GBTI Mutual Funds, a subsidiary of the Guyana Bank for Trade and Industry, registered an after-tax profit of $207.5m for the year ended December 31, 2021 after incurring a loss of $92.7m in the previous reporting period.
According to its financial statements published in the April 8, 2022 edition of Stabroek News, GBTI Mutual Fund saw interest income in 2021 of $52.1m compared to $80.4m in 2020. There were however major gains in other areas.
Dividend income almost doubled from $9.1m in 2020 to $17.8m last year. Realized gains went from zero for 2020 to $43.1m in 2021. Unrealized gains went from zero in 2020 to $167.5m in 2021.
Taxation in 2021 was $21.9m compared to $27.3m in 2020.
In its prospectus, GBTI Mutual Funds defines a mutual fund as “a pool of money invested by people with similar investment objectives. People who invest money become unitholders of the mutual fund (“Unitholders”). Unitholders share the mutual fund’s income, expenses, and any gains or losses the mutual fund makes on its investments in proportion to the number of the units they own.
“The value of an investment in a mutual fund is realised by redeeming the units held. Where a mutual fund issues more than one class, Unitholders share in the mutual fund’s income, expenses and any gains and losses allocated to the Unitholders’ class generally in proportion to the units they own as of that date”.
GBTI Mutual Funds offers three funds with three different classes each.
Guyana Americas Merchant Bank Inc is the investment adviser for each Fund. According to the prospectus, the investment adviser manages the investment portfolio of a Fund by making day-to-day investment decisions and carrying out other related portfolio activities.
