Publications

2019 CIO Letter 2Q

Active fund managers often find transient market volatility to be thrilling as the short-term dislocations become stimuli for alpha. This was the case in 1Q2019 as we took advantage of the temporary dislocation in the yield curve brought on by currency weakness. However, sustained periods of market stress can numb sentiments, converting optimism into apprehension.

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2018 CIO Letter 3Q

While the two largest economies in the world battle it out on trade, Europe is still mulling the impact of BREXIT and emerging markets are suffering under the weight of capital outflows stemming from hawkish monetary policies. For frontier markets like Africa, this means weaker currencies owing largely to capital flight, rising yields on sovereign bonds and a fragile ....

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2018 CIO Letter 2Q

The tremors that battered financial markets in 2Q2018 have been nerve-wracking, especially given the pace with which bullish sentiments have quickly unwound into cautionary plays. Yields have picked up, the local currency has depreciated faster within this quarter than it has done in the last five combined and Ghanaian equities have surrendered more than half ....

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2018 CIO Letter 1Q

It goes without saying that the first quarter of 2018 (1Q2018) will probably be documented as one of the most exciting periods in the history of Ghana’s financial markets. From the Accra bourse being adjudged as the best performing stock market in the world in January, to the takeover of Unibank by Bank of Ghana, the events which emerged during the ....

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