OUR VIEW:

Launched at the end of 2007, this fund is the only UK retail fund that offers the potential of sub-Saharan Africa excluding South Africa. Debt is being reduced, regulatory standards are improving, privatisations are increasing investment options, and the region has huge commodity resources, much in demand. The fund has performed with remarkably limited volatility in 2008, and the fund has had 25% in cash.

Undoubtedly higher risk, with regular reminders from political upheaval, as in Kenya recently. Yet these markets have very low correlations with each other and the rest of the world. The key to further progress, which has potential for decades, is continuing investment in infrastructure with the windfalls from commodities.

ABOUT THE FUND:

To achieve long term capital growth for sophisticated investors. The Fund will invest principally in the securities of companies which, in the opinion of the Investment Manager, exercise a predominant part of their economic activity in, or derive a predominant part of their income from, Sub-Saharan Africa, excluding the Republic of South Africa,