May 28, 2015

Nile Funds: Nile Pan Africa Fund Five Year Anniversary

Nile Capital Management is pleased to announce the five year anniversary of its Nile Pan Africa Fund (NAFAX), an actively managed mutual fund that focuses exclusively on the continent of Africa.

Since Nile Pan Africa Fund’s inception on April 28, 2010, the Fund has returned 8.31% annualized. For the same period, the Dow Jones Africa Titans 50 index returned 0.76%, the MSCI Emerging Markets index returned 3.32% and the MSCI Frontier Markets index returned 5.87%. For the past 12 month period, the Nile Pan Africa Fund returned -5.40%, compared to -11.61% for the Dow Jones Africa Titans 50 index, 7.80% for the MSCI Emerging Markets index and -5.40% for the MSCI Frontier Markets index.

Nile Pan Africa Fund has had lower risk, as measured by standard deviation of returns, while delivering higher returns than the MSCI Emerging Markets index since inception. The Fund has managed its return since inception while keeping annualized standard deviation of returns to 15.72%, achieving a Sharpe Ratio of 0.53. In comparison, the MSCI Emerging Markets index had annualized standard deviation of returns of 18.38% and a Sharpe Ratio of 0.16.

Nile Pan Africa Fund
Source: Morningstar

The performance of Nile Pan Africa Fund was given Lipper’s highest ranking, 5 (top quintile), for Total Return for the 3 year period out of 532 funds, 5 year out of 335 funds, and overall out of 532 funds in the Emerging Markets Funds category for the period ending April 30, 2015.

The International Monetary Fund (IMF) has just published its Regional Economic Outlook for Sub-Saharan Africa in April 2015 and has forecasted 4.5% Real GDP growth for Sub-Saharan Africa for 2015, and 5.1% for 2016, compared to 4.3% for 2015 and 4.7% for 2016 for Emerging Markets, and just 2.4% for 2015 and 2.4% for 2016 for advanced economies. Our view continues to be that growth in Africa is robust relative to developed and other emerging and frontier markets, thus, we still see potential for higher equity prices in Africa for the intermediate to longer term.

From an allocation perspective, we believe Nile Pan Africa Fund offers access to a region with robust long term growth potential, and the strategy has a five year track record of delivering superior risk-managed returns. For those that have yet to make an allocation to this region, we believe the timing is now right for this opportunity.

Larry Seruma
Portfolio Manager
Nile Pan Africa Fund

For updated Nile Pan Africa Fund performance, visit

Nile Pan Africa Fund Performance

Inception Date is April 28, 2010 for Nile Pan Africa Fund
As of April 30, 2015As of March 31, 2015
Fund Name1 Month1 Year5 YearSince Inception1 YearSince Inception
Nile Pan Africa Fund (NAFAX) Without Load4.38%-5.40%-8.32%8.31%-6.76%7.52%
Nile Pan Africa Fund (NAFAX) With Load-1.64%-10.82%7.05%7.04%-12.13%6.23%
Dow Jones Africa Titans 50 Index9.90%-11.61%0.41%0.76%-15.57%-1.14%
MSCI Emerging Markets Index7.69%7.80%3.02%3.32%0.44%1.84%
MSCI Frontier Markets Index3.75%-5.40%5.85%5.87%-3.62%5.18%
Returns for Nile Pan Africa Fund are for the A Share Class (NAFAX) only, other share classes will vary.

The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Past performance is no guarantee of future results. As stated in the current prospectus, Nile Pan Africa Fund's total annual operating expense ratio (gross) is 2.50% for Class A shares. The Fund’s investment adviser has contractually agreed to reduce its fees and/or absorb expenses of the funds, at least until July 31, 2015, to ensure that the Total Annual Fund Operating Expenses After Fee Waiver (exclusive of any acquired fund fees and expenses, borrowing costs, taxes and extraordinary expenses) will not exceed 2.50% for Nile Pan Africa Fund Class A, subject to possible recoupment from the Funds in future years. Please review the Funds’ prospectus for more detail on the expense waiver. Results shown reflect the waiver, without which the results could have been lower. A Fund's performance, especially for very short periods of time, should not be the sole factor in making your investment decisions. For performance information current to the most recent month-end, please call toll-free 1-877-682-3742.

