquidity in the market as other investors have sought to own the company. Given the risks inherent in holding illiquid issues, the Fund took some profits, reducing its exposure as the share price rose. In Kenya, the Fund has moved some exposure from Equity Bank to the mobile operator Safaricom. Recent results and meetings with the latter have suggested that it has won a long-running price war and is now able to raise prices, increasing profitability. At the same time a new service, M-Shwari looks set to build upon the success of M-PESA in bringing full service banking to rural communities, where Equity Bank has tended to dominate. The Safaricom share price was 13% higher over the month, with Equity Bank down 5%. Elsewhere the Fund continued to build a position in Nigerian Breweries, with its share price 15% higher, supported by a capital markets day in Lagos where the company provided a positive update on current operations. As a leading beneficiary of the Nigerian consumer story, the company should see strong earnings growth for many years to come.

Über Carlemagne Capital:

Charlemagne Capital, eine unabhängige Fondsgesellschaft spezialisiert auf Emerging Markets Investments, wurde 2000 gegründet. Sie zeichnet sich durch einen fundamental orientierten Bottom-up Ansatz bei der Aktienselektion aus. Fonds in Deutschland: 10. Verwaltetes Vermögen: 2,33 Mrd. US-Dollar. Zu Umsatz und Gewinn macht die FondsGesellschaft keine Angaben. Anzahl der Mitarbeiter: 70. Geschäftsführer: Michael Baer, Jayne Sutcliffe, Jane Bates, Adrian Jones, James Mellon, Lord Lang of Monkton und Jacob Johan van Duijn, Huw Lloyd Jones.

Kategorien: Anbieter. Berichten.
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