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Home Markets Fixed Income Funds Management

Best Performing Mutual Funds in Nigeria, Q2 2018

Uche Ndimele by Uche Ndimele
August 20, 2018
in Funds Management, Markets, Spotlight
Photo by rawpixel.com on Unsplash

Photo by rawpixel.com on Unsplash

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2018 has so far proven that past performance does not guarantee or is not a guarantee for future performance. This has especially been so for mutual fund investors who, after the double-digit returns recorded by most of the funds in 2017, looked forward to an even better performance in 2018.

Unfortunately, 2018 seem to be comparatively disappointing as only a few funds have been able to manage low-level double-digit returns for the fiscal year ending June 30th, based on analysis of data from the Security and Exchange Commission.

Based on that analysis which covers the period from January 1st through June 30th, here are the top 7 performing mutual funds for the fiscal year ending June 30th, 2018 and they are the funds that also recorded double-digit returns.

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Funds  Beginning Price Ending Price Yield
Stanbic IBTC Pension ETF 40135.19           157.32        16.37
VETIVA GRIFFIN 30 ETF17.81             20.00        12.30
EDC Fixed Income Fund1141.49        1,281.63        12.28
Lead Fixed Income Fund118.05           131.05        11.02
FBN Nigeria Smart Beta Equity Fund173.31           191.24        10.35
Coronation Balanced Fund1.07               1.18        10.05
Stanbic IBTC 30 ETF Fund100           110.00        10.00

 

Stanbic IBTC Pension ETF 40, an ETF managed by the Stanbic IBTC Asset management came out at the top with a fiscal year return of 16.37%.

The second-best performer is Vetiva Griffin 30 ETF with a return of 12.3%. The Vetiva Griffin 30 ETF is managed by Vetiva Asset Management

The third performer is followed by EDC Fixed Income Fund’s 12.28% while the forth top performing fund is the Lead Fixed Income Fund with 11.02%.

The story is not too different from a category analysis point of view as can be seen below;


Equity-Based Fund

Though the returns were in single digit, majority of the equity funds generated positive returns with FBN Smart Equity Fund recording the only double-digit return in this category followed by Stanbic IBTC Aggressive Equity funds 7.2%. However below are the 5 top performing equity-based funds.

Equity Funds  Beginning Price Ending Price Yield
FBN Nigeria Smart Beta Equity Fund173.31           191.24        10.35
Stanbic IBTC Aggressive Fund2047.48        2,194.89          7.20
Coral Growth Fund3020.33        3,196.34          5.83
Afrinvest Equity Fund179.62           187.83          4.57
UBA Equity Fund0.93               0.98          4.41

Fixed Income or Bond Funds

Fixed Income or Bond Funds seem to be the panacea for downside risk as all of them came back with positive returns with two of them recording double-digit returns. Though yield decreased markedly earlier in the year, investments in money market and treasuries helped a great deal to help fixed-income funds stay afloat. And the 5 top performers are:

Bond Funds  Beginning Price Ending Price Yield
EDC Fixed Income Fund1141.49        1,281.63        12.28
Lead Fixed Income Fund118.05           131.05        11.02
Coronation Fixed Income Fund1.06               1.16          9.21
Stanbic IBTC Guaranteed Fund220.25           239.71          8.84
Stanbic IBTC Conservative Fund2608.65        2,825.67          8.32

Balanced or Mixed Funds

Balanced or Mixed Funds almost followed the footsteps of Fixed income funds as all but two of them rewarded their investors with positive returns. This relatively good result may not be unconnected with their asset allocation which cuts across equities and fixed income instruments thereby giving them the upside potentials afforded by equities while being protected from the downside risk with their exposure to fixed income securities.

The highest performer in this category is Coronation Balanced Fund with 10.05%, flowed by PACAM Balanced Fund’s 7.9% while the third top performer is Stanbic IBTC Balanced Fund with 6.61%

Ethical Fund category did not perform as good as the rest. The op performer in that category is ARM Ethical Fund with 6.38% with the rest of then gaining about 3% each.

Mixed or Balance Funds  Beginning Price Ending Price Yield
Coronation Balanced Fund1.07               1.18        10.05
PACAM Balanced Fund1.27               1.37          7.90
Stanbic IBTC Balanced Fund2266.9        2,416.70          6.61
FBN Heritage Fund140.66           149.80          6.50
United Capital Wealth for Women Fund1.09               1.15          5.38

 


Brace for The Worst

There is no indication that the fortunes of the market will turn for the better for the remaining part of the year. Events unfolding around the world points to even worse market performance.

The imposition of tariff by the Donald Trump-led US government and retaliations from China, Canada, Turkey and other countries is gradually unsettling the market and it does not look like Trump will sheath his sword in his selfish bid to “win the trade war”. This trade war is gradually impacting emerging markets, of which Nigeria is inclusive.

Though exchange rate has stabilized, thanks to the continuing intervention by the government, and inflation keeps moderating, but the increasing yield in the US is beginning to redirect foreign investments away from Nigeria amidst the uncertainty that the 2019 election brings. So, given the handwritings on the wall, investors should brace for the worst and may need to think of reallocating their assets in a more diversified manner that can insulate or hedge the coming market turmoil.

Tags: Mutual Fundsmutual funds performance
Uche Ndimele

Uche Ndimele

Uchenna Ndimele is the President of Quantitative Financial Analytics Ltd. MutualfundsAfrica.com and mutualfundsnigeria.com (both Quantitative Financial Analytics company website) is a leader in supplying mutual fund information, analysis, and commentary on African mutual funds. We provide reliable fund data; and ratings information that will add value to fund managers, the media, individual investors and investment clubs.

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Comments 1

  1. Anonymous says:
    February 20, 2019 at 6:23 pm

    Hi
    Thanks for the analysis
    However, is this all the names of mutual funds operators in Nigeria
    What of investment one by GTB?

    Reply

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