IPRO Africa Total Return Fund, our pan-Africa long-only fixed income strategy, was incepted in May 2014. The strategy follows a top-down macroeconomic approach, while corporate issuers are assessed through fundamental credit analysis. The fund invests in local and hard currency debt instruments of sovereign and corporate issuers across Africa, as well as in U.S. Treasury securities. Currency risk of non-US$ holdings is managed actively where feasible.
The fund can hold at times an elevated portion of the portfolio in US$ cash and US Treasuries to protect the capital of our investors. As a total return strategy, the fund is benchmarked at rolling US$ 1 month Libor +5.00% per annum.
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