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Product Description

Legacy Equity Fund (LEF) is an open-ended mutual fund that is benchmarked against the performance of the Nigerian Stock Exchange All Share Index (NSE Index) and targeted at both retail and institutional investors. It seeks to outperform the return on the index over economic cycles as well as achieving capital appreciation and generating stable income (dividends). This is equivalent to a medium-to-long term investment outlook.

Features

  • Product currency: Nigerian Naira (NGN)
  • Country of domicile: Nigeria
  • Fund Objective: To achieve capital appreciation and generate stable income (dividend) over the medium-to-long term
  • Currency risk: Zero
  • Minimum initial subscription: 10,000 units (at prevailing market price per unit)
  • Minimum additional purchase: 1000 units (at prevailing market price per unit)
  • Minimum Investment period: 3 months
  • Entry / Exit fee: Nil / 2% of proceeds, if within 3 months
  • Settlement / Redemption: 5 working days

Mechanics

The Fund is predominantly an equity-based Fund, with a minimum allocation of 60% to equities listed on the Nigerian Stock Exchange. Legacy Equity Fund seeks to outperform its benchmark, the Nigerian Stock Exchange All-share index, by investing in well researched, relatively low beta, highly liquid, high and consistent dividend paying stocks, as well as in Money Market Instruments, Fixed Income securities, and Real Estate Investment Trusts (REITs), to create a Fund that is diversified across securities and asset classes.

 
  Currency and Asset Allocation Ranges Target Asset Allocation
  NGN NGN
Currency Exposure 100% 100%
Money Market Instruments 0 - 40% 10%
Fixed Income Securities 0 - 40% 5%
Equities 60 - 100% 85%
Asset Backed and Mortgage Backed Securities & REITs 0 - 10% 0%

 

Benefits

  • Skilled and professional fund management
  • Opportunity for capital growth and stable income
  • Excellent means of ensuring liquidity
  • Convenient way of saving towards medium or long term goals
  • Proceeds to investors, at the point of exiting the Fund, are tax free
  • The Fund has zero currency risk, as inflows and investment of funds are made solely in Nigerian Naira
  • Unit holders receive monthly Performance
History of Dividend Payment
FUND-YEAR ENDED DIVIDEND PAID DIVIDEND YIELD
30-06-2006 1.85 Kobo 1.85%
30-06-2007 8 Kobo 10.26%
30-06-2008 5.38 Kobo 3.32%
30-06-2013 8 Kobo 10.13%
30-06-2014 8.7 Kobo 6.54%
30-06-2017 12 Kobo 12.38%

 

Trading/Settlement

Trading and settlement of securities is done by CSL Stockbrokers 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 manager on how best to invest the assets of the clients that sign up for this product.

 

Click to download the Subscription Form

Click to download the Fact Sheets

 

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