Manager’s Comments

Manager's Comments - 30 April 2019
As at 30th April 2019, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 30.02 compared to Rs. 29.95 as at 31st March 2019. The return for the month stood at 0.2%.

In Mauritius, despite well-known challenges, several companies have reported positive results and growth prospects. Internationally, the focus is still on the US-China trade tensions and their consequences for financial markets.

Manager's Comments - 31 March 2019
As at 31st March 2019, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 29.95 compared to Rs. 30.18 as at 28th February 2019. The return for the month stood at -0.8%, while the SEMTRI went down by 1.9%. The short-term profit outlook of listed companies remains unclear, due to the challenges faced by all economic sectors.

The two Africa funds were overall flat during the month, under-performing global markets. We have started to diversify our international assets into Asia, which should benefit from the Belt-and-Road Initiative promoted by China.

Manager's Comments - 28 February 2019

As at 28th February 2019, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 30.18 compared to Rs. 30.10 as at 31st January 2019, representing a return of 0.3%.

Internationally, a more dovish Fed combined with stimulus measures in China are increasing investor appetite for emerging markets.

Manager's Comments - 31 January 2019

As at 31st January 2019, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 30.10 compared to Rs. 30.00 as at 31st December 2018. For the month of January 2019, the Mauritian equity portfolio went down by 0.9%, lacking positive momentum.

The international portfolio, which is currently focused on Africa, managed to deliver a positive return of 2.6% in MUR terms. Internationally, the FED u-turn has improved market sentiment and we intend to capture some opportunities in the coming months.

Manager's Comments - 31 December 2018

IPRO Growth Fund Ltd (“IGF”) achieved a positive performance of 0.3% for the calendar year ended 31st December 2018. Over the last 10 years, IGF has grown by an annualised return of 6.5%. In Mauritius, in view of the material losses experienced by all sugar operators, property and consumption are becoming the economic backbone: whether listed companies will benefit from this transformation remains
a key question for investors.

 

Internationally, Africa out-performed emerging markets in 2018, while developed markets nose-dived during the last quarter of the year, as a result of higher interest rates in the US and trade tensions with China. The world seems to head into an economic slowdown, whose magnitude will affect market sentiment and performance

Manager's Comments - 30 November 2018

As at 30th November 2018, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 30.25 compared to Rs. 30.43 as at 31st October 2018. The return for the month stood at -0.6%. Over the last twelve months, the fund went up by 3.6%.

During the month of November 2018, the Mauritian equity portfolio managed to deliver a positive return, while the African assets declined. The Mauritian equity portfolio of IGF should continue to deliver decent returns, following the last results published by its main holdings.

Manager's Comments - 31 October 2018

As at 31st October 2018, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 30.43 compared to Rs. 30.68 as at 30th September 2018. The return for the month stood at -0.8%. Over the last twelve months, the fund went up by 4.4%.

The month of October 2018 saw a sharp decline of equity markets around the world. In comparison, IGFs drop was reasonable, our regional markets being sustained by relatively cheap valuations.

Manager's Comments - 30 September 2018

IPRO Growth Fund Ltd (“IGF”) achieved a negative performance of 1.9% during the quarter ended 30th September 2018, mainly as a result of the negative contribution of the two Africa funds as well as SBM Holdings Ltd. Over the last twelve months, IGF is up by 4.2% and higher returns have been achieved over longer holding periods.

The Mauritian economy is at a crossroad, as the sugar and textile sectors are structurally declining. As a result, the only pillars left are related to services, primarily tourism and financial services. Mauritius is hence increasingly dependent on foreign investment, in property, SMEs and fixed income. Internationally, interest rates in the US are rising, which leads to troubles into the weaker emerging markets and European regions.

Manager's Comments - 31 August 2018

As at 31st August 2018, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 30.69 compared to Rs. 31.20 as at 31st July 2018. The return for the month stood at -1.6%. Over the last twelve months, the fund went up by 7.1%.

The fund local portfolio outperformed the SEMTRI despite both ending the month under review in negative territory with -0.4% and -0.8% respectively. The foreign portfolio dropped by 3.8% as corrections in emerging and frontier markets continued during the period.

Manager's Comments - 31 July 2018

As at 31st July 2018, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 31.20 compared to Rs. 31.26 as at 29th June 2018. The return for the month stood at -0.2%. Over the last twelve months, the fund surged by 10.0%.

During the month of July 2018, the international portfolio of IGF outperformed the local portfolio. Three out of the top five local holdings became ex-dividend in July.

Manager's Comments - 29 June 2018

As at 29th June 2018, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 31.26 compared to Rs. 31.30 as at 31st May 2018. The return for the month stood at -0.1%. Over the last twelve months, the fund went up by 10.7%.

The SEMTRI fell by 0.1% for the month under review while the local portfolio of the fund edged higher by 0.3% for the same period, benefitting mainly from dividends received in June. The foreign portfolio dropped by 0.8% as the correction in emerging and frontier markets continued during the period

Manager's Comments - 31 May 2018

As at 31st May 2018, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 31.30 compared to Rs. 32.72 as at 30th April 2018. A dividend of Re. 0.68 was declared on 10th May 2018. The return for the month stood at -2.3%. Over the last 12 months, IGF went up by 13.8%.

During the month of May, IGF’s local portfolio fell by 1.3%, which was in line with the SEMTRI, while the foreign portfolio dropped by 4.1%.

Manager's Comments - 30 April 2018
As at 30th of April 2018, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs.32.72 compared to Rs. 32.16 as at 31st March 2018. The fund returned 1.7% over the month, while the SEMTRI increased by 0.1%. Over the last 12 months, IGF went up by 21.2%.

The local portfolio gained 0.3%, benefitting from the positive performances of MCB Group, Mauritius Union Assurance and Lottotech. The foreign portfolio edged up by 4.3% in April, due to the positive returns of the two Africa funds as well as a weak Rupee.

Manager's Comments - 30 March 2018
As at 30th of March 2018, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 32.11 compared to the NAV of Rs. 31.47 as at February 2018. The fund returned 2.0% while the SEMTRI decreased by 0.2% over the month.

The local portfolio gained 2.2%. The allocation to Phoenix Investment, Phoenix Bev and SBM Holdings contributed positively by 2.0%. Share price declines of Ciel, United Basalt Products and Alteo resulted in a negative attribution of 0.2% for the local portfolio.

In Mauritian Rupee terms, the African Market Leaders fund and the Africa Total Return fund showed positive returns of 1.7% and 1.5%, respectively. The overall foreign portfolio edged up by 1.6% in March, driving the performance of the fund.

Manager's Comments - 28 February 2018
As at 28th of February 2018, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 31.47 compared to the NAV of Rs. 30.81 as at January 2018. The fund returned 2.1% while the SEMTRI registered an increase of 1.7% over the month.

The local portfolio gained 1.3%. The allocation to Phoenix Investment, Gamma Civic, United Basalt Products contributed positively by 1.4%. Share price declines of SBM Holdings, Mauritian Eagle Insurance and CIM resulted in a negative attribution of 0.4% on the Fund’s local allocation.

In Mauritian Rupee terms, the African Market Leaders fund and the Africa Total Return fund made positive returns of 4.4% and 3.1%, respectively. The foreign portfolio overall edged upwards by 3.7% in February.

Manager's Comments - 30 January 2018
As at 30th of January 2018, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 30.81 compared to the audited NAV of Rs. 30.54 as at December 2017. The fund returned 0.9% while the SEMTRI registered an increase of 2.5% in the opening month of 2018.

The local portfolio gained 1.6%. The allocation to Gamma Civic, Ciel and SBM Holdings contributed positively by 1.0%. Share price declines of Fincorp, Mauritian Eagle and POLICY resulted in a small negative attribution of 0.1% on the Fund’s local allocation.

In Mauritian Rupee terms, the African Market Leaders fund returned 1.5% while the Africa Total Return fund edged down by 1.9%. The 2.8% appreciation of the local currency against the U.S. Dollar in January weighed on the performance of the foreign portfolio, which overall posted a negative return of 0.1%.

Manager's Comments - 29 December 2017
As at 29th of December 2017, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 30.52 compared to Rs. 29.83 as at November 2017. The fund returned 2.3% while the SEMTRI inched upwards by 1.2% during the final month of the year.

The local portfolio gained 1.8% in December. The allocation to MCB Group, Lux* and Mauritian Eagle contributed positively by 2.5%. Price declines for shares of Mauritius Union, Gamma Civic and Lottotech resulted in a negative contribution of 0.6% on the Fund’s local allocation.

In December, the African Market Leaders fund returned 4.8% while the Africa Total Return fund edged up by 1.9%, with all return numbers stated in Mauritian Rupee terms. Overall, the foreign allocation posted a total return of 3.2% over the month under review.

Manager's Comments - 30 November 2017
As at 30th of November 2017, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 29.83 compared to Rs. 29.78 as at October 2017. The fund returned 0.2% while the SEMTRI closed the month flat.

The local portfolio shed 1.3% in November. The allocation to Mauritius Union Assurance, SBM Holdings and CIM contributed positively by 0.5%. However, share price declines of MCB Group, Lottotech and Alteo weighed on the local portfolio performance and resulted in a negative contribution of 2.4%.

The African Market Leaders (AML) fund posted a strong return of 8.7% in Mauritian Rupees in the month of November. On the regional fixed income allocation, the Africa Total Return fund moderately negated the positive performance of the foreign equity allocation with a return of -1.9% in Mauritian Rupee terms. Overall, total return of the foreign portfolio was 3.0%.

Manager's Comments - 31 October 2017
As at 31st of October 2017, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 29.78 compared to Rs. 30.05 as at September 2017. The return for the month stood at -0.9%. The SEMTRI shed 1.3% during the month.

The local portfolio returned -0.1% in October. The allocation to Phoenix Bev, Lottotech and Gamma Civic contributed positively by 1.7%. MCB Group, SBM Holdings and CIEL made a total negative contribution of 2.0% to the local portfolio.

The African Market Leaders (AML) fund had a negative return of 6.7% in Mauritian Rupees in the month of October and weighed on performance. The negative impact was mitigated by the Africa Total Return fund, which contributed 2.1% in Mauritian Rupee terms. Total return of the foreign portfolio was -2.3% in October.

Manager's Comments - 29 September 2017
As at 29th of September 2017, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 30.05 compared to Rs. 29.28 as at August 2017. The return for the month stood at 2.6%. The SEMTRI edged up by 1.8% during the month.

The local portfolio returned 2.7% in the month. The allocation MCB Group, LUX*  and Phoenix Bev contributed positively by 2.4%. Share price declines of Alteo, Fincorp and CIM resulted in a small negative attribution of 0.3% to the local portfolio.

The African Market Leaders fund gained 0.5% while the Africa Total Return fund yielded 4.5%, both in Mauritian Rupee terms. The 3.7% depreciation of the Mauritian Rupee against the US Dollar this month fuelled the performance of the regional portfolio. Overall, the foreign allocation made a positive contribution of 2.5% over the period.

Manager's Comments - 31 August 2017
As at 31st of August 2017, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 29.28 compared to Rs. 28.97 as at July 2017. The return for the month stood at 1.1%. The SEMTRI edged up by 0.4% during the month.

The local portfolio returned 2.0% in the month. The allocation to Gamma Civic, Lottotech and Mauritian Eagle contributed positively by 1.3%. Share price declines of Alteo, IBL and POLICY resulted in a small negative attribution of 0.1% to the local portfolio.

The African Market Leaders fund closed the month flat while the Africa Total Return fund shed 1.7%, both in Mauritian Rupee terms. As has been the case over the past 6 months, the Mauritian Rupee appreciated further viz the US Dollar, and gained another 1.8% this month. Overall, the foreign portfolio made a negative contribution of -0.9% over the period.

Manager's Comments - 31 July 2017
As at 31st of July 2017, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 28.97 compared to Rs. 28.84 as at June 2017. The return for the month stood at 0.5%. The SEMTRI maintained its upward momentum and gained 3.6% during the month.

The local portfolio returned 1.1% in the month. The allocation to SBM Holdings, Phoenix Investments and Fincorp contributed positively by 0.74%. Share price declines of MCB Group, Ciel and Mauritius Union resulted a negative attribution of 0.75% to the local portfolio.

The African Market Leaders fund gained 1.2% while the Africa Total Return fund shed 2.4% in Mauritian Rupee terms. The US Dollar weakened against the Mauritian Rupee by a 3.5% to reach levels last seen in early 2015. Overall, the movement in the FX pair resulted in a negative contribution of 0.7% in July.

Manager's Comments - 30 June 2017
As at 30th of June 2017, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 28.84 compared to Rs. 28.10 as at May 2017. The return for the month stood at 2.6%. The SEMTRI gained 2.4% over the same period, led chiefly by the performance of local index heavyweight MCB Group, which delivered a total return of 8.8%.

The local portfolio gained 2.8% in the month. The allocation to MCB Group, Phoenix Bev and UBP contributed positively by 1.7%. Moderate share price declines of LUX* and SBM Holdings were the main detractors to the local portfolio with a negative attribution of 0.1%.

The African Market Leaders fund gained 5.5% while the Africa Total Return fund shed 0.8% in Mauritian Rupee terms.  The appreciation of the Mauritian Rupee by 1.0% month-on-month dampened the positive U.S. $ returns of both funds. Overall, the foreign portfolio returned 2.1%.

Manager's Comments - 31 May 2017
As at 31 May 2017, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 28.10 compared to Rs. 27.66 as at April 2017. A dividend of Re. 0.68 per share was declared for the financial year 2016/17. The total return for the month stood at 4.0%, after taking the dividend payable to unit holders into consideration. The SEMTRI gained 3.3% over the same period.

The local portfolio gained 4.2% in the month. The allocation to MCB Group, Alteo and Ciel Textile contributed positively by 2.4%. SBM Holdings and Phoenix Bev were the only detractors during the month and had a negative attribution of 0.3%.

The African Market Leaders fund gained 6.6% while the Africa Total Return fund rose by 0.7% in Mauritian Rupee terms. Overall, the foreign portfolio returned 3.1%.

Manager's Comments - 28 April 2017
As at 28 April 2017, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 27.66 compared to Rs. 27.22 as at March 2017. The return for the month stood at 1.6%. The SEMTRI gained 4.6% over the same period.

The local equity portfolio increased by 3.4% in the month. The allocation to Ciel, Ciel Textile and SBM Holdings contributed positively by 1.4%. Lottotech and Mauritius Union were the only detractors during the month and had a negative attribution of 0.2%. Local fixed income instruments yielded 0.1%.

The African Market Leaders fund ended the month flat while the Africa Total Return fund shed 3.5% in Mauritian Rupee terms. The US Dollar weakened against the reporting currency by 2.8%, resulting in negative currency translation during the month. Overall, the foreign portfolio returned -1.9% in April.

Manager's Comments - 31 March 2017
As at 31 March 2017, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 27.21 compared to Rs. 27.04 as at February 2017. The return for the month stood at 0.6%. The SEMTRI gained 0.6% over the same period.

The local equity portfolio increased by 0.3% in the month. The allocation to Ciel, Ciel Textile and Phoenix Investment contributed positively by 0.4%. The main detractors during the month were MCB Group, Mauritius Union and Alteo with a negative attribution of 0.3%. Local fixed income instruments yielded 0.1%.

The African Market Leaders fund returned 0.5% while the Africa Total Return fund gained 2.0% in Mauritian Rupee terms. Overall, the foreign portfolio made a positive return of 1.2% in March.

Manager's Comments - 28 February 2017
As at 28 February 2017, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 27.04 compared to Rs. 26.85 as at January 2017. The return for the month stood at 0.7%. The SEMTRI gained 2.3% in February.

The local equity portfolio gained 0.4% in the month. The allocation to MCB Group, Ciel and Alteo contributed positively by 0.5%. The main detractors were Lux* and Gamma Civic with a negative attribution of 0.1%. Local fixed income instruments yielded 0.1%.

The African Market Leaders fund returned 0.7% while the Africa Total Return fund gained 0.9% in Mauritian Rupee terms. Overall, the foreign portfolio yielded a positive return of 0.8% over the month.

Manager's Comments - 31 January 2017
As at 31 January 2017, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 26.85 compared to Rs. 26.56 as at December 2016. The return for the month stood at 1.1%. The SEMTRI gained 4.0% in January.

The local equity portfolio gained 1.8% in the month. The allocation to MCB Group, SBM Holdings and Alteo contributed positively by 1.0%. Ciel Textile, Lottotech and LUX* dragged marginally on the performance with a negative attribution of 0.1%. Local fixed income instruments yielded 0.1% during the month.

