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