NCM 2020: Bond Funds Grew By 443.80% YoY in 2020

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Friday, February 26, 2021   /05:00 AM / By Proshare Research/ Header Image Credit: EcoGraphics


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Mutual Funds

A large portion of mutual funds recorded a good performance in the year 2020, with government-backed instruments doing better than their counterparts. The Bonds Funds had the best performance, it grew by +443.80% Year-on-Year (Y-o-Y), the second-best performer was the Fixed Income Bonds which grew by +204.44% Y-o-Y.

 

Real Estate Funds had the lowest performance, its Net Asset Value (NAV) declined by -8.41% Y-o-Y

For Equity-based mutual funds, its NAV appreciated by +32.33% which is lower than the NSE ASI which recorded a Y-o-Y increase of +50.03%.

 

Data released by The Securities and Exchange Commission (SEC) showed that AXA Mansard Equity Income Fund recorded the highest Y-o-Y percentage change of +109.56% with a NAV of N297.49m as of 24th Dec 2020. While Stanbic IBTC Aggressive Fund (Sub Fund) had the lowest percentage change of -5.46% with a NAV of N309.30m (see table below).

 

Table 67: Equity-Based Mutual Funds Returns 2020

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The money market funds had a marginal Y-o-Y return of +0.14%, with FSDH Treasury Bill Fund recording the highest return of +93.96% and a NAV of N8.82bn as of 24 Dec 2020. United Capital Money Market Fund had the highest percentage decline of -33.42% Y-o-Y with a NAV of N11.04bn as of 24 Dec 2020 (see table below).

 

Table 68: Money Market Funds Returns 2020

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Fixed income funds grew significantly by +204.44% with a total NAV of N422.66bn as of 24 Dec 2020. Zenith Income Fund recorded the highest percentage increase in this segment with a growth of over +1000% with a NAV of N26.23bn as of 24 December 2020, while ACAP Income Fund recorded the highest percentage decline of -24% with a NAV of N178.26m as of 24 December 2020 (see table below).

 

Table 69: Fixed Income Funds Returns 2020

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The Bonds Funds segment recorded the highest percentage change in the total pool of mutual funds in 2020, it grew by +443.8% Y-o-Y with a NAV of N221.20bn as of 24 December 2020. Stanbic IBTC Bond Fund had the highest percentage increase of +1174.78% with a NAV of N155.46bn which accounts for 70% of the total Market Cap of the Bond Funds segment.  PACAM Eurobond Fund had the lowest percentage increase of +18.47% with a NAV of N562m as of 24 December 2020 (see table below).

 

Table 70: Bond Funds Returns 2020

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For the Mixed Funds, the total NAV for this segment grew Y-o-Y by +23.51% from N23.85bn recorded in Dec 2019 to N29.46bn as of 24 Dec 2020. Coronation Balanced Fund had the highest percentage growth of +472.51% with a NAV of N563.29m, while Cordros Milestone Fund had the highest percentage decline of -10.95% with NAV of N409.69m as of 24 December 2020 (see table below).

 

Table 71: Mixed Funds Returns 2020

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All fund managers in the Ethical Funds segment of Mutual Fund all recorded an increase in NAV. The total NAV for the Ethical Funds increased Y-o-Y by +158.12% with NAV at N11.58bn as of 24 December 2020. ARM Ethical Fund had the highest percentage growth of +35.53% growth in NAV to N361.8m while Zenith Ethical Fund had the lowest percentage growth of +18.85% in growth of NAV to N618.39m as of 24 December 2020 (see table below).


Table 72: Ethical Funds Returns 2020

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The Real Estate Funds recorded the lowest performance in the pool of Mutual Funds, its NAV declined by -8.41%. Union Homes REITs had the highest percentage growth in its NAV, with a marginal growth of +0.43% while UPDC Real Estate Investment Fund had the highest percentage decline of -11.26%. The UPDC REIF controls over 70% of the funds in this segment (see table below).

