A word from the Chairman of the Board regarding the significant transformation of A.L.E.E.F., covering how the Fund is managed, governed, and communicated.
Dear Shareholders,
On behalf of the Board of Directors of A.L.E.E.F. Ltd., I am pleased to write to you at an important moment in the life of the Fund. The Board has approved a significant transformation of A.L.E.E.F., covering how the Fund is managed, governed, and communicated. This letter sets out the key changes and what they mean for you as a shareholder.
A.L.E.E.F. was established over 26 years ago with a clear and lasting commitment to invest responsibly, in line with a strict ethical framework, for the long term benefit of its shareholders. That commitment remains unchanged.
What the Board has undertaken is not a change in purpose, but a strengthening of how that purpose is delivered, with greater professionalism, stronger structure, and a governance framework suited to a modern and well-run collective investment scheme.
Following a full review of the Fund’s investment approach, portfolio composition, and governance arrangements, the Board has approved four material changes.
First, a new investment strategy. The Fund will invest across global ethical equities and include an allocation to Sukuk, which are asset-backed instruments consistent with the Fund’s ethical framework. This revised strategy gives the Fund broader international diversification, greater hard currency exposure, and a more stable income base to support regular dividend payments over time. Dividends remain at the discretion of the Board and subject to the Fund’s financial position, but creating the conditions for sustainable, income-driven distributions is now a central objective of the strategy.
Second, professional portfolio management. Heritage Wealth Partners Ltd, a licensed Mauritius-based investment firm, has been appointed as the Fund’s Portfolio Services Provider. Heritage Wealth will be responsible for the day to day implementation of the investment strategy, including portfolio construction, stock selection, rebalancing, and market execution, within the framework approved by the Board. A.L.E.E.F. remains a self-managed collective investment scheme, with the Board retaining full strategic authority and fiduciary responsibility at all times.
Third, a strengthened governance framework. The Board has approved a comprehensive Investment Policy and Guidelines document covering the Fund’s ethical screening criteria, asset allocation ranges, risk parameters, and the roles and responsibilities of the parties involved in the management of the Fund.
Fourth, a new share class in a hard currency. Following approval from the Financial Services Commission, existing shares in Mauritian Rupees will henceforth be designated as Class A shares. A new Class B share class, denominated in United States Dollars, has been introduced to open the Fund to a broader investor base, including members of the Mauritian diaspora and other internationally based investors. Existing shareholders are not affected by this change.
New investors joining the Fund will be required to make a minimum initial investment of MUR 400,000 for Class A shares and USD 10,000 for Class B shares. Subsequent contributions by all shareholders will be subject to a minimum of MUR 50,000 for Class A and USD 1,000 for Class B.
Existing shareholders whose current holdings fall below the new minimum are fully grandfathered. They are not required to top up or redeem their shares, and may continue to hold their position and receive dividends. Any future contributions they choose to make will be subject to the minimum additional subscription.
One of the distinctive features of A.L.E.E.F.’s new identity is a mechanism we have named the Fund with a Purpose.
At the time of each annual dividend payment, shareholders will have the opportunity, entirely voluntarily, to instruct the Fund Administrator to direct part of their dividend to a Board-approved partner charitable association. The Fund itself does not make charitable donations. This is a personal giving mechanism made available to each shareholder at their own discretion.
The Board wishes to be clear that this feature complements the Fund’s investment mission, but does not define it. The Fund’s primary obligation remains the generation of strong, sustainable, ethically screened investment returns for its shareholders.
Going forward, shareholders can expect regular factsheets and performance updates, stronger visibility through written press and digital channels, and a Fund that is more responsive and proactive in keeping its investor community informed.
As part of the Fund’s strengthened governance framework and regulatory obligations, a dedicated team will also be contacting you to request updated documentation, including proof of identity, proof of address, bank account details, and any other required documents or forms.
We kindly request your full cooperation in providing these promptly, as maintaining accurate and current shareholder records is an important part of the Fund’s regulatory responsibilities.
The Board is deeply conscious of the trust you have placed in A.L.E.E.F. over the years. The decisions taken reflect our commitment to building a Fund that is professionally managed, transparently governed, ethically grounded, and firmly focused on delivering long term value to its shareholders.
We look forward to sharing this new chapter with you.
Yours sincerely,
Shakil Moollan
Chairman of the Board of Directors
A.L.E.E.F. Ltd