As at 31 March 2012, the Net Asset Value per share (“NAV”) of IPRO Growth Fund Ltd (“IGF”) stood at MUR 22.79 compared to MUR 22.57 as at 29 February 2012, representing an increase of 1.0% for the month. The benchmark gained 1.8% over the same period.

IGF’s local portfolio gained 1.1%, while the local benchmark gained 2.0%. The main contributors to the local portfolio’s performance were State Bank of Mauritius, The Mauritius Commercial Bank and New Mauritius Hotels.

The foreign portfolio gained 0.8%, underperforming the foreign benchmark, which gained 1.5%.

As at 31 October, the Net Asset Value (“NAV”) per share of IPROGrowth Fund Ltd (“IGF”) stood at MUR 23.25 compared to MUR 23.33as at 30 September, representing a decrease of 0.3% for the month. Thebenchmark gained 1.1% over the same period.IGF’s local portfolio lost 0.7%, in line with the local benchmark, which fellby 0.8%. The main detractors to the local portfolio’s performance (on aweighted basis) were State Bank (-0.8%) and Mauritius Commercial Bank(-0.6%). The foreign portfolio gained 0.6%, while the foreign benchmarkwas up by 3.5%.While developed markets are still struggling amidst mounting debts,stalling growth and market volatility, Africa has strong long-term growthprospects, propelled both by external trends in the global economyand internal changes in the continent’s economies. In this context, IGFrepresents a unique investment opportunity for long term investors, with25% of assets invested in Africa. Further, IGF’s diversified portfolio is wellpositioned to benefit from any market pickup.

As at 30 September 2011, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at MUR 23.46 compared to MUR 24.23 as at 30 August, representing a decrease of 3.2% for the month. The benchmark shed 3.5% over the same period.

IGF’s local portfolio lost 2.3%, in line with the local benchmark, which fell by 2.1%. The main detractors to the local portfolio’s performance were The Mauritius Commercial Bank Ltd (-1.7%), New Mauritius Hotels Ltd (-4.1%) and Sun Resorts Ltd (-8.1%).  The foreign portfolio fell by 5.4%, while the foreign benchmark is down by 7.6%.

The African Market Leaders Fund is now our top holding, representing 24.0% of the total portfolio. The African Market Leaders Fund invests in market leaders of Sub Saharan Africa. Market leaders are companies, which in our opinion, are leaders in their industry. Market leaders have the following attributes: dominating market share, are ranked among the top 5 players, better margins, higher returns and higher growth rates. So far, Africa has been quite resilient and is expected to sustain its growth momentum.

As at 30 August, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at MUR 24.23 compared to MUR 25.27 as at 29 July, representing a decrease of 4.1% for the month. The benchmark shed 5.1% over the same period.
IGF’s local portfolio lost 3.7%, in line with the local benchmark, which fell by 3.5%. The main detractors to the local portfolio’s performance were State Bank of Mauritius (-5.3%), The Mauritius Commercial Bank (-2.8%) and New Mauritius Hotels (-13.2%).The foreign portfolio fell by 5.4%, while the foreign benchmark is down by 9.7%.
Latest available data suggest that global economic activity has remained sluggish in August, with exceptionally low growth in advanced economies. Further, there exists a rising risk of recession in some economies. In this context, we will remain cautious, increasing our cash position, underweighting euro-dependent stocks and overweighting stocks with strong balance sheets.

As at 29 July, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at MUR 25.27 compared to MUR 25.82 as at 30 June, representing a decrease of 2.1% for the month. The benchmark also shed 2.1% over the same period.

IGF’s local portfolio lost 2.7%, in line with the local component of the composite benchmark, which fell by 1.8%. The main detractors to the local portfolio’s performance were The Mauritius Commercial Bank (-5.9%), Sun Resorts (-8.7%) and New Mauritius Hotels (-4.4%).

The foreign portfolio fell by 0.4%, while the foreign component of the composite benchmark is down by 0.5%.

We are in process of changing our benchmark to benefit from future growth dynamics of Africa, the only region that is forecasted to accelerate in terms of growth. IGF will become a truly regional fund invested in Mauritius and fast growing Sub Saharan African countries.

