ACAP Canary Growth Fund Delivers 13% Return in 2016

Image

By Quantitative Financial Analytics

ACAP Canary Growth Fund returned 13.74 percent in 2016, 19.91 percentage points above its benchmark, the Nigeria All Share Index which closed the year with a negative return of -6.17 percent.

The fund’s 2016 performance is an improvement over its 2015 return of 5.76 percent. The fund which charges a 1.5 percent management fee has therefore generated an inception (10/28/2011) to date (12/31/2016) return of 51.76 percent in total returns terms (including the dividend of N0.04 paid in 2013).

The fund’s assets totalled N1.2billion as of December 30, 2016, up 3.34 percent from the end of 2015, according to SEC NAV summary report analysed by Quantitative Financial Analytics Ltd.

The asset allocation target for the fund, according to its website, is 20 to 70 percent equities, 5 to 50 percent money market instruments, 10 to 40 percent real estate, 10 to 50 percent Fixed income and a maximum of 5 percent in cash.

There are however no specifics of its 2016 asset mix from available information.

According to analysis by Quantitative Financial Analytics Ltd, ACAP Canary Growth Fund had an estimated inflow of N5.8 million and outflow of N114 million but the estimated gain of about N146 million generated in 2016 led to its NAV growth.

ACAP Canary Growth Fund has a risk reward ratio of 7.07:4.65 making it a medium-risk medium return fund.

The fund also has some correlation with the broad stock market.

Quantitative Financial Analytics Ltd has determined that the fund has a correlation of 0.58, an Alpha of 7.35, and Beta of 0.41 when measured against the Nigeria All Share Index.

The R-Squared of the fund with relation to the ASI is .33 showing that only about 33 percent of the fund’s performance is attributable to the performance of the broad stock market in Nigeria while the remaining 67 percent of its performance is due to other factors like the asset selection skills of the fund manager.

ACAP Canary Growth Fund aims to “continuously preserve capital and yield superior returns in the medium to long term”.

The investment requirement in the fund is an initial investment of 50,000 units with subsequent investments in multiples of 10,000 units. This implies that at current price of N0.7275, a new investor will need a minimum of N36,375 to invest in the fund and N7,275 for subsequent investments.

Per available information, the fund manager follows an investment selection process that is “based on strong fundamental analysis and history of technical performance” while the fund is “designed to meet the needs of investors who have medium to long-term investment objectives”.

Share
Related Stories
Image
27-February-2024

Nestle, Fidson, Others Pull Down Stock Exchange by 0.09%

By Dipo Olowookere The Nigerian Exchange (NGX) Limited was pulled down by 0.09 per cent by Nestle Nigeria, Fidson, Access Holdings, UBA, and 20 others on Monday due to mild profit-taking. Investors trimmed their exposure to equities in a bid to diversify and try money market instruments, which are giving higher yields amid rising inflation in the country. They also sold off the shares ahead of the interest rate-setting announcement on Tuesday by the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN). The selling pressure cut off 92.77 points from the All-Share Index (ASI) to 101,995.53 points

Image
28-February-2024

Equity Market Sheds 1.39% as CBN’s Interest Rate Hike Dampens Mood

By Dipo Olowookere The decision of the Central Bank of Nigeria (CBN) to hike the Monetary Policy Rate (MPR) by 4.00 per cent to 22.75 per cent to curb rising inflation on Tuesday suppressed the Nigerian Exchange (NGX) Limited by 1.39 per cent. The action forced investors to liquidate their equities during the session for instruments in the money markets, which are anticipated to give higher yields than stocks. The bourse witnessed sell-offs across the sectors during the session, with the banking space losing 3.35 per cent, and the insurance counter depreciating by 2.19 per cent. Further, the consumer goods

Image
28-February-2024

Naira Loses N33 to Trade at N1,615/$1 at Official Market

By Dipo Olowookere It was a bad day for the Naira in the official market, the Nigerian Autonomous Foreign Exchange Market (NAFEM), on Tuesday as its value weakened by N33.00 or 2.09 per cent against the United States Dollar to sell at N1,615.94/$1 compared with the previous day’s N1,582.94/$1. This came on a day the Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, reemphasised that the Nigerian currency was grossly undervalued. While briefing newsmen yesterday on the outcome of the Monetary Policy Committee (MPC) meeting, Mr Cardoso stressed that the current rate was not the true value

