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New Star takes heart with £34m

By Chris SalihNew Star’s heart of Africa fund has roared to £34m in its three-week offer period.

The fund, which is managed by Jamie Allsopp, is already at one-third capacity as it is to be capped at £100m.

It will invest in sub-Saharan Africa excluding South Africa, although over a third of the holdings are companies based outside that region but which conduct the majority of their business in central Africa.

Nigeria has the biggest regional weighting at 26.5 per cent, followed by the UK at 20 per cent and Kenya 13.5 per cent. Major themes include consumer staples, telecommunications, infrastructure and agriculture.

Allsopp says he will drip money into the market to avoid liquidity issues.

Hargreaves Lansdown head of research Mark Dampier says: “I am not surprised at this figure, given the performance of emerging markets recently, but it will be interesting to see how many invested through platforms to avoid the £12,500 minimum investment.”

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