The Port Louis Fund Ltd (PLF) was incorporated on June 9, 1997 as a public limited company. It operates as a collective investment scheme (open-ended), as authorised by the Financial Services Commission, under the Securities Act 2005.
The Fund is structured as a low-to medium-risk, diversified investment vehicle. Its objective is to achieve capital growth and income over the long term. PLF invests primarily in a combination of performing listed companies, foreign securities, prime unquoted companies and liquid instruments with high income yields. Since its inception in 1997, PLF has been among the largest mutual funds in Mauritius. As of June 30, 2016, its portfolio was around MUR 1.4 billion. The Fund has demonstrated consistent growth and has regularly paid dividends.
The Fund is open to the public and institutional investors. There are currently no entry/exit fees for investments held for at least one month. The Fund has a monthly investment plan for retail investors, which starts as from MUR 500 per month. The NAV per share (i.e. the price) is calculated daily. Disposals and purchases of shares can be effected on a daily basis.
As of June 30, 2016, the portfolio was invested into: 32.6% locally listed equity, 42.1% unquoted shares, 24.3% foreign investments, and the rest into fixed income and cash. The Fund is invested in around 130 securities, cut across various geographies, currencies, sectors and asset classes, in order to diversify its market risk.
If an investor had bought MUR 1,000 worth of PLF shares on June 30, 2011, the investor would have earned an annualised return of 6.4% on the initial investment as of June 30, 2016, resulting in an investment value of MUR 1,362 at the end of the 5 year investment horizon.
For the financial year (30 June 2016), PLF registered a return of -4.8% amidst negative market conditions. The Fund managed to limit the negative impact of the market fall due to its conservative approach and diversification strategy. As an indication of the market, the SEMDEX lost 11.5% during the same period, while the MSCI World Index went down by around 3.5% in MUR terms.