 

Table 73: Real Estate Funds Returns 2020

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Do feel free to share your opinions/observations and feedback with us vide content@proshareng.com and/or research@proshareng.com 


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Downloadable PDF - The 2020 Nigerian Capital Market Report

1.       Complete Report: The Nigerian Capital Market Report 2020: Leveraging a Crisis - Jan 28, 2021

2.       Executive SummaryThe Nigerian Capital Market Report 2020: Leveraging a Crisis - Jan 28, 2021

 

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Related Links

1.      NCM 2020: Technology and the Nigerian Capital Market      

2.       NCM 2020: Regulatory Governance in 2020

3.       NCM 2020: Energy Commodities Took a Big Hit in 2020

4.       NCM 2020: Bond Funds Grew By 443.80% YoY in 2020

5.       NCM 2020: Lower FX Earnings Widened the Gap Between Two Markets

6.       NCM 2020: FGN Eurobond Was Driven by Movement in Oil Prices and COVID-19 Pandemic

7.       NCM 2020: Treasury Bills Fell to a Record Lows in 2020

8.       NCM 2020: Yields in the Fixed Income Market Took a Downward Trajectory in 2020

9.       NCM 2020: Top Ten Moments in the Nigerian Capital Market in 2020

10.  NCM 2020: NASD USI Closed Green in 8 Out of 12 Months in 2020

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14.  NCM 2020: Industrial Goods Sector - DANGCEM Tops on EPS as BUACEMENT Tops on PE Ratio

15.  NCM 2020: Oil and Gas Sector - TOTAL Tops on PE Ratio as JAPAULOIL Tops on PAT Margin

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17.  NCM 2020: Financial Services Sector - NESF and STANBIC Top on EPS

18.  NCM 2020: Sectoral Market Capitalisations: Oil and Gas Records - 20.62% Decline in 2020

19.  NCM 2020: A Review of Gote and Toni Indices in 2020

20.  NCM 2020: NSE Records 1 New Listing to 5 Delistings in 2020

21.  NCM 2020: Growth of Securities Listed on NSE - Total Securities Listed Increased by 0.55%

22.  NCM 2020: 23% of Listed Companies on NSE on Pause in 2020

23.  NCM 2020: 84 Stocks Are Off 52-Week Highs as 85 Near 52-Week Lows

24.  NCM 2020: Forty-one Financial Services Stocks Are Penny Stocks in 2020

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27.  NCM 2020: Foreign Portfolio Participation in Equity Trading Dropped from March to November 2020

