We remain skewed towards consumer names – we note that these businesses are now experiencing actual volumes growth. This is a departure from 2019 revenues which were driven by hyper-inflation pricing amidst falling volumes.

It is our view that whilst Zimbabwe retains its structural challenges, on a relative basis the consumer is experiencing a recovery in spend albeit off a low base and on a disproportionate basis. This spend is clearly reflected in volumes.

We caution that margins are sharply correcting and reverting to historic norms despite run rates at revenue level. The ZSE has in real terms run circa 150% YTD. We favour companies that have fundamentally grown organically or via acquisition but remain uniquely under-valued.