The value of Nigeria’s mutual fund assets reached record high of N368billion, after rising by N20billion in the trading week to October 6. It stood at N347.7billion as at preceding trading week to September 29.
Mutual Funds, which are collective/pooled investment vehicles, are gradually becoming investors delight as they allow investors with limited resources to own diversified investment portfolio managed by seasoned investment managers.
Data on the Net Asset Values (NAV) and unit prices of fund management and collective investment scheme (CIS) as at the review week show the record value growth of mutual fund assets was boosted by N18.8billion growth seen in SEC-regulated money market funds which closed the period in review at N242billion.
It represented 66percent of the total value of Mutual Fund assets, after rising from N223.3billion as at the preceding trading week. Stanbic IBTC Money Market Fund asset value at N139.8billion accounted for 57.8percent of the total value of money market fund in the review period.
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Other money market funds captured in the data and their assets value are: FBN Money Market Fund (N59.6billion); United Capital Money Market Fund (N386.76million); AIICO Money Market Fund (N697.101million); ARM Money Market Fund (N24.08billion); and Meristem Money Market Fund (N413.26million).
The basket of Money Market funds also includes: AXA Mansard Money Market Fund (N7.49billion); Greenwich Plus Money Market Fund (N1.970billion); Cordros Money Market Fund (N1.99billion); PACAM Money Market Fund (N193.819million); Chapel Hill Denham Money Market Fund (N167.110million); Abacus Money Market Fund (N3.203billion); EDC Money Market Fund Class A (N1.667billion); EDC Money Market Fund Class B (N522.47million); and Kedari Investment Fund (KIF) N251.710million.
Equity-based funds which account for 3.64percent of the total value of Mutual Funds assets also grew to N13.386billion from N13.045billion. Though it represents 2.71percent of the value of mutual funds, Bond Funds value declined to N9.965billion from N10.068billion. Ethical Funds asset value grew to N5.419billion from N5.374billion.
Meanwhile, Real Estate Fund assets value grew by N106million. It closed the week at N46.109billion as against N46.003billion the preceding week. Mixed Funds asset value grew by N414million, from preceding week level of N25.314billion to N25.728billion.
Fixed Income funds closed the period with assets valued at N25.167billion which represents 6.84percent of the total value of Mutual Funds assets as at that date. It stood at N24.781billion at the close of the preceding trading week.
Iheanyi Nwachukwu
