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Africa Market and Lombard Fund News

Monthly Report- January 2019

27 Feb 2019

Dear Investors

Welcome to 2019. Once again Africa is presenting us with an exciting opportunity – wealth has started to increase and improvements are being made with regulatory frameworks, which is supportive of foreign investment. To outline our strategy for the year, please find our observations and predictions for the major African markets in which we participate.

South Africa

SA is the most mature financial market in Africa. Last years ZAR depreciation has boosted exports, which has stabilised GDP growth and removed the economy from its recession. SA’s recover remains tentative with high levels of corruption and a pending election in May. Our SA exposure remains limited to the international gaming and entertainment company Naspers and British American Tobacco. Both companies are strong rand hedge and have stable earnings through their global businesses.

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