Time flies and this is a good point in time to consolidate all preceding journals to form an e-book, which I’ll publish.
Shareholders cannot declare a dividend. That is the role of the Board of Directors. Shareholders, however, can influence the decision of the Board’s dividend policy and decision via their voting rights at the Annual General Meeting.
Taking into account dividends declared and approved by shareholders but yet to be received in the upcoming April to June quarter, the Fund has a gain of USD72,769 in our investments and cash positions in Egypt. That equates to 9.1% over a 15-month period.
Double Digit Dividends Fund had a 29% portfolio allocation to Egyptian companies as at 31 December 2021. The devaluation of the Egyptian Pound, a “second derivative” of the Russian-Ukraine war, therefore would have had a material impact on our Fund.
To recap, the Fund is only interested in buying up investment gems that provide a consistent double digit dividend yield.