As at 30 June, the Net Asset Value (“NAV”) per share of IPRO Growth Fund Ltd (“IGF”) stood at MUR 25.82 compared to MUR 25.55 as at 31 May, representing an increase of 1.1% for the month. The benchmark gained 0.5% over the same period.

IGF’s local portfolio posted returns of 1.2%, outperforming the local component of the composite benchmark, which gained 0.6%. The main contributors to the local portfolio’s performance were  Gamma Civic (+12.0%), State Bank (+3.2%) and United Basalt Products (+2.3%).

The foreign portfolio gained 0.5%, outperforming the foreign component of the composite benchmark, which lost 0.1%. Our international property holdings positively impacted the portfolio.

As the heavily indebted western economies continue their relative economic decline in the coming years, we shall gradually refocus the portfolio towards the faster growing Africa region.  This, we feel, shall add value to the portfolio over the longer term.

At the end of May 2011, IGF's net asset value (NAV) per share stood at Rs.25.55 compared to Rs.25.53 at the end of April 2011, representing a marginal increase of 0.10% for the month. IGF's performance has been in line with that of its composite benchmark, which gained 0.09% during a month marked by weaker than expected macro economic data showing that the world economy has started to slow down, post recovery. On the other hand, the  local market remained on a positive note with the dividend inclusive SEMTRI  gaining 1.0% in May. During the same period, the 'blue-chips' heavy weight SEM-7 index gained 0.81% . Since the beginning of the year, IGF has gained 2.24% versus the composite benchmark returning 2.97%.

IGF's  local portfolio gained 0.43% during the month, outperforming the composite benchmark for the period under review. The main contributors to the local portfolio's performance were MCB, ENL Land, IBL and SHELL which gained  4.47%, 5.06%, 6.00% and 5.26% respectively. On the other hand, our investments in SBM, GAMMA, UBP, NMH and PBL have slightly dampened the performance of the local portfolio, with SBM and GAMMA respectively down by 3.13% and 6.25%, as investors booked in profits following their recent strengths.

The foreign portfolio outperformed its global indices  during the month. It fell by 0.88%  as international markets corrected, amidst weaker economic data. The MSCI World AC fell by 1.69% while the MSCI EM lost 2.21%. The  dollar regained some strength against the Rupee, returning 0.37%. In the coming weeks, IGF will be increasing its exposure to Africa, where we see strong growth opportunities, versus the highly leveraged global developped equities and the 'tighter' emerging markets.  IGF will be taking up a position in the very innovative Africa fundamental  fund, giving us a fundamental exposure to the top 80 blue chips  the African  continent.  The manager  is convinced that this new strategy; diverting the foreign portoflio towards Africa, will generate extra alpha and increased returns to our valued shareholders.

At the end of April 2011, IGF's net asset value (NAV) per share stood at Rs.25.53 compared to Rs.24.82 at the end of March 2011, representing an increase of 2.86% for the month. IGF outperformed its composite benchmark, which gained 2.18% during the month.The  dividend inclusive SEMTRI also gained 3.16% in April, with the banking, hotel and industry/commerce sectors mainly accounting for this increase.  The latter posted returns of 1.73%, 0.52% and 0.37% respectively. During the same period, the 'blue-chips' heavy weight SEM-7 index gained 3.18%.

IGF's  local portfolio gained 3.33% during the month, also outperforming the SEMTRI for the period under review. The main contributors to the local portfolio's performance were MCB, GAMMA, SUN RESORTS, NAIADE RESORTS and UNITED BASALT PRODUCTS which gained  5.92%, 14.29%, 7.96%, 19.05% and 5.34% respectively. On the other hand, our investments in SHELL, NMH, ENL LAND, HM and AIR MAURITIUS have slightly dampened the performance of the local portfolio, with SHELL and NMH down by 6.75% and 0.94% respectively .