The African Market Leaders fund lost 2% while the Africa Total Return fund gained 1% in Mauritian Rupee terms. The US Dollar depreciation of 1.2% against the Rupee had a negative impact to the performance of our regional portfolio in the month. Overall, the foreign portfolio had a negative return of 0.5%.

Manager's Comments - 30 December 2016
As at 30 December 2016, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 26.51 compared to Rs. 26.59 as at November 2016. The return for the month stood at -0.3%. The SEMTRI gained 0.6% in December.

The local equity portfolio lost 0.4% in the month. The allocation to Ciel, Cim and MCB Group contributed positively by 0.2%. Phoenix Investment, SBM Holdings and Lottotech were the main laggards with a negative contribution of 0.4% to the performance. Local fixed income instruments yielded 0.1% during the month.

The African Market Leaders fund was down 0.3% while the Africa Total Return fund gained 0.4%, both in Mauritian Rupee terms. The US Dollar remained flat against the Rupee in the closing month of 2016. The regional investments marginally impacted returns by 0.2% for the month.

Manager's Comments - 31 October 2016
As at 31 October 2016, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 26.51 compared to Rs. 26.61 as at September 2016. The return for the month stood at -0.4%. The SEMTRI shed 1.4% during the month of October.

The local equity portfolio decreased by 0.8% during the month. The allocation to Phoenix Bev, Ciel and Lottotech contributed positively by 0.4%. MCB Group, SBM Holdings and Alteo were the main laggards with a negative contribution of 1.0% to the performance. Local fixed income instruments yielded 0.1% during the month.

The African Market Leaders fund was up 1.6% while the Africa Total Return fund gained 0.6%, both in Mauritian Rupee terms. The 1.1% appreciation of the US Dollar against the Rupee supported the performance of the international portfolio. The regional investments positively impacted returns by 1.0% for the month.

Manager's Comments - 30 September 2016
As at 30 September 2016, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 26.57 compared to Rs. 25.12 as at August 2016. The return for the month stood at 1.7%. The SEMTRI gained 0.9% during the month.

The local equity portfolio increased 1.1% during the month, with the allocation to MCB Group, CIEL Textile and Lottotech contributing 2.1% to the positive performance. Alteo and CIEL were the main laggards in terms of price performance with a negative contribution of 54 basis points. Local fixed income instruments yielded 0.1% during the month.

The African Market Leaders fund was up 4.4%.while the Africa Total Return fund gained 1.3%, both in Mauritian Rupee terms. The 0.8% appreciation of the US Dollar against the Rupee supported the performance of the fund. Overall, our regional investments positively impacted returns by 2.7% for the month.

Manager's Comments - 31 August 2016
As at 31 August 2016, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 26.12 compared to Rs. 25.83 as at July 2016. The return for the month stood at 1.1% while the SEMTRI gained 1.7% during the month.

The local equity portfolio gained 2.7% during the month, with the allocation to Phoenix Investment, Phoenix Bev and Ciel contributing 2.3% to the positive performance. LUX* was the only main laggard in terms of price performance with a negative contribution of 14 basis points. Local fixed income instruments yielded 0.1% during the month.

The African Market Leaders fund shed 4.5% in Mauritian Rupee terms.while the Africa Total Return fund gained 0.4% in Mauritian Rupee terms. The 1.0% depreciation of the US Dollar against the Mauritian Rupee further dampened the performance of the fund this time. Overall, our regional investments impacted negatively on performance by 0.7% for the month.

Manager's Comments - 29 July 2016
As at 29 July 2016, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 25.83 compared to Rs. 25.48 as at June 2016. The return for the month stood at 1.4% while the SEMTRI gained 2.8% during the month.

The local equity portfolio gained 1.3% during the month, with the allocation to SBM Holdings, Alteo and LUX* contributing 1.3% to the positive performance. MCB Group, CIEL and Fincorp however dragged on the performance by a total of 0.5%. Our allocation to the local fixed income instruments yielded 0.1% during the month.

The African Market Leaders fund made a negative contribution in Mauritian Rupee terms. The Africa Total Return fund (formerly Africa Absolute Return fund) gained 2.0% in Mauritian Rupee terms, in spite of the slight appreciation of the Mauritian Rupee against the US Dollar. Overall, our regional investments impacted positively on performance by 0.65% for the month.

Manager's Comments - 30 June 2016
As at 30 June 2016, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 25.48 compared to Rs. 25.21 as at May 2016. The return for the month stood at 1.1% while the SEMTRI gained 0.5% during the month.

The local equity portfolio gained 0.5% during the month, with the allocation to Mauritius Union, MCB Group and Phoenix Bev contributing 1.0% to the positive performance. SBM Holdings, Lottotech and Phoenix Investment however dragged on the performance by a total of 0.9%. Allocation to local fixed income holdings provided a steady 0.1% contribution.

The African Market Leaders fund made a marginal negative contribution in Mauritian Rupee terms. The Africa Absolute Return fund gained 1.1% in Mauritian Rupee terms, mainly due to the depreciation of the Mauritian Rupee against the greenback, as was the case in the previous month. Overall, our regional investments impacted positively on performance by 0.15% for the month.

Manager's Comments - 31 May 2016
As at 31 May 2016, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 25.21 compared to Rs. 25.75 as at April 2016. A dividend of Re. 0.40 per share was declared for the financial year 2015/16. The total return for the month stood at -0.5%, after taking the dividend payable to shareholders into consideration. The SEMTRI shed 1.6% during the month.

The local equity portfolio lost 0.82% during the month, with the allocation to Mauritius Union and LUX* weighing on returns. SBM Holdings and Lottotech, which dragged on performance over the past year, contributed positively following quarterly results release, while allocation to local fixed income generated a small return of 0.1%.

The African Market Leaders fund returned -1.7% in Mauritian Rupee terms on the back of broad-based declines of African equity indices. The Africa Absolute Return fund gained 2.0% in Mauritian Rupee terms, mainly due to the depreciation of the Mauritian Rupee against the greenback. Overall, our regional investments weighed negatively on performance by 0.1% for the month.

Manager's Comments - 29 April 2016
As at 29 April 2016, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 25.75 compared to Rs. 25.68 as at March 2016, representing a gain of 0.3% for the month. The SEMTRI shed 0.7% during the same period.

The performance of the local equity portfolio was flat during the month, with the allocation to SBM Holdings weighing on returns. Mauritius Union and Alteo contributed positively this time, while allocation to local fixed income generated a small return of 0.1%.

With regards to our international exposure, the African Market Leaders fund returned 2.95% in Mauritian Rupee terms on the back of broad-based positive performance for African equity indices. As mentioned in previous fact sheets, foreign investors show a renewed appetite for frontier and emerging equities. The Africa Absolute Return fund shed 0.7% in Mauritian Rupee terms, mainly due to currency translation. Overall, our regional investments yielded 0.4% for the month.

Manager's Comments - 31 March 2016
As at 31 March 2016, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 25.65 compared to Rs. 25.62 as at February 2016, representing a gain of 0.1% for the month. The SEMTRI shed 0.7% during the same period.

IGF’s local portfolio lost 0.8% during the month. Alteo, Swan General and Phoenix Investment dragged on returns with a cumulative negative impact of 0.3% on the fund. Within the top performers, Lottotech, Mauritius Union and Ciel Textile contributed positively by 0.2% to the local portfolio performance.

The African Market Leaders fund returned 1.5% following broad-based positive performance for African equity indices, as foreign investors show a renewed appetite for frontier and emerging equities. The Africa Absolute Return fund gained 3.0%, driven by a cautious stance of the U.S. Federal Reserve at its meeting in March.

Manager's Comments - 29 February 2016
As at 29 February 2016, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 25.62 compared to Rs. 25.64 as at January 2016, representing a loss of 0.1% for the month. The SEMTRI shed 1.59% during the same period.

IGF’s local portfolio shed 0.8% during the month. Alteo, Phoenix Beverages and Phoenix Investment dragged on returns with a cumulative negative impact of 0.6%. Within the top performers, SBM Holdings, Air Mauritius and Rogers contributed positively by 0.3% to the local portfolio performance.

The African Market Leaders fund and the Africa Absolute Return fund returned 1.9% and 1.4%, respectively, during the period. February saw the reversal of global investor sentiment towards riskier asset classes. Rebound in commodity prices, which was particularly pronounced for precious and industrial metal prices, led to favorable price movements of underlying equity and fixed income holdings.

Manager's Comments - 29 January 2016
As at 29 January 2016, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 25.64 compared to Rs. 26.20 as at December 2015, representing a loss of 2.1% for the month. The SEMTRI gained 1.9% during the same period.

IGF’s local portfolio shed 1.3% during the month. SBM Holdings, LUX* and CIEL dragged on returns with a cumulative negative impact of 0.6%. Within the top contributors, Fincorp, Belle Mare Holdings and Alteo contributed positively by 0.3% to the local portfolio performance.

With regards to the international portfolio, the negative return of African Market Leaders of -5.1% in Mauritian Rupee terms weighed on the overall fund performance. On the fixed income side, the African Absolute Return fund lost 1.4%. As has been the case in recent months, the main factor at play remains the ‘risk off’ sentiment of global markets in the context of weaker than expected economic data from China. Additionally, the perception that Africa equals commodities, where severe overcapacities persist in oil, bulk, and certain precious metals, led to a further drop in several African equity and fixed income markets in the beginning of the year.

Manager's Comments - 31 December 2015
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, representing a loss of 1.0% for the month. The SEMTRI lost 0.2% during the same period.

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 top contributors, LUX*, Mauritius Union and CIM partially recouped losses seen in previous months and contributed positively by 0.6% to the local portfolio performance.

With the Mauritian Rupee appreciating against the US Dollar by 1% during the month, the negative US Dollar return of the foreign portfolio was further pronounced. In US 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 income came under pressure globally. The 25 basis points hike by the Fed to 0.5% led to moderate recovery in African fixed income holdings, as the move was eagerly awaited for by market participants.

Manager's Comments - 30 November 2015
As at 30 November 2015, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 26.42 compared to Rs. 27.05 as at October 2015, representing a loss of 2.3% for the month. The SEMTRI lost 2.6% during the same period.

IGF’s local portfolio shed 2.3%. SBM Holdings, LUX* and Mauritius Union dragged on returns with a cumulative negative impact of 0.8%. The month was characterized by strong selling pressure across the board on the Official Market. Both local and foreign investors shrugged off the cut in Key Repo Rate by the Bank of Mauritius by 0.25% to 4.4% in early November. Companies reporting overall decent results for the quarter ending September failed to gather any upside momentum of note.

The depreciation of the Mauritian Rupee against the US Dollar, while contributing positively to the performance, did not offset the negative return of the African Market Leaders fund. The foreign portfolio consequently lost 2.4% in Mauritian Rupee terms. Pressure on the commodity complex led to broad-based declines of underlying securities of the African equities and fixed income strategies.

Manager's Comments - 30 October 2015
As at 30 September 2015, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs.27.05 compared to Rs.27.28 as at September 2015, representing a loss of 0.8% for the month. The SEMTRI lost 1.4% during the same period.

IGF’s local portfolio shed 1.6%. Notable Contributors to this performance were MCB Group, CIEL Textile and Gamma Civic, with a total weighted performance of 0.3%. Laggards were SBM Holdings, LUX* and Mauritius Union  with a cumulative negative impact of 0.8%. Our fixed income investments supported the local portfolio performance in a month where no catalyst of note held up the Official Market.

The foreign portfolio gained 1.1% driven by our allocation towards  African Absolute Return Fund. The depreciation of the Mauritian Rupee against the US Dollar contributed positively to the performance during the month. Volatility should remain elevated in the closing months of the year, with a hike in U.S. interest rate being anticipated by market participants in December.

Manager's Comments - 30 September 2015
As at 30 September 2015, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs.27.20 compared to Rs.27.43 as at August 2015, representing a loss of 0.8% for the month. The SEMTRI lost 0.8% during the same period.

IGF’s local portfolio shed 0.7%. Notable Contributors to this performance were Gamma Civic and CIEL Textile, with a total weighted performance of 0.2%. Laggards were Mauritius Union, Lottotech and CIEL with a cumulative negative impact of 0.3%. Our fixed income investments supported the local portfolio performance in a month where share prices of our holdings during the month moved mostly sideways.

The foreign portfolio lost 1.2% driven by our allocation towards  African equities, as emerging and frontier equity markets continued to witness outflows in September. Africa Absolute Return Fund Contributed positively as the Mauritian Rupee depreciated against the US Dollar. Further volatility can be expected in the last quarter as long as uncertainty on the timing of the first interest rate in the U.S. remains.

Manager's Comments - 31 August 2015
As at 31 August 2015, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs.27.43 compared to Rs.28.20 as at 31 July 2015, representing a loss of 2.7% for the month. The SEMTRI lost 2.2% during the month.

IGF’s local portfolio lost 1.6%. The Performance was driven by positive returns from Alteo, Swan and LUX* which collectively contributed 0.6% during the month. MCB, SBM and Lottotech had a total negative impact of 1.5%. Our fixed income investments supported the local portfolio performance.

The foreign portfolio lost 4.6% driven by our allocation towards both African equities and fixed income, against a backdrop of extreme volatility across global markets in August. With the devaluation of the Chinese Yuan fuelling speculation of the slowdown in the Chinese economy, the negative sentiment of market participants towards emerging and frontier markets was accentuated during the month. The remaining four months of 2015 will see further volatility in emerging and frontier markets, as the key Federal Funds rate in the U.S. could be increased for the fist time in almost a decade.

Manager's Comments - 31 July 2015
As at 31 July 2015, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs.28.20 compared to Rs.28.15 as at 30 June 2015, representing a gain of 0.2% for the month. The SEMTRI gained 0.4% during the month.

IGF’s local portfolio gained 2.0%. Performance was driven by positive returns from Phoenix Beverages , MCB Group and Phoenix Investment, which collectively contributed 2.0% during the month. Mauritius Union, CIM Financial Services and Ciel had a total negative impact of 0.6%. Our fixed income investments supported the local portfolio performance.

The foreign portfolio lost 2.2% driven by our allocation towards African equities, in the context of difficult macroeconomic environments in several countries. So far, corporate earnings releases have had few positive surprises. The appreciation of the US Dollar against the Mauritian Rupee only partially dampened the negative performance on our US Dollar-denominated foreign holdings.

Manager's Comments - 30 June 2015
As at 30 June 2015, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs.28.15 compared to Rs.27.90 as at 29 May 2015, representing a gain of 0.9% for the month. The SEMTRI gained 1.6% during the month.

IGF’s local portfolio gained 2.0%. Performance was driven by positive returns from MCB Group, Phoenix Investment and Phoenix Beverages , which collectively contributed 1.4%. Gamma Civic, SBM Holdings and Alteo provided a drag on returns for the month, with a total negative impact of 0.4%. Our fixed income investments supported the local portfolio performance.

The foreign portfolio lost 1.5% driven by African Investments as market conditions remained challenging across the continent during the month. The Ghana Composite Index lost 8.0% and Nigeria. All Share Index lost 4.0% in June 2015 in MUR terms.

Manager's Comments - 29 May 2015
As at 29 May 2015, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs.27.90 compared to Rs.28.57 as at 30 April 2015.A dividend* of Re.0.70 per share was declared for the financial year 2014/15. The total return for the month stood at 0.1%, after taking the dividend payable to shareholders into consideration.The SEMTRI gained 0.2% during the month.

IGF’s local portfolio gained 0.7%. Performance was driven by positive returns from Cim, Ciel Textile and Lux*, which collectively contributed 0.6%. Gamma Civic, Lottotech and Mauritian Eagle provided a drag on returns for the month, with a collective negative impact of 0.4%. Our fixed income investments supported the local portfolio performance.

The foreign portfolio lost 1.2% driven by our main investment in the African  Market Leaders Fund as market conditions remained challenging across the continent during the month. The Nairobi All Share Index lost 7.2% and Johannesburg All Share Index lost 2.2% (all returns in MUR terms).
*This dividend will be paid on or about 25 June 2015, to all share holders registered at close of business on 8 May 2015.

Manager's Comments - 30 April 2015
PRO Growth Fund Ltd (“IGF”) stood at Rs.28.57 compared to Rs.28.60 as at 31 March 2015, representing again of 0.1% for the month. The SEMTRI lost 0.9% during the month.

