TABLE OF CONTENT
PARTICULARS OF SERVICE PROVIDERS
Directors of Fund Manager
Kwaku Akomea Ohemeng-Agyei
Victor Kodzo Avevor
Cynthia Eyram Ofori-Dwumfuo
John Asante
Wiendy Malm
Fund Manager
Ashfield Investment Managers LTD
The Investment House
18 Noi Fetreke Street
Airport fiest, Accra.
Trustees
Universal Merchant Bank Limited
SSNIT Emporium Building
Auditor
AssuranceHub Consult
Chartered Accountants
Bankers
Universal Merchant Bank Limited Ridge, Accra.
Guaranty Trust Bank (Ghana) Ltd. Head Office, Accra.
P O Box AD 186
Adabraka, Accra.
Notice of Annual General Meeting
Ordinary Business
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To receive and consider the Report of the Fund Manager for the year ended 31st December 2023.
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To receive and consider the Report of the Trustees.
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To receive and adopt the Audited Financial Statements for the year ended 31st December 2023, together with the Auditor’s Report thereon.
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To authorize the Fund Manager to fix the remuneration of the Auditor.
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To discuss any other business appropriate for the meeting.
NOTES
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A Unitholder has the right to attend, speak, and vote at the AGM or appoint a proxy to act on their behalf.
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The Proxy Form should be completed and returned at least 48 hours before the meeting.
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Copies of the Annual Report and Financial Statements are available at the Fund Manager’s office.
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The meeting will be conducted in accordance with the regulations governing the Fund.
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Unitholders who wish to attend and vote in person are required to present valid identification at the meeting.
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Proxies representing Unitholders must submit a properly executed Proxy Form before the deadline specified.
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Any resolutions passed at the AGM will be binding on all Unitholders, whether present at the meeting or not.
Report of the Fund Manager
INTRODUCTION
We are delighted to welcome you to the Annual General Meeting of AIM Multi-Asset Trust (AIM-MAT). On behalf of the Board
and Management of the Fund Manager, and the Trustees, we appreciate your immense support and patronage of the Fund.
The report of the Manager will touch on the global and domestic economic landscape within which the Fund operated. It
will also provide a comprehensive update on the Fund’s performance for the year 2023 and conclude with an outlook and
strategy for 2024.
The 2023 World Bank Report highlights a challenging global economic environment shaped by multiple crises, including climate change, inflation, conflict, and the cost of living, with developing countries being most affected. While the global economy showed initial improvement in 2023, it slowed down to a 3% growth rate in the second half of the year. Economic performance varied, with the U.S. experiencing growth, many developed economies contracting, and emerging markets rebounding. Lingering challenges from the COVID-19 pandemic, the war in Ukraine, and weak demand hindered recovery efforts.
Central banks maintained tight monetary policies to control inflation, which helped reduce global inflation from 8.8% in 2022 to 6.8% in 2023, driven by lower energy and food prices. Financial markets remained volatile, with elevated bond yields and subdued stock prices due to concerns about slow economic growth and potential recessions. The commodities market saw a correction in 2023, with declining crude oil prices and rising cocoa and gold prices, while geopolitical tensions continued to impact market trends heading into 2024.
DOMESTIC ECONOMIC REVIEW
Monetary policy rate
KEY MARKET DEVELOPMENTS
Exchange rate
In 2023, Ghana's economy showed signs of recovery following previous challenges, aided by fiscal discipline and alignment with the IMF's US$3 billion program. However, issues like high inflation, slow growth, and debt sustainability remained. GDP growth fell to 2.9%, with real GDP expanding by 2.0%, driven by services and agriculture. The trade surplus declined due to a drop in exports, though gold exports rose 15%. The fiscal deficit improved, reaching 3.3% of GDP, and revenue grew by 39.7%. Ghana's reserves decreased to US$5.91 billion, covering 2.7 months of imports.
In 2023, Ghana's inflation showed significant improvement, dropping from 54.1% in December 2022 to 23.2% by December 2023, though it remained above the government's target of 8±2%. This decrease was driven by tighter monetary policies, favorable crude oil prices, liquidity management efforts, and stable exchange rates. Inflation for food and non-alcoholic beverages fell from 59.5% to 28.7%, while non-food inflation dropped from 49.9% to 18.7%. Core inflation also halved, from 53.2% to 24.2%. Major contributors to inflation in 2023 included alcoholic beverages, personal care, hotels and restaurants, and household equipment.
Fixed Income Market
Stock Market
In 2023, Ghana's bond market faced a significant decline, with trading volumes on the Ghana Fixed Income Market (GFIM) dropping by 57.26% to GHS 98.44 billion, down from GHS 230.32 billion in 2022. The total value of securities traded fell by 63.76%, from GHS 220.76 billion to GHS 80.00 billion, and the number of trades decreased by 24.36% to 399,522.Government securities dominated the market, making up 91.11% of transactions, with short-term securities accounting for 58.64% and long-dated securities for 32.47%. Corporate trades constituted only 8.89%.Interest rates on short-term instruments declined, with the rates for 91-day and 182-day Treasury bills falling to 29.36% and 31.95%, respectively. The rate for the 364-day bill decreased to 32.49%. However, medium to long-term bond rates remained stable.The interbank weighted average interest rate rose from 25.51% to 30.19%, while average lending rates from banks slightly decreased from 35.58% to 33.75%.Overall, the bond market's downturn was influenced by negative macroeconomic conditions and the impact of domestic debt restructuring efforts, affecting investor confidence and trading activities in government securities.
