Deputy Managing Director of InvestCorp Asset Management Limited (InvestCorp), Kwabena Ofori Apeagyei, has expressed optimism about the investment climate, with expectation of a rebound despite the sector’s recent challenges, which have significantly affected growth.
He echoed the words of encouragement by the Chairman of the InvestCorp Money Market Fund (IMMF), Kofi Boateng who said: “Currently, there are high levels of uncertainty indeed, but we must continue to remind ourselves of our investment goals and continue to appreciate a Fund which allows us to invest in a convenient and flexible manner towards those goals.”
The Chairman made these remarks at the just ended Annual General Meeting (AGM) of the Fund held in Accra and streamed via zoom to all shareholders.
How InvestCorp sailed through the storm – 2022
According to management, throughout the process of the Domestic Debt Exchange (DDEP), the Fund Manager held a series of webinars with the shareholders of the three Fixed Income Funds it manages. This was to explain the expected impact of the DDEP on their investment portfolios and also to expound on actions it was taking to mitigate the negative impact on the performance of these mutual funds.
The Fund Manager also adopted a proactive relationship management system which made use of all available communication channels enabling shareholders interact with both Senior and Executive Management and by so doing, provided more comfort and assurance to clients that the firm was at the forefront of the fight to protect and safeguard their interest.
The Fund’s annual report indicated that the IMMF closed the year 2022 with a YTD return of 8.51 percent. It suffered from huge redemptions, as investors relied on their mutual funds holdings to support themselves during the cost of living crisis, as inflation spiked.
Commenting on this, Board Chairman, Kofi Boateng, blamed this on economic factors such as skyrocketing inflation, increases in the Monetary Policy Rate (MPR), among other challenges.
He, however, expressed confidence in measures taken by government to correct the anomalies in the economy, such as seeking assistance from the International Monetary Fund (IMF), to bring the indicators back to relatively normal levels for the industry to flourish once again.
The AGM also provided an opportunity for shareholders to voice their opinions and concerns, and also ask questions regarding the funds’ operations. The management team interacted with the shareholders and assured them of their commitment to transparency and accountability.
In his closing remarks, the Deputy MD expressed his gratitude to shareholders for their continued support and confidence in the Fund. He emphasized the importance of maintaining a long-term perspective in investment decisions and highlighted InvestCorp’s commitment to delivering sustainable returns.