Anchoria Mutual Funds Prices

September 23rd, 2022:    |Anchoria Equity Fund: BID/ OFFER: 139.1194/140.6815|    Anchoria Fixed Income Fund: BID/ OFFER: 1.17930/ 1.17930|    Anchoria Money Market Fund: BID/ OFFER: 100/ 100 (7.4000% Yield)

Mutual Funds Performance Report – July 2022

The Anchoria Money Market fund returned 5.84% and 5.92% in June and July, higher than the respective benchmark returns of 2.80% and 2.12%. This performance was driven by higher yielding investment alongside some re balancing techniques.
Demand remained healthy at the primary market auctions, however, the pace of over subscriptions slowed, as we saw the CBN sell bills worth NGN407.55bn, even as it received subscriptions of NGN465.97bn in July, down from NGN544.8bn and NGN868.81bn in June. This brought the bid-to-cover ratio to 1.14x in July from 1.59x in June. Also, the average stop rates on the 91-Day, 182-Day, and 364- Day papers increased moderately from 2.46%, 3.81%, and 6.19% in June to 2.78%, 4.05%, and 7.00% in July, respectively. This uptick came as no surprise following the consecutive rate hikes by the Monetary Policy Committee (MPC).