IGF’s local portfolio lost 1.0%. Performance was driven by positive returns from MCB Group, Phoenix Beverages and Phoenix Investment, which collectively contributed 0.6%. SBM Holdings, Gamma Civic and Mauritius Union provided a drag on returns for the month, with a collective negative impact of 0.5%. Our fixed income investments supported the local portfolio performance.

The foreign portfolio increased by 1.7% led by our investments in African Market Leaders Fund and Africa Absolute Return Fund which gained 4.0% and 1.8% in US Dollar terms during the month. The US dollar reversed the strong appreciating trend against the Mauritian Rupee witnessed during the first quarter of the year. Hence, the performance of African Market Leaders Fund in Mauritian Rupee terms stood at 1.0% whilst Africa Absolute Return Fund lost 0.18%..

Manager's Comments - 31 March 2015

As at 31 March 2015, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs.28.58 compared to Rs.28.34 as at 27 February 2015, representing again of 0.8% for the month. The SEMTRI lost 0.2%during the month.

IGF’s local portfolio lost 2.0%. Performance was driven by positive returns from Lux*, Ciel Textile and Sun Resorts, which collectively contributed 0.4%. Lottotech, MCB Group and CIM provided a drag on returns for the month, with a collective negative impact of 1.5%. Our fixed income investment supported the local portfolio performance.

The foreign portfolio increased by 7.2%. Our investments in Africa Absolute Return Fund and African Market Leaders Fund gained 2.3% and 4.7% respectively in Mauritian Rupee terms, driven by the US Dollar maintaining its appreciating trend against the reporting currency of the Fund.

Manager's Comments - 27 February 2015

As at 27 February 2015, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 28.34 compared to Rs. 28.17 as at 30 January 2015, representing a gain of 0.6% for the month. The SEMTRI ended the month of February flat.

IGF’s local portfolio gained 0.1%. Performance was driven by positive returns from Cim, MCB Group and Alteo, which collectively contributed 0.9%. Gamma, Lottotech and SBM Holdings provided a drag on returns for the month, with a collective negative impact of 0.7%.

The foreign portfolio increased by 1.6%. Our investments in Africa Absolute Return Fund and African Market Leaders Fund gained 1.1% and 0.5% respectively in Mauritian Rupee terms, driven by the US Dollar continuing its firm appreciating trajectory against the reporting currency of the Fund.

Manager's Comments - 30 January 2015

As at 30 January 2015, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 28.17 compared to Rs. 28.34 as at 31 December 2014, representing a loss of 0.6% for the month. The SEMTRI declined by 2.6% over the same period.

IGF’s local portfolio shed 0.6% as the local market declined during the month. Performance was driven by positive returns from Phoenix Beverages, Mauritius Union Assurance and Gamma Civic, which collectively contributed 0.9%. Alteo, Lux* Island Resorts and Sun Resorts provided a drag on returns for the month, with a collective negative impact of 0.8%.

The foreign portfolio lost 0.2% following a drop in our main holding, African Market Leaders Fund as most markets in which the fund is invested in were  own during the month. The Nigerian All Share Index lost 14.9%, BRVM  Composite Share Index lost 5.9% and Ghana Stock Exchange Composite Index lost 5.3% (all returns in MUR terms).

Manager's Comments - 30 September 2018

IPRO Growth Fund Ltd (“IGF”) achieved a negative performance of 1.9% during the quarter ended 30th September 2018, mainly as a result of the negative contribution of the two Africa funds as well as SBM Holdings Ltd. Over the last twelve months, IGF is up by 4.2% and higher returns have been achieved over longer holding periods.

The Mauritian economy is at a crossroad, as the sugar and textile sectors are structurally declining. As a result, the only pillars left are related to services, primarily tourism and financial services. Mauritius is hence increasingly dependent on foreign investment, in property, SMEs and fixed income. Internationally, interest rates in the US are rising, which leads to troubles into the weaker emerging markets and European regions.

Manager's Comments - 31 August 2018

As at 31st August 2018, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 30.69 compared to Rs. 31.20 as at 31st July 2018. The return for the month stood at -1.6%. Over the last twelve months, the fund went up by 7.1%.

The fund local portfolio outperformed the SEMTRI despite both ending the month under review in negative territory with -0.4% and -0.8% respectively. The foreign portfolio dropped by 3.8% as corrections in emerging and frontier markets continued during the period.

Manager's Comments - 31 July 2018

As at 31st July 2018, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 31.20 compared to Rs. 31.26 as at 29th June 2018. The return for the month stood at -0.2%. Over the last twelve months, the fund surged by 10.0%.

During the month of July 2018, the international portfolio of IGF outperformed the local portfolio. Three out of the top five local holdings became ex-dividend in July.

Manager's Comments - 29 June 2018

As at 29th June 2018, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 31.26 compared to Rs. 31.30 as at 31st May 2018. The return for the month stood at -0.1%. Over the last twelve months, the fund went up by 10.7%.

The SEMTRI fell by 0.1% for the month under review while the local portfolio of the fund edged higher by 0.3% for the same period, benefitting mainly from dividends received in June. The foreign portfolio dropped by 0.8% as the correction in emerging and frontier markets continued during the period

Manager's Comments - 31 May 2018

As at 31st May 2018, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 31.30 compared to Rs. 32.72 as at 30th April 2018. A dividend of Re. 0.68 was declared on 10th May 2018. The return for the month stood at -2.3%. Over the last 12 months, IGF went up by 13.8%.

During the month of May, IGF’s local portfolio fell by 1.3%, which was in line with the SEMTRI, while the foreign portfolio dropped by 4.1%.

Manager's Comments - 30 April 2018
As at 30th of April 2018, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs.32.72 compared to Rs. 32.16 as at 31st March 2018. The fund returned 1.7% over the month, while the SEMTRI increased by 0.1%. Over the last 12 months, IGF went up by 21.2%.

The local portfolio gained 0.3%, benefitting from the positive performances of MCB Group, Mauritius Union Assurance and Lottotech. The foreign portfolio edged up by 4.3% in April, due to the positive returns of the two Africa funds as well as a weak Rupee.

Manager's Comments - 30 March 2018
As at 30th of March 2018, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 32.11 compared to the NAV of Rs. 31.47 as at February 2018. The fund returned 2.0% while the SEMTRI decreased by 0.2% over the month.

The local portfolio gained 2.2%. The allocation to Phoenix Investment, Phoenix Bev and SBM Holdings contributed positively by 2.0%. Share price declines of Ciel, United Basalt Products and Alteo resulted in a negative attribution of 0.2% for the local portfolio.

In Mauritian Rupee terms, the African Market Leaders fund and the Africa Total Return fund showed positive returns of 1.7% and 1.5%, respectively. The overall foreign portfolio edged up by 1.6% in March, driving the performance of the fund.

Manager's Comments - 28 February 2018
As at 28th of February 2018, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 31.47 compared to the NAV of Rs. 30.81 as at January 2018. The fund returned 2.1% while the SEMTRI registered an increase of 1.7% over the month.

The local portfolio gained 1.3%. The allocation to Phoenix Investment, Gamma Civic, United Basalt Products contributed positively by 1.4%. Share price declines of SBM Holdings, Mauritian Eagle Insurance and CIM resulted in a negative attribution of 0.4% on the Fund’s local allocation.

In Mauritian Rupee terms, the African Market Leaders fund and the Africa Total Return fund made positive returns of 4.4% and 3.1%, respectively. The foreign portfolio overall edged upwards by 3.7% in February.

Manager's Comments - 30 January 2018
As at 30th of January 2018, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 30.81 compared to the audited NAV of Rs. 30.54 as at December 2017. The fund returned 0.9% while the SEMTRI registered an increase of 2.5% in the opening month of 2018.

The local portfolio gained 1.6%. The allocation to Gamma Civic, Ciel and SBM Holdings contributed positively by 1.0%. Share price declines of Fincorp, Mauritian Eagle and POLICY resulted in a small negative attribution of 0.1% on the Fund’s local allocation.

In Mauritian Rupee terms, the African Market Leaders fund returned 1.5% while the Africa Total Return fund edged down by 1.9%. The 2.8% appreciation of the local currency against the U.S. Dollar in January weighed on the performance of the foreign portfolio, which overall posted a negative return of 0.1%.

Manager's Comments - 29 December 2017
As at 29th of December 2017, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 30.52 compared to Rs. 29.83 as at November 2017. The fund returned 2.3% while the SEMTRI inched upwards by 1.2% during the final month of the year.

The local portfolio gained 1.8% in December. The allocation to MCB Group, Lux* and Mauritian Eagle contributed positively by 2.5%. Price declines for shares of Mauritius Union, Gamma Civic and Lottotech resulted in a negative contribution of 0.6% on the Fund’s local allocation.

In December, the African Market Leaders fund returned 4.8% while the Africa Total Return fund edged up by 1.9%, with all return numbers stated in Mauritian Rupee terms. Overall, the foreign allocation posted a total return of 3.2% over the month under review.

Manager's Comments - 30 November 2017
As at 30th of November 2017, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 29.83 compared to Rs. 29.78 as at October 2017. The fund returned 0.2% while the SEMTRI closed the month flat.

The local portfolio shed 1.3% in November. The allocation to Mauritius Union Assurance, SBM Holdings and CIM contributed positively by 0.5%. However, share price declines of MCB Group, Lottotech and Alteo weighed on the local portfolio performance and resulted in a negative contribution of 2.4%.

The African Market Leaders (AML) fund posted a strong return of 8.7% in Mauritian Rupees in the month of November. On the regional fixed income allocation, the Africa Total Return fund moderately negated the positive performance of the foreign equity allocation with a return of -1.9% in Mauritian Rupee terms. Overall, total return of the foreign portfolio was 3.0%.

Manager's Comments - 31 October 2017
As at 31st of October 2017, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 29.78 compared to Rs. 30.05 as at September 2017. The return for the month stood at -0.9%. The SEMTRI shed 1.3% during the month.

The local portfolio returned -0.1% in October. The allocation to Phoenix Bev, Lottotech and Gamma Civic contributed positively by 1.7%. MCB Group, SBM Holdings and CIEL made a total negative contribution of 2.0% to the local portfolio.

The African Market Leaders (AML) fund had a negative return of 6.7% in Mauritian Rupees in the month of October and weighed on performance. The negative impact was mitigated by the Africa Total Return fund, which contributed 2.1% in Mauritian Rupee terms. Total return of the foreign portfolio was -2.3% in October.

Manager's Comments - 29 September 2017
As at 29th of September 2017, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 30.05 compared to Rs. 29.28 as at August 2017. The return for the month stood at 2.6%. The SEMTRI edged up by 1.8% during the month.

The local portfolio returned 2.7% in the month. The allocation MCB Group, LUX*  and Phoenix Bev contributed positively by 2.4%. Share price declines of Alteo, Fincorp and CIM resulted in a small negative attribution of 0.3% to the local portfolio.

The African Market Leaders fund gained 0.5% while the Africa Total Return fund yielded 4.5%, both in Mauritian Rupee terms. The 3.7% depreciation of the Mauritian Rupee against the US Dollar this month fuelled the performance of the regional portfolio. Overall, the foreign allocation made a positive contribution of 2.5% over the period.

Manager's Comments - 31 August 2017
As at 31st of August 2017, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 29.28 compared to Rs. 28.97 as at July 2017. The return for the month stood at 1.1%. The SEMTRI edged up by 0.4% during the month.

The local portfolio returned 2.0% in the month. The allocation to Gamma Civic, Lottotech and Mauritian Eagle contributed positively by 1.3%. Share price declines of Alteo, IBL and POLICY resulted in a small negative attribution of 0.1% to the local portfolio.

The African Market Leaders fund closed the month flat while the Africa Total Return fund shed 1.7%, both in Mauritian Rupee terms. As has been the case over the past 6 months, the Mauritian Rupee appreciated further viz the US Dollar, and gained another 1.8% this month. Overall, the foreign portfolio made a negative contribution of -0.9% over the period.

Manager's Comments - 31 July 2017
As at 31st of July 2017, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 28.97 compared to Rs. 28.84 as at June 2017. The return for the month stood at 0.5%. The SEMTRI maintained its upward momentum and gained 3.6% during the month.

The local portfolio returned 1.1% in the month. The allocation to SBM Holdings, Phoenix Investments and Fincorp contributed positively by 0.74%. Share price declines of MCB Group, Ciel and Mauritius Union resulted a negative attribution of 0.75% to the local portfolio.

The African Market Leaders fund gained 1.2% while the Africa Total Return fund shed 2.4% in Mauritian Rupee terms. The US Dollar weakened against the Mauritian Rupee by a 3.5% to reach levels last seen in early 2015. Overall, the movement in the FX pair resulted in a negative contribution of 0.7% in July.

Manager's Comments - 30 June 2017
As at 30th of June 2017, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 28.84 compared to Rs. 28.10 as at May 2017. The return for the month stood at 2.6%. The SEMTRI gained 2.4% over the same period, led chiefly by the performance of local index heavyweight MCB Group, which delivered a total return of 8.8%.

The local portfolio gained 2.8% in the month. The allocation to MCB Group, Phoenix Bev and UBP contributed positively by 1.7%. Moderate share price declines of LUX* and SBM Holdings were the main detractors to the local portfolio with a negative attribution of 0.1%.

The African Market Leaders fund gained 5.5% while the Africa Total Return fund shed 0.8% in Mauritian Rupee terms.  The appreciation of the Mauritian Rupee by 1.0% month-on-month dampened the positive U.S. $ returns of both funds. Overall, the foreign portfolio returned 2.1%.

Manager's Comments - 31 May 2017
As at 31 May 2017, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 28.10 compared to Rs. 27.66 as at April 2017. A dividend of Re. 0.68 per share was declared for the financial year 2016/17. The total return for the month stood at 4.0%, after taking the dividend payable to unit holders into consideration. The SEMTRI gained 3.3% over the same period.

The local portfolio gained 4.2% in the month. The allocation to MCB Group, Alteo and Ciel Textile contributed positively by 2.4%. SBM Holdings and Phoenix Bev were the only detractors during the month and had a negative attribution of 0.3%.

The African Market Leaders fund gained 6.6% while the Africa Total Return fund rose by 0.7% in Mauritian Rupee terms. Overall, the foreign portfolio returned 3.1%.

Manager's Comments - 28 April 2017
As at 28 April 2017, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 27.66 compared to Rs. 27.22 as at March 2017. The return for the month stood at 1.6%. The SEMTRI gained 4.6% over the same period.

The local equity portfolio increased by 3.4% in the month. The allocation to Ciel, Ciel Textile and SBM Holdings contributed positively by 1.4%. Lottotech and Mauritius Union were the only detractors during the month and had a negative attribution of 0.2%. Local fixed income instruments yielded 0.1%.

The African Market Leaders fund ended the month flat while the Africa Total Return fund shed 3.5% in Mauritian Rupee terms. The US Dollar weakened against the reporting currency by 2.8%, resulting in negative currency translation during the month. Overall, the foreign portfolio returned -1.9% in April.

Manager's Comments - 31 March 2017
As at 31 March 2017, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 27.21 compared to Rs. 27.04 as at February 2017. The return for the month stood at 0.6%. The SEMTRI gained 0.6% over the same period.

The local equity portfolio increased by 0.3% in the month. The allocation to Ciel, Ciel Textile and Phoenix Investment contributed positively by 0.4%. The main detractors during the month were MCB Group, Mauritius Union and Alteo with a negative attribution of 0.3%. Local fixed income instruments yielded 0.1%.

The African Market Leaders fund returned 0.5% while the Africa Total Return fund gained 2.0% in Mauritian Rupee terms. Overall, the foreign portfolio made a positive return of 1.2% in March.

Manager's Comments - 28 February 2017
As at 28 February 2017, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 27.04 compared to Rs. 26.85 as at January 2017. The return for the month stood at 0.7%. The SEMTRI gained 2.3% in February.

The local equity portfolio gained 0.4% in the month. The allocation to MCB Group, Ciel and Alteo contributed positively by 0.5%. The main detractors were Lux* and Gamma Civic with a negative attribution of 0.1%. Local fixed income instruments yielded 0.1%.

The African Market Leaders fund returned 0.7% while the Africa Total Return fund gained 0.9% in Mauritian Rupee terms. Overall, the foreign portfolio yielded a positive return of 0.8% over the month.

Manager's Comments - 31 January 2017
As at 31 January 2017, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 26.85 compared to Rs. 26.56 as at December 2016. The return for the month stood at 1.1%. The SEMTRI gained 4.0% in January.