Image
26-February-2024

Yields to Remain High for Money Market Investors in Nigeria

By Aduragbemi Omiyale Money market investors in Nigeria have been assured that despite the current economic challenges, yields will remain high this year. According to analysts at FBNQuest, this would be supported by the resolve of the Central Bank of Nigeria (CBN) to sustain tight monetary policy amid inflationary pressure and the foreign exchange (FX) liquidity crisis. The National Bureau of Statistics (NBS) recently said inflation for last month increased by 29.90 per cent on the back of aggravated food prices. A few weeks ago, the central bank raised the stop rates of treasury bills to 19 per cent in

More Stories
Image
31-July-2023

Full Text of President Tinubu’s Address to Nigerians on Current Economic Challenges

After Darkness Comes the Glorious Dawn My fellow citizens, I want to talk to you about our economy. It is important that you understand the reasons for the policy measures I have taken to combat the serious economic challenges this nation has long faced. I am not going to talk in difficult terms by dwelling on economic jargon and concepts. I will speak in plain, clear language so that you know where I stand. More importantly, so that you see and hopefully will share my vision regarding the journey to a better, more productive economy for our beloved country. For

Image
28-May-2019

Christianity, Faith & Atheism: Is God Questionable or Accountable?

By Nneka Okumazie The logic of culpability, deployed in life, is often applied by many to God, whenever something goes wrong. But everyone forgets that there are too many situations that are not of God, or from Him. Many often think against the creator and their smartness is always why didn’t the creator create to their personal satisfaction? The desire for control, or say power is often applied to God by many. Like, what His love should mean or show? When He should answer prayers, or what He should do or not do? Many say ask why create this world?

Image
03-October-2019

FMBN Finances 27,584 Housing Units to Cut Deficit

By Adedapo Adesanya In a bid to address the housing deficit in Nigeria, the Federal Mortgage Bank of Nigeria (FMBN) has said it was targeting affordable home ownership for the Low and Medium Income (LMI) market segment. Managing Director of FMBN, Mr Ahmed Dangiwa, said this during the ongoing National House Fair 3.0 in Abuja themed New Economy: Amplifying the Impacts and Possibilities of Real Estate Utilising Technology. “The future growth and development of the Nigerian housing sector, especially the mortgage sub-sector, is predicated on expanding housing access and availability for the middle class,” Mr Dangiwa said. He noted that

Image
09-May-2023

Nigerian Currency Weakens at Official Market by 0.12%

By Adedapo Adesanya The Nigerian currency, Naira, was weakened against the United States Dollar in the Investors and Exporters (I&E) window of the foreign exchange (forex) market by 55 Kobo or 0.12 per cent on Monday, May 8. Data obtained by this newspaper showed that it was exchanged at the official market at N462.78/$1 compared with the N462.23/$1 it was transacted last Friday. It was observed that forex traders were unable to meet the demand of the customers during the session, resulting in a low transaction value. The turnover for the trading day stood at $99.33 million, $28.96 million or

Image
13-October-2017

NSE: Stock Market Closes Week with N40b Gain

By Modupe Gbadeyanka Transactions on the floor of the Nigerian Stock Exchange (NSE) closed on a positive note on Friday as a result of return of investors’ confidence in the market. At the close of business for the week on Friday, the stock market appreciated by 0.32 percent, leaving the year-to-date (YTD) return to close at 37.11 percent. Like yesterday, the market breadth closed positive as 28 stocks appreciated in value against 13 equities, which posted losses of various degrees. However, International Breweries was the highest gainer today, expanding by N1.99k to settle at N41.89k per share. Lafarge rose by

