Gold Money Market Fund
The Gold Money Market Fund (GMMF) is an open-ended Mutual Fund licensed by the Securities and Exchange Commission, Ghana, which seeks to invest in a diversified class of money market securities. The Fund provides opportunities for investors seeking safe, liquid, and good returns on their investments.
With our CIS, clients can trust Ashfield to help them meet their investment goals of retirement income and planning, savings, educational expenditure, family welfare and healthcare, and many more.
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Asset Allocation and Fees
Permissible Investment/ Asset Allocation
The Fund will purchase securities, which present the minimal risks whilst offering maximum returns. Under normal conditions, this may include but not limited to:
• Corporate Obligations (Bonds)
• Commercial Papers
• Certificates of Deposit/Fixed Deposits
• Bankers Acceptances
• Repurchase Agreements
Asset Class | Target Allocation | Rebalancing Range |
|---|---|---|
Front and Exit Load Fees
The fund manager may not charge any redemption fee as stated in the particulars.
Asset Allocation and Fees
Permissible Investment/ Asset Allocation
The Fund will purchase securities, which present the minimal risks whilst offering maximum returns. Under normal conditions, this may include but not limited to:
• Corporate Obligations (Bonds)
• Commercial Papers
• Certificates of Deposit/Fixed Deposits
• Bankers Acceptances
• Repurchase Agreements
Asset Class | Target Allocation | Rebalancing Range |
|---|---|---|
Front and Exit Load Fees
The fund manager may not charge any redemption fee as stated in the particulars.
Overview
Investment Objective and Policies
The Fund aims to provide income, growth and preservation of capital for shareholders. The Fund seeks to achieve this by investing primarily in Ghanaian quality short-term debt obligations.
Fund Category: Money Market Fund
Fund Type: Open-ended Mutual Fund
Inception Date: March 2009
Fund Manager: Ashfield Investment Managers Limited (“Ashfield” or “AIM”)
Place of Business: 18 Noi Fetreke Street, West Airport
Management Fees: 2.50% of the Net Asset Value of the Fund
Custodian Fees: 0.20% of Assets Under Custody
Minimum Deposit: GHS 10.00
Regular Deposit: GHS 10.00
Overview
Investment Objective and Policies
The Fund aims to provide income, growth and preservation of capital for shareholders. The Fund seeks to achieve this by investing primarily in Ghanaian quality short-term debt obligations.
Fund Category: Money Market Fund
Fund Type: Open-ended Mutual Fund
Inception Date: March 2009
Fund Manager: Ashfield Investment Managers Limited (“Ashfield” or “AIM”)
Place of Business: 18 Noi Fetreke Street, West Airport
Management Fees: 2.50% of the Net Asset Value of the Fund
Custodian Fees: 0.20% of Assets Under Custody
Minimum Deposit: GHS 10.00
Regular Deposit: GHS 10.00
Acknowledgement of Risk
Investors should recognize that investing in financial instruments involves certain risks and special considerations. The value of the Fund’s assets may be adversely affected by the macroeconomic environment.
As a result of the risk considerations, it cannot be guaranteed that the fund will achieve its investment objectives. However, the Manager will seek to always preserve the value of your investment.
Acknowledgement of Risk
Investors should recognize that investing in financial instruments involves certain risks and special considerations. The value of the Fund’s assets may be adversely affected by the macroeconomic environment.
As a result of the risk considerations, it cannot be guaranteed that the fund will achieve its investment objectives. However, the Manager will seek to always preserve the value of your investment.
Other Parties to the Fund and their Addresses
Auditor
Baker Tilly Andah & Andah
Address: 4th Crescent, C645/3, Asylum Down.
P.O. Box 5443, Cantonments, Accra
Custodian
Standard Chartered Bank (Ghana) Limited
Address: P. O. Box 768, 87 Independence Avenue, Ridge Accra
Bankers
Standard Chartered Bank (Ghana) Limited
Address: P. O. Box 768, 87 Independence Avenue, Ridge Accra
Overview
Investment Objective and Policies
The Fund aims to provide income, growth and preservation of capital for shareholders. The Fund seeks to achieve this by investing primarily in Ghanaian quality short-term debt obligations.
