Gold Fund Unit Trust holds first meeting

Accra, Dec. 11, GNA-Gold Fund Unit Trust mobilized a total fund of 3.8 billion cedis, representing 7.4 million units in the year 2005. The net asset value of the fund at the close of the year also came up to 3.8 billion cedis, representing 4.9 billion cedis in investment in shares, 4.04 billion cedis in money market investments and 3.55 billion cedis in excess in liabilities over other assets respectively. Mr. Ben Kujar, Portfolio Manager of the Gold Fund Unit Trust announced these at the fund's First Annual General Meeting in Accra on Monday.

He said the fund recorded a decline in its performance for the period, mainly due to the heavily unrealized losses recorded in most of the equities in the fund's portfolio.

The Portfolio Manager said investor apprehension threatened to cripple the scheme as new inflows diminished to a trickle whilst a near stampede to exit was the challenge faced by the management. This, he said led to the drop in value of the fund from 15.5 billion cedis to 8.6 billion cedis, while the net income, also dropped from 262 million cedis to a loss of 931 million cedis with 241 unit holders giving up their holdings to close the register at 1,734 at the close of the year.

Mr Kujar encouraged unit holders and investors with a long-term view to invest more in the fund at a time its value is reasonably low. "We appreciate your support, commitment and confidence in us as we put in the best of our ingenuity to ensure, the steady and long-term growth of your investment in the coming years,=94 he added.