1181 It has now been two and a half years since the US Dollar began its +25% appreciation and the underperformance of African equity markets feels as if it has no end. Experienced Africa hands say the past period has been one of the toughest (and probably the most disheartening) to their knowledge. Given the record number of fund closures and dismal equity returns since mid-2014 (down 45%), investors are wondering whether Africa really is “reeling” rather than “rising”.