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Nile Africa, Frontier and Emerging Fund ceases operations

Anna Lyudvig
April 18, 2019, 1:35 p.m.

Word count: 374

Nile Capital Investment Trust has decided to terminate the Nile Africa, Frontier and Emerging Fund, according to the SEC filing.

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Nile Capital Investment Trust has decided to terminate the Nile Africa, Frontier and Emerging Fund, according to the SEC filing.

The Board of Trustees has concluded that it is “in the best interests of the Nile Africa, Frontier and Emerging Fund, a series of the Trust, and its shareholders, that the Fund ceases operations”. 

The Board has determined to close the Fund and redeem all outstanding shares on March 28, 2019.

As of March 12, 2019, the $9.91m Fund's 1-year return was -23.03%, whereas its 5-year return was -4.65%.

Effective March 12, 2019, the Fund will not accept any purchases and will no longer pursue its stated investment objectives. 

“The Fund will begin liquidating its portfolio and will invest in cash equivalents such as money market funds until all shares have been redeemed. Shares of the Fund are otherwise not available for purchase.”

Nile Capital Management was the Fund’s investment adviser, whereas Larry Seruma, Managing Principal of the Adviser, has served the Fund as its Portfolio Manager since it commenced operations in 2010.

The Fund managed a focused portfolio of 30-40 stocks “drawn from the most attractive emerging and frontier markets”, according to the LinkedIn company page. 

“The fund emphasizes growth at attractive valuations in leading companies with established franchises and consistent revenue/profit growth.  Our extensive knowledge of South Africa, Egypt and frontier markets is continuously updated through extensive “on-the-ground” contacts and resources,” according to the same source. 

“We can give your portfolio a stake in the continent’s most attractive economies, best companies and long-term growth potential.  In addition to the mutual fund, we are structured to provide separate managed account services for investors.”

The company’s website no longer exists.

As of March 28, 2019, the Fund’s assets stood at $9.32m.

For the year ended March 31, 2019, the Fund’s NAV (Institutional class) was $13.57.

Prior to March 28, 2019, shareholders could redeem their shares, including reinvested distributions.

According to SEC filing, any shareholders who have not redeemed their share to the Fund prior March 28, 2019, will have their shares “automatically redeemed as of that date, and proceeds will be sent to shareholders’ address or record or returned to the clearing account at a shareholder’s financial institution, as applicable.”

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