The African fund of investment firm Imara Asset Management had a difficult third quarter of 2019 due to the underperformance of its investments in some of its markets, notably in Nigeria, Zimbabwe and Côte d'Ivoire. The financial market of Lagos (Nigeria) to which the fund is most exposed with 23% of its investments, generated a loss of value of 8.2%. But next to that, the Zimbabwe Stock Exchange and the Regional Stock Exchange (BRVM) of Abidjan generated the biggest losses, of 47.7% and 13.4% respectively. South Africa is not to be outdone with a negative return of 12.4%. Despite positive performances in other markets such as Morocco or Kenya, Imara Africa Fund is for the first time since 2012, less efficient than the Standard & Poor's index which tracks African stock markets outside of South Africa. (S&P Pan African Index excluding South Africa). It must be said that the African stock markets excluding South Africa were not very profitable for the investment funds concentrated there during this third quarter. Ivestec Africa Class A Fund which is an investment fund managed by the South African special services bank Investec, achieved the best performance in the sector, according to data provided by the analysis firm Riscura, with a return of 1. 3%. For Imara, the good mark comes from the fact that its performance since the beginning of the year remains positive, and that key markets such as Kenya, Egypt and Morocco are doing quite well. But it will take more to attract investors not specifically focused on Africa. In a recent study, Standard & Poor's reveals that more than 74% of African funds investing in local stock exchanges have performed worse than its index funds which track the same financial markets.