Financial Results for the Year Ended 31 December 2023
Market Capitalization
At the close of December 2023, the total market capitalization of the Accra bourse stood at GHS73.9 billion, marking a noticeable increase from GHS64.51 billion recorded at the end of December 2022. This represents a growth of 14.55%, which is significantly higher than the marginal growth of 0.02% recorded in 2022
The Fund Report
For the period between 31st December 2022 to 31st December 2023, AIM Multi-Asset Trust returned 12.06% to investors. The Trust experienced a surge in Assets Under Management, rising by 4.34% from GHS 2.42 million in 2022 to GHS 2.52 million by the end of 2023. The total number of unitholders grew from 1,262 in December 2022 to 1,274 for the year. The net asset value per unit also saw improvement in 2023, reaching GHS 0.5789 compared to GHS 0.5166 in 2022.
Investment Policy
Fund Performance
The AIM Multi-Asset Trust is an open-ended balanced fund which aims to invest in a diverse range of fixed-income and equity securities worldwide. The scheme’s goal is to strategically grow investors’ funds over the medium to long term by investing in various capital market and money market instruments, including bonds, treasury securities, listed and unlisted equities, certificates of deposits, corporate bonds, and other debt obligations.
Portfolio Structure
REPORT OF THE TRUSTEES
Portfolio Review
Opinion
Statement of Changes in Equity
Asset Allocation
Asset Allocation Overview
Basis for Opinion
INDEPENDENT AUDITOR’S REPORT (CONTINUED)
Income is an important measure of performance and represents a material item in the trust’s income and distribution account. The trust generates income from investment of members’ funds. Given that some of the trust’s investments will mature beyond 31 December 2023, the cut-off date of 31 December 2023 is significant to ensure that amounts that will accrue after this date are not recognized as income in the current financial statements. In this regard, we consider income recognition as key audit matter. How the matter was addressed in our audit
Key Audit Matters
fie conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. fie are independent of the Fund in accordance with the International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code) issued by the International Ethics Standards Board for Accountants (IESBA) and we have fulfilled our other ethical responsibilities in accordance with the Code. fie believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
How the matter was addressed
Key Audit Matter
fie have audited the financial statements of AIM Multi-Asset Trust, which comprise the statement of net assets and statement of assets and liabilities as at December 31, 2023, income and distribution statement, statement of accumulated net investment income, statement of movements in net assets, statement of movement in issued units, statement of cash flows for the year then ended, and the notes to the financial statements, including a summary of significant accounting policies as set out on pages 36 to 48.
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Fund as at December 31, 2023, and its financial performance and its cash flows for the year then ended in accordance with
International Financial Reporting Standards (IFRS) and comply with the Securities Industry Act, 2016 (Act 929) and the Unit Trusts and Mutual Funds Regulations, 2001 (L.I 1695).
Fair value measurement of financial instrument
Key audit matters are those matters that, in our professional judgement, were of most significance in the audit of the financial statements for the year ended 31st December, 2023. These matters were addressed in the context of the audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. fie have determined the following matters as key audit matters .
Airport, Accra.
General
Accessing and Voting at the AGM
GLOBAL ECONOMIC REVIEW
Inflation
In 2023, Ghana's foreign exchange market showed recovery from the extreme volatility of 2022. The Ghana cedi depreciated by 38.5%, 31.9%, and 30.3% against the U.S. dollar, the pound sterling, and the euro, respectively, marking a significant improvement from the sharp declines of 53.8%, 45.5%, and 46.8% in 2022. This stability was supported by Ghana's IMF program, which helped reduce portfolio outflows, lower amortization payments, and secure the first tranche of the ECF credit. Additional factors contributing to the cedi's steadiness included conservative monetary policies, a domestic gold purchase program, remittances, and foreign exchange purchases from mining and oil companies in Ghana
At the beginning of 2023, with inflation at 54.1%, the Monetary Policy Committee (MPC) of the Bank of Ghana raised the policy rate (MPR) by 300 basis points to 30.0% by December 2023, up from 27.0% in December 2022. This continued increase in the MPR, which remained stable throughout the second half of the year, reflected the MPC's commitment to tightening monetary policy in order to control the high inflationary pressures within the economy.
In 2023, the Ghana equity market showed mixed results, with significant fluctuations in key indices and a decline in trading activities compared to the previous year:
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Ghana Stock Exchange Composite Index (GSE-CI): Closed at 3,130.23 points, achieving a 28.08% gain for the year, a recovery from a 12.38% loss in 2022.
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GSE Financial Stocks Index (GSE-FSI): Decreased to 1,901.57 points, down 7.36% from the previous year's gain of 20.70%.
Trading activity saw considerable reductions:
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Total Volume Traded: Fell from 1.3 billion shares in 2022 to 580 million shares in 2023, a decline of 56.59%.
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Value of Shares Traded: Decreased from GHS 1.6 billion to GHS 818 million, representing a 50.10% drop.
These trends suggest a shift in market dynamics, likely influenced by changes in investor sentiment and economic conditions. Despite the downturn in trading volume and value, the overall market capitalization increased by 14.55%, indicating some resilience amidst the fluctuations.

