Volatility was the name of the game in Nigeria's capital markets in May, however, for investors who have been tracking the market, this was nothing new. Irrespective of the market ups and downs mutual funds held their ground. Apart from 9 funds out of the 56 that ended in the red , most other sectors ended the month with positive returns. The biggest move came from BGL Nubian Fund which was not fazed by the suspension of the Fund Manager by the SEC. The fund returned 6.12% to beat every other mutual fund for the month of May.. On the down side, FBN Heritage Fund made the greatest negative return for the month with -8.92%. In a month where only the NSE Industrial Index and 5 Year Bond Index ended with positive but lower single digit returns with the Allshare index returned minus 1.15%, most mutual funds did not do too badly. Click here to see Month to date returns
On a year to date basis, ACAP Canary Growth fund leads the pack with 17.52% return while BGL Nubian Fund takes the second position with 13.04%. In summary, 3 mutual funds returned double digit positive returns, 15 came back in the upper single digit positive return while 4 ended with middle single digit positive return. 19 of the funds recorded positive YTD returns in the lower single digit. However, 7 funds, out of the 56 had negative YTD returns. Click here to see Year to date returns Except for those, every other mutual fund did better than the market both on a MTD and YTD basis.