Fund Type: Open-ended Mutual Fund
Fund Category: Money Market Fund
Limitations on Investment
The Manager shall observe the following investment restrictions under normal market conditions. The Gold Money Market Fund shall not:
-
Invest in common stocks or other equity securities
-
Buy or sell options
-
Buy securities on margin, mortgage or pledge securities, or engage in short sales
-
Act as underwriter of securities issued by others
-
Issue debt securities
-
Invest more than 10% of its total assets in securities of any single issuer except for the Ghana Government, its agencies or instruments
-
Lend money, except in connection with repurchase agreements and for investments made in accordance
-
Except with prior approval of SEC, enter into hedging transactions
-
Purchase or otherwise acquire any investment in which the liabilities of the holder is unlimited
-
Invest in precious metals or certificates representing them
-
Invest in companies for the purpose of exercising control
-
Purchase real estate, nor acquire any options, rights or interest in respect thereof provided that the Fund may invest in securities secured by real estate or in securities of companies investing in real estate
-
Invest more than 20% of its total net assets at the time of borrowing and only for liquidity purposes.
-
Borrow more than 10% of the total net assets of the Fund at the time of borrowing and only for liquidity purposes.
-
nvest more than 10% of the total net asset value of the Fund in schemes managed by the Manager.
Inception Date: January 2014
Fund Manager: Ashfield Investment Managers Limited (“Ashfield” or “AIM”)
Place of Business: 18 Noi Fetreke Street, West Airport
Management Fees: 2.00% of the Net Asset Value of the Fund
Trustee Fees: 0.65% of the Net Asset Value of the Fund
Minimum Deposit: GHS 20.00
Regular Deposit: GHS 20.00
Overview
Investment Objective and Policies
The Fund aims to provide income, growth and preservation of capital for shareholders. The Fund seeks to achieve this by investing primarily in Ghanaian quality short-term debt obligations.
Fund Category: Money Market Fund
Fund Type: Open-ended Mutual Fund
Inception Date: March 2009
Fund Manager: Ashfield Investment Managers Limited (“Ashfield” or “AIM”)
Place of Business: 18 Noi Fetreke Street, West Airport
Management Fees: 2.50% of the Net Asset Value of the Fund
Custodian Fees: 0.20% of Assets Under Custody
Minimum Deposit: GHS 10.00
Regular Deposit: GHS 10.00
Limitations on Investment
A shareholder cannot redeem shares in an amount that will leave the holder with less than 20 shares or a lesser number prescribed by AIM. Any redemptions by an investor in excess of 3% of the Net Asset Value of the trust shall be settled within ten (10) working days.
• Front and Exit Load Fees
The fund manager may not charge any redemption fee as stated in the particulars.
Income/Dividend Distribution Policy
The Trust does not distribute any investment income either in the form of cash or shares to registered Shareholders. All investment income is reinvested into the Fund. Registered shareholders who wish to withdraw their earnings will have to either sell a part, or all of their shares. AIM distributes income to shareholders in proportion to their ownership stake as at the preceding accounting date.
Limitations on Investment
The Manager shall observe the following investment restrictions under normal market conditions. The Gold Money Market Fund shall not:
-
Invest in common stocks or other equity securities
-
Buy or sell options
-
Buy securities on margin, mortgage or pledge securities, or engage in short sales
-
Act as underwriter of securities issued by others
-
Issue debt securities
-
Invest more than 10% of its total assets in securities of any single issuer except for the Ghana Government, its agencies or instruments
-
Lend money, except in connection with repurchase agreements and for investments made in accordance
-
Except with prior approval of SEC, enter into hedging transactions
-
Purchase or otherwise acquire any investment in which the liabilities of the holder is unlimited
-
Invest in precious metals or certificates representing them
-
Invest in companies for the purpose of exercising control
-
Purchase real estate, nor acquire any options, rights or interest in respect thereof provided that the Fund may invest in securities secured by real estate or in securities of companies investing in real estate
-
Invest more than 20% of its total net assets at the time of borrowing and only for liquidity purposes.
-
Borrow more than 10% of the total net assets of the Fund at the time of borrowing and only for liquidity purposes.
-
nvest more than 10% of the total net asset value of the Fund in schemes managed by the Manager.
