By Kingsley Webora TANKEH
Even though 2024 was marked by global political upheaval and domestic economic challenges, two of InvestCorp’s funds – InvestCorp Active Equity Fund and InvestCorp Money Market Fund – have delivered significant returns to shareholders.
The InvestCorp Active Equity Fund (IAEF) led the park, returning 35.1 percent, while the InvestCorp Money Market Fund (IMMF) followed by providing a 29.17 percent return.
At the 2024 annual general meeting (AGM) in Accra, the fund managers said this performance was buoyed by increased activity on the stock market and deliberate, divergent strategies aiming to reduce risk and achieve high returns for shareholders.
InvestCorp manages four funds, namely: InvestCorp Active Equity Fund, InvestCorp Money Market Fund, InvestCorp Treasury Securities Fund and InvestCorp Mid-Tier Financial Services Investment Fund.
The Chairman of InvestCorp Active Equity Fund, Mark Amoako, said the fund capitalised on what he termed a “record” year for Ghana Stock Exchange.
The GSE Composite Index’s surged by 56.2 percent in 2024 – the highest in Africa. According to her, this provided a powerful tailwind for the fund to sail, outperforming the modest 4.18 percent gains of 2023. The fund ended its year with assets under management (AUM) of GH¢186,957.
“This impressive performance was driven by Ghana Stock Exchange, which posted a record 56.17 percent return, reflecting renewed investor confidence, a broad-based market rally and improving corporate earnings,” Mr. Amoako stated in his address to shareholders.
He indicated that the IAEF is poised for a strategic transformation as shareholders have approved an amendment to the fund’s mandate, allowing up to 40 percent of assets to be allocated for offshore investments.
“This strategic shift aims to provide exposure to high-quality, globally listed companies – thereby enhancing diversification, improving liquidity and reducing the concentration risks associated with a domestically constrained portfolio,” he explained.
Meanwhile, the InvestCorp Money Market Fund chaired by Mr. Kofi Boateng delivered a 29.17 percent return – placing it among the top-performing funds in its category, with AUM growing by 259 percent to over GH¢12.23million.
Mr. Boateng attributed this performance to a decisive move away from longer-dated government bonds toward high-yielding short-term instruments.
“The fund’s performance was primarily supported by a timely divestment from Government of Ghana bonds acquired during the Domestic Debt Exchange Programme (DDEP), with proceeds strategically reinvested into Treasury bills,” he said.
According to him, this manoeuvre allowed the fund to draw in elevated yields from Treasury bills, which remained above 28 percent for much of the year under review.
Similarly, IMMF also secured shareholder approval to expand its investment. It can now allocate up to 40 percent of its portfolio to foreign currency-denominated instruments such as U.S. Treasury bills – to “enhance diversification, bolster liquidity and reduce domestic market concentration risks”.
However, looking ahead, both expressed cautious optimism for 2025, acknowledging significant headwinds such as the protectionist trade policies of US president Donald Trump. According to them, the global economy risks supply-chain disruptions and elevated inflation.
Ghana’s inflation has declined significantly from the 23.8 percent recorded in December 2024 to 11.5 percent for August 2025, with hopes that it will decline further to be within the Bank of Ghana year-end target of between 6 and 10 percent.
