The Nigerian stock market continued its lacklustre performance in September by recording a month to date, MTD, negative performance of 6.05% to bring its Year to date, YTD, performance to minus 14.39%.

The market has been so bad this year that every index of the market is recording negative year to date performances. The International Monetary Fund, IMF, recently revised its projected growth prospect for Nigeria. The IMF had earlier projected that the Nigerian economy was going to grow at 2.1% but that has changed as the IMF now thinks that the growth rate has gone down to 1.9%.

Irrespective of current market performance and the gloomy prophesy from the IMF, Quantitative Financial Analytics’ comparative analysis indicates that a sizable number of mutual funds continue to generate positive returns. According to the analysis, lots of mutual funds recorded positive month to date performance in September, some of which pushed their year to date performance even higher in a positive direction.

Month to Date Performance

In a feat worth mentioning, FBN Asset Management saw four of the funds it manages taking the first four spots in MTD performance ranking. Here are the 5 Best performing funds on a MTD basis in September.

Best Performing Fund:

Name of Fund: FBN Fixed Income Fund

Type of Fund: Fixed Income Fund

MTD Performance %: 7.03%

MTD Gain per unit: N83.34


Second Best Performing Fund:

Name of Fund: FBN Nigeria Eurobond USD Fund (Retail)

Type of Fund: Eurobond Fund

MTD Performance %: 3.03%

MTD Gain per unit: N1,253.76


3rd Best Performing Fund:

Name of Fund: FBN Nigeria Eurobond USD Fund (Institutional)

Type of Fund: Eurobond Fund

MTD Performance %: 3.00%

MTD Gain per unit: N1,246.76


4th Best Performing Fund:

Name of Fund: FBN Smart Equity Beta Fund

Type of Fund: Equity Fund

MTD Performance %: 2.25%

MTD Gain per unit: N3.63


5th Best Performing Fund:

Name of Fund: Nigeria International Debt Fund

Type of Fund: Debt/Bond Fund

MTD Performance %: 2.11%

MTD Gain per unit: N5.59

Year to Date Performance:

Ironically, funds managed by FBN Asset Management were “nowhere to be found” in the YTD fund performance ranking as its best performing fund, FBN Fixed Income Fund, came in as the

7th best performing. Unlike the MTD ranking which was concentrated in one fund manager, the YTD ranking is more mixed in terms of fund types and fund managers. Here are the 5 best performing funds on a YTD basis as at September ending.

Best Performing Fund:

Name of Fund: Stanbic IBTC Pension ETF 40

Type of Fund: Exchange Traded Fund

YTD Performance %: 16.37%

YTD Gain per unit: N22.13


Second Best Performing Fund:

Name of Fund: Nigeria International Debt Fund

Type of Fund: Debt/Fixed Income Fund

YTD Performance %: 14.05%

YTD Gain per unit: N33.34


3rd Best Performing Fund:

Name of Fund: Coronation Balanced Fund

Type of Fund: Balanced or Mixed Fund

YTD Performance %: 12.09%

YTD Gain per unit: N0.13


4th Best Performing Fund:

Name of Fund: SFS Fixed Income Fund

Type of Fund: Debt or Fixed Income Fund

YTD Performance %: 11.49%

YTD Gain per unit: N0.17


5th Best Performing Fund:

Name of Fund: Stanbic Absolute Fund

Type of Fund: Money Market/Balanced Fund

YTD Performance %: 11.3%

YTD Gain per unit: N322.92

The performances as noted above is indicative of the virtues of diversification and professional asset selection and management that comes with mutual fund investing. It also indicates that the mutual funds, especially the non-equity based funds, are outperforming the market big time.

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