Commonwealth Africa Fund
CAFRX
NASDAQ- -
USD
- -
- -
Capital Structure
FRC
•
in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
FRC
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- 791 Town & Country Blvd. Houston TX United States of America 77024
- IPO Date
- Nov 9, 2011
- CIK
- 0000793601
- Website
- commonwealthfunds.com
- Similar Companies
- Business
- Commonwealth Africa Fund (CAFRX) is a mutual fund that seeks long-term capital appreciation and current income through investments primarily in equity and debt securities of African issuers. Under normal market conditions, the fund invests at least 80% of its net assets in the securities of, and depositary receipts (including American Depositary Receipts and Global Depositary Receipts) for, African companies or issuers tied economically to Africa; this includes exposure to diverse sectors such as financial services (e.g., Capitec Bank Holdings Ltd, Standard Bank Group ADR), consumer goods and retail (e.g., Shoprite Holdings ADR, Mr Price Group Ltd), technology and media (e.g., Naspers Ltd, MTN Group Ltd ADR), mining and resources (e.g., Gold Fields ADR, AngloGold Ashanti Plc, Impala Platinum), healthcare (e.g., Aspen Pharmacare Hldgs Ltd, Discovery Ltd), telecommunications (e.g., Vodacom Group Ltd), industrials (e.g., Bidvest Group Ltd, Grindrod Ltd), real estate (e.g., Stor-Age Property REIT), and fixed-income instruments like South African government obligations. The fund targets emerging African economies and growing consumerism across the continent, with a portfolio heavily weighted toward South African issuers (e.g., top holdings comprising over 30% of net assets as of March 31, 2025) and select exposure to Egypt (e.g., Commercial Intl Egypt, Integrated Diagnostics Hldg); it maintains low turnover at approximately 4% and a TTM yield of 3.16%, with assets under management of about $6.2 million, an adjusted expense ratio of 1.750%, a minimum initial investment of $200, and a 2% maximum redemption fee. Managed by FCA Corp as part of the Commonwealth International Series Trust and available primarily to U.S. investors (no load share class), the fund operates with a mid-blend investment style in the miscellaneous region category and emphasizes geographic and foreign security risks inherent to African markets, including varying government alliances, legal frameworks, and financial reporting standards across selected countries. The fund, with a inception performance history reflecting its focus on frontier markets, paid year-end 2024 distributions of $0.3551 per share in ordinary investment income on December 16, 2024 (ex-dividend date), with no capital gains distributed. No major strategic changes, such as partnerships, acquisitions, funding rounds, new product launches, or reorganizations, have been reported for the fund or its advisor in the last 1-2 years; it continues steady portfolio management with holdings updated quarterly (e.g., as of March 31, 2025) and ongoing voluntary expense waivers by the advisor subject to discretion.