The foreign portfolio, now represents 26.8% of the fund. Despite the continuous appreciation  of the  Rupee for the 4th consecutive month  (as our currency gained a further 3.73% against the USD), the foreign portfolio's performance has been satisfactory with the latter gaining 5.15% in USD terms and 1.42% in Rupee terms, therereby contributing positively to the total portfolio. For the month under review, the MSCI World AC gained 0.42% while the MSCI EM lost 0.61% (all in Rs. terms).  Our investments in the international markets lost 0.23% in Rupee terms while the African Market Leaders (AML)  fund rebounded strongly by 7.68% in USD terms and 3.95% in Rupee terms, thereby substantially contributing to the foreign portfolio's performance for the month under review. We expect the fear contagion in the middle east and north Africa region to subside in the coming months. Valuation wise, we see enormous value in African equities, trading at below their historical moving average P/Es.  Moreover, a tremendous  growth in the African consumer discretionary/staples is being expected in the medium to long term. Hence,  IGF wil be consolidating its exposure in this sector during the coming months. Finally,with increased capital flows, we expect that these  neighboring capital markets will rebound strongly by year end.

International and local markets came under pressure in March, as geopolitical unrest in northern Africa, higher oil prices and the tragic natural disaster in Japan adversely affected investors' confidence. Locally, the market saw profit taking, following its rise in the beginning of the year. At the end of March 2011, IGF's net asset value (NAV) per share stood at Rs.24.82 compared to Rs.25.09 at the end of February 2011, representing a decrease of 1.08% for the month. The Composite Benchmark lost 0.49% during the month. The dividend inclusive SEMTRI also shed 0.90% in March, with the banking and hotel sectors leading the decline. While the other sectors ended the month in the 'red', the commerce and investment sectors posted gains of 0.52% and 0.11% respectively. During the same period, the 'blue-chips' heavy weight SEM-7 index saw lost 1.92%.


IGF's  local portfolio fell by 1.31% during the month, against the local component of the composite benchmark losing 0.56% . The main contributors to the local portfolio's performance were GAMMA, FINCORP,  HARREL MALLAC,  SHELL, and INNODIS which gained  4.17%, 8.11%, 22.55%, 1.88% and 8.02% respectively. On the other hand, our top holdings NMH, SRL, SBM and MCB negatively affected the performance of the local portfolio, with respective losses of 2.75%, 6.61%, 2.08% and 1.17% . These stocks experienced profit taking as the market headed for a short term correction. Moreover, the market also started to price in the higher interest rates (the BOM raised its key repo rate by 0.50%  t0 5.25%) as well as the potential narrowing of the profit margins of interest rates sensitive stocks.

The foreign portfolio, now representing 27% of the fund,  sufferred from the appreciating rupee for the 3rd consecutive month as our currency gained a further 2.63% against the USD over the month. Over the quarter ending 31st of March , the dollar has already depreciated by 5.29%, thereby affecting our dollar denominated foreign investments. In consequence, we note that the foreign portfolio gained  2.20% in USD terms but fell by 0.43% in Rupee terms. For the month under review, the MSCI world AC lost 2.69% while the MSCI EM gained 3.27% (all in Rs. terms), on account of a  strong recovery across the emerging markets, led by India and China. As highlighted in our previous factsheet, we remain positive on emerging markets  (and believe that the tightening cycle could soon be hitting its peak) versus developed ones . Our investments in these  international markets returned 2.92% in USD but 0.29% in Rupee terms.  Finally, we also note the positive performance of the AML (African Market leaders) fund , which increased by 1.05% in USD. 

At the end of February 2011, IGF's net asset value (NAV) per share stood at Rs.25.09 compared to Rs.25.15 at the end of January 2011, representing a decrease of 0.24% for the month. The Composite Benchmark* was up by 0.20% during the month. Also, the dividend inclusive SEMTRI gained 0.18% in February, with the industry/commerce and hotels sectors ( increasing by 0.50% and 0.30% respectively) offsetting the banking/insurance sector's 0.70% loss . During the same period, the 'blue-chips' heavy weight, SEM-7 index saw a decline of 0.62%, as the two banks and ENL Land weakened.