28.  NCM 2020: Trading Statistics in 2020 - Market Volume Increased by 21.69%

29.  NCM 2020: NSE Market CAP Closed at US$55bn Below the Peak of US$84bn Recorded in 2013

30.  NCM 2020: NSEASI Closed Green in 9 Out of 12 Months in 2020

31.  NCM 2020: Markets Were Volatile Globally in Year 2020 as COVID-19 Pandemic Induced Uncertainty

32.  The Nigerian Capital Market Report 2020: Leveraging a Crisis


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Monthly NCM

1.      The November 2020 Nigerian Capital Market Service Report - Proshare

2.     The October 2020 Nigerian Capital Market Service Report - Proshare

3.     The September 2020 Nigerian Capital Market Service Report - Proshare

4.     The August 2020 Nigerian Capital Market Service Report - Proshare

5.     The July 2020 Nigerian Capital Market Service Report - Proshare

6.     The June 2020 Nigerian Capital Market Service Report - Proshare

7.     The May 2020 Nigerian Capital Market Service Report - Proshare

8.     The April 2020 Nigerian Capital Market Service Report - Proshare

9.     The March 2020 Nigerian Capital Market Service Report - Proshare

10.  The February 2020 Nigerian Capital Market Service Report - Proshare

11.   The January 2020 Nigerian Capital Market Service Report - Proshare

12.  The November 2019 Nigerian Capital Market Service Report - Proshare

13.  The October 2019 Nigerian Capital Market Service Report - Proshare

14.  The September 2019 Nigerian Capital Market Service Report - Proshare

15.  The August 2019 Nigerian Capital Market Service Report - Proshare

16.  The July 2019 Nigerian Capital Market Service Report - Proshare

17.  The June 2019 Nigerian Capital Market Service Report - Proshare

18.  The May 2019 Nigerian Capital Market Service Report - Proshare

19.  The April 2019 Nigerian Capital Market Service Report - Proshare

20. The March 2019 Nigerian Capital Market Service Report - Proshare

21.  The February 2019 Nigerian Capital Market Service Report - Proshare

22. The January 2019 Nigerian Capital Market Service Report - Proshare


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Annual Reviews & Outlooks

1.        NCM2020 - Fin. MKT in Transition: Understanding Past Uncertainties; Preparing for New Possibilities

2.        Surviving Uncertain Times in the Nigerian Financial Market

 

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2.     NSE Post Takeover: A Journey Through Time

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4.     NSE Post Takeover: Market as a Metaphor

5.     NSE Post Takeover: The Imperatives of Tomorrow: Myths, Risks and Opportunities

6.     NSE Post Takeover: Power Moves -Demutualization and The New Board Games

7.     NSE Post Takeover: A Whole New World-Reimagining Endless Possibilities

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3.     Nigerian Online Trading Portals Ranking Report 2018

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5.     The Nigerian Capital Market Online Trading Portals Ranking Report

6.     The Nigerian Online Trading Report


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CMO Reports

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2.        Nigerian Economic and Financial Markets: H1:2020 Review and H2:2020 Outlook Opportunity in a Crisis?

3.        Nigeria Economic Outlook 2021: A Shot at Recovery

4.        2021 Outlook - Is The Tunnel Getting Darker or Brighter

5.        Nigeria in 2021: Positioning in the New Normal

6.        Nigeria 2021 Outlook - Navigating Unsteady Terrain

7.        Nigeria FY 2021 Macroeconomic Outlook - A Break in the Clouds

8.        Nigeria 2021 Outlook: COVID-19 Recession and the Long Road to Economic Recovery


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2.     Will Gold Prices Rally in 2021? Here are Its Ebbs and Flows

3.     Review of 2020 Activities In The Islamic Finance Market And The Outlook For 2021

4.     Ranking Global Equity Markets in 2020: NASDAQ Takes The Lead

5.     Holiday Blues Dampen Trading Activities for Last Trading Session

6.     2021:President Buhari Reaffirms Commitment To A United And Progressive Nigeria

7.     Ten Most Capitalised Stocks Account for 83% Contribution to the NSEASI

8.     Proshare's New Year Message - Change, Technology, and The New Corporate Calling


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News Posts Referenced in the Report

1.     NSE Revolutionises Public Offerings Subscription with Electronic Platform

2.     Finally, NSE Launches the Growth Board with FintechNGR as a Strategic Partner

3.     NSE Migrates      Four Companies from ASeM to Growth Board

4.     Demutualisation: NSE Announces Chief Executives for Emerging Entities

5.     NSE Members Assent to Demutualisation Resolutions at COM and EGM

6.     COVID-19: NSE Activates 30-day Remote Work Plan; Remote Trading to Continue

7.     FGN 14 Day Restriction: NSE to Sustain Remote Trading Amidst COVID-19 Pandemic

8.     CAC Issues Guidelines on Holding of AGMs of Public Companies Using Proxies

9.      COVID-19 and AGM by Proxy: Lessons from GTBank Approach

10.  Revision of Stamp Duty on NSE Transactions to 0.08% from 0.075% Effective 7th December 2020

11.  HM Zainab Shamsuna Ahmed Urges IST to Discharge Duties Diligently

12.  NSE to Re-Introduce Trading Fees for Securities Traded on the Fixed Income Market



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