BY MICHAEL EBOH

The value of mutual funds on the Nigerian Stock Exchange, NSE, depreciated by N135 million in one week. Particularly, according to data obtained from the Securities and Exchange Commission, SEC, the Net Asset Value, NAV, of mutual funds listed on the Memorandum Quotation segment of the NSE, dipped by 0.15 per cent from N89.555 billion recorded May 18, 2012 to N89.419 billion as at May 28, 2012.

However, the NAV of the funds appreciated by N1.319 billion in one month, rising by 1.5 per cent from N88.1 billion in April 2012 to N89.419 billion in May.

Equity based funds recorded the highest NAV of N41.422 billion in the week ending, May 25, 2012, dropping however, by 0.51 per cent from N41.635 billion recorded penultimate week ending, May18, 2012.

Real Estate Funds followed with a NAV of N16.272 billion, depreciating by 0.36 per cent from N16.331 billion recorded in penultimate week, while Balanced Based Funds recorded NAV of N12.39 billion.

Union Homes Real Estate Investment Trust Scheme, managed by Union Homes Savings and Loans Plc, recorded the highest NAV of N14.036 billion, followed by Stanbic IBTC Nigerian Equity Fund, managed by Stanbic IBTC Asset Management Limited with a NAV of N12.522 billion and Stanbic IBTC Money Market Fund also managed by Stanbic IBTC Asset, with a NAV of N7.51 billion.

ARM Discovery Fund, managed by Asset and Resources Management, ARM, Company Limited recorded a NAV of N4.719 billion; FBN Heritage Fund, managed by First Bank of Nigeria Plc, recorded NAV of N4.197 billion; SIM Capital Alliance Fund, managed by SIM Capital Alliance Limited’s NAV stood at N3.548 billion and Zenith Equity Fund, managed by Zenith Bank Plc posted NAV of N3.447 billion.

Others are: Coral Growth Fund, managed by FSDH Asset Management Limited – N3.309 billion; Kakawa Guaranteed Income Fund, managed by Kakawa Asset Management Company Limited – N2.954 billion and Stanbic Ethical Fund, managed by Stanbic IBTC Asset – N2.864 billion among others.

To calculate a Collective Investment schemes Net Asset Value or NAV, the value of the total assets of the fund is subtracted by its liabilities, this amount is then divided by the total number of shares in the fund to give the unit price.