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Product Description

Legacy Debt Fund (LDF) is an open-ended mutual fund that invests in Money Market Instruments and short maturity bonds. It is benchmarked against a composite of 50% return on 3-month Federal Government of Nigeria Treasury bill plus 50% return on 3-year Federal Government of Nigeria bond. The Fund is targeted at both retail and institutional investors. The LDF seeks to preserve capital and generate stable income. In addition, the Fund aims to provide liquidity and diversification benefits. The Fund is rated A (f) by Agusto & Company.

 Features

  • Base currency: Nigerian Naira (NGN)
  • Benchmark: 50% return on 3-month FGN T-bill + 50% return on 3-year FGN Bond
  • Minimum initial subscription: 25,000 units
  • Minimum additional purchase: 5000 units
  • Entry / Exit fee: Nil / 25% of gain on capital, if within 6-months
  • Settlement / Redemption: 5 working days

Mechanics

The Fund is a relatively low-risk mutual fund and can invest up to 60% of the portfolio in Nigerian Government Treasury bills or Nigerian Government Bonds of up to 5 years. Liquidity is guaranteed, as the Fund Manager provides daily bid and offer prices. In addition, the asset allocation strategy of the Fund ensures that the Fund is diversified. 

Benefits

The Fund Manager is a professional, with expert knowledge of markets. In addition, the Fund can assist investors in both protecting their capital and generating stable returns. Also, the LDF is highly liquid and well diversified. Proceeds to investors, at the point of exiting the Fund, are tax free. In addition, after the initial holding period, the Fund is more liquid than fixed deposits.

 
FUND-YEAR ENDED DIVIDEND PAID DIVIDEND YIELD
30-06-2017 11 Kobo 4.48%

Trading /Settlement

Trading and Settlement is done by both CSL Stockbrokers and FCMB Ltd (our Group’s banking subsidiary), in order to provide best execution.

Decision making process

An investment committee meeting is held at least once a quarter to determine the direction of the market and how to take advantage of emerging opportunities, which culminates in a house view. The decisions arrived at these meetings guide the Fund Manager on how best to invest the assets of unit holders in the Fund.

 

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