Iterambere Fund expands marginally in November to Rwf1.44bn

RNIT Iterambere Fund rose marginally during the month of November to Rwf1.44 billion, on the back of increased sensitisation encouraging Rwandans to save and invest in the fund and other investment vehicles.

The Fund’s net asset value (NAV) was at Rwf111.08, an increase from Rwf110.28 as at October 31, the Rwanda National Investment Trust (RNIT) indicates in its monthly report. This signifies an absolute return of 11.08 per cent since inception, according to Andre Gashugi, the RNIT chief executive.

Rwanda National Investment Trust are the fund managers.

However, the fund’s growth was slower last month compared to October when it expanded to Rwf1.43 billion, up from Rwf1.41 billion at the end of September.

The fund opened at Rwf100 per unit. According to the report, the annual growth (October 2016 to October 2017) is at 9.62 per cent. The Fund is fully invested (99.69 per cent) in 364-day Treasury bills and Treasury bonds, while only 0.31 per cent is in liquid to run operations of the firm.

The RNIT Iterambere Fund is touted as one of the best performing liquid products in the country, and one needs only Rwf2,000 to save or invest in the fund.

The government is encouraging Rwandans to save and invest in different savings vehicles to grow the national savings to 20 per cent of GDP by 2020.