What currencies does the fund hold cash in, or has historically held cash in?

The Fund banks with Northern Trust, domiciled in the US, and one of the world’s leading banks for asset managers. As such, the Fund receives investment inflows in USD. While we endeavour to invest those as quickly as possible in frontier African stock markets, we may periodically hold cash balances in USD for a short time. When we receive dividends, or sell a position, we will hold cash in the underlying African currencies as applicable, until the proceeds are reinvested or converted back to USD.