Mutual Funds assets in record high of N333bn on Money Market growth
The value of SEC-regulated Mutual Funds reached record high of about N333billion in the week ended August 11, 2017, driven largely by growth in the value of Money Market Funds.
The apex capital market regulator’s records on Collective Investment Schemes (CIS) show Mutual Funds asset value grew from record N327.68billion in the preceding week ended August 4, indicating an increase of about N5.3billion.
Collective investment schemes are pools of funds that are managed on behalf of investors by a professional fund manage.
The Investments and Securities Act (ISA) Number 29 of 2007 (Section 153) defines Collective Investment Scheme as “a scheme in whatever form, including an open-ended investment company, in pursuance of which members of the public are invited or permitted to invest money or other assets in a portfolio”…
Details of CIS weekly performance show the net asset value (NAV) of Money Market Funds which stood at N206.6billion as at August 11 remarkably grew by N4.9billion from preceding week level of N201.7billion.
The Fixed Income Funds assets value grew by N416million to N25.447billion in the review week to August 11, from N25.031billion as at August 4; while Equity-Based Funds increased by N98million to N13.901billion from N13.803billion in the preceding week. The net asset value of Bond Fund at N9.746billion shows growth of N65million from preceding week level of N9.681billion.
Also in the review period, the Net Asset Value of Real Estate Funds declined by N1million to N45.779billion, from a record high of N45.780billion as at August 4; while Mixed Fund grew their cumulative net asset value by N179million to N26.307billion, from N26.128billion the preceding week.
In addition, Ethical Funds with Net Asset Value at N5.533billion grew by N33million from preceding week level of N5.500billion; while the net asset value of Exchange Traded Funds (ETF) rose by N282million, from N6.203billion to N6.485billion as at August 11.
The net asset value of SEC regulated Collective Investment Schemes (CIS) at N339.83billion as at the review week indicated N5.9billion growth from preceding week level of N333.886billion.
Details of Money Market Funds and their net asset value as at August 11 show Stanbic IBTC Money Market Fund (N118.977billion); FBN Money Market Fund (N50.693billion); United Capital Money Market Fund (N396.49million); AIICO Money Market Fund (N694.771million); ARM Money Market Fund (N21.088billion); Meristem Money Market Fund (N408.882million); AXA Mansard Money Market Fund (N5.945billion); Greenwich Plus Money Market Fund (N2.005billion); Cordros Money Market Fund (N1.420billion); PACAM Money Market Fund (N196.067million); Chapel Hill Denham Money Market Fund (N142.344million); Abacus Money Market Fund (N2.368billion); EDC Money Market Fund Class A (N1.449billion); EDC Money Market Fund Class B (N522.475million); and Kedari Investment Fund (KIF) (N321.897million).
Legacy Equity Fund which is managed by First City Asset Management outperformed others in the basket of all Equity Based Funds. Legacy Equity Fund valued at N706.803million grew its unit price by 2.19percent, the highest in that period while Frontier Fund which is managed by SCM Capital Limited recorded the highest price dip by 2.69percent. This fund is valued at N245.140million.
INVESTOR checks shows that Stanbic IBTC Nigerian Equity Fund remains the largest equity fund by asset size. The equity based fund managed by Stanbic IBTC Asset Management Limited grew its unit price by 1percent while its asset value closed the review week at N7.408billion.
United Capital Equity Fund unit price rose by 1.67percent while asset value stood at N1.310billion. ARM Aggressive Growth Fund recorded 0.32percent growth in unit price while its net asset value was N3.055billion.
The unit price of FBN Nigeria Smart Beta Equity Fund peaked by 0.41percent as its asset value rose to N209.802million. Meristem Equity Market Fund recorded 0.34percent decline in its unit price which impacted the net asset value to close the period at N285.079million.
The unit price of Stanbic IBTC Aggressive Fund (Sub Fund) increased by 0.27percent pushing the asset value higher at N267.442million; while AXA Mansard Equity Income Fund lost 0.79percent of its units price in the week ended August 11 while its net asset value lowered to N203.315million.
Paramount Equity Fund managed by Chapel Hill Denham Management Limited recorded 0.67percent decline in its units while its asset value stood at N209.222million.
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