Net Asset Value and Portfolio Allocation Update

RNS Number : 0410Q

Africa Opportunity Fund Limited

06 September 2017

Africa Opportunity Fund Limited ("AOF")

Net Asset Value

Africa Opportunity Fund Limited (SFS: AOF) announces that as at close of business on 31 August 2017, its unaudited net asset value per Ordinary share was US$0.955.

Portfolio allocation update

Following the C share conversion as announced on 21 August 2017, the Company provides the following update in relation to its portfolio allocation as at 31 August 2017.

Portfolio allocation as at 31 August 2017

Total NAV: $71,454,408
Total Shares Outstanding: 74,849,606
NAV/Share: 0.955

Geographic and Sectoral Allocation

Africa Opportunity Fund
Geographic Exposure

Sector	% of Sec holdings
Zambia	8.5%
Ghana	37.4%
Senegal	15.4%
Other	3.9%
Nigeria	5.0%
Cote D'Ivoire	2.9%
Morocco	1.0%
Zimbabwe	9.2%
Egypt	2.8%
Kenya	3.2%
Botswana	2.8%
Tanzania	2.1%
South Africa	3.0%
Uganda	2.8%
Total	100.0%

Africa Opportunity Fund
Sectoral Exposure

Sector	% of Sec holdings
Telecommunications	12.4%
Financial Services	35.0%
Consumer Finance	3.5%
Utilities	12.2%
Oil Exploration & Production	5.3%
Consumer Products & Services	-0.9%
Plantations	5.5%
Mining Industry	11.0%
Real Estate	7.3%
Materials	1.3%
Beverages	2.1%
Other	5.3%
Total	100.0%

Geographic and sectoral allocation takes the sum of positions in a particular category as a percentage of total security holdings.

Top 10 Consolidated Positions

Top Ten Holdings - AOF	Description	% of NAV on 31 Aug 2017	% of NAV on 30 June 2017
Enterprise Group	Ghanaian property & casualty insurance and life assurance company	24.2%	13.6%
Sonatel	Dominant Senegalese and regional integrated telecommunication operator	10.1%	11.7%
Copperbelt Energy Corp	Leading electricity distributor in the Zambian Copperbelt	7.5%	8.8%
Tizirr 9.0% 28 Sep 2017	1st priority bond backed by Grande Cote mineral sands project in Senegal	4.2%	4.7%
Anglogold Ashanti	Gold mining company operating in 11 countries	4.2%	4.1%
Standard Chartered Bank	Leading commercial bank in Ghana	4.0%	3.4%
Mashonaland Holdings	Zimbabwean real estate company	3.6%	3.9%
Continental Reinsurance	Leading Pan-African reinsurer based in Nigeria	3.5%	3.3%
Pearl Properties	Zimbabwean real estate company	3.2%	3.2%
Kenya Power & Lighting Ltd	Leading electricity distributor in Kenya	3.0%	2.5%
Total		67.5%	59.2%