NAV Rs. 26.

15
31 DECEMBER 2015

NAV EVOLUTION FUND OBJECTIVE

35.00 IPRO Growth Fund Ltd (“IGF”) is governed by the
26.15 laws of Mauritius and is authorised to operate as
30.00
a Collective Investment Scheme (“CIS”) by the
25.00
Financial Services Commission under the
20.00 Mauritian Securities Act 2005. The fund’s
15.00 objective is to achieve long-term capital growth.
10.00
5.00 For full investment objective and policy details,
0.00 please refer to the Prospectus.
Dec-05

Dec-06

Dec-07

Dec-08

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

Dec-14

Dec-15
Jun-05

Jun-06

Jun-07

Jun-08

Jun-09

Jun-10

Jun-11

Jun-12

Jun-13

Jun-14

Jun-15
INVESTMENT OPTIONS
• Systematic Investment Plan (SIP):
CUMULATIVE PERFORMANCE Allows individuals to make regular payments
in IGF.
ANNUALISED • Lump-Sum Investment:
1 3 1 3 5 7 10 Since A one-off investment into the fund suitable for
month months year years years years years inception those who have accumulated capital in hand.
-1.0% -4.1% -5.4% 3.9% 1.9% 6.3% 5.9% 7.8%
FUND FACTS
FUND MANAGER COMMENTARY
SEM class code IGF 81751
As at 31 December 2015, the Net Asset Value (“NAV”) per share of IPRO Growth
Fund Ltd (“IGF”) stood at Rs. 26.15 compared to Rs. 26.42 as at November 2015, Inception date 1 December 2000
representing a loss of 1.0% for the month. The SEMTRI lost 0.2% during the same Launch price Rs. 13.87
period.
Fund size as at
Rs. 582 million
31 December 2015
IGF’s local portfolio shed 0.6% during the month. SBM Holdings, Alteo and Phoenix
Investment dragged on returns with a cumulative negative impact of 0.6%. Within the Dividend FY15 Re. 0.70 per share
top contributors, LUX*, Mauritius Union and CIM partially recouped losses seen in
Dealing frequency Weekly
previous months and contributed positively by 0.6% to the local portfolio performance.
Domicile Republic of Mauritius
With the Mauritian Rupee appreciating against the US Dollar by 1% during the month, Custodian Mauritius Commercial Bank Ltd
the negative US Dollar return of the foreign portfolio was further pronounced. In US
Investment manager IPRO Fund Management Ltd
Dollar terms, the African Market Leaders fund closed flat. The African Absolute Return
fund lost -2% on the back of broad-based decline in African credits, as high yield fixed Administrator Galileo Portfolio Services Ltd
income came under pressure globally. The 25 basis points hike by the Fed to 0.5% led Auditors BDO & Co
to moderate recovery in African fixed income holdings, as the move was eagerly
Annual management fee 0.85%
awaited for by market participants.
Annual distribution fee 0.40%
Entry fee Nil
TOTAL PORTFOLIO SECTOR ALLOCATION PORTFOLIO COMPOSITION
Exit fee Nil
Equity Local Listed Equities 59.1%
Banks & Insurance & Other African Market Leaders 17.7% TOP 10 HOLDINGS
35.7%
Finance
Africa Absolute Return 12.4% African Market Leaders Fund 17.7%
Investments 15.0%
Sugar & Agriculture 0.7% Local Fixed Income 10.0% MCB Group 13.2%
International Property 0.1% Africa Absolute Return Fund 12.4%
Consumer Goods 1.9%
SBM Holdings 5.9%
Commerce 0.1% Liquidity 0.7%
Govt. of Mauritius Bond 7.40% Jan 2028 5.4%
Leisure & Hotels 5.7% Total 100.0%
Phoenix Beverages 4.8%
Liquidity
Industry 10.7% International 0.7% Ciel 4.2%
Property
Telecommunications 3.0% 0.1% Lux* Island Resorts 3.7%
Local Fixed
Mining and Basic Resources 1.0% Income
Phoenix Investment 3.6%
10.0%
CIEL Textile 3.6%
Energy, Oil and Gas 0.9%
Africa Absolute
Transport 0.1% Return INVESTMENT PROFESSIONALS LTD
12.4% Member of CIEL Finance
Unquoted 0.1%
International Property
Fixed Income 22.4%
0.1%

African Market
Local Listed
Equities
59.1%
i Ebene Skies, 3rd Floor, Rue de l’Institut
Ebene, 80817, Mauritius
Email: info@ipro.mu
Leaders Tel: (230) 403 6700
Liquidity 2.6% 17.7%
www.igfdirect.mu
IMPORTANT LEGAL INFORMATION:
This report is provided by IPRO Fund Management Ltd for information purposes only and is meant for investment professional use. Neither the information nor any opinion expressed
constitutes an offer or an invitation to make an offer, to buy or sell any fund. This report does not have regard to the specific investment objectives and financial situation of any specific
person who may receive this report. Investors should seek financial advice regarding the appropriateness of investing in any funds recommended in this report and should understand that
statements regarding future prospects may not be realized. Investors should note that each fund's price or value may rise or fall. Past performance is not a guide to future performance.