New fact sheets equity funds
In October, the TCM Africa High Dividend Equity Fund rose 4.1% while the benchmark index increased 3.2%. Although the markets fell in Egypt (-1.6%) and Kenya (-2.9%), the stock market in Morocco gained 5.2%. In Nigeria the market rallied + 13.4%, with United Bank for Africa (+23.8%) as the biggest winner within the portfolio.
According to the Egyptian government, as a result of a solid economic reform program, economic growth is picking up again. The PMI in Egypt rose from 50.4 in September to 51.4 in October, driven by a recovery in consumer demand and export sales. Business conditions improved despite ongoing job losses as companies adjusted to the economic challenges of the pandemic. In September, the PMI rose above 50 for the first time in 14 months. The fact that the figure is now rising above 50 for the second month in a row is positive.
More news about Vietnam, Africa and the Global Frontier fund can be found in the latest fact sheets of the equity funds:
TCM Global Frontier High Dividend Equity
TCM Vietnam High Dividend Equity
TCM Africa High Dividend Equity