The local equity portfolio gained 1.8% in the month. The allocation to MCB Group, SBM Holdings and Alteo contributed positively by 1.0%. Ciel Textile, Lottotech and LUX* dragged marginally on the performance with a negative attribution of 0.1%. Local fixed income instruments yielded 0.1% during the month.

The African Market Leaders fund lost 2% while the Africa Total Return fund gained 1% in Mauritian Rupee terms. The US Dollar depreciation of 1.2% against the Rupee had a negative impact to the performance of our regional portfolio in the month. Overall, the foreign portfolio had a negative return of 0.5%.

Manager's Comments - 30 December 2016
As at 30 December 2016, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 26.51 compared to Rs. 26.59 as at November 2016. The return for the month stood at -0.3%. The SEMTRI gained 0.6% in December.

The local equity portfolio lost 0.4% in the month. The allocation to Ciel, Cim and MCB Group contributed positively by 0.2%. Phoenix Investment, SBM Holdings and Lottotech were the main laggards with a negative contribution of 0.4% to the performance. Local fixed income instruments yielded 0.1% during the month.

The African Market Leaders fund was down 0.3% while the Africa Total Return fund gained 0.4%, both in Mauritian Rupee terms. The US Dollar remained flat against the Rupee in the closing month of 2016. The regional investments marginally impacted returns by 0.2% for the month.

Manager's Comments - 31 October 2016
As at 31 October 2016, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 26.51 compared to Rs. 26.61 as at September 2016. The return for the month stood at -0.4%. The SEMTRI shed 1.4% during the month of October.

The local equity portfolio decreased by 0.8% during the month. The allocation to Phoenix Bev, Ciel and Lottotech contributed positively by 0.4%. MCB Group, SBM Holdings and Alteo were the main laggards with a negative contribution of 1.0% to the performance. Local fixed income instruments yielded 0.1% during the month.

The African Market Leaders fund was up 1.6% while the Africa Total Return fund gained 0.6%, both in Mauritian Rupee terms. The 1.1% appreciation of the US Dollar against the Rupee supported the performance of the international portfolio. The regional investments positively impacted returns by 1.0% for the month.

Manager's Comments - 30 September 2016
As at 30 September 2016, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 26.57 compared to Rs. 25.12 as at August 2016. The return for the month stood at 1.7%. The SEMTRI gained 0.9% during the month.

The local equity portfolio increased 1.1% during the month, with the allocation to MCB Group, CIEL Textile and Lottotech contributing 2.1% to the positive performance. Alteo and CIEL were the main laggards in terms of price performance with a negative contribution of 54 basis points. Local fixed income instruments yielded 0.1% during the month.

The African Market Leaders fund was up 4.4%.while the Africa Total Return fund gained 1.3%, both in Mauritian Rupee terms. The 0.8% appreciation of the US Dollar against the Rupee supported the performance of the fund. Overall, our regional investments positively impacted returns by 2.7% for the month.

Manager's Comments - 31 August 2016
As at 31 August 2016, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 26.12 compared to Rs. 25.83 as at July 2016. The return for the month stood at 1.1% while the SEMTRI gained 1.7% during the month.

The local equity portfolio gained 2.7% during the month, with the allocation to Phoenix Investment, Phoenix Bev and Ciel contributing 2.3% to the positive performance. LUX* was the only main laggard in terms of price performance with a negative contribution of 14 basis points. Local fixed income instruments yielded 0.1% during the month.

The African Market Leaders fund shed 4.5% in Mauritian Rupee terms.while the Africa Total Return fund gained 0.4% in Mauritian Rupee terms. The 1.0% depreciation of the US Dollar against the Mauritian Rupee further dampened the performance of the fund this time. Overall, our regional investments impacted negatively on performance by 0.7% for the month.

Manager's Comments - 29 July 2016
As at 29 July 2016, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 25.83 compared to Rs. 25.48 as at June 2016. The return for the month stood at 1.4% while the SEMTRI gained 2.8% during the month.

The local equity portfolio gained 1.3% during the month, with the allocation to SBM Holdings, Alteo and LUX* contributing 1.3% to the positive performance. MCB Group, CIEL and Fincorp however dragged on the performance by a total of 0.5%. Our allocation to the local fixed income instruments yielded 0.1% during the month.

The African Market Leaders fund made a negative contribution in Mauritian Rupee terms. The Africa Total Return fund (formerly Africa Absolute Return fund) gained 2.0% in Mauritian Rupee terms, in spite of the slight appreciation of the Mauritian Rupee against the US Dollar. Overall, our regional investments impacted positively on performance by 0.65% for the month.

Manager's Comments - 30 June 2016
As at 30 June 2016, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 25.48 compared to Rs. 25.21 as at May 2016. The return for the month stood at 1.1% while the SEMTRI gained 0.5% during the month.

The local equity portfolio gained 0.5% during the month, with the allocation to Mauritius Union, MCB Group and Phoenix Bev contributing 1.0% to the positive performance. SBM Holdings, Lottotech and Phoenix Investment however dragged on the performance by a total of 0.9%. Allocation to local fixed income holdings provided a steady 0.1% contribution.

The African Market Leaders fund made a marginal negative contribution in Mauritian Rupee terms. The Africa Absolute Return fund gained 1.1% in Mauritian Rupee terms, mainly due to the depreciation of the Mauritian Rupee against the greenback, as was the case in the previous month. Overall, our regional investments impacted positively on performance by 0.15% for the month.

Manager's Comments - 31 May 2016
As at 31 May 2016, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 25.21 compared to Rs. 25.75 as at April 2016. A dividend of Re. 0.40 per share was declared for the financial year 2015/16. The total return for the month stood at -0.5%, after taking the dividend payable to shareholders into consideration. The SEMTRI shed 1.6% during the month.

The local equity portfolio lost 0.82% during the month, with the allocation to Mauritius Union and LUX* weighing on returns. SBM Holdings and Lottotech, which dragged on performance over the past year, contributed positively following quarterly results release, while allocation to local fixed income generated a small return of 0.1%.

The African Market Leaders fund returned -1.7% in Mauritian Rupee terms on the back of broad-based declines of African equity indices. The Africa Absolute Return fund gained 2.0% in Mauritian Rupee terms, mainly due to the depreciation of the Mauritian Rupee against the greenback. Overall, our regional investments weighed negatively on performance by 0.1% for the month.

Manager's Comments - 29 April 2016
As at 29 April 2016, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 25.75 compared to Rs. 25.68 as at March 2016, representing a gain of 0.3% for the month. The SEMTRI shed 0.7% during the same period.

The performance of the local equity portfolio was flat during the month, with the allocation to SBM Holdings weighing on returns. Mauritius Union and Alteo contributed positively this time, while allocation to local fixed income generated a small return of 0.1%.

With regards to our international exposure, the African Market Leaders fund returned 2.95% in Mauritian Rupee terms on the back of broad-based positive performance for African equity indices. As mentioned in previous fact sheets, foreign investors show a renewed appetite for frontier and emerging equities. The Africa Absolute Return fund shed 0.7% in Mauritian Rupee terms, mainly due to currency translation. Overall, our regional investments yielded 0.4% for the month.

Manager's Comments - 31 March 2016
As at 31 March 2016, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 25.65 compared to Rs. 25.62 as at February 2016, representing a gain of 0.1% for the month. The SEMTRI shed 0.7% during the same period.

IGF’s local portfolio lost 0.8% during the month. Alteo, Swan General and Phoenix Investment dragged on returns with a cumulative negative impact of 0.3% on the fund. Within the top performers, Lottotech, Mauritius Union and Ciel Textile contributed positively by 0.2% to the local portfolio performance.

The African Market Leaders fund returned 1.5% following broad-based positive performance for African equity indices, as foreign investors show a renewed appetite for frontier and emerging equities. The Africa Absolute Return fund gained 3.0%, driven by a cautious stance of the U.S. Federal Reserve at its meeting in March.

Manager's Comments - 29 February 2016
As at 29 February 2016, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 25.62 compared to Rs. 25.64 as at January 2016, representing a loss of 0.1% for the month. The SEMTRI shed 1.59% during the same period.

IGF’s local portfolio shed 0.8% during the month. Alteo, Phoenix Beverages and Phoenix Investment dragged on returns with a cumulative negative impact of 0.6%. Within the top performers, SBM Holdings, Air Mauritius and Rogers contributed positively by 0.3% to the local portfolio performance.

The African Market Leaders fund and the Africa Absolute Return fund returned 1.9% and 1.4%, respectively, during the period. February saw the reversal of global investor sentiment towards riskier asset classes. Rebound in commodity prices, which was particularly pronounced for precious and industrial metal prices, led to favorable price movements of underlying equity and fixed income holdings.

Manager's Comments - 29 January 2016
As at 29 January 2016, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 25.64 compared to Rs. 26.20 as at December 2015, representing a loss of 2.1% for the month. The SEMTRI gained 1.9% during the same period.

IGF’s local portfolio shed 1.3% during the month. SBM Holdings, LUX* and CIEL dragged on returns with a cumulative negative impact of 0.6%. Within the top contributors, Fincorp, Belle Mare Holdings and Alteo contributed positively by 0.3% to the local portfolio performance.

With regards to the international portfolio, the negative return of African Market Leaders of -5.1% in Mauritian Rupee terms weighed on the overall fund performance. On the fixed income side, the African Absolute Return fund lost 1.4%. As has been the case in recent months, the main factor at play remains the ‘risk off’ sentiment of global markets in the context of weaker than expected economic data from China. Additionally, the perception that Africa equals commodities, where severe overcapacities persist in oil, bulk, and certain precious metals, led to a further drop in several African equity and fixed income markets in the beginning of the year.

Manager's Comments - 31 December 2015
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, representing a loss of 1.0% for the month. The SEMTRI lost 0.2% during the same period.

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 top contributors, LUX*, Mauritius Union and CIM partially recouped losses seen in previous months and contributed positively by 0.6% to the local portfolio performance.

With the Mauritian Rupee appreciating against the US Dollar by 1% during the month, the negative US Dollar return of the foreign portfolio was further pronounced. In US 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 income came under pressure globally. The 25 basis points hike by the Fed to 0.5% led to moderate recovery in African fixed income holdings, as the move was eagerly awaited for by market participants.

Manager's Comments - 30 November 2015
As at 30 November 2015, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 26.42 compared to Rs. 27.05 as at October 2015, representing a loss of 2.3% for the month. The SEMTRI lost 2.6% during the same period.

IGF’s local portfolio shed 2.3%. SBM Holdings, LUX* and Mauritius Union dragged on returns with a cumulative negative impact of 0.8%. The month was characterized by strong selling pressure across the board on the Official Market. Both local and foreign investors shrugged off the cut in Key Repo Rate by the Bank of Mauritius by 0.25% to 4.4% in early November. Companies reporting overall decent results for the quarter ending September failed to gather any upside momentum of note.

The depreciation of the Mauritian Rupee against the US Dollar, while contributing positively to the performance, did not offset the negative return of the African Market Leaders fund. The foreign portfolio consequently lost 2.4% in Mauritian Rupee terms. Pressure on the commodity complex led to broad-based declines of underlying securities of the African equities and fixed income strategies.

Manager's Comments - 30 October 2015
As at 30 September 2015, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs.27.05 compared to Rs.27.28 as at September 2015, representing a loss of 0.8% for the month. The SEMTRI lost 1.4% during the same period.

IGF’s local portfolio shed 1.6%. Notable Contributors to this performance were MCB Group, CIEL Textile and Gamma Civic, with a total weighted performance of 0.3%. Laggards were SBM Holdings, LUX* and Mauritius Union  with a cumulative negative impact of 0.8%. Our fixed income investments supported the local portfolio performance in a month where no catalyst of note held up the Official Market.

The foreign portfolio gained 1.1% driven by our allocation towards  African Absolute Return Fund. The depreciation of the Mauritian Rupee against the US Dollar contributed positively to the performance during the month. Volatility should remain elevated in the closing months of the year, with a hike in U.S. interest rate being anticipated by market participants in December.

Manager's Comments - 30 September 2015
As at 30 September 2015, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs.27.20 compared to Rs.27.43 as at August 2015, representing a loss of 0.8% for the month. The SEMTRI lost 0.8% during the same period.

IGF’s local portfolio shed 0.7%. Notable Contributors to this performance were Gamma Civic and CIEL Textile, with a total weighted performance of 0.2%. Laggards were Mauritius Union, Lottotech and CIEL with a cumulative negative impact of 0.3%. Our fixed income investments supported the local portfolio performance in a month where share prices of our holdings during the month moved mostly sideways.

The foreign portfolio lost 1.2% driven by our allocation towards  African equities, as emerging and frontier equity markets continued to witness outflows in September. Africa Absolute Return Fund Contributed positively as the Mauritian Rupee depreciated against the US Dollar. Further volatility can be expected in the last quarter as long as uncertainty on the timing of the first interest rate in the U.S. remains.

Manager's Comments - 31 August 2015
As at 31 August 2015, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs.27.43 compared to Rs.28.20 as at 31 July 2015, representing a loss of 2.7% for the month. The SEMTRI lost 2.2% during the month.

IGF’s local portfolio lost 1.6%. The Performance was driven by positive returns from Alteo, Swan and LUX* which collectively contributed 0.6% during the month. MCB, SBM and Lottotech had a total negative impact of 1.5%. Our fixed income investments supported the local portfolio performance.

The foreign portfolio lost 4.6% driven by our allocation towards both African equities and fixed income, against a backdrop of extreme volatility across global markets in August. With the devaluation of the Chinese Yuan fuelling speculation of the slowdown in the Chinese economy, the negative sentiment of market participants towards emerging and frontier markets was accentuated during the month. The remaining four months of 2015 will see further volatility in emerging and frontier markets, as the key Federal Funds rate in the U.S. could be increased for the fist time in almost a decade.

Manager's Comments - 31 July 2015
As at 31 July 2015, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs.28.20 compared to Rs.28.15 as at 30 June 2015, representing a gain of 0.2% for the month. The SEMTRI gained 0.4% during the month.

IGF’s local portfolio gained 2.0%. Performance was driven by positive returns from Phoenix Beverages , MCB Group and Phoenix Investment, which collectively contributed 2.0% during the month. Mauritius Union, CIM Financial Services and Ciel had a total negative impact of 0.6%. Our fixed income investments supported the local portfolio performance.

The foreign portfolio lost 2.2% driven by our allocation towards African equities, in the context of difficult macroeconomic environments in several countries. So far, corporate earnings releases have had few positive surprises. The appreciation of the US Dollar against the Mauritian Rupee only partially dampened the negative performance on our US Dollar-denominated foreign holdings.

Manager's Comments - 30 June 2015
As at 30 June 2015, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs.28.15 compared to Rs.27.90 as at 29 May 2015, representing a gain of 0.9% for the month. The SEMTRI gained 1.6% during the month.

IGF’s local portfolio gained 2.0%. Performance was driven by positive returns from MCB Group, Phoenix Investment and Phoenix Beverages , which collectively contributed 1.4%. Gamma Civic, SBM Holdings and Alteo provided a drag on returns for the month, with a total negative impact of 0.4%. Our fixed income investments supported the local portfolio performance.

The foreign portfolio lost 1.5% driven by African Investments as market conditions remained challenging across the continent during the month. The Ghana Composite Index lost 8.0% and Nigeria. All Share Index lost 4.0% in June 2015 in MUR terms.

Manager's Comments - 29 May 2015
As at 29 May 2015, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs.27.90 compared to Rs.28.57 as at 30 April 2015.A dividend* of Re.0.70 per share was declared for the financial year 2014/15. The total return for the month stood at 0.1%, after taking the dividend payable to shareholders into consideration.The SEMTRI gained 0.2% during the month.

IGF’s local portfolio gained 0.7%. Performance was driven by positive returns from Cim, Ciel Textile and Lux*, which collectively contributed 0.6%. Gamma Civic, Lottotech and Mauritian Eagle provided a drag on returns for the month, with a collective negative impact of 0.4%. Our fixed income investments supported the local portfolio performance.

The foreign portfolio lost 1.2% driven by our main investment in the African  Market Leaders Fund as market conditions remained challenging across the continent during the month. The Nairobi All Share Index lost 7.2% and Johannesburg All Share Index lost 2.2% (all returns in MUR terms).
*This dividend will be paid on or about 25 June 2015, to all share holders registered at close of business on 8 May 2015.

Manager's Comments - 30 April 2015
PRO Growth Fund Ltd (“IGF”) stood at Rs.28.57 compared to Rs.28.60 as at 31 March 2015, representing again of 0.1% for the month. The SEMTRI lost 0.9% during the month.

