-0.46  /  -0.51%

90.92

NAV on 2020/10/22
NAV on 2020/10/21 91.38
52 week high on 2020/02/07 106.74
52 week low on 2020/03/17 84.51
Total Expense Ratio on 2020/06/30 1.19
Total Expense Ratio (performance fee) on 2020/06/30 0
NAV
Incl Dividends
1 month change 0.8% 0.8%
3 month change 6.56% 10.43%
6 month change -3.86% -0.37%
1 year change -4.46% -0.31%
5 year change 0% 0%
10 year change 0% 0%
Price data is updated once a day.
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  • Sectoral allocations
Consumer Services 10.55 0.80%
Liquid Assets 14.15 1.08%
Offshore 1290.40 98.12%
  • Top five holdings
COMMINTERBANK 250.66 19.06%
SAFARICOM 131.86 10.03%
GUARANTYTRUST 103.61 7.88%
MARCOVTELECOM 83.20 6.33%
ZENITHBANK 65.30 4.97%
  • Performance against peers
  • Fund data  
Management company:
Mazi Asset Management (Pty) Ltd.
Formation date:
2015/10/26
ISIN code:
ZAE000208674
Short name:
U-MAZIAFR
Risk:
Unknown
Sector:
Regional--Equity--General
Benchmark:
MSCI EFM Ex ZA
Email
info@mazi.co.za

Website
http://www.mazi.co.za

Telephone
010-001-8300

  • Fund management  
Malungelo Zilimbola
Asanda Notshe
Mazi Asset Management (Pty) Ltd.


  • Fund manager's comment

Mazi Asset Management Prime Africa Equity - Dec 19

2020/02/20 00:00:00
African markets produced a mixed performance during the third quarter. Egypt was the best performing market over the quarter adding 3.7% in USD. The Egyptian market has generated a USD return of 20% year-to-date. Morocco returned 1.9% in USD over the third quarter with market strength offset by a slight currency movement. The Kenyan market ended the quarter up 1.5% with currency weakness dragging USD returns. Nigeria continues to disappoint as Nigerian equities fell 7.6% during the quarter.
Fund Performance: The Mazi Africa fund generated a gross Rand return of 6.9% over the quarter underperforming the benchmark return of 7.7%. The fund return was driven by Rand weakness as performance was broadly flat in USD. The major contributors to performance were the overweight positions in Label Vie (Morocco), MTN Nigeria, and the underweight position in Nigerian Breweries. Major detractors from performance were from Cosumar, Ciments Du Maroc and EKHO (Egypt).
Outlook: The Egyptian economy continues to exhibit strong growth, and a continuation of sound policy has led to a fall in inflation. The rapid decline in inflation has given the Central Bank comfort to reduce interest rates. We expect this trend to continue, with declining interest rates providing support for expansion in the private sector. Nigeria continues to struggle under the lower oil price environment, and a lack of diversification in the economy remains a structural hurdle for growth. We are hopeful that implementation of the budget and investment in infrastructure could kick-start the economy, though government has performed particularly poorly in this regard. We believe mobile money will be a significant opportunity for the likes of MTN Nigeria and are hopeful that the company will receive a payment services banking license within the next 12 months. Growth in Kenya remains muted, driven predominantly by government infrastructure spending. The private sector is struggling to grow under the restrictive rate cap environment as access to funding is very limited. The banking sector appears to be struggling to find growth, and we are seeing a flurry of M&A activity within the sector. EABL, the dominant brewer in Kenya, is beginning to see volume recovery as the excise regime on beer begins to stabilize. EABL struggled over the past 3 years as the excise tax on beer was raised in a bid to raise Government revenues. Morocco exhibits low levels of economic growth and structurally low interest rates. Local fund managers have been chasing equities as the yield on equities is now above that on fixed income securities. The bottom up story in Morocco is challenging, as companies are unable to generate meaningful growth.
Strategy: The fund continues to be overweight Egypt, Nigeria and Kenya, with Morocco being our key underweight. We favour Egypt due to the strong underlying economic fundamentals and opportunities for growth that are present within the companies we hold. Nigeria continues to offer significant value for investors, with high dividend yields providing a strong margin of safety during this difficult economic period. Moroccan companies, in our opinion, do not provide enough value given the low growth outlook.
  • Fund focus and objective  
The Mazi Capital Prime Africa Equity Fund is a Regional general equity portfolio that seeks to sustain high long-term capitalgrowth.
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