NAV Rs. 28.

32
31 DECEMBER 2014

NAV EVOLUTION FUND OBJECTIVE

35.00
28.32 IPRO Growth Fund Ltd (“IGF”) is governed by the
30.00
laws of Mauritius and is authorised to operate as
25.00 a Collective Investment Scheme (“CIS”) by the
20.00 Financial Services Commission under the
15.00 Mauritian Securities Act 2005.
10.00
5.00 For full investment objective and policy details,
please refer to the Prospectus.
0.00
Dec-04

Dec-05

Dec-06

Dec-07

Dec-08

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

Dec-14
Jun-05

Jun-06

Jun-07

Jun-08

Jun-09

Jun-10

Jun-11

Jun-12

Jun-13

Jun-14
INVESTMENT OPTIONS
• Systematic Investment Plan (SIP):
Allows individuals to make regular payments
in IGF.
CUMULATIVE PERFORMANCE • Lump-Sum Investment:
ANNUALISED A one-off investment into the fund suitable for
those who have accumulated capital in hand.
1 3 1 3 5 7 10 Since
month months year years years years years inception

-0.7% -3.8% 2.1% 7.6% 5.5% 2.0% 9.0% 8.8% FUND FACTS

FUND MANAGER COMMENTARY SEM class code IGF 81751

As at 31 December 2014, the Net Asset Value (“NAV”) per share of IPRO Growth Inception date 1 December 2000
Fund Ltd (“IGF”) stood at Rs. 28.32 compared to Rs. 28.52 as at 28 November
Launch price Rs. 13.87
2014, representing a loss of 0.7% for the month. The SEMTRI declined by 0.5%
over the same period. Fund size as at
Rs. 632 million
31 December 2014
IGF’s local portfolio shed 0.7% over the month. Performance was driven by Dealing frequency Weekly
positive returns from Phoenix Beverages, Cim and Omnicane, which collectively
Domicile Republic of Mauritius
contributed 0.5%. Gamma Civic, Ciel and MCB Group provided a drag on returns
for the month, with a collective negative impact of 0.6%. Custodian Mauritius Commercial Bank Ltd
Investment manager IPRO Fund Management Ltd
The foreign portfolio lost 0.7%, driven by our main investment in the African
Administrator Galileo Portfolio Services Ltd
Market Leaders Fund as market conditions remained challenging across the
continent over the month. The Johannesburg All Share Index lost 3.6%, Nigerian Auditors BDO & Co
All Share Index lost 1.0% and Nairobi All Share Index lost 0.1% (all returns in MUR Annual management fee 0.85%
terms). Annual distribution fee 0.40%
Entry fee Nil
TOTAL PORTFOLIO SECTOR ALLOCATION PORTFOLIO COMPOSITION Exit fee Nil

Equity Local Listed Equities 57.5%

Banks & Insurance & Other African Market Leaders 17.8%
36.8%
Finance
Africa Absolute Return 10.7% TOP 10 HOLDINGS
Investments 14.8%
Local Fixed Income 8.9%
Sugar & Agriculture 0.9% African Market Leaders Fund 17.8%
Consumer Goods 1.2% International Property 1.3%
Africa Absolute Return Fund 10.7%
Commerce 2.1% Liquidity 3.8% MCB Group 9.3%
Leisure & Hotels 6.3% Total 100.0% SBM Holdings 8.3%
Industry 5.6% Govt. of Mauritius Bond 7.40% Jan 2028 4.9%
Liquidity
3.8% Ciel 4.1%
Telecommunications 4.1% International
Property
Alteo 4.0%
Mining and Basic Resources 1.1% 1.3% Mauritius Union 3.2%
Local Fixed
Energy, Oil and Gas 0.5% Income Mutual Aid Fixed Deposit RR+3.1% Feb 2023 3.2%
8.9%
Transport 0.2% Lux* Island Resorts 3.1%
Unquoted 0.1% Africa Absolute
Return
10.7%
International Property 1.3% INVESTMENT PROFESSIONALS LTD
Local Listed
Ebene Skies, 3rd Floor, Rue de l’Institut
Fixed Income 19.6%
i
Equities
57.5% Ebene, Mauritius
Liquidity 5.4% African Market
Email: info@ipro.mu
Leaders
17.8% Tel: (230) 403 6700

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.