IGF’s local portfolio lost 1.0%. Performance was driven by positive returns from MCB Group, Phoenix Beverages and Phoenix Investment, which collectively contributed 0.6%. SBM Holdings, Gamma Civic and Mauritius Union provided a drag on returns for the month, with a collective negative impact of 0.5%. Our fixed income investments supported the local portfolio performance.

The foreign portfolio increased by 1.7% led by our investments in African Market Leaders Fund and Africa Absolute Return Fund which gained 4.0% and 1.8% in US Dollar terms during the month. The US dollar reversed the strong appreciating trend against the Mauritian Rupee witnessed during the first quarter of the year. Hence, the performance of African Market Leaders Fund in Mauritian Rupee terms stood at 1.0% whilst Africa Absolute Return Fund lost 0.18%..

Manager's Comments - 31 March 2015

As at 31 March 2015, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs.28.58 compared to Rs.28.34 as at 27 February 2015, representing again of 0.8% for the month. The SEMTRI lost 0.2%during the month.

IGF’s local portfolio lost 2.0%. Performance was driven by positive returns from Lux*, Ciel Textile and Sun Resorts, which collectively contributed 0.4%. Lottotech, MCB Group and CIM provided a drag on returns for the month, with a collective negative impact of 1.5%. Our fixed income investment supported the local portfolio performance.

The foreign portfolio increased by 7.2%. Our investments in Africa Absolute Return Fund and African Market Leaders Fund gained 2.3% and 4.7% respectively in Mauritian Rupee terms, driven by the US Dollar maintaining its appreciating trend against the reporting currency of the Fund.

Manager's Comments - 27 February 2015

As at 27 February 2015, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 28.34 compared to Rs. 28.17 as at 30 January 2015, representing a gain of 0.6% for the month. The SEMTRI ended the month of February flat.

IGF’s local portfolio gained 0.1%. Performance was driven by positive returns from Cim, MCB Group and Alteo, which collectively contributed 0.9%. Gamma, Lottotech and SBM Holdings provided a drag on returns for the month, with a collective negative impact of 0.7%.

The foreign portfolio increased by 1.6%. Our investments in Africa Absolute Return Fund and African Market Leaders Fund gained 1.1% and 0.5% respectively in Mauritian Rupee terms, driven by the US Dollar continuing its firm appreciating trajectory against the reporting currency of the Fund.

Manager's Comments - 30 January 2015

As at 30 January 2015, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 28.17 compared to Rs. 28.34 as at 31 December 2014, representing a loss of 0.6% for the month. The SEMTRI declined by 2.6% over the same period.

IGF’s local portfolio shed 0.6% as the local market declined during the month. Performance was driven by positive returns from Phoenix Beverages, Mauritius Union Assurance and Gamma Civic, which collectively contributed 0.9%. Alteo, Lux* Island Resorts and Sun Resorts provided a drag on returns for the month, with a collective negative impact of 0.8%.

The foreign portfolio lost 0.2% following a drop in our main holding, African Market Leaders Fund as most markets in which the fund is invested in were  own during the month. The Nigerian All Share Index lost 14.9%, BRVM  Composite Share Index lost 5.9% and Ghana Stock Exchange Composite Index lost 5.3% (all returns in MUR terms).

Manager's Comments - 31 August 2018

As at 31st August 2018, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 30.69 compared to Rs. 31.20 as at 31st July 2018. The return for the month stood at -1.6%. Over the last twelve months, the fund went up by 7.1%.

The fund local portfolio outperformed the SEMTRI despite both ending the month under review in negative territory with -0.4% and -0.8% respectively. The foreign portfolio dropped by 3.8% as corrections in emerging and frontier markets continued during the period.

Manager's Comments - 31 July 2018

As at 31st July 2018, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 31.20 compared to Rs. 31.26 as at 29th June 2018. The return for the month stood at -0.2%. Over the last twelve months, the fund surged by 10.0%.

During the month of July 2018, the international portfolio of IGF outperformed the local portfolio. Three out of the top five local holdings became ex-dividend in July.

Manager's Comments - 29 June 2018

As at 29th June 2018, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 31.26 compared to Rs. 31.30 as at 31st May 2018. The return for the month stood at -0.1%. Over the last twelve months, the fund went up by 10.7%.

The SEMTRI fell by 0.1% for the month under review while the local portfolio of the fund edged higher by 0.3% for the same period, benefitting mainly from dividends received in June. The foreign portfolio dropped by 0.8% as the correction in emerging and frontier markets continued during the period

Manager's Comments - 31 May 2018

As at 31st May 2018, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 31.30 compared to Rs. 32.72 as at 30th April 2018. A dividend of Re. 0.68 was declared on 10th May 2018. The return for the month stood at -2.3%. Over the last 12 months, IGF went up by 13.8%.

During the month of May, IGF’s local portfolio fell by 1.3%, which was in line with the SEMTRI, while the foreign portfolio dropped by 4.1%.

Manager's Comments - 30 April 2018
As at 30th of April 2018, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs.32.72 compared to Rs. 32.16 as at 31st March 2018. The fund returned 1.7% over the month, while the SEMTRI increased by 0.1%. Over the last 12 months, IGF went up by 21.2%.

The local portfolio gained 0.3%, benefitting from the positive performances of MCB Group, Mauritius Union Assurance and Lottotech. The foreign portfolio edged up by 4.3% in April, due to the positive returns of the two Africa funds as well as a weak Rupee.

Manager's Comments - 30 March 2018
As at 30th of March 2018, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 32.11 compared to the NAV of Rs. 31.47 as at February 2018. The fund returned 2.0% while the SEMTRI decreased by 0.2% over the month.

The local portfolio gained 2.2%. The allocation to Phoenix Investment, Phoenix Bev and SBM Holdings contributed positively by 2.0%. Share price declines of Ciel, United Basalt Products and Alteo resulted in a negative attribution of 0.2% for the local portfolio.

In Mauritian Rupee terms, the African Market Leaders fund and the Africa Total Return fund showed positive returns of 1.7% and 1.5%, respectively. The overall foreign portfolio edged up by 1.6% in March, driving the performance of the fund.

Manager's Comments - 28 February 2018
As at 28th of February 2018, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 31.47 compared to the NAV of Rs. 30.81 as at January 2018. The fund returned 2.1% while the SEMTRI registered an increase of 1.7% over the month.

The local portfolio gained 1.3%. The allocation to Phoenix Investment, Gamma Civic, United Basalt Products contributed positively by 1.4%. Share price declines of SBM Holdings, Mauritian Eagle Insurance and CIM resulted in a negative attribution of 0.4% on the Fund’s local allocation.

In Mauritian Rupee terms, the African Market Leaders fund and the Africa Total Return fund made positive returns of 4.4% and 3.1%, respectively. The foreign portfolio overall edged upwards by 3.7% in February.

Manager's Comments - 30 January 2018
As at 30th of January 2018, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 30.81 compared to the audited NAV of Rs. 30.54 as at December 2017. The fund returned 0.9% while the SEMTRI registered an increase of 2.5% in the opening month of 2018.

The local portfolio gained 1.6%. The allocation to Gamma Civic, Ciel and SBM Holdings contributed positively by 1.0%. Share price declines of Fincorp, Mauritian Eagle and POLICY resulted in a small negative attribution of 0.1% on the Fund’s local allocation.

In Mauritian Rupee terms, the African Market Leaders fund returned 1.5% while the Africa Total Return fund edged down by 1.9%. The 2.8% appreciation of the local currency against the U.S. Dollar in January weighed on the performance of the foreign portfolio, which overall posted a negative return of 0.1%.

Manager's Comments - 29 December 2017
As at 29th of December 2017, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 30.52 compared to Rs. 29.83 as at November 2017. The fund returned 2.3% while the SEMTRI inched upwards by 1.2% during the final month of the year.

The local portfolio gained 1.8% in December. The allocation to MCB Group, Lux* and Mauritian Eagle contributed positively by 2.5%. Price declines for shares of Mauritius Union, Gamma Civic and Lottotech resulted in a negative contribution of 0.6% on the Fund’s local allocation.

In December, the African Market Leaders fund returned 4.8% while the Africa Total Return fund edged up by 1.9%, with all return numbers stated in Mauritian Rupee terms. Overall, the foreign allocation posted a total return of 3.2% over the month under review.

Manager's Comments - 30 November 2017
As at 30th of November 2017, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 29.83 compared to Rs. 29.78 as at October 2017. The fund returned 0.2% while the SEMTRI closed the month flat.

The local portfolio shed 1.3% in November. The allocation to Mauritius Union Assurance, SBM Holdings and CIM contributed positively by 0.5%. However, share price declines of MCB Group, Lottotech and Alteo weighed on the local portfolio performance and resulted in a negative contribution of 2.4%.

The African Market Leaders (AML) fund posted a strong return of 8.7% in Mauritian Rupees in the month of November. On the regional fixed income allocation, the Africa Total Return fund moderately negated the positive performance of the foreign equity allocation with a return of -1.9% in Mauritian Rupee terms. Overall, total return of the foreign portfolio was 3.0%.

Manager's Comments - 31 October 2017
As at 31st of October 2017, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 29.78 compared to Rs. 30.05 as at September 2017. The return for the month stood at -0.9%. The SEMTRI shed 1.3% during the month.

The local portfolio returned -0.1% in October. The allocation to Phoenix Bev, Lottotech and Gamma Civic contributed positively by 1.7%. MCB Group, SBM Holdings and CIEL made a total negative contribution of 2.0% to the local portfolio.

The African Market Leaders (AML) fund had a negative return of 6.7% in Mauritian Rupees in the month of October and weighed on performance. The negative impact was mitigated by the Africa Total Return fund, which contributed 2.1% in Mauritian Rupee terms. Total return of the foreign portfolio was -2.3% in October.

Manager's Comments - 29 September 2017
As at 29th of September 2017, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 30.05 compared to Rs. 29.28 as at August 2017. The return for the month stood at 2.6%. The SEMTRI edged up by 1.8% during the month.

The local portfolio returned 2.7% in the month. The allocation MCB Group, LUX*  and Phoenix Bev contributed positively by 2.4%. Share price declines of Alteo, Fincorp and CIM resulted in a small negative attribution of 0.3% to the local portfolio.

The African Market Leaders fund gained 0.5% while the Africa Total Return fund yielded 4.5%, both in Mauritian Rupee terms. The 3.7% depreciation of the Mauritian Rupee against the US Dollar this month fuelled the performance of the regional portfolio. Overall, the foreign allocation made a positive contribution of 2.5% over the period.

Manager's Comments - 31 August 2017
As at 31st of August 2017, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 29.28 compared to Rs. 28.97 as at July 2017. The return for the month stood at 1.1%. The SEMTRI edged up by 0.4% during the month.

The local portfolio returned 2.0% in the month. The allocation to Gamma Civic, Lottotech and Mauritian Eagle contributed positively by 1.3%. Share price declines of Alteo, IBL and POLICY resulted in a small negative attribution of 0.1% to the local portfolio.

The African Market Leaders fund closed the month flat while the Africa Total Return fund shed 1.7%, both in Mauritian Rupee terms. As has been the case over the past 6 months, the Mauritian Rupee appreciated further viz the US Dollar, and gained another 1.8% this month. Overall, the foreign portfolio made a negative contribution of -0.9% over the period.

Manager's Comments - 31 July 2017
As at 31st of July 2017, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 28.97 compared to Rs. 28.84 as at June 2017. The return for the month stood at 0.5%. The SEMTRI maintained its upward momentum and gained 3.6% during the month.

The local portfolio returned 1.1% in the month. The allocation to SBM Holdings, Phoenix Investments and Fincorp contributed positively by 0.74%. Share price declines of MCB Group, Ciel and Mauritius Union resulted a negative attribution of 0.75% to the local portfolio.

The African Market Leaders fund gained 1.2% while the Africa Total Return fund shed 2.4% in Mauritian Rupee terms. The US Dollar weakened against the Mauritian Rupee by a 3.5% to reach levels last seen in early 2015. Overall, the movement in the FX pair resulted in a negative contribution of 0.7% in July.

Manager's Comments - 30 June 2017
As at 30th of June 2017, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 28.84 compared to Rs. 28.10 as at May 2017. The return for the month stood at 2.6%. The SEMTRI gained 2.4% over the same period, led chiefly by the performance of local index heavyweight MCB Group, which delivered a total return of 8.8%.

The local portfolio gained 2.8% in the month. The allocation to MCB Group, Phoenix Bev and UBP contributed positively by 1.7%. Moderate share price declines of LUX* and SBM Holdings were the main detractors to the local portfolio with a negative attribution of 0.1%.

The African Market Leaders fund gained 5.5% while the Africa Total Return fund shed 0.8% in Mauritian Rupee terms.  The appreciation of the Mauritian Rupee by 1.0% month-on-month dampened the positive U.S. $ returns of both funds. Overall, the foreign portfolio returned 2.1%.

Manager's Comments - 31 May 2017
As at 31 May 2017, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 28.10 compared to Rs. 27.66 as at April 2017. A dividend of Re. 0.68 per share was declared for the financial year 2016/17. The total return for the month stood at 4.0%, after taking the dividend payable to unit holders into consideration. The SEMTRI gained 3.3% over the same period.

The local portfolio gained 4.2% in the month. The allocation to MCB Group, Alteo and Ciel Textile contributed positively by 2.4%. SBM Holdings and Phoenix Bev were the only detractors during the month and had a negative attribution of 0.3%.

The African Market Leaders fund gained 6.6% while the Africa Total Return fund rose by 0.7% in Mauritian Rupee terms. Overall, the foreign portfolio returned 3.1%.

Manager's Comments - 28 April 2017
As at 28 April 2017, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 27.66 compared to Rs. 27.22 as at March 2017. The return for the month stood at 1.6%. The SEMTRI gained 4.6% over the same period.

The local equity portfolio increased by 3.4% in the month. The allocation to Ciel, Ciel Textile and SBM Holdings contributed positively by 1.4%. Lottotech and Mauritius Union were the only detractors during the month and had a negative attribution of 0.2%. Local fixed income instruments yielded 0.1%.

The African Market Leaders fund ended the month flat while the Africa Total Return fund shed 3.5% in Mauritian Rupee terms. The US Dollar weakened against the reporting currency by 2.8%, resulting in negative currency translation during the month. Overall, the foreign portfolio returned -1.9% in April.

Manager's Comments - 31 March 2017
As at 31 March 2017, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 27.21 compared to Rs. 27.04 as at February 2017. The return for the month stood at 0.6%. The SEMTRI gained 0.6% over the same period.

The local equity portfolio increased by 0.3% in the month. The allocation to Ciel, Ciel Textile and Phoenix Investment contributed positively by 0.4%. The main detractors during the month were MCB Group, Mauritius Union and Alteo with a negative attribution of 0.3%. Local fixed income instruments yielded 0.1%.

The African Market Leaders fund returned 0.5% while the Africa Total Return fund gained 2.0% in Mauritian Rupee terms. Overall, the foreign portfolio made a positive return of 1.2% in March.

Manager's Comments - 28 February 2017
As at 28 February 2017, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 27.04 compared to Rs. 26.85 as at January 2017. The return for the month stood at 0.7%. The SEMTRI gained 2.3% in February.

The local equity portfolio gained 0.4% in the month. The allocation to MCB Group, Ciel and Alteo contributed positively by 0.5%. The main detractors were Lux* and Gamma Civic with a negative attribution of 0.1%. Local fixed income instruments yielded 0.1%.

The African Market Leaders fund returned 0.7% while the Africa Total Return fund gained 0.9% in Mauritian Rupee terms. Overall, the foreign portfolio yielded a positive return of 0.8% over the month.

Manager's Comments - 31 January 2017
As at 31 January 2017, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 26.85 compared to Rs. 26.56 as at December 2016. The return for the month stood at 1.1%. The SEMTRI gained 4.0% in January.

The local equity portfolio gained 1.8% in the month. The allocation to MCB Group, SBM Holdings and Alteo contributed positively by 1.0%. Ciel Textile, Lottotech and LUX* dragged marginally on the performance with a negative attribution of 0.1%. Local fixed income instruments yielded 0.1% during the month.

The African Market Leaders fund lost 2% while the Africa Total Return fund gained 1% in Mauritian Rupee terms. The US Dollar depreciation of 1.2% against the Rupee had a negative impact to the performance of our regional portfolio in the month. Overall, the foreign portfolio had a negative return of 0.5%.