Asset Allocation and Fees
Permissible Investment/ Asset Allocation
The Fund will purchase securities, which present the minimal risks whilst offering maximum returns. Under normal conditions, this may include but not limited to:
• Corporate Obligations (Bonds)
• Commercial Papers
• Certificates of Deposit/Fixed Deposits
• Bankers Acceptances
• Repurchase Agreements
Asset Class | Target Allocation | Rebalancing Range |
|---|---|---|
Commercial Papers | 5% | ± 5 |
Money Market Funds | 5% | ± 5 |
Banker’s Acceptance | 5% | ± 5 |
Cash and Cash Equivalents | 5% | ± 5 |
Government of Ghana Securities | 30% | ± 10 |
Statutory Entity Bills and Bonds | 10% | ± 10 |
Foreign Government Treasuries and Bonds | 10% | ± 10 |
Bank NCD/Certificates of Deposit | 10% | ± 10 |
Corporate Bonds and Debt Obligations | 20% | ± 10 |
Repurchase Agreement | 10% | ± 5 |
Asset Class | Target Allocation | Rebalancing Range |
|---|---|---|
Front and Exit Load Fees
The fund manager may not charge any redemption fee as stated in the particulars.
Acknowledgement of Risk
Front and Exit Load Fees
The fund manager may not charge any redemption fee as stated in the particulars.
Fund Category: Money Market Fund
Overview
Investment Objective and Policies
The Fund aims to provide income, growth and preservation of capital for shareholders. The Fund seeks to achieve this by investing primarily in Ghanaian quality short-term debt obligations.
Fund Type: Open-ended Mutual Fund
Inception Date: March 2009
Fund Manager: Ashfield Investment Managers
Limited (“Ashfield” or “AIM”)
Inception Date: March 2009
Place of Business: 18 Noi Fetreke Street, West Airport
Management Fees: 2.50% of the Net Asset Value
Custodian Fees: 0.20% of Assets Under Custody
Minimum Deposit: GHS 10.00
Regular Deposit: GHS 10.00
of the Fund
Asset Allocation and Fees
Permissible Investment/ Asset Allocation
The Fund will purchase securities, which present the minimal risks whilst offering maximum returns. Under normal conditions, this may include but not limited to:
• Corporate Obligations (Bonds)
• Commercial Papers
• Certificates of Deposit/Fixed Deposits
• Bankers Acceptances
• Repurchase Agreements
Asset Class | Target Allocation | Rebalancing Range |
|---|---|---|
Commercial Papers | 5% | ± 5 |
Money Market Funds | 5% | ± 5 |
Banker’s Acceptance | 5% | ± 5 |
Cash and Cash Equivalents | 5% | ± 5 |
Government of Ghana Securities | 30% | ± 10 |
Statutory Entity Bills and Bonds | 10% | ± 10 |
Foreign Government Treasuries and Bonds | 10% | ± 10 |
Bank NCD/Certificates of Deposit | 10% | ± 10 |
Corporate Bonds and Debt Obligations | 20% | ± 10 |
Repurchase Agreement | 10% | ± 5 |
Front and Exit Load Fees
The fund manager may not charge any redemption fee as stated in the particulars.
Limitations on Investment
A shareholder cannot redeem shares in an amount that will leave the holder with less than 20 shares or a lesser number prescribed by AIM. Any redemptions by an investor in excess of 3% of the Net Asset Value of the trust shall be settled within ten (10) working days.
• Front and Exit Load Fees
The fund manager may not charge any redemption fee as stated in the particulars.
Income/Dividend Distribution Policy
The Trust does not distribute any investment income either in the form of cash or shares to registered Shareholders. All investment income is reinvested into the Fund. Registered shareholders who wish to withdraw their earnings will have to either sell a part, or all of their shares. AIM distributes income to shareholders in proportion to their ownership stake as at the preceding accounting date.
Limitations on Investment
The Manager shall observe the following investment restrictions under normal market conditions. The Gold Money Market Fund shall not:
-
Invest in common stocks or other equity securities
-
Buy or sell options
-
Buy securities on margin, mortgage or pledge securities, or engage in short sales
-
Act as underwriter of securities issued by others
-
Issue debt securities
-
Invest more than 10% of its total assets in securities of any single issuer except for the Ghana Government, its agencies or instruments
-
Lend money, except in connection with repurchase agreements and for investments made in accordance
-
Except with prior approval of SEC, enter into hedging transactions
-
Purchase or otherwise acquire any investment in which the liabilities of the holder is unlimited
-
Invest in precious metals or certificates representing them
-
Invest in companies for the purpose of exercising control
-
Purchase real estate, nor acquire any options, rights or interest in respect thereof provided that the Fund may invest in securities secured by real estate or in securities of companies investing in real estate
-
Invest more than 20% of its total net assets at the time of borrowing and only for liquidity purposes.
