IGF: Mauritius’ Enduring Legacy in Global Investment
Journey through decades of consistent growth with a fund built on local trust and international expertise. Philippe Koch of Gavekal Wealth explains how the pioneering spirit and strategic diversification of the fund continue to shape financial futures in Mauritius.
What is IGF?
IGF is one of the oldest investment funds in Mauritius that is still active and open to the public. As of 31 May 2025, assets under management of IGF stood at MUR 647 million. Over 1,800 shareholders in Mauritius are putting their trust in IGF and its service providers as on date.
IGF started its journey as Consolidated Investment Trust (“CIT”) in 1992 when Ciel Group spun off a portfolio of non-strategic Mauritian equity investments on the Stock Exchange of Mauritius (“SEM”) in the form of a closed-end investment company. CIT was converted from a closed end to an open-end investment company in 2000 and renamed “IPRO Growth Fund” in 2006. Hence the abbreviation “IGF”, which is still used as the brand name to this day.
As the regulatory environment for investment companies evolved in Mauritius, IGF has been authorised by the Financial Services Commission (“FSC”) in 2013 to operate as a Collective Investment Scheme (“CIS”). IGF remains listed on the Official List of the SEM, but its shares are not actively traded on the exchange. Shareholders who want to buy or sell shares deal directly with the principal service provider of IGF, namely Gavekal Wealth (Mauritius) Ltd (“Gavekal Wealth”).
What is Gavekal Wealth?
Gavekal Wealth acts as the CIS Manager, CIS Administrator, Distributor, and Registry & Transfer Agent for IGF. Gavekal Wealth is licensed and regulated by the FSC and has been active in the investment industry in Mauritius since 1992. As of today, Gavekal Wealth manages over USD 600 million in investments for institutional and private clients.
Gavekal Capital Ltd (“Gavekal Capital”) acquired Investment Professionals Ltd (“IPRO”) from Ciel Finance in 2022 and renamed the business Gavekal Wealth. The former name of Gavekal Wealth, “IPRO”, still informs the “I” in IGF.
Gavekal Capital was founded by Charles Gave, Louis-Vincent Gave, and Anatole Kaletsky in 1999. It has offices in Hong Kong, Beijing, Singapore, Paris and New York, among others. Gavekal Capital is a global leader in independent investment research and an internationally acclaimed investment manager for several institutional funds. After having made a first foray into wealth management for high-net worth individuals with the creation of Evergreen Gavekal in the U.S., the founders of Gavekal Capital chose Mauritius as the hub for the international wealth management business.
What is the investment strategy of IGF?
As the “G” in IGF implies, the investment strategy of the fund seeks long-term capital growth for its shareholders while limiting undue downside risk. When launched in 1992, the fund was mainly invested in listed Mauritian equity securities. Fifteen years ago, IGF started to regionally diversify its Mauritian equity exposure to listed African equities, and later African bonds. The investment universe was further extended to other emerging equity markets outside of Africa in 2021. Today, IGF is investing globally, with around 63% of the portfolio held outside of Mauritius. The allocation of the fund remains heavily tilted towards listed equity securities. In our view, the listed equity asset class remains the first choice when building long-term wealth for shareholders.
The acquisition of IPRO by Gavekal Capital in 2022 has been a game changer for our investment process. Gavekal Wealth is now able to leverage the research and investment insights of Gavekal Capital and its affiliates for the day-to-day management of IGF. Shareholders of IGF can be assured that their portfolio is managed by a leading investment firm according to international best practices. While part of an international group, Gavekal Wealth still retains the “local touch” with its base in Mauritius and the resulting proximity to IGF shareholders.
Why should I invest in IGF?
IGF allows investors in Mauritius to buy an internationally diversified portfolio in the local currency. Particularly for investors who have most of their net worth in Mauritius, international diversification is very important.
Investing in IGF is easy, convenient, and transparent. You can become a shareholder by making a minimum investment of only MUR 1,000. No entry or exit fees are applicable when buying or selling shares in IGF. Shareholders can sell their shares on a weekly basis at the official net asset value of the fund.
IGF is paying an annual dividend to shareholders, with the dividend yield for the financial year 2024/2025 standing at 2.5%. We encourage shareholders to hold shares in IGF for a minimum of five years to benefit from the long-term growth potential of the underlying portfolio.
Many existing shareholders of IGF have chosen to invest via Systematic Investment Plans (“SIPs”). SIPs are an excellent choice to build capital for a long-term goal in a disciplined way since shares of IGF are automatically bought on a regular basis. You will also benefit from the cost-averaging effect as shares are bought at variable prices.
Shareholders of IGF can be assured that their portfolio is in good hands with Gavekal Wealth. Shareholders of IGF can be equally assured that the sound corporate governance of their investment company is taken very seriously by the Board of Directors. IGF’s Board of Directors is made up of seven experienced directors of whom four are independent, including the Chairperson. The Board of Directors has ultimate oversight over all activities of IGF and its service provider.
Want to know more?
The website of IGF provides a host of additional information. You can check it out at https://ipro.mu/.
As the Lead Portfolio Manager of IGF, please feel free to reach out to me personally at philippe@gavekalwealth.com.
Please do not hesitate to contact the wider team involved in the day-to-day management of IGF at igf@gavekalwealth.com.
We would be happy to hear from you if you would like to learn more about IGF and other investment management services provided by Gavekal Wealth.
Important Legal Information: This article is provided by Gavekal Wealth (Mauritius) Ltd for information purposes only and is meant for investment professional use. Neither the information nor any opinion expressed herein constitutes an offer or an invitation to make an offer, to buy or sell IGF. This article does not have regard to the specific investment objectives and financial situation of any specific person who may read it. Investors should seek financial advice regarding the appropriateness of investing in IGF and should understand that statements regarding future prospects may not be realised. Investors should note that IGF’s price or value may rise or fall. Past performance is not a guide to future performance.
By Philippe Koch, Chief Investment Officer, Gavekal Wealth and Lead Portfolio Manager, IGF
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