Legacy Africa Regional Equity Prescient Fund (A1) - LEGPA1 fund information

The objective of the Legacy Africa Regional Equity Prescient Fund is to provide investors with medium to long term capital growth by taking advantage of opportunities within growing African economies. The Fund intends to invest in companies that conduct their business predominantly in Africa excluding South Africa. The Fund will predominantly invest in regional equity securities although South African instruments can be included and it can invest up to 20% in liquid non equity securities such as preference shares, debentures, bonds, other CIS portfolios and cash. The portfolio is permitted to invest in listed and unlisted financial instruments in line with the conditions as determined by legislation from time to time. The portfolio may apart from assets in liquid form also include participatory interests or any other form of participation in portfolios of collective investment schemes, exchange traded funds or other similar schemes. Where the aforementioned schemes are operated in territories other than in South Africa, participatory interests or any other form of participation in these schemes will be included in the portfolio only where the regulatory environment is to the satisfaction of the manager and trustee and is of a sufficient standard to provide investor protection at least equivalent to that in South Africa. Nothing in the supplemental deed shall preclude the manager from varying the ratios of securities, to maximise capital growth and investment potential in changing economic environments or market conditions or to meet the requirements, if applicable, of any exchange formally recognised in terms of legislation and from retaining cash or placing cash on deposit in terms of the Deed and any Supplemental Deeds thereto; provided that the manager shall ensure that the aggregate value of the assets comprising the portfolio shall consist of securities of the aggregate value required from time to time by the Act. The Trustee shall ensure that the investment policy set out in this supplemental deed, the Deed and in all Supplemental Deeds thereto is carried out. For the purpose of this portfolio, the manager in consultation with the Investment Manager, shall reserve the right to close the portfolio to new investors on a date determined by the manager. This will be done in order to be able to manage the portfolio in accordance with its mandate. The manager may, once a portfolio has been closed, open that portfolio again to new investors on a date determined by the manager.