Peter Thoms

Africa strategy is long-term total return. We pursue this objective through both capital appreciation and investment income. We employ a bottom-up company-by-company approach to portfolio construction, taking into account such factors as competitive advantage, growth rate, valuation, profitability, management skill and accessibility, currency risk and political risk. We focus primarily on sub-Saharan Africa, where we believe the best opportunities are located. Specifically, we believe robust, well-run businesses exposed to the growth in South Africa, Ghana, Nigeria, Senegal, Kenya, Tanzania, Ethiopia, Botswana, Mozambique, Zambia, Namibia, Angola, and Côte d’Ivoire particularly warrant our investment consideration. Our Africa portfolios consist of a very select group of companies that are both well–positioned for growth and are capitalizing on their demonstrated competitive advantages. We invest in any sector in which we find opportunity and we are unconstrained in terms of company size. Several sectors that we believe are particularly attractive for investment are consumer goods, financials, agriculture, telecommunications, infrastructure, materials and energy. We invest in stocks, funds, fixed income and other instruments that trade on stock exchanges and in over-the-counter (OTC) markets in countries including, but not limited to, South Africa, the United Kingdom, Canada, Australia and the United States. Africa-focused companies listed in these countries, broadly speaking, offer better liquidity, governance, disclosure and management access than most companies listed on local African stock exchanges. Our trading venues will likely grow in number as warranted by the alleviation of liquidity and custodial concerns to include other local African markets. We believe our strategy offers U.S.-based investors seeking exposure to Africa the best overall combination of cost-effectiveness, liquidity, security and transparency.