Here are the details of Afrinvest’s Equity Mutual Fund which opened on Monday, August 11th and closes on September 17th, 2008.

1. Minimum amount required is N50,000
2. Minimum permissible holding after partial redemption is N25,000
3. Minimum of 90% of the fund’s assets will be invested in mid- to large-cap companies
4. The Fund will have between 15 to 25 holdings at any time and will not invest more than 10% of its assets in any one company.
5. At the manager’s discretion, up to 20% of the Fund’s assets may be in cash, cash equivalents, or high quality debt instruments
6. Designed for investors who have a long-term investment perspective
7. Initial cost of establishing the Fund will be charged against the expected proceeds
8. Administrative costs will not exceed 5%
9. Some interesting tid-bits about the expenses:
10. Trustees will be paid 0.05% of the NAV of the fund
11. The Manager will be entitled to 1.5% of the NAV of the fund
12. The Manager will also be entitled to an incentive fee not exceeding 30% of the total returns in excess of 10% of the fund’s NAV per annum