Image
23-September-2021

Group Begs FG, Rivers to Rehabilitate Oyigbo-Afam Road

By Modupe Gbadeyanka The federal government and the Rivers State government have been urged to put the Oyigbo-Afam Road in a good shape as the current state was deplorable. An advocacy group, Citizens Quest for Truth Initiative, which made the appeal, emphasised that a local government area with 21 autonomous communities that hosts many multinationals such as Transmission Company of Nigeria (TCN), Port Harcourt Electricity Distribution Company (PHED), Afam Power Plant, Genco, Shell Petroleum Development Company (SPDC), Nigeria Gas Company (NGC), Alcon Gas Plant, Daewoo Gas plant, NNPC Gas gathering Plant, Transcorp Power Plant and Cassava Processing Plant Afam should

Image
04-April-2019

Investors Lose N209bn in Six Hours at Stock Market

**As All-Share Index Drops to 29,000 Region By Dipo Olowookere The six-hour trading period on the floor of the Nigerian Stock Exchange (NSE) yesterday ended again on a negative note. This was as a result of the further loss registered by the local bourse on Wednesday buoyed by profit-taking, which led to the reduction in the market value by N209 billion. The stock market is yet to record any gain this week and from the look of things, the exchange might not close in the green territory this week. During the midweek trading session, the stock market depreciated by 1.85

Image
29-July-2020

Friesland Lifts Unlisted Securities Market by 0.41%

By Adedapo Adesanya FrieslandCampina WAMCO Nigeria Plc pulled a good performance on the floor of the NASD over-the-counter (OTC) Securities Exchange on Tuesday, July 28. The rise in the FMCG company’s share price pushed the market capitalisation to gain 0.41 per cent or N2.88 billion to close at N705.59 billion. At the previous session, the market value had dropped to N702.71 billion. It also supported the NASD Unlisted Security Index (NSI), rising by 0.41 per cent, equivalent to 2.11 points, during the session to settle at 705.59 points as against 702.71 points recorded at the previous session. FrieslandCampina Plc recorded

Ad
Ad
Recent Stories
Image
28-February-2024

Dangote Cement Wins Environmental Sustainability Award

By Aduragbemi Omiyale NatureNews has announced Dangote Cement Plc as the winner of the 2023 NatureNews Environmental Sustainability Award at its 3rd anniversary themed Climate Change and Energy Transition in Nigeria. At the Anniversary Lecture and Presentation of the Hero of Environmental Actions for Development (HEAD) held on Tuesday at the Shehu Musa Yar’Adua Centre, Abuja, the news platform said Dangote Cement was nominated for the category following a thorough screening by eminent professionals. The Publisher and Editor-in-Chief of NatureNews, Mr Aliyu Akoshile, disclosed that during the screening, it was discovered that the cement maker had deployed cutting-edge technology to

Image
28-February-2024

Nigeria’s Stock Market Stands Still to Honour Ogunbanjo’s Legacy

By Aduragbemi Omiyale The stock market in Nigeria stood still for the late former chairman of the Nigerian Exchange (NGX) Group Plc, Mr Abimbola Ogunbanjo, on Tuesday, February 27, 2024. The day was set aside to pay homage to the enduring legacy of the esteemed luminary, who died in a helicopter crash in the United States a few weeks ago along with the group chief executive of Access Holdings, Mr Herbert Wigwe, his wife and son. The NGX Group held an Afternoon of Tributes and Closing Gong Ceremony yesterday for him in collaboration with the Coronation Group. In a poignant

Image
28-February-2024

Fans Anticipate ‘Return of Maleeka (Atupa)’ by Mobolaji Samuel

By Modupe Gbadeyanka Some movie lovers are already calling on a movie producer in Nigeria, Ms Mobolaji Samuel, to release the sequel to her captivating film, Maleeka, Return of Meleeka (Atupa). The quest to see the second part of the flick is due to the exploits of the Nollywood filmmaker in the first part. However, she has called for calm, assuring her fans that the release date of her latest work of art would be announced very soon. Speaking recently on the Return of Maleeka (Atupa), the charming movie maker described the film as a story of faith and resilience,

Image
28-February-2024

FG Selects Learning Community Managers for 3MTT Initiative

By Modupe Gbadeyanka The federal government has selected Learning Community Managers for the 3MTT Initiative for all 36 states of the federation and the Federal Capital Territory (FCT). The managers were picked for the programme by the Federal Ministry of Communications, Innovation & Digital Economy, which is handling the initiative. Recall that the government secured N1 billion in partnership with IHS Nigeria to support the 3MTT Learning Community. The selection of Learning Community Managers marks a significant milestone in the government’s efforts to empower Nigeria’s tech talents. These individuals will play a crucial role in managing and assisting participants in

