Accra, June 19, GNA – TTL Income Haven Fund, has posted strong results at its maiden Annual General Meeting (AGM) held in Accra, closing the 2017 financial year with an annualised year to date return of 30.37 percent.

The return is far above the benchmark performance projected at the inception of the Fund in 2016, of 3 percent above the Bank of Ghana’s 91-day Treasury Bill rate and closed the year with a net asset of GH¢882,140.00.

Speaking at the maiden AGM, Mrs. Efua Filson Fynn, Chief Investment Officer for the TTL Income Haven Fund and Managing Director of TTL Capital, said the strong performance was despite the low interest rates that prevailed in the environment, presenting unfavourable conditions for money market funds.

“The Fund outperformed the Government of Ghana (GOG) Treasury Bills as well as other money market mutual funds in the country,” she said.
Benchmark funds like the GOG 91-day Treasury Bill Rates (TBR), 182-day TBR and 365-day TBR, closed the year at 13.35 percent, 13.88 percent and 15.00 percent respectively.

The price of the Fund also increased from GH
¢1.00 at inception, to GH¢1,3718 at end 2017, a growth of 37 percent in the period under review.

Mrs Filson Fynn noted that falling interest rates, as well as the depreciation of the cedi, posed challenges to the Funds outlook for 2018, although the effects of the depreciation may take a while to reflect in the performance of mutual funds.

In order to mitigate the effects, she noted that the fund’s strategy for the 2018 financial was to invest in longer term securities; increasing its exposure in the 182-day and 365-day fixed deposits, as well as to relatively strong financial institutions.
The Fund will also focus on a comprehensive risk management in order to ensure balance between yields and quality of investments.

Mr Theophilus Senyo Ackorlie, Chairman of the Board of Directors of TTL Income Haven Fund, said the Fund’s Asset under Management also grew significantly during the period under review, increasing by over 282 percent to GH¢885,124.00, from the GH¢231,456.00 mobilised at inception in October 2016.
This, he said, was due to the impressive return on investment as well as the continued contributions of both existing and new clients.

He said the Fund in 2018 was working to increase its client base, particularly by harnessing the power of social media and assured shareholders and the public that in spite of the expected decline in interest rates in 2018, the fund was positioned to perform well.

“Despite the expected decline in general interest rates, the Fund is in a good stance to deliver high returns to investors in 2018. We expect good results in all the key performance drivers, namely: Assets under Management, return, deposits, redemptions and clientele base,” he stated.

He encouraged clients to continue investing in the Fund, using direct debits or mobile money, adding that the Fund was exploring other forms of payment to bring more convenience to its clients.

Credit: GNA

(By Belinda Ayamgha)