The local portfolio fell by 0.11% during the month, against the local component of the composite benchmark gaining 0.13% (extra relative gains rose from the benchmark's exposure to Mauritius Leasing and Naiade Resorts which gained 19.66% and 12.61% respectively). Naiades Resorts'  recent top management and Balance sheet restructuring has spurred confidence again in the battered stock, where investors, despite the high gearing are expecting a reversal intop line revenue and profitability. The main contributors to the local portfolio's performance were GAMMA, SHELL, FINCORP, PBL and SRL which increased by 11.63%, 6.67%, 14.43%, 7.32% and 3.42% respectively. On the other hand, our investments in MCB, HM, SBM and ENL land dampened the performance of our local investments with declines of 3.39%, 7.69%, 0.52% and 1.56% respectively. These stocks experienced profit taking as the market headed for a short term correction. With inflation accelerating on higher  food and energy prices, the BOM's decision at the next MPC will be key to the market's direction in the very short term. In consequence, the hawkish looking interest rates is being currently priced in the market. While top line earnings growth remain weak, many of the highly geared companies could find it diffcult to grow their margins, as  costs of debt and basic operating costs shoot higher, albeit with limited room for price increases.


The foreign portfolio also fell by 0.50% in Rupee terms (as the foreign component of the composite benchmark increased by a marginal 0.06% in Rupee terms) but gained 0.32% in Dollar terms. Of note, the continued weakness of the Dollar which again lost 0.82% over the month. During the same period, the MSCI World Emerging markets lost 1.74% while the the MSCI AC gained 2.13% (in Rs. terms). Oil rallied significantly on the middle east crisis contagion fear, with crude's 2 months future contracts gaining 3.80%. While we expect continued policy tightening in emerging markets (though with China's inflation hitting a peak sometime in the coming months), high surpluses coupled with a strong domestic demand and strong balance sheets still translate into strong fundamentals versus developed economies, and thus sustaining our overweight position. Our AML (African Market Leaders Fund) returned 0.43% while international equities exposure lost 1.38% during the month (in Rs. terms). We also see Africa's increasing internal growth as a 'gigantic' theme for the fund going forward and could potentially increase our exposure to African blue chips in the coming months.

Monthly fund manager’s commentary
At the end of December 2010, IGF's net asset value (NAV) per share stood at Rs. 24.99 compared to Rs.24.20 at the end of November 2010, representing an increase of 3.26% for the month. The Composite Benchmark* increased by 4.31%, on account of a very strong performance of its local component. Matter of fact, during the month under review, the SEMTRI rose by 3.84% . During the same period, the 'blue-chips' heavy weight, SEM-7 also posted strong returns of 3.50%.Over the year 2010, IGF has returned 12.72%, the composite benchmark 20.22% and the SEMTRI 21.97% (substantially attributable to the good performance of defensive stocks as well as the small caps during  2010). The SEM-7 on its part has gained a marginal 3.47%, aligning the financial performance of the weaker blue chips during the year.

IGF's local portfolio now represents  about 70% of the total portfolio. The local portfolio returned 3.00% during the month against the local component of the composite benchmark returning  2.33%. The main local contributors for the month were MCB, UBP, GAMMA, ROGERS and PAD which gained 7.210%, 8.4%, 10%, 5.1% and 9.47% respectively. Our exposure to Shell and ENL land dampened performance. Shell shed 14.38% of its value as investors booked in profits while ENL land was down by 2.34%.

On the currency front, the US Dollar gained 15cts against the Rupee after a 0.50% appreciation. Over 2012, the dollar depreciated by 1.47% vs. the Rupee. The foreign portfolio returned 3.88% in Rupee. During the same period, the MSCI AC gained 6.81% in Rupee terms and 7.35% in Dollar terms (the MSCI Emerging markets index also gained 7.16%). During the month under review, our investments in global and emerging markets equities (IGFi1 USD) increased by 4.57% in Rupee terms (In dollar terms, the investments increased by 5.07%) while the African Market Leaders fund (AML i2 USD) ended the month with a performance of 5.43% in Dollar terms(as our investments in South Africa saw a net progression  of 20.15% over the month) and 4.97% in Rupee terms.

IGF continues to focus both on value and growth stocks as we head into 2011. While we expect a recovery in certain specific sectors, we continue to think that the sovereign debt issues in Europe  and increased austerity measures will weigh on our the country's full productive potential (mainly the export driven industries).