Image
28-February-2024

Renowned Embryologist Dr Marta Jansa Perez Visits Bridge Clinic Nigeria

By Modupe Gbadeyanka A renowned embryologist, Dr Marta Jansa Perez, has visited the Bridge Clinic Nigeria in Lagos, reinforcing its commitment to excellence in reproductive healthcare. Ms Perez is the Director of Embryology at Bridge Clinic London. Her visit to the Nigerian affiliate of the foremost healthcare organisation is a testament to the partnership between the two clinics, opening new avenues for the exchange of expertise and resources. The health practitioner arrived at Bridge Clinic Nigeria on Monday, February 19, 2024. Her week-long visit was meticulously structured around training, process and quality improvement, research and development, and guidance on best

Image
28-February-2024

Zero Routine Gas Flares and Delta Communities

By Jerome-Mario Utomi It is common knowledge that in pursuit of meeting the targets of 20 per cent (unconditional) and 47 per cent (conditional) greenhouse gas emission reduction as contained in the Nationally Determined Contribution under the Paris Accord reportedly signed by the President Bola Tinubu administration, the Nigerian National Petroleum Company Limited/TotalEnergies joint venture recently achieved zero routine gas flare in all its assets. While it is obvious that “the significance of this achievement is that the last routine flare volume of about 12MMscf/d (12 million standard cubic feet per day) of gas has now been eliminated giving rise

Image
28-February-2024

70 Active Stanbic IBTC Bank Customers Grab N7m in January Draws

By Aduragbemi Omiyale The sum of N7 million has been won by 70 active customers of Stanbic IBTC Bank in its ongoing Reward4Saving Promo. The money was won in the January 2024 draw, bringing the total number of beneficiaries since the inception of the promo in 2021 to 1,424 valued at N234 million, a statement from the company said. The Reward4Saving Promo was created to foster disciplined saving habits among Nigerians, offering them rewards for achieving specified savings targets. In the January draw, 10 winners were selected from each of the seven business regions operated by the bank in Nigeria,

Image
28-February-2024

Firms in Nigeria to Pay Annual Levy for Hiring Foreigners

By Aduragbemi Omiyale A new tax known as Expatriate Employment Levy (EEL) has been introduced by the federal government and it is to be paid by companies, which hire foreigners to work in Nigeria. The scheme was launched on Tuesday in Abuja by President Bola Tinubu and it is to close wage gaps between expatriates and Nigerian workers. The government explained that the policy aims to find a balance between leveraging foreign expertise and fostering local talent in Nigeria’s job market through the EEL, emphasising that it is not to discourage foreign investments. It was stressed that the level would

Image
28-February-2024

Senate Advocates Introduction of Food Stamps in Nigeria

By Adedapo Adesanya The Senate has urged the federal government to introduce the Nigerian version of the “food stamps programme” as an interim intervention to cushion the effects of food shortages in the country. This followed the adoption of a motion on the Introduction of Food Stamps in Nigeria as an Interim Measure to Address Imminent Food Insecurity in the country, by Mr Ali Ndume, the Senate Chief Whip at plenary on Tuesday. Presenting the motion, Mr Ndume said that in other countries, like the United States, food stamps were government-issued coupons that had been in use since 1939. “This is

Image
28-February-2024

Trucks Transit Parks Reflects Industry Impact, Future Opportunities

By Modupe Gbadeyanka A leading technology company specializing in mobility solutions, Trucks Transit Parks (TTP) Limited, is marking its third year of operations. As part of this, the firm is reflecting on the significant impact it has made in the maritime and logistics industry. TTP, since its inception to revolutionize the maritime and logistics sector in Nigeria through truck mobility solutions powered by technology, has emerged as a key player in driving port terminal efficiency, reducing traffic congestion, and creating new business opportunities within the Apapa port economic zone. “Our third anniversary of operations provides us an opportunity to reflect