Manager's Comments - 30 December 2016
As at 30 December 2016, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 26.51 compared to Rs. 26.59 as at November 2016. The return for the month stood at -0.3%. The SEMTRI gained 0.6% in December.

The local equity portfolio lost 0.4% in the month. The allocation to Ciel, Cim and MCB Group contributed positively by 0.2%. Phoenix Investment, SBM Holdings and Lottotech were the main laggards with a negative contribution of 0.4% to the performance. Local fixed income instruments yielded 0.1% during the month.

The African Market Leaders fund was down 0.3% while the Africa Total Return fund gained 0.4%, both in Mauritian Rupee terms. The US Dollar remained flat against the Rupee in the closing month of 2016. The regional investments marginally impacted returns by 0.2% for the month.

Manager's Comments - 31 October 2016
As at 31 October 2016, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 26.51 compared to Rs. 26.61 as at September 2016. The return for the month stood at -0.4%. The SEMTRI shed 1.4% during the month of October.

The local equity portfolio decreased by 0.8% during the month. The allocation to Phoenix Bev, Ciel and Lottotech contributed positively by 0.4%. MCB Group, SBM Holdings and Alteo were the main laggards with a negative contribution of 1.0% to the performance. Local fixed income instruments yielded 0.1% during the month.

The African Market Leaders fund was up 1.6% while the Africa Total Return fund gained 0.6%, both in Mauritian Rupee terms. The 1.1% appreciation of the US Dollar against the Rupee supported the performance of the international portfolio. The regional investments positively impacted returns by 1.0% for the month.

Manager's Comments - 30 September 2016
As at 30 September 2016, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 26.57 compared to Rs. 25.12 as at August 2016. The return for the month stood at 1.7%. The SEMTRI gained 0.9% during the month.

The local equity portfolio increased 1.1% during the month, with the allocation to MCB Group, CIEL Textile and Lottotech contributing 2.1% to the positive performance. Alteo and CIEL were the main laggards in terms of price performance with a negative contribution of 54 basis points. Local fixed income instruments yielded 0.1% during the month.

The African Market Leaders fund was up 4.4%.while the Africa Total Return fund gained 1.3%, both in Mauritian Rupee terms. The 0.8% appreciation of the US Dollar against the Rupee supported the performance of the fund. Overall, our regional investments positively impacted returns by 2.7% for the month.

Manager's Comments - 31 August 2016
As at 31 August 2016, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 26.12 compared to Rs. 25.83 as at July 2016. The return for the month stood at 1.1% while the SEMTRI gained 1.7% during the month.

The local equity portfolio gained 2.7% during the month, with the allocation to Phoenix Investment, Phoenix Bev and Ciel contributing 2.3% to the positive performance. LUX* was the only main laggard in terms of price performance with a negative contribution of 14 basis points. Local fixed income instruments yielded 0.1% during the month.

The African Market Leaders fund shed 4.5% in Mauritian Rupee terms.while the Africa Total Return fund gained 0.4% in Mauritian Rupee terms. The 1.0% depreciation of the US Dollar against the Mauritian Rupee further dampened the performance of the fund this time. Overall, our regional investments impacted negatively on performance by 0.7% for the month.

Manager's Comments - 29 July 2016
As at 29 July 2016, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 25.83 compared to Rs. 25.48 as at June 2016. The return for the month stood at 1.4% while the SEMTRI gained 2.8% during the month.

The local equity portfolio gained 1.3% during the month, with the allocation to SBM Holdings, Alteo and LUX* contributing 1.3% to the positive performance. MCB Group, CIEL and Fincorp however dragged on the performance by a total of 0.5%. Our allocation to the local fixed income instruments yielded 0.1% during the month.

The African Market Leaders fund made a negative contribution in Mauritian Rupee terms. The Africa Total Return fund (formerly Africa Absolute Return fund) gained 2.0% in Mauritian Rupee terms, in spite of the slight appreciation of the Mauritian Rupee against the US Dollar. Overall, our regional investments impacted positively on performance by 0.65% for the month.

Manager's Comments - 30 June 2016
As at 30 June 2016, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 25.48 compared to Rs. 25.21 as at May 2016. The return for the month stood at 1.1% while the SEMTRI gained 0.5% during the month.

The local equity portfolio gained 0.5% during the month, with the allocation to Mauritius Union, MCB Group and Phoenix Bev contributing 1.0% to the positive performance. SBM Holdings, Lottotech and Phoenix Investment however dragged on the performance by a total of 0.9%. Allocation to local fixed income holdings provided a steady 0.1% contribution.

The African Market Leaders fund made a marginal negative contribution in Mauritian Rupee terms. The Africa Absolute Return fund gained 1.1% in Mauritian Rupee terms, mainly due to the depreciation of the Mauritian Rupee against the greenback, as was the case in the previous month. Overall, our regional investments impacted positively on performance by 0.15% for the month.

Manager's Comments - 31 May 2016
As at 31 May 2016, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 25.21 compared to Rs. 25.75 as at April 2016. A dividend of Re. 0.40 per share was declared for the financial year 2015/16. The total return for the month stood at -0.5%, after taking the dividend payable to shareholders into consideration. The SEMTRI shed 1.6% during the month.

The local equity portfolio lost 0.82% during the month, with the allocation to Mauritius Union and LUX* weighing on returns. SBM Holdings and Lottotech, which dragged on performance over the past year, contributed positively following quarterly results release, while allocation to local fixed income generated a small return of 0.1%.

The African Market Leaders fund returned -1.7% in Mauritian Rupee terms on the back of broad-based declines of African equity indices. The Africa Absolute Return fund gained 2.0% in Mauritian Rupee terms, mainly due to the depreciation of the Mauritian Rupee against the greenback. Overall, our regional investments weighed negatively on performance by 0.1% for the month.

Manager's Comments - 29 April 2016
As at 29 April 2016, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 25.75 compared to Rs. 25.68 as at March 2016, representing a gain of 0.3% for the month. The SEMTRI shed 0.7% during the same period.

The performance of the local equity portfolio was flat during the month, with the allocation to SBM Holdings weighing on returns. Mauritius Union and Alteo contributed positively this time, while allocation to local fixed income generated a small return of 0.1%.

With regards to our international exposure, the African Market Leaders fund returned 2.95% in Mauritian Rupee terms on the back of broad-based positive performance for African equity indices. As mentioned in previous fact sheets, foreign investors show a renewed appetite for frontier and emerging equities. The Africa Absolute Return fund shed 0.7% in Mauritian Rupee terms, mainly due to currency translation. Overall, our regional investments yielded 0.4% for the month.

Manager's Comments - 31 March 2016
As at 31 March 2016, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 25.65 compared to Rs. 25.62 as at February 2016, representing a gain of 0.1% for the month. The SEMTRI shed 0.7% during the same period.

IGF’s local portfolio lost 0.8% during the month. Alteo, Swan General and Phoenix Investment dragged on returns with a cumulative negative impact of 0.3% on the fund. Within the top performers, Lottotech, Mauritius Union and Ciel Textile contributed positively by 0.2% to the local portfolio performance.

The African Market Leaders fund returned 1.5% following broad-based positive performance for African equity indices, as foreign investors show a renewed appetite for frontier and emerging equities. The Africa Absolute Return fund gained 3.0%, driven by a cautious stance of the U.S. Federal Reserve at its meeting in March.

Manager's Comments - 29 February 2016
As at 29 February 2016, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 25.62 compared to Rs. 25.64 as at January 2016, representing a loss of 0.1% for the month. The SEMTRI shed 1.59% during the same period.

IGF’s local portfolio shed 0.8% during the month. Alteo, Phoenix Beverages and Phoenix Investment dragged on returns with a cumulative negative impact of 0.6%. Within the top performers, SBM Holdings, Air Mauritius and Rogers contributed positively by 0.3% to the local portfolio performance.

The African Market Leaders fund and the Africa Absolute Return fund returned 1.9% and 1.4%, respectively, during the period. February saw the reversal of global investor sentiment towards riskier asset classes. Rebound in commodity prices, which was particularly pronounced for precious and industrial metal prices, led to favorable price movements of underlying equity and fixed income holdings.

Manager's Comments - 29 January 2016
As at 29 January 2016, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 25.64 compared to Rs. 26.20 as at December 2015, representing a loss of 2.1% for the month. The SEMTRI gained 1.9% during the same period.

IGF’s local portfolio shed 1.3% during the month. SBM Holdings, LUX* and CIEL dragged on returns with a cumulative negative impact of 0.6%. Within the top contributors, Fincorp, Belle Mare Holdings and Alteo contributed positively by 0.3% to the local portfolio performance.

With regards to the international portfolio, the negative return of African Market Leaders of -5.1% in Mauritian Rupee terms weighed on the overall fund performance. On the fixed income side, the African Absolute Return fund lost 1.4%. As has been the case in recent months, the main factor at play remains the ‘risk off’ sentiment of global markets in the context of weaker than expected economic data from China. Additionally, the perception that Africa equals commodities, where severe overcapacities persist in oil, bulk, and certain precious metals, led to a further drop in several African equity and fixed income markets in the beginning of the year.

Manager's Comments - 31 December 2015
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, representing a loss of 1.0% for the month. The SEMTRI lost 0.2% during the same period.

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 top contributors, LUX*, Mauritius Union and CIM partially recouped losses seen in previous months and contributed positively by 0.6% to the local portfolio performance.

With the Mauritian Rupee appreciating against the US Dollar by 1% during the month, the negative US Dollar return of the foreign portfolio was further pronounced. In US 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 income came under pressure globally. The 25 basis points hike by the Fed to 0.5% led to moderate recovery in African fixed income holdings, as the move was eagerly awaited for by market participants.

Manager's Comments - 30 November 2015
As at 30 November 2015, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 26.42 compared to Rs. 27.05 as at October 2015, representing a loss of 2.3% for the month. The SEMTRI lost 2.6% during the same period.

IGF’s local portfolio shed 2.3%. SBM Holdings, LUX* and Mauritius Union dragged on returns with a cumulative negative impact of 0.8%. The month was characterized by strong selling pressure across the board on the Official Market. Both local and foreign investors shrugged off the cut in Key Repo Rate by the Bank of Mauritius by 0.25% to 4.4% in early November. Companies reporting overall decent results for the quarter ending September failed to gather any upside momentum of note.

The depreciation of the Mauritian Rupee against the US Dollar, while contributing positively to the performance, did not offset the negative return of the African Market Leaders fund. The foreign portfolio consequently lost 2.4% in Mauritian Rupee terms. Pressure on the commodity complex led to broad-based declines of underlying securities of the African equities and fixed income strategies.

Manager's Comments - 30 October 2015
As at 30 September 2015, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs.27.05 compared to Rs.27.28 as at September 2015, representing a loss of 0.8% for the month. The SEMTRI lost 1.4% during the same period.

IGF’s local portfolio shed 1.6%. Notable Contributors to this performance were MCB Group, CIEL Textile and Gamma Civic, with a total weighted performance of 0.3%. Laggards were SBM Holdings, LUX* and Mauritius Union  with a cumulative negative impact of 0.8%. Our fixed income investments supported the local portfolio performance in a month where no catalyst of note held up the Official Market.

The foreign portfolio gained 1.1% driven by our allocation towards  African Absolute Return Fund. The depreciation of the Mauritian Rupee against the US Dollar contributed positively to the performance during the month. Volatility should remain elevated in the closing months of the year, with a hike in U.S. interest rate being anticipated by market participants in December.

Manager's Comments - 30 September 2015
As at 30 September 2015, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs.27.20 compared to Rs.27.43 as at August 2015, representing a loss of 0.8% for the month. The SEMTRI lost 0.8% during the same period.

IGF’s local portfolio shed 0.7%. Notable Contributors to this performance were Gamma Civic and CIEL Textile, with a total weighted performance of 0.2%. Laggards were Mauritius Union, Lottotech and CIEL with a cumulative negative impact of 0.3%. Our fixed income investments supported the local portfolio performance in a month where share prices of our holdings during the month moved mostly sideways.

The foreign portfolio lost 1.2% driven by our allocation towards  African equities, as emerging and frontier equity markets continued to witness outflows in September. Africa Absolute Return Fund Contributed positively as the Mauritian Rupee depreciated against the US Dollar. Further volatility can be expected in the last quarter as long as uncertainty on the timing of the first interest rate in the U.S. remains.

Manager's Comments - 31 August 2015
As at 31 August 2015, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs.27.43 compared to Rs.28.20 as at 31 July 2015, representing a loss of 2.7% for the month. The SEMTRI lost 2.2% during the month.

IGF’s local portfolio lost 1.6%. The Performance was driven by positive returns from Alteo, Swan and LUX* which collectively contributed 0.6% during the month. MCB, SBM and Lottotech had a total negative impact of 1.5%. Our fixed income investments supported the local portfolio performance.

The foreign portfolio lost 4.6% driven by our allocation towards both African equities and fixed income, against a backdrop of extreme volatility across global markets in August. With the devaluation of the Chinese Yuan fuelling speculation of the slowdown in the Chinese economy, the negative sentiment of market participants towards emerging and frontier markets was accentuated during the month. The remaining four months of 2015 will see further volatility in emerging and frontier markets, as the key Federal Funds rate in the U.S. could be increased for the fist time in almost a decade.

Manager's Comments - 31 July 2015
As at 31 July 2015, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs.28.20 compared to Rs.28.15 as at 30 June 2015, representing a gain of 0.2% for the month. The SEMTRI gained 0.4% during the month.

IGF’s local portfolio gained 2.0%. Performance was driven by positive returns from Phoenix Beverages , MCB Group and Phoenix Investment, which collectively contributed 2.0% during the month. Mauritius Union, CIM Financial Services and Ciel had a total negative impact of 0.6%. Our fixed income investments supported the local portfolio performance.

The foreign portfolio lost 2.2% driven by our allocation towards African equities, in the context of difficult macroeconomic environments in several countries. So far, corporate earnings releases have had few positive surprises. The appreciation of the US Dollar against the Mauritian Rupee only partially dampened the negative performance on our US Dollar-denominated foreign holdings.

Manager's Comments - 30 June 2015
As at 30 June 2015, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs.28.15 compared to Rs.27.90 as at 29 May 2015, representing a gain of 0.9% for the month. The SEMTRI gained 1.6% during the month.

IGF’s local portfolio gained 2.0%. Performance was driven by positive returns from MCB Group, Phoenix Investment and Phoenix Beverages , which collectively contributed 1.4%. Gamma Civic, SBM Holdings and Alteo provided a drag on returns for the month, with a total negative impact of 0.4%. Our fixed income investments supported the local portfolio performance.

The foreign portfolio lost 1.5% driven by African Investments as market conditions remained challenging across the continent during the month. The Ghana Composite Index lost 8.0% and Nigeria. All Share Index lost 4.0% in June 2015 in MUR terms.

Manager's Comments - 29 May 2015
As at 29 May 2015, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs.27.90 compared to Rs.28.57 as at 30 April 2015.A dividend* of Re.0.70 per share was declared for the financial year 2014/15. The total return for the month stood at 0.1%, after taking the dividend payable to shareholders into consideration.The SEMTRI gained 0.2% during the month.

IGF’s local portfolio gained 0.7%. Performance was driven by positive returns from Cim, Ciel Textile and Lux*, which collectively contributed 0.6%. Gamma Civic, Lottotech and Mauritian Eagle provided a drag on returns for the month, with a collective negative impact of 0.4%. Our fixed income investments supported the local portfolio performance.

The foreign portfolio lost 1.2% driven by our main investment in the African  Market Leaders Fund as market conditions remained challenging across the continent during the month. The Nairobi All Share Index lost 7.2% and Johannesburg All Share Index lost 2.2% (all returns in MUR terms).
*This dividend will be paid on or about 25 June 2015, to all share holders registered at close of business on 8 May 2015.

Manager's Comments - 30 April 2015
PRO Growth Fund Ltd (“IGF”) stood at Rs.28.57 compared to Rs.28.60 as at 31 March 2015, representing again of 0.1% for the month. The SEMTRI lost 0.9% during the month.

IGF’s local portfolio lost 1.0%. Performance was driven by positive returns from MCB Group, Phoenix Beverages and Phoenix Investment, which collectively contributed 0.6%. SBM Holdings, Gamma Civic and Mauritius Union provided a drag on returns for the month, with a collective negative impact of 0.5%. Our fixed income investments supported the local portfolio performance.