At the end of November 2010, IGF's net asset value (NAV) per share stood at Rs. 24.20 compared to Rs.23.69 at the end of October 2010, representing an increase of 2.15% for the month. The Composite Benchmark* was up by 1.92%, on account of a very strong performance of its local component. Matter of fact, during the month under review, the SEMTRI rose by 2.91% . During the same period, the 'blue-chips' heavy weight, SEM-7 posted returns of 2.34%.Year-to-date, the index was up by 0.60% while IGF had returned 9.18%, the SEMTRI 17.84% and the composite benchmark* 15.25%.

IGF's local portfolio now represents  75.5% of the total portfolio with the cash position in the fund (which has been adjusted in order to re-align the fund with its composite benchmark) at 4.9%. The local portfolio returned 3.09% during the month against the local component of the composite benchmark returning 1.89%. The main local contributors for the month were Air Mauritius, Gamma, SBM, MCB, SHELL and MEI which gained 10.00%, 8.00%, 7.14%, 6.90%, 6.67% and 5.56% respectively. Our exposure to Sun Resorts, New Mauritius Hotels, POLICY, Mauritius Union Assurance and Phoenix Beverages dampened the fund's performance, with SRL down by 7.63%, NMH down by 6.78%, POLICY down by 6.77%, MUA down by 3.87% and PBL down by 2.63% for the month under review.

On the currency front, the US Dollar is up 2.47% against the Rupee for the month of November after a 1.45% drop in the previous month. For the year, the US Dollar is up 1.98% against the Rupee. The foreign portfolio returned -0.67% in Rupee terms while the foreign component of the composite benchmark was almost flat for the month. During the same period, the MSCI AC gained 0.23% in Rupee terms and -2.18% in Dollar terms (the MSCI Emerging markets index lost 2.64%). During the month under review, our investments in emerging markets and commodities (IGFi1 USD) increased by 1.34% in Rupee terms (In dollar terms, the investments decreased by 1.13%, thereby outperforming the MSCI EM index which lost 2.64% for the month of November) while the African Market Leaders fund (AML i2 USD) fared less better with a performance of -5.76% in Dollar terms(as our investments in Botswana and Zambia fell by3.94% and 0.73% respectively) and -3.29% in Rupee terms.

At the end of October 2010, IGF's net asset value (NAV) per share stood at Rs. 23.69 compared to Rs.23.19 at the end of September 2010, representing an increase of 2.16% for the month. The Composite Benchmark* was up by 4.32%, on account of a very strong performance of its local component. Matter of fact, during the month under review, the SEMTRI rose by 5.81%, fueled by increased optimism over the hotel sector and as a direct result of the 100Bps interest rates cut (which is expected to weaken the Rupee vs. its major trading partners). During the same period, the 'blue-chips' heavy weight, SEM-7 posted its best monthly performance this year with returns of 4.80%. However, YTD and as at the end of October, the index was still down by 1.71% while IGF had returned 6.89%, the SEMTRI 14.51% and the composite benchmark* 13.08%.

IGF's local portfolio now represents  65.7% of the total portfolio while the cash position in the fund (which had been raised in order to re-align the fund with its composite benchmark) is at 9.8%. The local portfolio returned 2.48% during the month against the local component of the composite benchmark returning 3.76%. The main local contributors for the month were NMH, SHELL, MCB, OMNICANE and HF which gained 15.69%, 20.00%, 2.11%, 17.24%  and 10.08% respectively. SBM, which saw some profit-taking fell by a marginal 1.18% during the month, thereby dampening the local portfolio's performance.

The foreign portfolio's performance was affected by the USD/MUR FX movement where the Dollar lost 1.45% against the Rupee. In consequence, the foreign portfolio returned 1.07% in Rupee terms while the foreign component of the composite benchmark gained  0.54%. During the same period, the MSCI AC gained 2.13% in Rupee terms and 3.63% in Dollar terms (the MSCI Emerging markets index gained 1.47%). During the month under review, our investments in emerging markets and commodities (IGFi1 USD) increased by 2.55% in Rupee terms (In dollar terms, the investments increased by 4%, thereby outperforming the MSCI EM index which gained 2.92% during the month) while the African Market Leaders fund (AML) fared less better with a performance of 0.99% in Dollar terms(as our investments in Botswana and South Africa fell slightly during the month) and -0.46% in Rupee terms.  

