HFC Future Plan Trust and Equity Trust Funds hold AGM

The Fund Manager of the HFC Future Plan Trust and Equity Trust says concrete strategies have been put in place to take advantage of any volatility in the capital and money markets to ensure growth.

Mr Peter Larbie-Yeboa, Chief Executive Officer of the HFC Investment Services, a subsidiary of the HFC Bank (Ghana) Limited, and Manager of both funds, gave the assurance in his report at the 2014 Annual General Meetings of both funds in Accra.

He assured unit holders that although the economic outlook for 2015 remains highly uncertain, given the weak macro-economic fundamentals as well as the unending energy crises and the wide-reaching effects on both the capital and money markets, they could count on the fund managers to use their professional skills and experience to outperform the major market benchmark again.

He said the anticipated IMF programme is also expected to boost investor confidence in the economy, and both funds intend to remain active in the money markets, which have high growth potentials and strong fundamentals and through these investment opportunities, boost the fund values and yields by the close of the year.

He said with this vision, management would continue to market the unique characteristics of the funds, and improve asset diversification and earnings.

Mr Larbie-Yeboa however said both funds recorded good yields and competed favourably against other money market commodities by the close of 2014.

According to him, in spite of the numerous global and domestic market challenges for the period under review, the fund value of the Future Plan Trust grew by 16 per cent from GH¢ 3.28 million in 2013, ending 2014 with GH¢ 3.79 million, while that of the Equity Trust Fund increased to GH¢ 5.75 million gaining 4.17 per cent more than the GH¢ 5.50 million recorded in the previous year.

He said amidst the economic challenges and the bearish stock market, both the Future Plan Trust and Equity Trust Funds made appreciable returns in yield of 12.14 per cent against 31.37 in 2013, and 8.23 per cent, and recorded increases in the number of unit holders by 14 per cent and seven per cent which translates into 1,330 and 2,835.

The Future Plan Trust at the close of 2014 had total investments of GH¢ 3,647,696 as against 3,164,709 in 2013 and an increase in net assets also from GH¢ 3,274,582 million in 2013 to 3,789,531 million.

The Equity Trust Fund had its total investments gaining slightly from Equity Trust Fund GH¢ 5,449,955 in 2013, to GH¢ 5,499,835 in 2014, a total asset of 5,779,319 from 5,565,153 in 2013, closing the year with a total income of GH¢ 1.4 million as against GH¢ 1, 28 million in the previous year.

Its net investment income therefore stood at GH¢ 1,239,795 as against GH¢ 1,143,470 in 2013, but was able to pay dividends of GH¢ 143,411 compared to GH¢ 90,115 in 2013.

Mr Larbie-Yeboa asked the unit holders to continue to invest in the fund in order to take advantage of the opportunities that would arise as the year progresses.