Africa Opportunity’s ordinary share net asset value per share of US$ 0.874 as at 31 December 2015 decreased by 11% from the 31 December 2014 net asset value per share of US$1.011, including dividends. The C share net asset value per share of US$0.821 as at 31 December 2015 decreased 9% from the 31 December 2014 n asset value per share of US$0.912. AOF’s share prices fell far more than net asset value, leading to a widening of the discount between its share price and its net asset value. The total return for the A shares was -22%, and for the C shares was -28%. The respective discounts to net asset value were 26% and 14%, respectively. To provide some basis for comparison, South Africa fell 21%, Nigeria fell 21%, Kenya fell 18%, and Egypt fell 31%. In non-African emerging markets, China rose 3%, Brazil fell 42%, Russia was flat, and India fell 8%. In developed markets, Japan rose 10%, the US rose 1%, and the UK fell 5%.
AOF : Africa Opportunity outperforms falling African markets