-
Borrow more than 10% of the total net assets of the Fund at the time of borrowing and only for liquidity purposes.
-
nvest more than 10% of the total net asset value of the Fund in schemes managed by the Manager.
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Overview
Investment Objective and Policies
The Fund aims to provide income, growth and preservation of capital for shareholders. The Fund seeks to achieve this by investing primarily in Ghanaian quality short-term debt obligations.
Fund Category: Money Market Fund
Fund Type: Open-ended Mutual Fund
Inception Date: March 2009
Fund Manager: Ashfield Investment Managers Limited (“Ashfield” or “AIM”)
Place of Business: 18 Noi Fetreke Street, West Airport
Management Fees: 2.50% of the Net Asset Value of the Fund
Custodian Fees: 0.20% of Assets Under Custody
Minimum Deposit: GHS 10.00
Regular Deposit: GHS 10.00
Asset Allocation and Fees
Permissible Investment/ Asset Allocation
The Fund will purchase securities, which present the minimal risks whilst offering maximum returns. Under normal conditions, this may include but not limited to:
• Corporate Obligations (Bonds)
• Commercial Papers
• Certificates of Deposit/Fixed Deposits
• Bankers Acceptances
• Repurchase Agreements
Asset Class | Target Allocation | Rebalancing Range |
|---|---|---|
Commercial Papers | 5% | ± 5 |
Money Market Funds | 5% | ± 5 |
Banker’s Acceptance | 5% | ± 5 |
Cash and Cash Equivalents | 5% | ± 5 |
Government of Ghana Securities | 30% | ± 10 |
Statutory Entity Bills and Bonds | 10% | ± 10 |
Foreign Government Treasuries and Bonds | 10% | ± 10 |
Bank NCD/Certificates of Deposit | 10% | ± 10 |
Corporate Bonds and Debt Obligations | 20% | ± 10 |
Repurchase Agreement | 10% | ± 5 |
Front and Exit Load Fees
The fund manager may not charge any redemption fee as stated in the particulars.
Limitations on Investment
The fund manager observes the following restrictions in accordance with the scheme’s policies and in line with market conditions. Except with the prior approval of the SEC, Ashfield shall not for or on behalf of a Scheme:
-
Invest in commodities, future, or options.
-
Invest more than 10% of the net asset value of the scheme in any type of real estate companies or companies that have engaged in real estate investment activities.
-
Invest more than 25% of the net asset value of the scheme in securities issued by a single issuer.
-
Invest more than 10% of the net asset value of the scheme in any particular class of securities issued by a single issuer.
-
Invest more than 10% of the net asset value of the scheme in other collective investment schemes.
-
Invest more than 15% of the total net asset value of the scheme in securities not listed or quoted on an authorized stock exchange.
-
Purchase securities on margin, except that may be necessary for the clearance of purchases and sales of securities constituting or to be included in the assets of the scheme.
-
Make any investment that will result in the manager, trustee, or the scheme gaining management control of a company in which the investment has been made.
-
Make short sales of securities or maintain a short position.
-
Acquire any securities which are unpaid or partly paid for.
-
Apply any part of the assets of the scheme in the acquisition of an investment that is likely to involve the scheme in any liability, contingent or otherwise.
-
Enter underwriting or sub-underwriting contracts in relation to the subscription or purchase of any investment; or
-
Invest in any securities of a class in a company or other body if any officer or collective officer of the manager of the scheme owns more than 5% of the total nominal amount of the securities of that class issued by the company or body.
Acknowledgement of Risk
Investors should recognize that investing in financial instruments involves certain risks and special considerations. The value of the Fund’s assets may be adversely affected by the macroeconomic environment.
As a result of the risk considerations, it cannot be guaranteed that the fund will achieve its investment objectives. However, the Manager will seek to always preserve the value of your investment.
Other Parties to the Fund and their Addresses
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Auditor
Baker Tilly Andah & Andah
Address: 4th Crescent, C645/3, Asylum Down.
P.O. Box 5443, Cantonments, Accra
Custodian
Standard Chartered Bank (Ghana) Limited
Address: P. O. Box 768, 87 Independence Avenue, Ridge Accra
Bankers
Standard Chartered Bank (Ghana) Limited
Address: P. O. Box 768, 87 Independence Avenue, Ridge Accra