Datvest ETF posts ZWL$343m loss
BUSINESS REPORTER
The Datvest Modified Consumer Staples Exchange Traded Fund reported a loss of ZWL$343m in the 12 months ending December 31, 2022, down from a profit of ZWL$93.5m the previous year.
The poor performance was attributed to fair value losses.
“The negative performance was on the back of stock market gain trailing the inflation rate,” Datvest said.
The fund revenue was also in the negative as the revenue was way below the costs.
Despite the loss, the directors evaluated the Datvest ETF’s ability to continue operating as a going concern and concluded that it was still appropriate to prepare these financial statements on a going concern basis.
In the outlook, the fund is expected to benefit from the recovery of the market through appreciation in value of the counters in the consumer staples basket while the move by some counters to the Victoria Falls Exchange is expected to stabilise the value of the Datvest ETF.
Datvest said the fund was well positioned to take advantage of the market swings in pursuit of increasing shareholder value.
