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These are the fastest growing Mutual Funds in Nigeria in Q2 2018

Earlier in the year, mutual fund assets crossed the half trillion Naira mark.

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mutual funds

Nigeria’s mutual fund industry has come of age, hitting some milestones after another, every now and then. Earlier in the year, mutual fund assets crossed the half trillion Naira mark. As at June 29th, the first half of the year, fund NAV increased by 44.43% from N425.6 billion to N615.12 billion. The growth has, however, been mixed across funds and we have selected below the fastest growing funds.

Criteria for Selection

The selection is based on flow analysis that Quantitative Financial Analytics does on the NAV Summary Report from the Security and Exchange Commission, SEC. Flow analysis is a compilation of money that comes to and goes from mutual funds and their managers with a view to finding out where investors are putting their money. According to that analysis, we have identified the fastest growing fund, so far in 2018, to be Chapel Hill Denham Money Market Fund which grew its asset by 258% for the fiscal year ending June 30th, 2018.

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The fund started the year with a total net asset value of N173.7 million but large inflows and relatively small outflows propelled the money market fund to the enviable position of the fastest growing fund with a total asset value of N622 million. Within the period under review, the fund gathered an estimated N464 million of new investments while it suffered just N16 million outflow.

The Chapel Hill Denham Money Market Fund was originally an equity fund known as Nigeria Global investment fund but in a 26th January extraordinary unitholders’ meeting, it was decided the fund be converted to a money market fund. The fund which has a rating of A(f) by Agusto and Co.

1st Fastest Growing Fund

Name of Fund: Chapel Hill Denham Money Market Fund

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Who are the Fund Managers: Chapel Hill Denham Fund Management Limited

Type of Fund: Money Market Fund

% NAV Increase: 226.32%

NAV Increase: From N173 million to N566.million

In addition to the Chapel Hill Denham Money Market Fund, here are the funds that grew the fastest in the first half of 2018.

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2nd Fastest Growing Fund

Name of Fund: EDC Money Market Fund Class A

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Who are the Fund Managers: EDC Fund Management Limited

Type of Fund: Money Market Fund

% NAV Increase: 189.43%

NAV Increase: From N2.3 billion to N6.6 billion

3rd Fastest Growing Fund

Name of Fund: Greenwich Plus Money Market Fund

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Who are the Fund Managers: Greenwich fund Management Company

Type of Fund: Money Market Fund

% NAV Increase: 186.67%

NAV Increase: From 1.8 billion to 5.0 billion

4th Fastest Growing Fund

Name of Fund: Stanbic IBTC Absolute Fund

Who are the Fund Managers: Stanbic IBTC fund Management Company

Type of Fund: Mixed/Balance Based Fund

% NAV Increase: 174.56%

NAV Increase: From 4.95 billion to 13.6 billion

In all, 8 funds grew their NAV by more than 100% in the first half of the year while 16 funds suffered some decrease in their NAV.

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.

1 Comment

1 Comment

  1. Anthony

    September 3, 2018 at 7:57 am

    Thanks for the info. Just to be sure, the NAV increase means more invested funds by investors? Otherwise going by the headline tag “The best performing mutual fund”, it would’ve been the one yielding highest returns to it’s investors?

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FEATURED

Infrastructural financing in Nigeria: Why bonds are better than loans

Structuring project financing through the capital markets to ensure that the transactions are bankable, and the costs reflect reality.

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Infrastructural financing in Nigeria: Why bonds are better than loans

If Nigeria is to make up for the infrastructural deficit in the country, the government should consider resorting to bonds rather than loans for infrastructural financing.

Structuring all transactions in a local currency, rather than dollars, would help to drive infrastructural development at a greater speed.

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These were some of the suggestions made by Mr. Bolaji Balogun, Chief Executive Officer, Chapel Hill Denham, while speaking on the theme: “Financing Infrastructure Development in Nigeria – Challenges, Opportunities and the Way Forward,” at the virtual Financial System Strategy (FSS) 2020 Pension Sector Second Quarter Forum.

Balogun noted that driving infrastructural development would start by creating an enabling environment and embracing private capital.

“Only if investment in infrastructure grows from 15% to 18% a year, we can reach 8% economic growth,” he said.

