Africa Fund

Mutual Fund Overview: Invest in Africa

As the second largest continent in the world and home to over 1.2 billion people, Africa offers a variety of investment options. To strive to capture this investment opportunity, Commonwealth Funds developed the Africa Fund, a mutual fund designed to potentially benefit from the emerging African economies and growing consumerism.

This strategy allows the Fund to access companies involved in diverse industries, such as financial products, healthcare initiatives, transportation, tourism, power generation facilities, sanitation and clean water production, and industrial manufacturing. The Africa Fund provides investors the opportunity to invest in the continent of Africa, a region where limited dedicated funds are available.

The process to utilize this potential emergence by investing in companies within selected countries requires a dedicated research effort and analysis of:
• Various government inter-country alliances;
• Separate marketplaces where the financial instruments of the companies are traded;
• Legal framework and governance overseeing these endeavors; and
• Financial systems employed to provide information for the investing public.

After thorough consideration of these and other factors, it is our opinion there are significant opportunities available which we believe represent long term potential. It is our goal to have many of these opportunities available through the Africa Fund portfolio, so you can bring it home.

Fund Investment Holdings

Holdings as of 12/31/2025

Portfolio holdings will change due to ongoing management of the Fund. Reference to specific securities or sectors should not be construed as recommendations by the Fund, the advisor, or the distributor.