At the end of September 2010, IGF's net asset value (NAV) per share stood at Rs. 23.19 compared to Rs.22.73 at the end of August, representing an increase of 2.02% for the month. The CompositeBenchmark* was up by 4.33%, on account of a very strong performance of its foreign component. During the month under review, the SEMTRI rose by 2.98%, fueled by SAVANNAH which increased by21.15%. During the same period, the 'blue-chips' heavy weight, SEM-7 posted a mild positive return of 0.63%. Year-to-date, IGF has returned 4.62% compared to the Composite Benchmark* and theSEMTRI which have gained 8.40% and 8.23% respectively. Amidst this increasingly volatile environment, cash levels have been maintained at about 8.4% (will be re-deployed towards regional investmentsin the coming months).

IGF's local portfolio's monthly return stood at 1.53%, thereby outperforming the SEM-7 for the month. The main contributors for the month were ROGERS, IBL, UBP & NMH which gained 5.81%, 4.03%,1.77% and 2.00% respectively. SBM saw some 'profit-taking' dragging it down by 2.30%. During the month, SAVANNAH lifted the SEMTRI higher with a performance of 21.15%. HF also returned 3.69%during the month. This significant underweight position in the sugar sector was the major reason for the local portfolio's underperformance versus the SEMTRI.

The foreign portfolio's performance was satisfactory with a performance of 4.24% in Rupee terms over the month (the MSCI World AC and MSCI EM respectively gained 7.17% and 8.66% respectively).This performance was dampened by the dollar losing 2.22% against the Rupee. While our investments in emerging markets equities and commodities (IGFi1 USD) returned 8.70% in USD terms (the MSCIWorld AC and EM respectively gained 9.60% and 11.12% in US dollar terms), the AML fund (African Market Leaders) increased by 4.33% (due to a relatively weak performance from the fund'sinvestments in Kenya and Zambia which lost 6.27% and 5.50% respectively in USD terms). Moreover, a negative revaluation of the German property (-1.42%) and the UK property (-0.22%) funds alsolimited the foreign portfolio's growth in September.
 

At the end of August 2010, IGF's net asset value (NAV) per share stood at Rs. 22.73 compared to Rs.22.85 at the end of July, representing a decrease of 0.53% for the month. The CompositeBenchmark* fell by 0.14% while the SEMTRI increased by a marginal 0.24% (on the back of a 38.05% increase of Savannah sugar estates) . During the same period, the 'blue -chips' heavy weight,SEM-7 lost 1.26%. Year-to-date, IGF has returned 2.52% compared to the Composite Benchmark* and the SEMTRI which have gained 3.90% and 5.09% respectively. Amidst this increasingly volatileenvironment, cash levels have been increased to 8.8%.

IGF's local portfolio's monthly return stood at -0.78%. This remains satisfactory considering the fact that the SEM-7 lost 1.26%. The local portfolio's significant underweight position in Savannah sugarestates resulted in this underperformance against the SEMTRI. Our investments in these stocks led to the weak local portfolio's performance; Rogers, Gamma, IBL, Omnicane and NMH respectivelylost 3.37%, 4.94%, 2,36%, 12.12% and 3.85%. The resulting weak performance was partly cushioned by a positive performance from SBM and ENL which respectively gained 2.96% and 13.21%.

Global equities and emerging market equities, as measured by the MSCI WORLD AC and MSCI WORLD EM fell by 3.46% and 1.90% (the indices respectively fell by 1.90% and 0.32% in rupee termsas the latter lost 1.61% vs. the dollar) as investors grew cautious about the global economic recovery. During the month, top line macro economic data in the US showed that the recovery was indeedlosing steam and with unemployment at historically high levels, global investors' appetite for risky assets was relatively weak. During the month under review, our foreign portfolio outperformed theseinternational indices with a positive 0.26% return (in Rs. terms). A positive currency translation , a satisfactory performance from our investments in emerging markets and commodities (through theIGF i1 usd fund, which fell by 0.83%) and a positive revaluation of the UK property fund (+23.93%) contributed to this performance.

