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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Nov 5, 2026
African Lions Fund generated an annualized net return of 27.93% over its first six years since inception, expanding assets under management from $3.85 million to $105.4 million as of September 30, 2026. The portfolio maintains a heavily deployed stance with cash representing just 2.0% of net assets. Sector allocations are concentrated in structural growth areas across frontier markets, led by Telecommunications & Mobile Money at 34%, Consumer Staples at 33%, Financials at 22%, Manufacturing at 7%, and Mining at 2%. Global investor reluctance to allocate capital toward African equities has kept foreign inflows muted, creating an exceptionally mispriced environment dominated by local participants. Despite currency depreciation and high frontier transaction costs, portfolio company fundamentals remain resilient, supported by over 30% aggregate earnings growth and returns on equity above 25%. Growth is anchored by structural demographic expansion, surging smartphone adoption, and ubiquitous mobile financial transaction volumes. Portfolio positioning is anchored by blue-chip African platform operators trading at deep value multiples of approximately 7.3x indicative earnings and a 7.0% dividend yield. Top conviction holdings include Safaricom, where mobile money platform M-Pesa drives multiple expansion toward a KES 45 target, alongside deeply discounted operators MTN Ghana and MTN Rwanda. The strategy is actively evaluating capital deployment into pipeline opportunities, including Airtel Mobile Commerce and Kenyan retailer Quickmart.
African Lions Fund seeks to compound wealth by investing in dominant blue-chip African businesses capable of doubling their revenues and profits over five to ten years while purchasing them at valuation multiples low enough to double as well.
African equity fundamentals are projected to remain robust, with portfolio earnings expanding strongly and valuations well-positioned to double from depressed entry levels of 7.3x earnings. Market performance is expected to be propelled by local investor participation and organic dividend compounding rather than sudden foreign capital inflows.
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