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He advised that structuring the financing through the capital markets to ensure that the transactions are bankable, and the costs reflect reality.

(READ MORE: U.S.A calls for an independent probe of AfDB president, Akinwumi Adesina)

Balogun noted that the country would experience a boost in financial inclusion, improvement in the balance of trade, long-term macro, and price stability with a well-developed infrastructure.

Other gains of well-developed infrastructure, according to him, are greater production competitiveness, enhanced housing, significant import substitution, and robust pensions.

Mr. Effiok Ekpenyong, Head, Investment Management Department, Securities and Exchange Commission (SEC), in his presentation, stated that the capital market apex regulator has existing regulations and guidelines that would help participants in infrastructure development.

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He also called for collaboration among the agencies to remove regulatory bottlenecks and build capacity for the country to achieve expected growth and development.

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(READ MORE: Meet Dr. Lamido Yuguda, the new SEC DG)

Crowdfunding for infrastructure

In his presentation, Mr. Chinua Azubuike, Chief Executive Officer, InfraCredit, called for crowdfunding domestic credit and public-private partnerships for infrastructural development.

This was in line with an earlier presentation from Mr. Chidi Izuwah, Director-General, Infrastructure Concession Regulatory Commission (ICRC), who stated that the government alone cannot provide the needed infrastructure for economic growth and development.

READ ALSO: Senate moves to upgrade ibadan Airport

Also speaking at the online forum, Mr. Farouk Aminu, Head, Investment Services Department, National Pension Commission, stressed the need for creating infrastructure instruments that would attract Pension Fund Administrators (PFAs) to the market.

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He opined that the diversification of investment products would boost PFAs participation in infrastructure development, thus hastening Nigeria’s infrastructural development.

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Coronavirus

Covid-19 Update in Nigeria

On the 28th of May 2020, 182 new confirmed cases and 5 deaths were recorded in Nigeria bringing the total confirmed cases recorded in the country to 8,915.

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COVID-19: FCMB reschedule operations

The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to rise as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 8,915 confirmed cases.

On the 28th of May 2020, 182 new confirmed cases and 5 deaths were recorded in Nigeria.

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To date, 8915 cases have been confirmed, 2592 cases have been discharged and 259 deaths have been recorded in 35 states and the Federal Capital Territory having carried out 49,966 tests.

Covid-19 Case Updates- May 28th 2020

  • Total Number of Cases – 8,915
  • Total Number Discharged – 2,592
  • Total Deaths – 259
  • Total Tests Carried out – 49,966

The 182 new cases are reported from 16 states- Lagos (111), FCT (16), Akwa Ibom (10), Oyo (8), Kaduna (6), Delta (6), Rivers (5), Ebonyi (4), Ogun (4), Kano (3), Plateau (2), Gombe (2), Kebbi (1), Kwara (2), Bauchi (1), Borno (1).

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

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The latest numbers bring Lagos state total confirmed cases to 4123, followed by Kano (939), Abuja at 535, Katsina (358), Oyo (260), Borno (258), Ogun (246), Jigawa (241), Edo (240), Bauchi (234), Kaduna (221),  Rivers (176), Gombe (154), Sokoto (116), Plateau (99).

Kwara State has recorded 87 cases, Zamfara (76), Nasarawa (62), Delta (57), Yobe (47), Akwa Ibom (45), Osun (44), Ebonyi (40), Adamawa (38), Imo (34), Kebbi (33), Niger (30), Ondo (24), Ekiti (20), Taraba and Enugu (18), Bayelsa (12), Anambra (11), Abia (10), Benue (7), while Kogi state has recorded 2 cases.

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, President Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

 

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READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

