Legacy Equity Fund Returns 31.27%, Pays 12 kobo Dividend

Legacy Equity Fund, a mutual fund managed by First City Asset Management Limited (FCAM), generated a return of 31.27 per cent for the year ended June 30, 2017 for unitholders. The 31.27 return was far above the June 2017 year-on-year inflation rate of 16.25 per cent. The return also outperformed the Nigerian Stock Exchange (NSE) All –Share Index that recorded 11.89 per cent in the same period.

The impressive performance was highlighted at the annual general meeting (AGM) of Legacy Equity Fund in Lagos yesterday. The AGM considered the report of the Fund Manager and the financial statements of the Fund. Unitholders unanimously approved the payment of a cash dividend of 12 kobo per unit.

Details of the audited results for the year ended June 30, 2017, showed that Legacy Equity Fund recorded a gross income of N167.132million. Also, the Fund recorded a net profit of N150.479million as at June 30, 2017, compared with a loss of N78.714million in the previous year. In addition, investment income rose to N41.530million, from N38.332million in the previous year.

Speaking at the AGM, the Chief Executive Officer of FCAM, Mr. James Ilori, said: ‘’The outperformance of 19.38 per cent was driven good macro-economic and stock research, careful stock selection across sectors, and good portfolio risk management, all of which aided Fund performance.”

He disclosed that investments by the fund were spread across six sectors of the Nigerian economy, namely agriculture, conglomerates, consumer goods, financial services, healthcare and industrial goods.

Unitholders of Legacy Equity Fund commended the fund manager for investing the fund in high quality stocks, with relatively lower volatility, and for generating superior returns. Legacy Equity Fund is specifically designed for retail investors who want a broad exposure to equities listed on the NSE. The principal activities of the Fund are subscriptions of funds from members of the public and investment of such funds in mostly quoted securities, in accordance with the Fund’s Trust Deed.

FCAM, a subsidiary of FCMB Group Plc, provides services that cut-across collective investment schemes such as mutual funds, which are predominantly for retail investors, as well as specialised discretionary portfolio management, for ultra-high and high networth individuals and institutional investors. The company has consistently focused on delivering superior wealth and investment management services, aimed at meeting investors’ desire for safety of investments and good returns.