Top-Performing Africa Fund Wagers on Urbanization to Drive Gains
The Safaricom Plc headquarters in Nairobi, Kenya.
Photographer: Eduardo Soteras Jalil/BloombergA $250-million-dollar London-based equity fund is generating market-leading returns in Africa with wagers on banks and telecommunications companies.
Rapid urbanization across the continent will drive returns for consumer and bank stocks like Tanzania’s National Microfinance Bank Ltd. and Kenyan mobile-phone provider Safaricom Plc., according to Ayo Salami, chief investment officer at Emerging Markets Investment Management Ltd. Financials and telecoms account for 80% of the portfolio.