“Africa is home to nearly 1.2 billion people with an average age of 20. By the year 2050, the number of inhabitants will have doubled, driving demand for consumer goods as well as infrastructure.”
Africa has undergone tremendous changes over the past 15-20 years, characterised by rapid economic growth, democratic elections, foreign direct investment, and a strong entrepreneurial spirit. The international image of the continent has not kept pace with its swift development. Contrary to our view, most other fund managers consider its stock markets to be too small and too difficult to effectively engage with. We believe in the long-term potential of the continent’s less developed markets with Sub-Saharan Africa as a focus area for the fund, alongside Egypt. The latter after the devaluation in November 2016 has become one of Africa’s most exciting investment cases.