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Legacy Equity Fund

Legacy Equity Fund (LEF) is an open-ended mutual fund that is benchmarked against the performance of the NGX All-Share Index (NGX-ASI) 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. In addition, we have a Customer Portal through which investors can view their holding in the Legacy Equity Fund. Login details will be sent to the investor's registered email address, once the investor has registered at https://portal.fcmbassetmanagement.com/.

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  
  • Benchmark: Nigerian Stock Exchange All-Share Index return
  • Currency risk: Zero
  • Minimum initial subscription: 10,000 units (at the prevailing market price per unit)
  • Minimum additional purchase: 1000 units (at the prevailing market price per unit)
  • Minimum Investment period: 3 months
  • Entry / Exit fee: Nil / 2% of proceeds, if within 3 months
  • Settlement / Redemption: Between 1-5 working days

Mechanics

The Fund is predominantly an equity-based Fund, with a minimum allocation of 70% 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 Asset-Backed & Mortgage-Backed Securities & Real Estate Investment Trusts (REITs), to create a Fund that is diversified across securities and asset classes.

Benefits

  • Skilled and professional fund management
  • Opportunity for capital growth and stable income
  • Excellent means of earning income, including on idle funds
  • Convenient way of saving towards medium-or long-term goals
  • Direct debit option automates regular saving process
  • 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
  • Benchmark is market-driven, so no need to negotiate rates
  • Fund is very liquid, making entry and exit very easy
  • Unit holders can monitor their investments 24/7/365 through our Customer Portal and will receive monthly performance reports

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 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 inflows from subscribers in the Fund.

"principal and return on investment are not guaranteed"

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