IGF Monthly NAV Chart

Monthly Update

Investment Manager’ Commentary

The Net Asset Value of IGF fell by 1.8% in April. Both the local portfolio and the foreign portfolio retreated this month.

 

Amongst our top holdings locally, MCBG as well as Phoenix Beverages/Investment posted flat returns for the period. LUX Island Resorts saw some recovery in its share price (+5.4%) after a challenging first quarter. As for The Bee Equity Partners, a conservative valuation approach has been implemented (by IGF) in April seeing that the company has almost completed its disinvestment strategy. Otherwise, on the macroeconomic side, Bank of Mauritius decided to keep the key rate unchanged at 4.50% at its 3rd April meeting whilst the Mauritian rupee took a breather versus the hard currencies (USD, EUR, GBP) after a difficult start to the calendar year.

 

At the international level, markets showed some signs of stress as the US CPI print surprised to the upside again, which dampened hopes for any imminent rate cuts by the FED. Within equities, the MSCI All Country World lost 3.3%. Losses were broad-based as most sectors finished the month down, with the exception of Utilities (+1.1%) and Energy (+0.6%). Emerging markets (+0.45%) outperformed Developed Markets this month (-3.7%), as the rebound in China’s equities extended into its third consecutive month. On the fixed income side, markets were broadly down, as expected, given the “higher for longer” interest rate expectations. The Bloomberg Global Aggregate Bond Index weakened by 2.5%. Meanwhile, gold and silver, continued their ascent. The 2 precious metals are up by double-digits on a CYTD basis, to the benefit of IGF’s portfolio.

 

The IGF team remains available for any additional queries.

Disclaimer

This website is for informational purposes only and is intended to assist prospective clients in determining whether they have any preliminary interest in IPRO Growth Fund Ltd (the “Fund”). The website does not constitute an offer, solicitation or recommendation to enter into any transaction. Prospective investors are urged to read the Fund’s prospectus and seek professional advice as to the suitability of any eventual investment in the Fund. Investments carry substantial risks and past performance is no guarantee of future performance. The Mauritius Financial Services Commission does not vouch for the financial soundness of the Fund or for the correctness of any statements made or opinion expressed with regards to it.