Compared to last quarter  and a year ago. Since February, the portfolio is down 1% while the NSE 20 share index is up 2% this quarter. Both measures are down 19% compared to a year ago.

The Stable

• Atlas ↓ (down)
• Barclays ↓
• Bralirwa (Rwanda) – (no change)
• Centum (ICDCI) ↓
• CIC Insurance ↓
• Diamond Trust ↑ (up)
• Equity –
• KCB –
• Fahari ↓
• Kenya Airways ↓
• Kenya Oil ↑
• NIC ↓
• NSE ↑
• Stanbic (Uganda) ↓
• TPSEA ↓
• Unga ↑

Summary: Another quarter when most shares are down,  while a few shares were  unchanged.

• In: None
• Out: None
• Increase: None
• Decrease: None
• Best performer: NSE (up 22%), Kenol (up 10%)
• Worst performer: Stanbic (UG) (down 22%(, Barclays (down 19%)

Unexpected Events:

• Decided to sell out of Bralirwa Rwanda and Stanbic Uganda, but its’ more difficult getting out thatn it was getting in (during their respective IPO’s). For Uganda, you have to open a CDS account there, just to sell your shares.

Looking Forward to:

• Mobile money treasury bonds (yet to launch)
• Ongoing Kengen rights issue

Comparing performance to last quarter and a year ago, the portfolio is up 0.3% in the last three months, while the while the NSE 20 share index is down 5% since November 2015. Compared to a year ago, the portfolio is down 21% while the NSE is down 29%.

The Stable

Atlas –
Barclays ↓
Bralirwa (Rwanda) –
Centum (ICDCI) ↓
CIC Insurance ↓
Diamond Trust –
Equity ↓
KCB ↓

Fahari –
Kenya Airways ↓
Kenya Oil ↑
NIC ↓
NSE ↓
Stanbic (Uganda) ↓
TPSEA ↓
Unga ↓

Summary: Another quarter when everything is down, except Kenol, while a few shares were  unchanged including Bralirwa, Fahari (I-Reit)  and the now dormant Atlas.

In: Serena
Out: None
Increase: None
Decrease: None
Best performer: Kenol (up 21%)
Worst performer: NSE, Serena, KQ (~all down 10%)

Unexpected Events:

• The low uptake of the Stanlib Fahari I-REIT which showed that NSE investors are risk-adverse, and won’t flock to new products like REIT’s and derivatives.
• Going back on the East African dream of cross border investing, there’s much difficulty in cashing a Rwanda dividend cheque (Bralirwa) as many banks still don’t accept Rwanda Franc cheques and KCB which used to have over-the–counter encashing for the Bralirwa dividend cheques (drawn by KCB Rwanda) does not have the facility this year. Stanbic Kenya and Stanbic Uganda have never had any cooperation in that regard as well.
• The losses and corporate fallout at Uchumi, Mumias, Imperial Bank, and Kenya Airways that were discovered after their high-profile, long-serving, CEO’s departed.

Looking Forward to:

• Mobile money treasury bonds
• Kengen rights issue