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07.06.2017 Business & Finance

First Fund positions self to churn out great returns

GNA

Accra, June 6, GNA - Professor Cletus Dordunoo, Board Chairman, First Fund Limited, says the Fund will continue to position itself to churn out great returns in 2017 and beyond.

First Fund closed the year with an annualised yield of 36.16 per cent, despite the dip in treasury rates and general market rates.

Prof Dordunoo speaking at the Seventh Annual General Meeting of the Fund said the corporate entity outperformed 91-day Treasury Bills as well as other money market mutual funds in the country.

He said the Fund again posted an even impressive performance last year, recording the highest annualised yield among money market mutual funds in Ghana.

'This outstanding performance has been attained on the back of hard work of our staff, managers, directors as well as the support and dedication of you, our cherished shareholders,' he added.

He said the Asset Under Management also edged upwards in 2016, increasing by more than 70 per cent to GH¢75.81 million from GH¢44.45 million at the end of 2015.

He said this performance was on account of an impressive return on investment by the fund's portfolio and the continuous contributions by both existing and new clients.

In 2016, a lot more investors signed on to First Fund, increasing client base by 21 per cent to 14,000.

Prof Dordunoo said the Economic growth in 2016, picked up only slightly from 2015 levels, meanwhile the economy in 2016 saw a downward drift in inflation and for most parts of the first half of the year, it hovered around 18 per cent and dropped to 16.2 per cent in July 2016.

He encouraged shareholders to continue investing in the Fund at any of the branches of their receiving banks.

'We remain committed to growing your fund to maintain its position as the best performing money market mutual fund in Ghana,' he said.

Mr Amenyo Setordzie, Chief Investment Officer, First Fund Limited said the economy was expected to receive a boost and increased growth in 2017, as a result of the continued development of the TEN oil field it was expected to start the supply to the Gas to the processing plant in the first quarter of 2017 and also the new Sankofa Gas Project.

He said when these two fields start full production, the country's economy as well as the energy sector would stabilize.

He said the Fund was poised to benefit from favourable market conditions while guarding against rough conditions and would continue to generate competitive returns for the funds.

'Our strategy in 2017 is to lock in investments in longer term securities to churn out great returns on the Fund and will continue to commit to making sure your returns on portfolio are optimized,' he added.

Mr Setordzi said the Fund Manager remained committed to ensuring superior returns and capital preservation and would continue to invest in secured high yielding instruments.

GNA

By Morkporkpor Anku/ Doris Ablordey, GNA

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