FMG Africa Fund

Description.

Africa contributes less than 2% to global GDP despite being 14% of the World's population and one fifth of the world's landmass. The continent is well positioned for long term sustainable growth given its abundance of resources, land and cheap labor.
 
Foreign investors are heavily underinvested in African markets, with the exception of South Africa and Egypt. There are 23 stock exchanges in Africa ranging from start ups like Rwanda and Libya to the more established likes of Egypt (1888) and Johannesburg Securities Exchange (1887). Their combined market capitalization adds up to only 1% of world market capitalization. That is roughly the same as the market capitalization of Exxon Mobile. 

Political risk in Africa has dramatically declined and further sets the stage for long term sustainable growth. The number of countries under military rule or one-party states have dropped from 76% in 1982 to 10% today and debt to GDP has been reduced from 70% in the '90s to 20% today.GDP growth is expected to be significantly higher than the global average for the foreseeable future.

Investing in Africa adds diversification to the global investor's portfolio. Africa represents the last truly emerging continent in the world and should be part of any long term investor's portfolio

Strategy.

The Fund will invest its assets in all of Continental Africa with a focus on the Sub-Saharan Africa region as this is where we see most potential for long term growth.  

FMG Africa Fund typically comprises of a mix of long only, special situations, hedge and country specific managers. The majority of the exposure will be long only over time. By combining the skills of multiple managers the portfolio is diversified between complementary investment strategies, geographical areas and industry sectors. In this way, the risk is spread and effectively reduced. We are in contact with more than 70 Africa focused fund managers and have met with over 50 managers since the inception of the Fund.

Information.

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