Anidaso Mutual Fund holds 6th annual general meeting

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Anidaso Mutual Fund has held it 6th annual general meeting in Kumasi

Mr. Robert Amo-Cobbia, Manager of New Generation Investment Services Limited (NGIS), fund managers of the Anidaso Mutual Fund, in his report to shareholders said the Fund posted? a Net Asset Value of GH?734,144 representing a marginal decline of 0.03% over the previous year?s corresponding figure of GH?734,373.

He attributed the performance of the Fund to the turbulence that was experienced within the global economy, citing the Eurozone debt crises, Arab Spring and the downgrade in the credit of rating of US, the world?s largest economy, which reflected in the global market.

The Fund, after an impressive performance in the first two quarters of the year under review, was adversely affected by the fall in the equity market during the second half of the year.

After raising to a Net Asset Value (NAV) per share of GH?0.2291 by August close with a year-to-date performance of 9.13%, the Fund?s value thereafter declined consistently through to December, ending the year at a price of GH?0.2002. This corresponded with a year-to-date change of -3.05%. Dividend income for the past year was up by 8.14% to GH?27,521 from GH?25,449 in 2010.

The sharp decline in interest rates however saw interest income fall by 15.81% to GH?40,123. Good judgment on the part of managers of the Fund also ensured that operational expenses declined by 8.52% to GH?33,739: for this reason some shareholders at the meeting expressed their satisfaction with the manner NGIS has handled operations of the Fund so far.

Rt. Rev. Dr. Daniel Yinkah Sarfo, the Metropolitan Bishop of the Anglican Church of Kumasi, and also Board Chairman of the Fund, noted that although the Fund?s portfolio was skewed in favour of financial stocks, it performed much better than the GSE?s Financial Stock Index (GSE-FSI) which ended the year with a return of -13.69% and also compared favourably with average returns on the Ghana Stock Exchange (GSE) that ended the year at -3.10%.

By Kizito CUDJOE, Kumasi

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