RNIT Iterambere Fund net asset value grows

The RNIT Iterambere Fund net asset value has continued to increase over the past week, hitting Rwf102.20 yesterday. The Fund was established by Rwanda National Investment Trust (RNIT) to promote a savings culture by designing products that suit the various investment needs of Rwandans, and to further develop the capital market. According to the weekly report, the net asset value (NAV) of the Fund was at Rwf101.89 on Thursday last week, but inched up slightly on Friday December 23 to Rwf102.05. The Fund was closed for business on Monday because it was a public holiday. Activity resumed on Tuesday with the NAV gaining marginally to reach Rwf102.15, and Rwf102.18 on Wednesday, and value grew to Rwf102.20 yesterday. According to Andre Gashugi, the RNIT chief executive officer, the net asset value has been increasing over the past week due to growing appetite for units among Rwandans and to fact the total amount gathered by the Fund has been fully invested in a judicious mix of debt instruments. “It’s an open-ended scheme that seeks to encourage a saving and investment spirit among Rwandans by facilitating universal access to financial markets. One can invest as little as Rwf2,000,” Gashugi added. RNIT issued the Initial Public Offering (IPO) of the Fund between July and October, collecting over Rwf1 billion. During the IPO, the unit value was Rwf100, but the Fund’s subsequent sales that started on November 15, the net asset value per unit rose to Rwf100.92. To ensure investors keep track of their asset unit value, the RNIT will publish the daily net asset value (NAV) of the RNIT Iterambere Fund. The New Times will, therefore, publish the NAV daily report going forward as part of this effort, as well as to help Rwandans understand how collective investment schemes (unit trusts) work as investment and savings vehicles.

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RNIT Iterambere Fund net asset value grows