First Fund
₵0.66
Description
Fund Manager: FirstBanC Financial Services Ltd
Bid Price: 0.6522
Offer Price: 0.6588
YTD: +24.69%
Fund Launch Date – 09-Feb-2010
Fund Size (as at 23 Mar, 2017)- GHS mn
Fund Info
The First Fund is a money market fund with the objective of preserving capital and providing liquidity at all times to meet short-to-medium term financial needs. The investments of the fund shall consist of Commercial Papers, Bankers Acceptance, Certificate of Deposit, other Fixed Deposits and Government of Ghana debt obligations. Under normal market conditions, all investments of the Fund would have a maturity period of not more than 1 year. However, at least 60% of the investments of this Fund shall be maturing within 182 days at all times to ensure liquidity.
Fund Strategy
The Manager shall observe the following investment restrictions under normal market conditions:
Not more than 25% of the Fund’s assets shall be invested in securities of a single issuer except for the Government of Ghana or its agencies
Not more than 10% of the Fund’s assets shall be invested in other collective investment schemes
No investment shall be made in common stocks or other equity securities
The Manager shall not make any investment that will result in the scheme gaining management control of a company in which the investments have been made
The Manager shall not apply any part of the scheme in the acquisition of an investment which is likely to involve the scheme in any liability
The Manager may not enter into hedging transactions or borrow on behalf of the Fund for the purpose of acquiring securities, or mortgage, charge or impose restrictions on any securities of the Fund
The Fund may borrow only for the purposes of ensuring liquidity and such borrowing must not be more than 15% of the Fund’s assets
To ensure liquidity, the Manager shall maintain at least 2% of the Fund’s assets in cash
Not more than 20% of the Fund’s assets shall be invested in other shares or property which is managed by the Manager or any of its associates
No direct investments shall be made in real property.
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