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Investment Strategy

Our objectives & parameters

Our investment strategy is to establish a portfolio of asset classes yielding real returns in the long term.

The investment objectives and parameters of the MIC, amongst others, are to:

  1. Assist systemically large, important and viable corporations or companies incorporated in Mauritius which are financially distressed as result of the Covid-19 pandemic;
  2. Support and accelerate the economic development of Mauritius and build a savings base for the citizens of Mauritius, by inter alia-
    1. Investing in companies geared towards building self-sufficiency in key basic necessities
    2. Investing in companies enhancing Mauritius as an innovation-driven economy
  3. Invest the assets under its management to secure key basic necessities and support higher long-term growth of Mauritius.

In the pursuit of its investment objective, the MIC will initially establish three portfolios, namely:

  • A Portfolio to invest in systemically important corporations or companies in order to financially redress them
  • A Future Generations Portfolio to enhance Mauritius as an innovation-driven economy and build a savings base for the citizens of Mauritius
  • An Infrastructure Portfolio to invest in the development of critical infrastructure of the country.

Investment
Criteria

In accordance with its investment objectives, the selection criteria and performance assessment.

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Investment Performance Criteria

For each investment opportunity that the MIC engages into, the developmental impact must be clear…

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Eligible Investment Instruments

In the pursuit of its investment objectives, the MIC should have a range of financial instruments at its disposal.

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Investment Constraints

In line with its investment objectives, the MIC has a long-term investment horizon.

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Risk Management

In managing its portfolios, the MIC shall ensure that they remain appropriately diversified against risk.

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Responsible Investing

The MIC shall invest in a responsible manner, considering environmental and social.

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INVESTMENT CRITERIA

In accordance with its investment objectives, the selection criteria and performance assessment
of the investments undertaken by the MIC shall include;

In relation to the Special Assistance Portfolio, the ability of the investment:

  • To ensure that domestic systemic economic operators are kept afloat and avoid systemic defaults
  • To preserve a maximum of employment
  • To preserve the capital deployed; and
  • Lastly, to generate a positive, real rate of return on its investments.

In relation to the Future Generations Portfolio, the ability of the investment:

  • To build a savings base for the citizens of Mauritius
  • To enhance Mauritius as an innovation-driven economy
  • To grow the capital deployed; and
  • Lastly, to generate a positive, real rate of return on its investments.

In relation to the Infrastructure Portfolio, the ability of the investment:

  • To support and accelerate the economic development of Mauritius
  • To be geared towards building self-sufficiency in key necessities
  • To grow the capital deployed; and

Lastly, to generate a positive, real rate of return on its investments.

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INVESTMENT PERFORMANCE CRITERIA

For each investment opportunity that the MIC engages into, the developmental impact must be clear and evidenced. The MIC’s input must be beyond what is available, or that is otherwise absent from the market. The MIC’s development impact may be achieved through one or more of the following:

  • Financing that it not provided by the market
  • Risk mitigation and/or risk sharing
  • Better development outcomes; and
  • Environmental, social and governance standards.

The development impact of its investments is an important aspect of determining the MIC’s value-added in a private sector operation and the MIC should always seek to provide financial and/or non-financial development impact.

 

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ELIGIBLE INVESTMENT INSTRUMENTS

In the pursuit of its investment objectives, the MIC should have a range of financial instruments at its disposal. The instruments in which the MIC may directly or indirectly participate will include the following:

  • Equity and quasi-equity instruments
  • Debt instruments; and
  • Such other instruments as to enable mic to achieve its objectives.

The terms and conditions of any investment will be subject to the MIC’s assessment of the risks, the prospective returns associated with, and the financial and ownership structure of, the relevant investment and will be discussed and agreed with the relevant counterparty.

It is further acknowledged that when the MIC commits its capital to investments, the terms and conditions of investments in investee businesses will be subject to assessment, discussion and agreement by the Board, upon consultation with the IC, the Chief Executive Officer/Office-in-Charge and his or her team and the external advisors, if any.

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INVESTMENT CONSTRAINTS

In line with its investment objectives, the MIC has a long-term investment horizon. Accordingly, short-term investment performance shortfalls are not necessarily of critical interest unless they suggest failures in strategy execution not in line with the MIC’s investment policy. 

Without prejudice to such liquidity policy as shall be in force from time to time, the MIC will not be restricted as to the proportion of its assets which may be retained in cash, cash equivalents or in other short-term financial instruments in circumstances where the MIC considers this to be in its best interests.

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RISK MANAGEMENT

In managing its portfolios, the MIC shall ensure that they remain appropriately diversified against risk. The MIC will drive the management of environmental and social risks, corporate governance and integrity in its investments. 

Post investment, the appropriate monitoring and due diligence will be carried out by the Chief Executive Officer/Office-in-Charge and his or her team and report back to the Board, on a regular basis.

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RESPONSIBLE INVESTING

The MIC shall invest in a responsible manner, considering environmental and social and governance (including business integrity) (“ESG”) matters. Effective management of such matters reduces risks to employees, the environment, local communities and other stakeholders. 

The implementation of good ESG practices is associated with a wide range of business benefits including access to markets, reduced staff turnover, cost efficiencies in production and enhanced stakeholder relations.