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NAV Rs. 26.

51
30 DECEMBER 2016

NAV EVOLUTION FUND OBJECTIVE


35.00 IPRO Growth Fund Ltd (“IGF”) is governed by the
26.51 laws of Mauritius and is authorised to operate as
30.00 a Collective Investment Scheme (“CIS”) by the
25.00 Financial Services Commission under the
Mauritian Securities Act 2005. The fund’s
20.00 objective is to achieve long-term capital growth.
15.00
For full investment objective and policy details,
10.00 please refer to the Prospectus.
5.00
INVESTMENT OPTIONS
0.00
• Systematic Investment Plan (SIP):
Dec-06

Dec-07

Dec-08

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

Dec-14

Dec-15

Dec-16
Jun-15
Jun-07

Jun-08

Jun-09

Jun-10

Jun-11

Jun-12

Jun-13

Jun-14

Jun-16
Allows individuals to make regular payments
in IGF with a minimum amount of Rs. 1,000.
• Lump-Sum Investment:
CUMULATIVE PERFORMANCE A one-off investment into the fund suitable for
those who have accumulated capital in hand.
ANNUALISED (Rs. 5,000)
1 3 1 3 5 7 10 Since
month months year years years years years inception FUND FACTS

-0.3% -0.4% 2.8% -0.2% 4.0% 3.6% 3.5% 7.5% SEM class code IGF 81751

Inception date 1 December 2000

FUND MANAGER COMMENTARY Launch price Rs. 13.87


Fund size as at
Rs. 555 million
As at 30 December 2016, the Net Asset Value (“NAV”) per share of IPRO 30 December 2016
Growth Fund Ltd (“IGF”) stood at Rs. 26.51 compared to Rs. 26.59 as at Dividend FY16 Re. 0.40 per share
November 2016. The return for the month stood at -0.3%. The SEMTRI
Dealing frequency Weekly
gained 0.6% in December.
Domicile Republic of Mauritius
The local equity portfolio lost 0.4% in the month. The allocation to Ciel, Cim Custodian Mauritius Commercial Bank Ltd
and MCB Group contributed positively by 0.2%. Phoenix Investment, SBM
Investment manager IPRO Fund Management Ltd
Holdings and Lottotech were the main laggards with a negative contribution of
Mauritius International Trust
0.4% to the performance. Local fixed income instruments yielded 0.1% during Administrator
Company Ltd (Mitco)
the month. Auditors Ernst & Young (Mauritius)
Annual management fee 0.85%
The African Market Leaders fund was down 0.3% while the Africa Total Return
Annual distribution fee 0.40%
fund gained 0.4%, both in Mauritian Rupee terms. The US Dollar remained flat
Entry fee Nil
against the Rupee in the closing month of 2016. The regional investments
marginally impacted returns by 0.2% for the month. Exit fee Nil

TOP 10 HOLDINGS LOCAL PORTFOLIO COMPOSITION TOTAL PORTFOLIO COMPOSITION

Africa Total Return Fund 15.2% Banks, Insurance & Other Finance Liquidity
38.7% International
Property 3.5%
African Market Leaders Fund 14.5%
Fixed Income 13.4% 0.1%
MCB Group 14.1%
Local Fixed Income
Govt. of Mauritius Bond 7.40% Jan Investments 12.6% 9.1% Local
5.5%
2028 Equity
Industry 11.3% 55.6%
Phoenix Bev 5.5% Africa Total Return
SBM Holdings 5.1% Leisure & Hotels 8.5% 15.2%

Ciel 4.2%
Unquoted 0.2% African Market Leaders
Ciel Textile 4.0% 14.5%
Liquidity 5.2%
Lux* 3.8%
Mutual Aid RR + 3.3% Feb 2023 3.6% Total 100.0%
INVESTMENT PROFESSIONALS LTD
Member of CIEL Finance

i Ebene Skies, 3rd Floor, Rue de l’Institut


Ebene, 80817, Mauritius
Email: info@ipro.mu
Tel: (230) 403 6700
www.igfdirect.mu
IMPORTANT LEGAL INFORMATION:
This report is provided by IPRO Fund Management Ltd for information purposes only and is meant for investment professional use. Neither the information nor any opinion expressed
constitutes an offer or an invitation to make an offer, to buy or sell any fund. This report does not have regard to the specific investment objectives and financial situation of any specific
person who may receive this report. Investors should seek financial advice regarding the appropriateness of investing in any funds recommended in this report and should understand that
statements regarding future prospects may not be realized. Investors should note that each fund's price or value may rise or fall. Past performance is not a guide to future performance.