In 2023, the top gainers were BOPP (187.58%), TOTAL (127.00%), UNIL (109.02%), GGBL (65.85%), and MTN (59.09%). Reflecting the broader sentiment of the financial sector and the Ghanaian economy, financial stock: Cal bank, Enterprise Group, SIC Financial Services, Ecobank Ghana, and Access bank topped the laggards for the year.



The Trust continued its modest asset under management growth trajectory towards achieving competitive returns for unitholders. The Trust as of December 2023, had 78.45% of its assets invested in Money Market, 10.02% in equities, 4.01% in fixed-income, 6.07% with the Liquidator and 0.82% in cash. The increase in the money market was a strategy to reduce fixed income assets due to uncertainty in the economy regarding fixed-income


Fair value of financial assets and financial liabilities are measured using the market value approach. Quoted market prices are subject to market fluctuations, and changes in market conditions may result in significant variations in fair values. The accuracy and reliability of quoted market prices depend on the data sources GSE. Inaccurate or outdated information may lead to misstated fair values.
Audit approach
a. We reviewed the design and implementation of controls over the Trust’s investment valuation procedures and income recognition.
b. For a sample of significant investments, we obtained evidence of their existence, their particulars and recomputed the income recognized on these investments to verify their accuracy.
c. Evaluated the adequacy of the accounting policies and the disclosures on income recognized in the Trust’s income and distribution account.
a. We obtained direct confirmations from GSE, CSD and GFIM to verify the accuracy and reliability of the quoted market prices used by the unit trust for fair value measurement.
b. We compared the quoted market prices obtained with other independent sources to ensure consistency and reliability. This independent price verification was conducted for significant assets and liabilities.
c. We assessed the trust’s internal controls over the fair value measurement process, focusing on controls related to using quoted market prices.
STATEMENT OF NET ASSETS AS AT 31 DECEMBER, 2023

STATEMENT OF NET ASSETS AS AT 31 DECEMBER, 2023

STATEMENT OF INCOME AND DISTRIBUTION ACCOUNT FOR THE YEAR ENDED 31 DECEMBER, 2023

STATEMENT OF ACCUMULATED NET INVESTMENT INCOME & MOVEMENT IN NET ASSETS FOR THE YEAR ENDED 31 DECEMBER, 2023

STATEMENT OF MOVEMENTS IN ISSUED UNITS FOR THE YEAR ENDED 31 DECEMBER, 2023

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER, 2023

EQUITY PORTFOLIO REPORT FOR THE YEAR ENDED 31 DECEMBER, 2023


FIXED INCOME PORTFOLIO REPORT FOR THE YEAR ENDED 31 DECEMBER, 2023
NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER, 2023
General information
AIM Multi-Asset Trust is authorized to operate as a Unit Trust under the Securities Industry Act, 2016 (Act 929), and the Unit Trusts and Mutual Funds Regulations, 2001 (L.I. 1695) and duly licensed by the Securities and Exchange Commission. The address of its registered office and principal place of business is The Investment House, 18 Noi Fetreke Street, Airport fiest, Accra.
The principal activity of the Fund is to invest the monies of its members for mutual benefit and to hold and arrange for the management of investment securities acquired with such monies.
Summary of significant accounting policies
2.1 Basis of Preparation
a) Compliance with IFRS
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The financial statements comply with International Financial Reporting Standards (IFRS).
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They adhere to the Securities Industry Act, 2016 (Act 929), as amended by Act 1062 (2021).
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Other relevant regulations include:
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Securities and Exchange Commission Regulations, 2003 (L.I. 1728) (amended by L.I. 2387 (2019)).
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Unit Trusts and Mutual Funds Regulation, 2001 (L.I. 1695).
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They follow IFRS standards set by the International Accounting Standards Board (IASB) and the IFRS Interpretations Committee (IFRS IC).
b) Basis of Measurement
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Financial statements are prepared on a historical cost basis, except for financial instruments measured at fair value.
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Historical cost is based on the fair value of the consideration exchanged for assets.
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The financial statements are presented in Ghana Cedi (GH¢).
Proxy Form
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