CAFRX Performance — Africa Fund
Data updated: 2026-09-29
CAFRX returned +2.76% year to date and +34.48% over one year to Jul 2026. Annualised returns are +19.67% over 3 years and +10.39% over 5 years. The fund beat its Emerging Markets Equity category average: $100 invested three years ago grew to $171, against $164 for the category, and to $134 over one year, against $134. Volatility over the past three years was 17.89% a year. In the 12 months to Jul 2026 the fund took in a net $824K, and assets reached $6.96M.
CAFRX Growth of $100
What $100 invested in Africa Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the Emerging Markets Equity category average over the same months.
| Period | CAFRX | Category average |
|---|---|---|
| 1 year (Aug 2025 – Jul 2026) | $134 | $134 |
| 3 years (Aug 2023 – Jul 2026) | $171 | $164 |
| 5 years (Aug 2021 – Jul 2026) | $164 | $143 |
| Since data start (Feb 2020 – Jul 2026) | $276 | $183 |
CAFRX Trailing Returns
Total returns to Jul 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +2.76% |
| 1 year | +34.48% |
| 3 years (annualised) | +19.67% |
| 5 years (annualised) | +10.39% |
CAFRX Annual Returns
Calendar-year total returns of Africa Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–Jul) | +2.76% |
| 2025 | +51.42% |
| 2024 | +13.38% |
| 2023 | −2.37% |
| 2022 | −7.07% |
| 2021 | +15.10% |
| 2020 (Feb–Dec) | +49.73% |
CAFRX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +4.9% | +8.6% | −13.9% | +3.5% | +3.7% | −0.7% | −1.7% | — | — | — | — | — |
| 2025 | +1.0% | −1.0% | +5.0% | +2.0% | +6.6% | +2.8% | −1.4% | +7.9% | +4.5% | +3.3% | +4.8% | +7.1% |
| 2024 | −4.9% | −4.0% | +3.9% | +2.7% | +0.4% | +9.8% | +5.1% | +3.2% | +7.1% | −2.1% | −2.5% | −4.7% |
| 2023 | +3.4% | −8.3% | +1.9% | +0.1% | −12.7% | +9.3% | +8.8% | −10.0% | −1.6% | −2.0% | +4.7% | +6.9% |
| 2022 | +5.5% | +4.5% | +5.8% | −10.2% | +0.1% | −9.9% | −0.1% | −3.5% | −11.4% | +5.0% | +13.5% | −3.4% |
| 2021 | −0.9% | +3.5% | +7.3% | +1.6% | +7.8% | −5.4% | −1.5% | +4.1% | −4.8% | +1.4% | −2.3% | +4.3% |
| 2020 | — | −0.1% | −0.3% | +0.1% | +5.5% | +6.9% | +4.2% | −0.3% | +2.2% | −0.5% | +12.7% | +11.9% |
CAFRX Risk
Risk measures from monthly returns over Aug 2023 – Jul 2026.
- 3-year volatility (annualised): 17.89%
- 3-year Sharpe ratio: 0.85 (vs 4.5% risk-free rate)
- Best month: +9.79% (Jun 2024)
- Worst month: −13.94% (Mar 2026)
CAFRX Fund Flows
Monthly money in and out of Africa Fund, from SEC Form N-PORT.
- 12-month net flow: $824K
- 12-month gross sales (incl. reinvestments): $2.6M
- Sales ÷ redemptions: 1.46×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| Jul 2026 | $89K | $220K | −$132K |
| Jun 2026 | $96K | $48K | $48K |
| May 2026 | $42K | $42K | −$770 |
| Apr 2026 | $52K | $258K | −$206K |
| Mar 2026 | $196K | $632K | −$437K |
| Feb 2026 | $579K | $309K | $270K |
| Jan 2026 | $628K | $79K | $550K |
| Dec 2025 | $483K | $25K | $458K |
| Nov 2025 | $174K | $39K | $135K |
| Oct 2025 | $118K | $70K | $47K |
| Sep 2025 | $99K | $20K | $79K |
| Aug 2025 | $69K | $56K | $13K |
CAFRX Assets Under Management
Net assets of Africa Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-07-31 | $6.96M |
| 2026-04-30 | $6.96M |
| 2026-01-31 | $7.61M |
| 2025-10-31 | $5.67M |
| 2025-07-31 | $4.75M |
| 2025-04-30 | $4.19M |
| 2025-01-31 | $3.77M |
| 2024-10-31 | $3.98M |
| 2024-07-31 | $3.69M |
| 2024-04-30 | $3.14M |
| 2024-01-31 | $3.03M |
| 2023-10-31 | $2.86M |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.