Business News of 2013-12-16

Gold Fund records 16 per cent growth

Investors of Gold Coast Securities’ Gold Fund (GFUT) may be smiling to the bank for some time as managers of the fund have revealed a continuous impressive performance for the coming years despite numerous economic challenges.

The fund which made an impressive return for 2012 says it expects its 2013 returns to record a much impressive return.

Presenting its 2012 performance at its 8th Annual General Meeting (AGM) on Friday to shareholders in Accra, Kwaku Fredua-Agyeman disclosed that the fund manager worked tirelessly to make a return of 16.59 per cent as compared 13.3 per cent in 2011.

The head of GFUT for Greater Accra and Eastern region also disclosed that net assets of the fund reduced marginally from GHS3,541,071 in 2011 to GHS2,759,247 at the close of 2012, which represented a change of 22.08 per cent.

During the period under review, the fund invested 26.77 per cent in the banking sector, 3.28 per cent in the financial services sector, 14.61 per cent in food and beverage, 3.59 per cent in manufacturing and 14.89 per cent in the petroleum industry.

According to Mr Fredua-Agyeman, that implies 63.13 of the portfolio is equity based with the remaining 36.87 per cent invested in net of payables short term but high yielding investments to cater for liquidity.

He said the fund is also expected to record an impressive performance for 2013 despite a turbulent year.