Gray Ltd. 管理着290亿美元资产，偏好尼日利亚股票而非韩国股票，因为它们提供了一个从华尔街到亚洲席卷市场的人工智能热潮的分散化投资机会。
Gray Ltd., which oversees $29 billion in assets, favors Nigerian stocks over South Korean equities, as they offer a diversification play from the artificial-intelligence frenzy that has swept markets from Wall Street to Asia.
尼日利亚基准股票指数今年美元计价已上涨72%，有望实现自2007年以来的最大年度涨幅，并超过了Kospi的54%涨幅。此次 rally 使该市场“进入了与韩国Kospi指数同等讨论”的范畴，Allan Gray 投资组合经理Kamal Govan如是说，他管理着该总部位于开普敦的资产管理公司旗下规模为6.04亿美元的非洲除南非股票基金。
Nigeria’s benchmark stock index has surged 72% in dollar terms this year, putting it on track for its biggest annual gain since 2007 and outpacing the Kospi’s 54% advance. The rally has put the market “in the same conversation” as South Korea’s Kospi Index, said Kamal Govan, a portfolio manager at Allan Gray, who runs the Cape Town-based money manager’s $604 million Africa ex SA Equity Fund.
该基金今年已上涨28%，其持仓构成显示尼日利亚股票占其持仓的近三分之一。
A breakdown of the fund, which has gained 28% this year, shows Nigerian equities account for nearly a third of its holdings.
Govan 在一份季度客户报告中写道，两次 rally 的关键区别在于Kospi是“狭窄且主题化的，集中在两家内存芯片公司”，三星电子和SK海尼克斯公司占该指数近半，因其受益于AI热潮而吸引了投资者兴趣。
The key difference between the rallies is that the Kospi is “narrow and thematic, concentrated in two memory chip companies,” Govan wrote in a quarterly client note. Samsung Electronics and SK Hynix Inc. account for nearly half of the index and have drawn investor interest because of their exposure to the AI boom.
“尼日利亚的 rally 是广泛的，涵盖银行、石油和天然气、电信以及工业品，”Govan 表示。它“由更广泛的基本面支撑，而非单一叙事。”塞普拉特能源公司（Seplat Energy Plc）是该基金在尼日利亚石油和天然气板块的最大敞口。该股票今年美元计价上涨197%，在151只成分股指数中表现位列前11。斯特林金融控股（Sterling Financial Holdings）领涨，股价上涨1,078%。
“Nigeria’s rally has been broad-based, spanning banks, oil and gas, telecommunications and industrial goods,” Govan said. It is “underpinned by broader fundamentals rather than a single narrative.”Seplat Energy Plc is the fund’s biggest exposure to Nigeria’s oil and gas sector. The stock is up 197% in dollar terms this year, ranking among the 11 best performers on the 151-member index. Sterling Financial Holdings leads the pack, with shares up 1,078%.
尼日利亚是非洲最大的原油生产国，其股票市场因FTSE Russell上个月将其升级为前沿市场地位而获得进一步提振。此举逆转了三年前因对投资者能否将外币汇回国内的担忧而将其降级为未分类地位的决定，Govan 说道。
Nigeria, Africa’s largest crude producer, has received a further boost from FTSE Russell upgrading it to frontier-market status last month. The move reverses a downgrade to unclassified status three years ago over concerns about investors’ ability to repatriate foreign currency, Govan said.
“FTSE Russell 的升级可能通过增加外资参与和改善流动性提供进一步催化剂，”他说。
“The FTSE Russell upgrade could provide a further catalyst through increased foreign participation and improved liquidity,” he said.