The foreign portfolio increased by 1.7% led by our investments in African Market Leaders Fund and Africa Absolute Return Fund which gained 4.0% and 1.8% in US Dollar terms during the month. The US dollar reversed the strong appreciating trend against the Mauritian Rupee witnessed during the first quarter of the year. Hence, the performance of African Market Leaders Fund in Mauritian Rupee terms stood at 1.0% whilst Africa Absolute Return Fund lost 0.18%..

Manager's Comments - 31 March 2015

As at 31 March 2015, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs.28.58 compared to Rs.28.34 as at 27 February 2015, representing again of 0.8% for the month. The SEMTRI lost 0.2%during the month.

IGF’s local portfolio lost 2.0%. Performance was driven by positive returns from Lux*, Ciel Textile and Sun Resorts, which collectively contributed 0.4%. Lottotech, MCB Group and CIM provided a drag on returns for the month, with a collective negative impact of 1.5%. Our fixed income investment supported the local portfolio performance.

The foreign portfolio increased by 7.2%. Our investments in Africa Absolute Return Fund and African Market Leaders Fund gained 2.3% and 4.7% respectively in Mauritian Rupee terms, driven by the US Dollar maintaining its appreciating trend against the reporting currency of the Fund.

Manager's Comments - 27 February 2015

As at 27 February 2015, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 28.34 compared to Rs. 28.17 as at 30 January 2015, representing a gain of 0.6% for the month. The SEMTRI ended the month of February flat.

IGF’s local portfolio gained 0.1%. Performance was driven by positive returns from Cim, MCB Group and Alteo, which collectively contributed 0.9%. Gamma, Lottotech and SBM Holdings provided a drag on returns for the month, with a collective negative impact of 0.7%.

The foreign portfolio increased by 1.6%. Our investments in Africa Absolute Return Fund and African Market Leaders Fund gained 1.1% and 0.5% respectively in Mauritian Rupee terms, driven by the US Dollar continuing its firm appreciating trajectory against the reporting currency of the Fund.

Manager's Comments - 30 January 2015

As at 30 January 2015, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 28.17 compared to Rs. 28.34 as at 31 December 2014, representing a loss of 0.6% for the month. The SEMTRI declined by 2.6% over the same period.

IGF’s local portfolio shed 0.6% as the local market declined during the month. Performance was driven by positive returns from Phoenix Beverages, Mauritius Union Assurance and Gamma Civic, which collectively contributed 0.9%. Alteo, Lux* Island Resorts and Sun Resorts provided a drag on returns for the month, with a collective negative impact of 0.8%.

The foreign portfolio lost 0.2% following a drop in our main holding, African Market Leaders Fund as most markets in which the fund is invested in were  own during the month. The Nigerian All Share Index lost 14.9%, BRVM  Composite Share Index lost 5.9% and Ghana Stock Exchange Composite Index lost 5.3% (all returns in MUR terms).

Manager's Comments - 30 March 2018
As at 30th of March 2018, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 32.11 compared to the NAV of Rs. 31.47 as at February 2018. The fund returned 2.0% while the SEMTRI decreased by 0.2% over the month.

The local portfolio gained 2.2%. The allocation to Phoenix Investment, Phoenix Bev and SBM Holdings contributed positively by 2.0%. Share price declines of Ciel, United Basalt Products and Alteo resulted in a negative attribution of 0.2% for the local portfolio.

In Mauritian Rupee terms, the African Market Leaders fund and the Africa Total Return fund showed positive returns of 1.7% and 1.5%, respectively. The overall foreign portfolio edged up by 1.6% in March, driving the performance of the fund.

Manager's Comments - 28 February 2018
As at 28th of February 2018, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 31.47 compared to the NAV of Rs. 30.81 as at January 2018. The fund returned 2.1% while the SEMTRI registered an increase of 1.7% over the month.

The local portfolio gained 1.3%. The allocation to Phoenix Investment, Gamma Civic, United Basalt Products contributed positively by 1.4%. Share price declines of SBM Holdings, Mauritian Eagle Insurance and CIM resulted in a negative attribution of 0.4% on the Fund’s local allocation.

In Mauritian Rupee terms, the African Market Leaders fund and the Africa Total Return fund made positive returns of 4.4% and 3.1%, respectively. The foreign portfolio overall edged upwards by 3.7% in February.

Manager's Comments - 30 January 2018
As at 30th of January 2018, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 30.81 compared to the audited NAV of Rs. 30.54 as at December 2017. The fund returned 0.9% while the SEMTRI registered an increase of 2.5% in the opening month of 2018.

The local portfolio gained 1.6%. The allocation to Gamma Civic, Ciel and SBM Holdings contributed positively by 1.0%. Share price declines of Fincorp, Mauritian Eagle and POLICY resulted in a small negative attribution of 0.1% on the Fund’s local allocation.

In Mauritian Rupee terms, the African Market Leaders fund returned 1.5% while the Africa Total Return fund edged down by 1.9%. The 2.8% appreciation of the local currency against the U.S. Dollar in January weighed on the performance of the foreign portfolio, which overall posted a negative return of 0.1%.

Manager's Comments - 29 December 2017
As at 29th of December 2017, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 30.52 compared to Rs. 29.83 as at November 2017. The fund returned 2.3% while the SEMTRI inched upwards by 1.2% during the final month of the year.

The local portfolio gained 1.8% in December. The allocation to MCB Group, Lux* and Mauritian Eagle contributed positively by 2.5%. Price declines for shares of Mauritius Union, Gamma Civic and Lottotech resulted in a negative contribution of 0.6% on the Fund’s local allocation.

In December, the African Market Leaders fund returned 4.8% while the Africa Total Return fund edged up by 1.9%, with all return numbers stated in Mauritian Rupee terms. Overall, the foreign allocation posted a total return of 3.2% over the month under review.

Manager's Comments - 30 November 2017
As at 30th of November 2017, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 29.83 compared to Rs. 29.78 as at October 2017. The fund returned 0.2% while the SEMTRI closed the month flat.

The local portfolio shed 1.3% in November. The allocation to Mauritius Union Assurance, SBM Holdings and CIM contributed positively by 0.5%. However, share price declines of MCB Group, Lottotech and Alteo weighed on the local portfolio performance and resulted in a negative contribution of 2.4%.

The African Market Leaders (AML) fund posted a strong return of 8.7% in Mauritian Rupees in the month of November. On the regional fixed income allocation, the Africa Total Return fund moderately negated the positive performance of the foreign equity allocation with a return of -1.9% in Mauritian Rupee terms. Overall, total return of the foreign portfolio was 3.0%.

Manager's Comments - 31 October 2017
As at 31st of October 2017, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 29.78 compared to Rs. 30.05 as at September 2017. The return for the month stood at -0.9%. The SEMTRI shed 1.3% during the month.

The local portfolio returned -0.1% in October. The allocation to Phoenix Bev, Lottotech and Gamma Civic contributed positively by 1.7%. MCB Group, SBM Holdings and CIEL made a total negative contribution of 2.0% to the local portfolio.

The African Market Leaders (AML) fund had a negative return of 6.7% in Mauritian Rupees in the month of October and weighed on performance. The negative impact was mitigated by the Africa Total Return fund, which contributed 2.1% in Mauritian Rupee terms. Total return of the foreign portfolio was -2.3% in October.

Manager's Comments - 29 September 2017
As at 29th of September 2017, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 30.05 compared to Rs. 29.28 as at August 2017. The return for the month stood at 2.6%. The SEMTRI edged up by 1.8% during the month.

The local portfolio returned 2.7% in the month. The allocation MCB Group, LUX*  and Phoenix Bev contributed positively by 2.4%. Share price declines of Alteo, Fincorp and CIM resulted in a small negative attribution of 0.3% to the local portfolio.

The African Market Leaders fund gained 0.5% while the Africa Total Return fund yielded 4.5%, both in Mauritian Rupee terms. The 3.7% depreciation of the Mauritian Rupee against the US Dollar this month fuelled the performance of the regional portfolio. Overall, the foreign allocation made a positive contribution of 2.5% over the period.

Manager's Comments - 31 August 2017
As at 31st of August 2017, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 29.28 compared to Rs. 28.97 as at July 2017. The return for the month stood at 1.1%. The SEMTRI edged up by 0.4% during the month.

The local portfolio returned 2.0% in the month. The allocation to Gamma Civic, Lottotech and Mauritian Eagle contributed positively by 1.3%. Share price declines of Alteo, IBL and POLICY resulted in a small negative attribution of 0.1% to the local portfolio.

The African Market Leaders fund closed the month flat while the Africa Total Return fund shed 1.7%, both in Mauritian Rupee terms. As has been the case over the past 6 months, the Mauritian Rupee appreciated further viz the US Dollar, and gained another 1.8% this month. Overall, the foreign portfolio made a negative contribution of -0.9% over the period.

Manager's Comments - 31 July 2017
As at 31st of July 2017, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 28.97 compared to Rs. 28.84 as at June 2017. The return for the month stood at 0.5%. The SEMTRI maintained its upward momentum and gained 3.6% during the month.

The local portfolio returned 1.1% in the month. The allocation to SBM Holdings, Phoenix Investments and Fincorp contributed positively by 0.74%. Share price declines of MCB Group, Ciel and Mauritius Union resulted a negative attribution of 0.75% to the local portfolio.

The African Market Leaders fund gained 1.2% while the Africa Total Return fund shed 2.4% in Mauritian Rupee terms. The US Dollar weakened against the Mauritian Rupee by a 3.5% to reach levels last seen in early 2015. Overall, the movement in the FX pair resulted in a negative contribution of 0.7% in July.

Manager's Comments - 30 June 2017
As at 30th of June 2017, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 28.84 compared to Rs. 28.10 as at May 2017. The return for the month stood at 2.6%. The SEMTRI gained 2.4% over the same period, led chiefly by the performance of local index heavyweight MCB Group, which delivered a total return of 8.8%.

The local portfolio gained 2.8% in the month. The allocation to MCB Group, Phoenix Bev and UBP contributed positively by 1.7%. Moderate share price declines of LUX* and SBM Holdings were the main detractors to the local portfolio with a negative attribution of 0.1%.

The African Market Leaders fund gained 5.5% while the Africa Total Return fund shed 0.8% in Mauritian Rupee terms.  The appreciation of the Mauritian Rupee by 1.0% month-on-month dampened the positive U.S. $ returns of both funds. Overall, the foreign portfolio returned 2.1%.

Manager's Comments - 31 May 2017
As at 31 May 2017, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 28.10 compared to Rs. 27.66 as at April 2017. A dividend of Re. 0.68 per share was declared for the financial year 2016/17. The total return for the month stood at 4.0%, after taking the dividend payable to unit holders into consideration. The SEMTRI gained 3.3% over the same period.

The local portfolio gained 4.2% in the month. The allocation to MCB Group, Alteo and Ciel Textile contributed positively by 2.4%. SBM Holdings and Phoenix Bev were the only detractors during the month and had a negative attribution of 0.3%.

The African Market Leaders fund gained 6.6% while the Africa Total Return fund rose by 0.7% in Mauritian Rupee terms. Overall, the foreign portfolio returned 3.1%.

Manager's Comments - 28 April 2017
As at 28 April 2017, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 27.66 compared to Rs. 27.22 as at March 2017. The return for the month stood at 1.6%. The SEMTRI gained 4.6% over the same period.

The local equity portfolio increased by 3.4% in the month. The allocation to Ciel, Ciel Textile and SBM Holdings contributed positively by 1.4%. Lottotech and Mauritius Union were the only detractors during the month and had a negative attribution of 0.2%. Local fixed income instruments yielded 0.1%.

The African Market Leaders fund ended the month flat while the Africa Total Return fund shed 3.5% in Mauritian Rupee terms. The US Dollar weakened against the reporting currency by 2.8%, resulting in negative currency translation during the month. Overall, the foreign portfolio returned -1.9% in April.

Manager's Comments - 31 March 2017
As at 31 March 2017, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 27.21 compared to Rs. 27.04 as at February 2017. The return for the month stood at 0.6%. The SEMTRI gained 0.6% over the same period.

The local equity portfolio increased by 0.3% in the month. The allocation to Ciel, Ciel Textile and Phoenix Investment contributed positively by 0.4%. The main detractors during the month were MCB Group, Mauritius Union and Alteo with a negative attribution of 0.3%. Local fixed income instruments yielded 0.1%.

The African Market Leaders fund returned 0.5% while the Africa Total Return fund gained 2.0% in Mauritian Rupee terms. Overall, the foreign portfolio made a positive return of 1.2% in March.

Manager's Comments - 28 February 2017
As at 28 February 2017, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 27.04 compared to Rs. 26.85 as at January 2017. The return for the month stood at 0.7%. The SEMTRI gained 2.3% in February.

The local equity portfolio gained 0.4% in the month. The allocation to MCB Group, Ciel and Alteo contributed positively by 0.5%. The main detractors were Lux* and Gamma Civic with a negative attribution of 0.1%. Local fixed income instruments yielded 0.1%.

The African Market Leaders fund returned 0.7% while the Africa Total Return fund gained 0.9% in Mauritian Rupee terms. Overall, the foreign portfolio yielded a positive return of 0.8% over the month.

Manager's Comments - 31 January 2017
As at 31 January 2017, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 26.85 compared to Rs. 26.56 as at December 2016. The return for the month stood at 1.1%. The SEMTRI gained 4.0% in January.

The local equity portfolio gained 1.8% in the month. The allocation to MCB Group, SBM Holdings and Alteo contributed positively by 1.0%. Ciel Textile, Lottotech and LUX* dragged marginally on the performance with a negative attribution of 0.1%. Local fixed income instruments yielded 0.1% during the month.

The African Market Leaders fund lost 2% while the Africa Total Return fund gained 1% in Mauritian Rupee terms. The US Dollar depreciation of 1.2% against the Rupee had a negative impact to the performance of our regional portfolio in the month. Overall, the foreign portfolio had a negative return of 0.5%.

Manager's Comments - 30 December 2016
As at 30 December 2016, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 26.51 compared to Rs. 26.59 as at November 2016. The return for the month stood at -0.3%. The SEMTRI gained 0.6% in December.

The local equity portfolio lost 0.4% in the month. The allocation to Ciel, Cim and MCB Group contributed positively by 0.2%. Phoenix Investment, SBM Holdings and Lottotech were the main laggards with a negative contribution of 0.4% to the performance. Local fixed income instruments yielded 0.1% during the month.

The African Market Leaders fund was down 0.3% while the Africa Total Return fund gained 0.4%, both in Mauritian Rupee terms. The US Dollar remained flat against the Rupee in the closing month of 2016. The regional investments marginally impacted returns by 0.2% for the month.

Manager's Comments - 31 October 2016
As at 31 October 2016, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 26.51 compared to Rs. 26.61 as at September 2016. The return for the month stood at -0.4%. The SEMTRI shed 1.4% during the month of October.

The local equity portfolio decreased by 0.8% during the month. The allocation to Phoenix Bev, Ciel and Lottotech contributed positively by 0.4%. MCB Group, SBM Holdings and Alteo were the main laggards with a negative contribution of 1.0% to the performance. Local fixed income instruments yielded 0.1% during the month.

The African Market Leaders fund was up 1.6% while the Africa Total Return fund gained 0.6%, both in Mauritian Rupee terms. The 1.1% appreciation of the US Dollar against the Rupee supported the performance of the international portfolio. The regional investments positively impacted returns by 1.0% for the month.

Manager's Comments - 30 September 2016
As at 30 September 2016, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 26.57 compared to Rs. 25.12 as at August 2016. The return for the month stood at 1.7%. The SEMTRI gained 0.9% during the month.

The local equity portfolio increased 1.1% during the month, with the allocation to MCB Group, CIEL Textile and Lottotech contributing 2.1% to the positive performance. Alteo and CIEL were the main laggards in terms of price performance with a negative contribution of 54 basis points. Local fixed income instruments yielded 0.1% during the month.

The African Market Leaders fund was up 4.4%.while the Africa Total Return fund gained 1.3%, both in Mauritian Rupee terms. The 0.8% appreciation of the US Dollar against the Rupee supported the performance of the fund. Overall, our regional investments positively impacted returns by 2.7% for the month.

Manager's Comments - 31 August 2016
As at 31 August 2016, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 26.12 compared to Rs. 25.83 as at July 2016. The return for the month stood at 1.1% while the SEMTRI gained 1.7% during the month.

The local equity portfolio gained 2.7% during the month, with the allocation to Phoenix Investment, Phoenix Bev and Ciel contributing 2.3% to the positive performance. LUX* was the only main laggard in terms of price performance with a negative contribution of 14 basis points. Local fixed income instruments yielded 0.1% during the month.

