Stephen Cranston Associate editor

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.

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