Investors should carefully consider the investment objectives, risks, charges and expenses of the Nile Funds. This and other important information about the Funds is contained in the prospectus, which can be obtained by calling 1-877-682-3742. The prospectus should be read carefully before investing. The Nile Funds are distributed by Northern Lights Distributors, LLC, member FINRA/SIPC. Nile Capital Management, LLC is not affiliated with Northern Lights Distributors, LLC.

Mutual Funds involve risk, including possible loss of principal. Frontier market countries generally have smaller economies and even less developed capital markets than traditional developing markets, and, as a result, the risks of investing in developing market countries are magnified in frontier market countries.

Adverse changes in currency exchange rates may erode or reverse any potential gains from the Fund's investments. ETF's are subject to specific risks, depending on the nature of the underlying strategy of the fund. These risks could include liquidity risk, sector risk, as well as risks associated with fixed income securities, real estate investments, and commodities, to name a few. Non-diversification risk, as the Funds are more vulnerable to events affecting a single issuer. Investments in underlying funds that own small and mid-capitalization companies may be more vulnerable than larger, more established organizations. The Fund's exposure to companies primarily engaged in the natural resource markets may subject the Fund to greater volatility than investments in a wider variety of industries.

There is a risk that issuers and counterparties will not make payments on securities and other investments held by the Fund, resulting in losses to the Fund. In general, the price of a fixed income security falls when interest rates rise. The Fund may invest, directly or indirectly, in "junk bonds." Such securities are speculative investments that carry greater risks than higher quality debt securities.

Lipper ratings for Total Return reflect funds’ historical total return performance relative to peers as of 4/30/15. Overall Ratings are based on an equal-weighted average of percentile ranks for each measure over 3-, 5-, and 10-year periods (if applicable).The Lipper ratings are subject to change every month and are based on an equal-weighted average of percentile ranks for Total Return, Consistent Return and Preservation metrics over 3-, 5-, and 10-year periods (if applicable). The highest 20% of funds in each peer group are named Lipper Leader or a score of 5, the next 20% receive a score of 4, the middle 20% are scored 3, the next 20% are scored 2, and the lowest 20% are scored 1. Lipper ratings are not intended to predict future results, and Lipper does not guarantee the accuracy of this information. More information is available at Lipper Leader © 2015, Reuters, All Rights Reserved.

Lipper Fund Awards are based on Lipper’s Consistent Return calculation. Lipper scores for Consistent Return reflect funds’ historical risk-adjusted returns relative to funds in the same Lipper classification and include each fund’s expenses and reinvested distributions, but exclude sales charges. Consistent Return values are calculated with all eligible share classes for each eligible classification. The highest Lipper Leader for each Consistent Return value within each eligible classification determines the fund classification winner over three, five or 10 years.

Lipper Award winners are recognized for being the top-risk adjusted performing funds in their respective Lipper peer groups for the listed periods ending December 31, 2013. Past performance or ranking is not indicative of future results. Lipper ratings are not intended to predict future results, and Lipper does not guarantee the accuracy of this information. More information is available at Lipper Leader Copyright 2014.

Standard Deviation measures the degree of variation of returns around the mean (average) return. The higher the volatility of the investment returns, the higher the standard deviation will be. Sharpe Ratio measures the risk-adjusted return by dividing average return by the standard deviation of return.
Dow Jones Africa Titans 50 Index: Measures the stock performance of 50 leading companies that are headquartered or generate the majority of their revenues in Africa. Stocks are selected to the index by float-adjusted market capitalization, subject to screens for size and liquidity.
MSCI Emerging Markets Index: A market-capitalization weighted index of emerging market country indices.
MSCI Frontier Markets Index: A market-capitalization weighted index of frontier market country indices.
Investors cannot directly invest in an index and unmanaged index returns do not reflect any fees, expenses or sales charges.

Nile Capital Management LLC
116 Village Blvd, Ste 306 | Princeton, NJ 8540 | | office (646) 367-2820

Nile Capital Management
We Know Africa: From Cairo to Cape Town
For more information please call 646-367-2820

May 27, 2015

Bloomberg: Tanzania Shilling Drops to Record; Kenya Currency Falls 6th Week

Bloomberg Tanzania’s shilling dropped to a record low to lead declines among currencies in East Africa’s biggest economies this week as investors sought dollars amid a rally in the foreign currency.  Click through the following link to read the full article: Tanzania Shilling Drops to Record; Kenya Currency Falls 6th Week.

Nile Capital Management
We Know Africa: From Cairo to Cape Town
For more information please call 646-367-2820