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Africa Fund

Ticker: CAFRX
Inception Date: 11/07/2011

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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 unique 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.

Investment Objective

The Fund’s investment objective is to provide long-term capital appreciation and current income. It invests primarily in equity and debt securities of Africa issuers.

Fund Performance

Review the Africa Fund daily, monthly, and quarterly pricing and performance.

Fund Investment Holdings

Holdings as of 09/30/2021

SECURITY DESCRIPTION% OF TOTAL NET ASSETS
Capitec Bank Holdings, Ltd.12.4%
Impala Platinum4.8%
Mtn Group Ltd. - Adr4.0%
Naspers, Ltd.4.0%
Shoprite Holdings - Adr3.7%
Market Vectors Africa3.4%
Standard Bank Group - Adr3.3%
Anglo American Platinum3.0%
Discovery, Ltd.2.8%
South African Rand2.4%
Gold Fields-Adr2.4%
Bid Corporation, Ltd.2.3%
Firstrand, Ltd.2.1%
Sasol Ltd.-Sp Adr2.1%
Global X Msci Nigeria Etf2.0%
Clientele, Ltd.2.0%
Vodacom Group, Ltd.2.0%
Stor-Age Prperty Reit1.9%
Motus Holdings, Ltd.1.8%
Bidvest Group, Ltd.1.8%
Aspen Pharmacare Holding, Ltd.1.8%
Psg Group, Ltd.1.7%
Alviva Holdings, Ltd.1.7%
Mmi Holdings, Ltd.1.7%
Coronation Fund Managers1.7%
Anglogold As-Adr1.6%
SECURITY DESCRIPTION% OF TOTAL NET ASSETS
Astral Foods, Ltd.1.6%
Nedbank Group, Ltd.1.6%
Endeavour Mining Plc1.5%
Grindrod, Ltd.1.5%
Commercial International Egypt1.5%
Integrated Diagnostics Ho1.5%
Sibanye Stillwater, Ltd.1.5%
Sappi, Ltd.1.5%
Mr Price Group, Ltd.1.4%
Mediclinic International Plc1.4%
Renergen, Ltd.1.3%
Murray & Roberts Holdings1.2%
Alexander Forbes Holding1.2%
Barloworld, Ltd.1.2%
Multichoice Group, Ltd.1.2%
Oceana Group, Ltd.1.1%
Exxaro Resources, Ltd.1.1%
Wilson Bayly Holmes-Ovcon1.1%
Crookes Brothers, Ltd.1.0%
Tiger Brands, Ltd.0.8%
Feder-Gt Obl-I 70.6%
Jumia Technologies Ag0.5%
Imperial Holdings, Ltd. Adr0.3%
Choppies Enterprises Ltd.0.2%
Pound Sterling0.0%
Comair Limited0.0%

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.

Distributions

Record date of December 19, 2019, the Ex-Dividend/Reinvestment and Payable Date of December 20, 2019.

Ordinary Investment Income per share: $0.2197
NEV Reinvestment Rate: $8.20 per share

Minimums

The minimum initial investment is $200 and there is no minimum for subsequent investments.

Risk

Learn about the principal risks of investing in the Africa Fund, which includes market, foreign security, and geographic risk.
The Advisor has agreed to waive certain annual expenses on a contractual and voluntary basis, however, the voluntary reimbursement for the Africa Fund’s expenses are subject to the Advisor’s discretion and may be discontinued at any time.