The African Market Leaders fund shed 4.5% in Mauritian Rupee terms.while the Africa Total Return fund gained 0.4% in Mauritian Rupee terms. The 1.0% depreciation of the US Dollar against the Mauritian Rupee further dampened the performance of the fund this time. Overall, our regional investments impacted negatively on performance by 0.7% for the month.

Manager's Comments - 29 July 2016
As at 29 July 2016, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 25.83 compared to Rs. 25.48 as at June 2016. The return for the month stood at 1.4% while the SEMTRI gained 2.8% during the month.

The local equity portfolio gained 1.3% during the month, with the allocation to SBM Holdings, Alteo and LUX* contributing 1.3% to the positive performance. MCB Group, CIEL and Fincorp however dragged on the performance by a total of 0.5%. Our allocation to the local fixed income instruments yielded 0.1% during the month.

The African Market Leaders fund made a negative contribution in Mauritian Rupee terms. The Africa Total Return fund (formerly Africa Absolute Return fund) gained 2.0% in Mauritian Rupee terms, in spite of the slight appreciation of the Mauritian Rupee against the US Dollar. Overall, our regional investments impacted positively on performance by 0.65% for the month.

Manager's Comments - 30 June 2016
As at 30 June 2016, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 25.48 compared to Rs. 25.21 as at May 2016. The return for the month stood at 1.1% while the SEMTRI gained 0.5% during the month.

The local equity portfolio gained 0.5% during the month, with the allocation to Mauritius Union, MCB Group and Phoenix Bev contributing 1.0% to the positive performance. SBM Holdings, Lottotech and Phoenix Investment however dragged on the performance by a total of 0.9%. Allocation to local fixed income holdings provided a steady 0.1% contribution.

The African Market Leaders fund made a marginal negative contribution in Mauritian Rupee terms. The Africa Absolute Return fund gained 1.1% in Mauritian Rupee terms, mainly due to the depreciation of the Mauritian Rupee against the greenback, as was the case in the previous month. Overall, our regional investments impacted positively on performance by 0.15% for the month.

Manager's Comments - 31 May 2016
As at 31 May 2016, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 25.21 compared to Rs. 25.75 as at April 2016. A dividend of Re. 0.40 per share was declared for the financial year 2015/16. The total return for the month stood at -0.5%, after taking the dividend payable to shareholders into consideration. The SEMTRI shed 1.6% during the month.

The local equity portfolio lost 0.82% during the month, with the allocation to Mauritius Union and LUX* weighing on returns. SBM Holdings and Lottotech, which dragged on performance over the past year, contributed positively following quarterly results release, while allocation to local fixed income generated a small return of 0.1%.

The African Market Leaders fund returned -1.7% in Mauritian Rupee terms on the back of broad-based declines of African equity indices. The Africa Absolute Return fund gained 2.0% in Mauritian Rupee terms, mainly due to the depreciation of the Mauritian Rupee against the greenback. Overall, our regional investments weighed negatively on performance by 0.1% for the month.

Manager's Comments - 29 April 2016
As at 29 April 2016, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 25.75 compared to Rs. 25.68 as at March 2016, representing a gain of 0.3% for the month. The SEMTRI shed 0.7% during the same period.

The performance of the local equity portfolio was flat during the month, with the allocation to SBM Holdings weighing on returns. Mauritius Union and Alteo contributed positively this time, while allocation to local fixed income generated a small return of 0.1%.

With regards to our international exposure, the African Market Leaders fund returned 2.95% in Mauritian Rupee terms on the back of broad-based positive performance for African equity indices. As mentioned in previous fact sheets, foreign investors show a renewed appetite for frontier and emerging equities. The Africa Absolute Return fund shed 0.7% in Mauritian Rupee terms, mainly due to currency translation. Overall, our regional investments yielded 0.4% for the month.

Manager's Comments - 31 March 2016
As at 31 March 2016, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 25.65 compared to Rs. 25.62 as at February 2016, representing a gain of 0.1% for the month. The SEMTRI shed 0.7% during the same period.

IGF’s local portfolio lost 0.8% during the month. Alteo, Swan General and Phoenix Investment dragged on returns with a cumulative negative impact of 0.3% on the fund. Within the top performers, Lottotech, Mauritius Union and Ciel Textile contributed positively by 0.2% to the local portfolio performance.

The African Market Leaders fund returned 1.5% following broad-based positive performance for African equity indices, as foreign investors show a renewed appetite for frontier and emerging equities. The Africa Absolute Return fund gained 3.0%, driven by a cautious stance of the U.S. Federal Reserve at its meeting in March.

Manager's Comments - 29 February 2016
As at 29 February 2016, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 25.62 compared to Rs. 25.64 as at January 2016, representing a loss of 0.1% for the month. The SEMTRI shed 1.59% during the same period.

IGF’s local portfolio shed 0.8% during the month. Alteo, Phoenix Beverages and Phoenix Investment dragged on returns with a cumulative negative impact of 0.6%. Within the top performers, SBM Holdings, Air Mauritius and Rogers contributed positively by 0.3% to the local portfolio performance.

The African Market Leaders fund and the Africa Absolute Return fund returned 1.9% and 1.4%, respectively, during the period. February saw the reversal of global investor sentiment towards riskier asset classes. Rebound in commodity prices, which was particularly pronounced for precious and industrial metal prices, led to favorable price movements of underlying equity and fixed income holdings.

Manager's Comments - 29 January 2016
As at 29 January 2016, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 25.64 compared to Rs. 26.20 as at December 2015, representing a loss of 2.1% for the month. The SEMTRI gained 1.9% during the same period.

IGF’s local portfolio shed 1.3% during the month. SBM Holdings, LUX* and CIEL dragged on returns with a cumulative negative impact of 0.6%. Within the top contributors, Fincorp, Belle Mare Holdings and Alteo contributed positively by 0.3% to the local portfolio performance.

With regards to the international portfolio, the negative return of African Market Leaders of -5.1% in Mauritian Rupee terms weighed on the overall fund performance. On the fixed income side, the African Absolute Return fund lost 1.4%. As has been the case in recent months, the main factor at play remains the ‘risk off’ sentiment of global markets in the context of weaker than expected economic data from China. Additionally, the perception that Africa equals commodities, where severe overcapacities persist in oil, bulk, and certain precious metals, led to a further drop in several African equity and fixed income markets in the beginning of the year.

Manager's Comments - 31 December 2015
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, representing a loss of 1.0% for the month. The SEMTRI lost 0.2% during the same period.

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 top contributors, LUX*, Mauritius Union and CIM partially recouped losses seen in previous months and contributed positively by 0.6% to the local portfolio performance.

With the Mauritian Rupee appreciating against the US Dollar by 1% during the month, the negative US Dollar return of the foreign portfolio was further pronounced. In US 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 income came under pressure globally. The 25 basis points hike by the Fed to 0.5% led to moderate recovery in African fixed income holdings, as the move was eagerly awaited for by market participants.

Manager's Comments - 30 November 2015
As at 30 November 2015, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 26.42 compared to Rs. 27.05 as at October 2015, representing a loss of 2.3% for the month. The SEMTRI lost 2.6% during the same period.

IGF’s local portfolio shed 2.3%. SBM Holdings, LUX* and Mauritius Union dragged on returns with a cumulative negative impact of 0.8%. The month was characterized by strong selling pressure across the board on the Official Market. Both local and foreign investors shrugged off the cut in Key Repo Rate by the Bank of Mauritius by 0.25% to 4.4% in early November. Companies reporting overall decent results for the quarter ending September failed to gather any upside momentum of note.

The depreciation of the Mauritian Rupee against the US Dollar, while contributing positively to the performance, did not offset the negative return of the African Market Leaders fund. The foreign portfolio consequently lost 2.4% in Mauritian Rupee terms. Pressure on the commodity complex led to broad-based declines of underlying securities of the African equities and fixed income strategies.

Manager's Comments - 30 October 2015
As at 30 September 2015, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs.27.05 compared to Rs.27.28 as at September 2015, representing a loss of 0.8% for the month. The SEMTRI lost 1.4% during the same period.

IGF’s local portfolio shed 1.6%. Notable Contributors to this performance were MCB Group, CIEL Textile and Gamma Civic, with a total weighted performance of 0.3%. Laggards were SBM Holdings, LUX* and Mauritius Union  with a cumulative negative impact of 0.8%. Our fixed income investments supported the local portfolio performance in a month where no catalyst of note held up the Official Market.

The foreign portfolio gained 1.1% driven by our allocation towards  African Absolute Return Fund. The depreciation of the Mauritian Rupee against the US Dollar contributed positively to the performance during the month. Volatility should remain elevated in the closing months of the year, with a hike in U.S. interest rate being anticipated by market participants in December.

Manager's Comments - 30 September 2015
As at 30 September 2015, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs.27.20 compared to Rs.27.43 as at August 2015, representing a loss of 0.8% for the month. The SEMTRI lost 0.8% during the same period.

IGF’s local portfolio shed 0.7%. Notable Contributors to this performance were Gamma Civic and CIEL Textile, with a total weighted performance of 0.2%. Laggards were Mauritius Union, Lottotech and CIEL with a cumulative negative impact of 0.3%. Our fixed income investments supported the local portfolio performance in a month where share prices of our holdings during the month moved mostly sideways.

The foreign portfolio lost 1.2% driven by our allocation towards  African equities, as emerging and frontier equity markets continued to witness outflows in September. Africa Absolute Return Fund Contributed positively as the Mauritian Rupee depreciated against the US Dollar. Further volatility can be expected in the last quarter as long as uncertainty on the timing of the first interest rate in the U.S. remains.

Manager's Comments - 31 August 2015
As at 31 August 2015, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs.27.43 compared to Rs.28.20 as at 31 July 2015, representing a loss of 2.7% for the month. The SEMTRI lost 2.2% during the month.

IGF’s local portfolio lost 1.6%. The Performance was driven by positive returns from Alteo, Swan and LUX* which collectively contributed 0.6% during the month. MCB, SBM and Lottotech had a total negative impact of 1.5%. Our fixed income investments supported the local portfolio performance.

The foreign portfolio lost 4.6% driven by our allocation towards both African equities and fixed income, against a backdrop of extreme volatility across global markets in August. With the devaluation of the Chinese Yuan fuelling speculation of the slowdown in the Chinese economy, the negative sentiment of market participants towards emerging and frontier markets was accentuated during the month. The remaining four months of 2015 will see further volatility in emerging and frontier markets, as the key Federal Funds rate in the U.S. could be increased for the fist time in almost a decade.

Manager's Comments - 31 July 2015
As at 31 July 2015, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs.28.20 compared to Rs.28.15 as at 30 June 2015, representing a gain of 0.2% for the month. The SEMTRI gained 0.4% during the month.

IGF’s local portfolio gained 2.0%. Performance was driven by positive returns from Phoenix Beverages , MCB Group and Phoenix Investment, which collectively contributed 2.0% during the month. Mauritius Union, CIM Financial Services and Ciel had a total negative impact of 0.6%. Our fixed income investments supported the local portfolio performance.

The foreign portfolio lost 2.2% driven by our allocation towards African equities, in the context of difficult macroeconomic environments in several countries. So far, corporate earnings releases have had few positive surprises. The appreciation of the US Dollar against the Mauritian Rupee only partially dampened the negative performance on our US Dollar-denominated foreign holdings.

Manager's Comments - 30 June 2015
As at 30 June 2015, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs.28.15 compared to Rs.27.90 as at 29 May 2015, representing a gain of 0.9% for the month. The SEMTRI gained 1.6% during the month.

IGF’s local portfolio gained 2.0%. Performance was driven by positive returns from MCB Group, Phoenix Investment and Phoenix Beverages , which collectively contributed 1.4%. Gamma Civic, SBM Holdings and Alteo provided a drag on returns for the month, with a total negative impact of 0.4%. Our fixed income investments supported the local portfolio performance.

The foreign portfolio lost 1.5% driven by African Investments as market conditions remained challenging across the continent during the month. The Ghana Composite Index lost 8.0% and Nigeria. All Share Index lost 4.0% in June 2015 in MUR terms.

Manager's Comments - 29 May 2015
As at 29 May 2015, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs.27.90 compared to Rs.28.57 as at 30 April 2015.A dividend* of Re.0.70 per share was declared for the financial year 2014/15. The total return for the month stood at 0.1%, after taking the dividend payable to shareholders into consideration.The SEMTRI gained 0.2% during the month.

IGF’s local portfolio gained 0.7%. Performance was driven by positive returns from Cim, Ciel Textile and Lux*, which collectively contributed 0.6%. Gamma Civic, Lottotech and Mauritian Eagle provided a drag on returns for the month, with a collective negative impact of 0.4%. Our fixed income investments supported the local portfolio performance.

The foreign portfolio lost 1.2% driven by our main investment in the African  Market Leaders Fund as market conditions remained challenging across the continent during the month. The Nairobi All Share Index lost 7.2% and Johannesburg All Share Index lost 2.2% (all returns in MUR terms).
*This dividend will be paid on or about 25 June 2015, to all share holders registered at close of business on 8 May 2015.

Manager's Comments - 30 April 2015
PRO Growth Fund Ltd (“IGF”) stood at Rs.28.57 compared to Rs.28.60 as at 31 March 2015, representing again of 0.1% for the month. The SEMTRI lost 0.9% during the month.

IGF’s local portfolio lost 1.0%. Performance was driven by positive returns from MCB Group, Phoenix Beverages and Phoenix Investment, which collectively contributed 0.6%. SBM Holdings, Gamma Civic and Mauritius Union provided a drag on returns for the month, with a collective negative impact of 0.5%. Our fixed income investments supported the local portfolio performance.

The foreign portfolio increased by 1.7% led by our investments in African Market Leaders Fund and Africa Absolute Return Fund which gained 4.0% and 1.8% in US Dollar terms during the month. The US dollar reversed the strong appreciating trend against the Mauritian Rupee witnessed during the first quarter of the year. Hence, the performance of African Market Leaders Fund in Mauritian Rupee terms stood at 1.0% whilst Africa Absolute Return Fund lost 0.18%..

Manager's Comments - 31 March 2015

As at 31 March 2015, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs.28.58 compared to Rs.28.34 as at 27 February 2015, representing again of 0.8% for the month. The SEMTRI lost 0.2%during the month.

IGF’s local portfolio lost 2.0%. Performance was driven by positive returns from Lux*, Ciel Textile and Sun Resorts, which collectively contributed 0.4%. Lottotech, MCB Group and CIM provided a drag on returns for the month, with a collective negative impact of 1.5%. Our fixed income investment supported the local portfolio performance.

The foreign portfolio increased by 7.2%. Our investments in Africa Absolute Return Fund and African Market Leaders Fund gained 2.3% and 4.7% respectively in Mauritian Rupee terms, driven by the US Dollar maintaining its appreciating trend against the reporting currency of the Fund.

Manager's Comments - 27 February 2015

As at 27 February 2015, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 28.34 compared to Rs. 28.17 as at 30 January 2015, representing a gain of 0.6% for the month. The SEMTRI ended the month of February flat.

IGF’s local portfolio gained 0.1%. Performance was driven by positive returns from Cim, MCB Group and Alteo, which collectively contributed 0.9%. Gamma, Lottotech and SBM Holdings provided a drag on returns for the month, with a collective negative impact of 0.7%.

The foreign portfolio increased by 1.6%. Our investments in Africa Absolute Return Fund and African Market Leaders Fund gained 1.1% and 0.5% respectively in Mauritian Rupee terms, driven by the US Dollar continuing its firm appreciating trajectory against the reporting currency of the Fund.

Manager's Comments - 30 January 2015

As at 30 January 2015, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at Rs. 28.17 compared to Rs. 28.34 as at 31 December 2014, representing a loss of 0.6% for the month. The SEMTRI declined by 2.6% over the same period.

IGF’s local portfolio shed 0.6% as the local market declined during the month. Performance was driven by positive returns from Phoenix Beverages, Mauritius Union Assurance and Gamma Civic, which collectively contributed 0.9%. Alteo, Lux* Island Resorts and Sun Resorts provided a drag on returns for the month, with a collective negative impact of 0.8%.

The foreign portfolio lost 0.2% following a drop in our main holding, African Market Leaders Fund as most markets in which the fund is invested in were  own during the month. The Nigerian All Share Index lost 14.9%, BRVM  Composite Share Index lost 5.9% and Ghana Stock Exchange Composite Index lost 5.3% (all returns in MUR terms).