Mutual Funds Performance Report – March 2023

The Anchoria Money Market Fund generated a return of 6.41% (5.21% net of fees) to remarkably outperform its benchmark by 308bps for the month of March. This performance was driven by higher yielding investments alongside some re-balancing techniques. In the T-bills secondary market, investor sentiment turned bearish in March 2023 due to increased mopup activities – bond sales and persistent discretionary CRR debits which impacted liquidity levels. These activities effectively offset the coupon payments estimated at NGN335.13bn and FAAC allocations of NGN700bn. Thus, yields rose by an average of 3.98% across the curve, closing at 8.06% compared to 4.06% in the previous month.