Ashburton Investments, the asset management business of the FirstRand Group, has announced the launch of a new sterling share class for its US dollar-based Africa Equity Opportunities Fund.

In addition, the extended offering for UK investors includes the Global Energy Fund and the India Equity Opportunities Fund, as well as the India Fixed Income Opportunities Fund.

All funds are part of the Ashburton Investments Luxembourg-domiciled SICAV range.

Matthew Kemp, Head of UK Wholesale for Ashburton Investments, said: “The launch of these sterling share classes will complement the existing dollar offering and reinforces Ashburton Investments’ commitment to the UK market which reflects the appetite amongst clients within the UK Wholesale market. It will also improve accessibility to the funds across several platforms.”

The Africa Equity Opportunities Fund identifies and invests in undervalued listed African equities (ex South Africa) across various sectors to achieve long-term capital growth.

The fund invests in companies whose primary source of income is derived from Africa, or whose major assets are Africa-based.

It is anticipated that at least 80% of the fund will be invested in companies listed on African stock exchanges and the balance on stock exchanges outside Africa.

The mandate also allows for up to 10% of the portfolio to be invested in selected opportunities, such as pre-IPO companies or unlisted investments.

As of May 31, the fund showed negative performance YTD (-1.13%), but appreciated over 3 months’ period by 5.5%.

The minimum investment into the newly created share classes is the GBP equivalent of $100,000 for the institutional class and $10,000 for the retail share class.