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DateConfirmed caseNew casesTotal deathsNew deathsTotal recoveryActive casesCritical cases
May 28, 202089151822595259260647
May 27, 202087333892545250159787
May 26, 2020834427624916238557107
May 25, 202080682292337231155247
May 24, 202078393132265226353607
May 23, 202075262652210217451317
May 22, 2020726124522110200750337
May 21, 2020701633921111190748987
May 20, 202066772842008184046377
May 19, 202064012261921173444757
May 18, 202061752161919164443407
May 17, 202059593881826159441837
May 16, 202056211761765147239737
May 15, 202054452881713132039544
May 14, 202051621931683118038154
May 13, 202049711841646107037374
May 12, 20204787146158695936704
May 11, 202046412421521090235894
May 10, 202043992481421777834794
May 9, 202041512391271174532784
May 8, 202039123861181067931154
May 7, 20203526381108460128184
May 6, 20203145195104553425071
May 5, 2020295014899548123704
May 4, 2020280224594641722912
May 3, 2020255817088240020702
May 2, 20202388220861735119522
May 1, 20202170238691035117512
April 30, 2020193220459731715562
April 29, 2020172819652730713692
April 28, 2020153219545425512322
April 27, 20201337644102559942
April 26, 20201273914152399942
April 25, 20201182873632229252
April 24, 202010951143312088552
April 23, 20209811083231977532
April 22, 2020873912931976482
April 21, 20207821172631975602
April 20, 2020665382311884662
April 19, 2020627862221704362
April 18, 2020541482021663562
April 17, 2020493511841593172
April 16, 2020442351311522772
April 15, 2020407341211282672
April 14, 202037330111992632
April 13, 202034320100912422
April 12, 20203235100852282
April 11, 202031813103702382
April 10, 20203051770582402
April 9, 20202881471512302
April 8, 20202742260442262
April 7, 20202541661442042
April 6, 2020238650351982
April 5, 20202321851331942
April 4, 2020214540251850
April 3, 20202092542251800
April 2, 20201841020201620
April 1, 2020174352091630
March 31, 202013982091280
March 30, 2020131202181210
March 29, 2020111221031070
March 28, 20208919103850
March 27, 2020705103660
March 26, 20206514102620
March 25, 2020517102480
March 24, 2020444102410
March 23, 20204010112370
March 22, 2020308002280
March 21, 20202210001210
March 20, 2020124001110
March 19, 20208000170
March 18, 20208500170
March 17, 20203100030
March 16, 20202000020
March 15, 20202000020
March 14, 20202000020
March 13, 20202000020
March 12, 20202000020
March 11, 20202000020
March 10, 20202000020
March 9, 20202100020
March 8, 20201000010
March 7, 20201000010
March 6, 20201000010
March 5, 20201000010
March 4, 20201000010
March 3, 20201000010
March 2, 20201000010
March 1, 20201000010
February 29, 20201000010
February 28, 20201100010

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Economy & Politics

CBN reduces MPR to 12.50%, holds other metrics

Central Bank of Nigeria (CBN) has reduced the Monetary Policy Rate (MPR) from 13.50% to 12.50% and retains CRR at 27.5%, Liquidity ratio at 30%.

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The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has reduced the Monetary Policy Rate (MPR) from 13.50% to 12.50%.

Governor, CBN, Godwin Emefiele, disclosed this while reading the communique at the end of the MPC meeting on Thursday in Abuja.  Meanwhile, other parameters such as the Cash Reserve Ratio  (CRR) remained at 27.5%, Liquidity ratio at 30%.

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READ ALSO: Bankers decry rise in public debt, weak economy

Highlights of the Committee’s decision

  • MPC cuts MPR by 100 basis points to 12.50%
  • CRR stood at 27.5%
  • The Liquidity Ratio was also kept at 30%

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READ ALSO: Nigeria’s total debt to hit N33 trillion – Senate

According to Emefiele, the decision of the MPC to reduce the Monetary Policy Rate  was informed by the impact of the Covid-19 pandemic on the economy, increased inflationary pressure, restrictions in international trade and more.

He highlighted the decline in the nation’s GDP as well as the decline in the manufacturing and non-manufacturing purchasing index which were attributable to slower growth in production, rate of unemployment, amongst others.

READ MORE: AfDB’s Akinwumi Adesina hits back, denies allegations against him

On reopening of the economy, Emefiele emphasised the need for Government to work towards a gradual reopening in line with recommendations of the Presidential Task Force (PTF) and advice from medical experts, insisting that efforts must be directed at saving not only lives but also livelihoods. He said,

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“This is to enable the resumption of economic activities necessary to stimulate growth, accelerate the pace of recovery and restore livelihoods, particularly the vulnerable in our society.

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“With respect to output, the Committee urged the Federal Government to continue exploring options of partnership with the private sector to fund investment in infrastructure. This would aid employment generation, support production and boost output growth.”

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