At the end of July 2010, IGF's net asset value (NAV) per share stood at Rs. 22.85 compared to Rs.22.09 at the end of June, representing an increase of 3.44% for the month. The CompositeBenchmark* and the SEMTRI increased by 3.54% and 4.37% respectively. Year-to-date, IGF has returned 3.10% compared to the Composite Benchmark* and the SEMTRI which returned 4.10%and 4.84% respectively.

IGF's local portfolio's monthly return stood at 4.94%, thereby outperforming the SEMTRI for the month. The main contributors for the month were; SBM, IBL, UBP, GAMMA and ROGERS whichgained 6.96%, 11.40%, 8.13, 14.35% and 5.95% respectively. SRL released its Q210 results which showed net losses for the weak quarter. The former, losing 2.46% (along with Omnicane which fellby 2.95%) dampened the local porfolio's performance. During the period under review, the SEM-7 increased by 2.0% (however,on a YTD basis, the BLUE CHIPS are still down 5.62%).

After respectively shedding 3.05% and 0.72% in June, global equities and emerging market equities rallied strongly in July with returns of 8.17% (however it gained only 2.13% in Rupee terms) and8.40% (2.34% in Rs.terms). The dollar, which lost 5.59% to the Rupee during the month weighed heavily on the foreign portfolio's performance for the month. July also saw the rupee strenghteningversus the pound sterling, which fell by 2.23%. The top foreign contributors for the month was IGF i1 usd (mainly consisting of Commodities and emerging market equities) which returned 4.60% andthe AML (African market Leaders fund) fund, which returned 5.83%.
 

At the end of June 2010, IGF's net asset value (NAV) per share stood at Rs. 22.09 compared to Rs.22.87 at the end of May (adjusted for the Rs 1.20 dividend) representing an increase of 1.84% while the Composite Benchmark and the SEMTRI increased by 0.57% and 2.79% respectively. Year-to-date, IGF has returned -0.36% compared to the Composite Benchmark and the SEMTRI which returned 0.13% and -0.45% respectively.

IGF's local portfolio's monthly return stood at 2.44%. The main contributors for the month were; MCB, IBL, GAMMA & ROGERS which increased by 7.6%, 7.5%, 12.25 and 3.3% respectively. MCB's dividend declaration (in line with expectations) cheered investors. On a sour note though, the hotels continued their descent, with NMH & SRL shedding 2.80% and 3.20% respectively. Shell also contributed negatively to performance with a decline of 5.6%. During the period under review, the SEM-7 increased by 2.19% (mainly due to MCB's good performance during the month).

After a strong start in June, global equities suffered in the two weeks as global investors grew pessimistic about the strenght of the recovery in China and in Europe. Global equity markets, as measured by the MSCI World All Countries Gross (USD) fell by 3.10% in USD terms but was down 6.20% in MUR terms as the dollar weakened during the month. The weak USD adversely affected IGF's foreign portfolio returns with a performance of -0.20% in June. The top foreign contributor for the month was IGF i1 usd (mainly consisting of Commodities and emerging market equities) which returned 6.25%.

At the end of May 2010, IGF's net asset value (NAV) per share stood at Rs. 22.87 compared to Rs. 24.02 at the end of April, representing a decrease of 4.79% while the Composite Benchmark and the SEMTRI shed 3.39% and 4.45% respectively. Year-to-date, IGF has fallen 2.14% compared to the Composite Benchmark and the SEMTRI which have returned -0.36% and -2.28% respectively.

IGF's local portfolio's monthly return stood at -4.92%. Local blue chips adversely influenced the stock market with the hotel stocks, NMH, NRL and SUN plummeting 15.75%, 11.67% and 10.00% respectively. Despite also recording negative performances for the period under review, banks fared better with SBM falling by 4.85% and MCB 0.75%. ROGERS and SHELL dipped 9.63% and 6.90% respectively while UBP increased marginally by 0.83%. For the month of May, the SEM-7 decreased by 6.51%.

Global equity markets, as measured by the MSCI World All Countries Gross (USD) decreased by 9.39% in USD terms but 2.70% in MUR terms (on account of a weakening rupee which lost 7.39% vs. the USD during the month). IGF's foreign portfolio's monthly return stood at -4.62% mainly on account of a weak performance from foreign equities during the month, however, mitigated by a positive return from the African Market Leaders Fund (AML) for the same period.