STEPHEN CRANSTON: Africa still a hard sell
Allan Gray accepts that there have been more false dawns in Nigeria than just about any other country
Africa represents the next frontier of untapped investment opportunity. That was a Coronation marketing blurb five years ago — a contrarian signal perhaps, as leading funds have struggled to make much money from the continent.
For example, the Allan Gray Africa ex-SA Equity Fund is down 6% a year over that time, with a decline of nearly 17% in just the past 12 months. The Rudiarius Africa Equity Fund, from a specialised Africa boutique, has contracted 1.3% a year over five years. Investec and Stanlib have scaled down their Africa teams significantly and even the African Alliance Africa Pioneer Fund, an early entry, has been closed...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.