NAV Rs. 30.

52
29 DECEMBER 2017

NAV EVOLUTION FUND OBJECTIVE

33.00 IPRO Growth Fund Ltd (“IGF”) is governed by the
31.00
30.52 laws of Mauritius and is authorised to operate as
29.00 a Collective Investment Scheme (“CIS”) by the
Financial Services Commission under the
27.00
Mauritian Securities Act 2005. The fund’s
25.00 objective is to achieve long-term capital growth.
23.00
21.00 For full investment objective and policy details,
please refer to the Prospectus.
19.00
17.00 INVESTMENT OPTIONS
15.00 • Systematic Investment Plan (SIP):
Dec-07

Dec-08

Dec-09

Dec-10
Jun-11
Dec-11

Dec-12

Dec-13
Jun-14
Dec-14

Dec-15

Dec-16

Dec-17
Jun-08

Jun-09

Jun-10

Jun-12

Jun-13

Jun-15

Jun-16

Jun-17
Allows individuals to make regular payments
in IGF with a minimum amount of Rs. 1,000
• Lump-Sum Investment:
A one-off investment into the fund suitable for
CUMULATIVE PERFORMANCE those who have accumulated capital in hand.
(Rs. 5,000)
ANNUALISED
FUND FACTS
1 3 1 3 5 7 10 Since
month months year years years years years inception SEM class code IGF 81751
2.3% 1.6% 17.7% 4.7% 6.4% 4.2% 2.8% 8.1% ISIN MU0558S00009

Inception date 1 December 2000

FUND MANAGER COMMENTARY
Launch price Rs. 13.87
As at 29th of December 2017, the Net Asset Value (“NAV”) per share of
Fund size Rs. 540 million
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 Dividend FY16/17 Re. 0.68 per share
upwards by 1.2% during the final month of the year.
Dealing frequency Weekly

The local portfolio gained 1.8% in December. The allocation to MCB Domicile Republic of Mauritius

Group, Lux* and Mauritian Eagle contributed positively by 2.5%. Price Custodian Mauritius Commercial Bank Ltd
declines for shares of Mauritius Union, Gamma Civic and Lottotech Investment manager IPRO Fund Management Ltd
resulted in a negative contribution of 0.6% on the Fund’s local allocation. Mauritius International Trust
Administrator
Company Ltd (MITCO)
In December, the African Market Leaders fund returned 4.8% while the Auditors Ernst & Young (Mauritius)

Africa Total Return fund edged up by 1.9%, with all return numbers stated Annual management fee 0.85%
in Mauritian Rupee terms. Overall, the foreign allocation posted a total Annual distribution fee 0.40%
return of 3.2% over the month under review. Entry fee Nil
Exit fee Nil

TOP 10 HOLDINGS LOCAL PORTFOLIO COMPOSITION TOTAL PORTFOLIO COMPOSITION

MCB Group 18.4%

Banks, Insurance & Other Finance 50.1% Liquidity
African Market Leaders (I) Fund 5.2%
18.1%
(USD) Investments 20.4%
Africa Total Return (I)
Africa Total Return (I) Fund (USD) 16.1%
Industry 16.4% Fund (USD)
Phoenix Bev 7.3% 16.1%

Ciel 5.9% Leisure & Hotels 9.9%

SBM Holdings 4.5% African Market Leaders (I) Local Equity
Local Liquidity 3.1% Fund (USD) 60.6%
LUX* 4.5% 18.1%

Phoenix Investment 3.5% Unquoted 0.2%

INVESTMENT PROFESSIONALS LTD
Mauritius Union Assurance 3.5%
Member of CIEL Finance
Total 100.0%
Mauritian Eagle Insurance 2.5%
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.