Cowry Treasurers Limited has completed its first Annual General Meeting (AGM) for the Cowry Fixed Income, Equity, and Balanced Funds. Established in August 2022 and registered with the Securities and Exchange Commission (SEC) as an open-ended unit trust scheme, these Funds have been governed by Trust Deeds and have continued to meet their objective of providing investors with opportunities for capital preservation and enhanced returns.
The funds target various investor classes, including high-net-worth individuals, retail investors, and institutional investors, who seek to optimised returns on investment while mitigating risks.
By employing a diversified asset mix, the funds balance returns from money market instruments, equities, and fixed-income securities while effectively managing volatility. The funds are overseen by a highly skilled team of professionals, ensuring that unit holders benefit from collective investment opportunities even if they lack the time or expertise to manage investments themselves.
The Cowry Balanced Fund, Cowry Equity Fund, and Fixed Income Fund all demonstrated significant growth in 2023. Cowry Balanced Fund recorded a growth of 157.09 per cent, the Cowry Equity Fund recorded a growth of 136.85 per cent, while the Fixed Income Fund recorded a growth of 36.96 per cent.
In terms of Return on Investment (RoI), the Funds performed exceptionally well in 2023, recording a Fixed Income Fund RoI of 10.78 per cent, a balanced fund RoI of 28.16 per cent and Equity Fund RoI of 32.84 per cent. These returns are benchmarked against predefined metrics in the trust deeds, with assets securely held by UBA GIS, and Coronation Trustee representing the unit-holders. First Registrar serves as the Registrar.
MD, Cowry Treasurers Limited, Charles Sanni, who spoke on the Funds’ strategy and performance, said: “We have continued to focus on enhancing the diversification of the Funds’ assets across style and sectors in an effort to give better return to unit-holders. Broad positioning was skewed largely to take advantage of better returns on equities in both Balanced and Equity Funds based on sound fundamental analysis at the later part of the year on the policy direction after the inauguration of the President Bola Ahmed Tinubu-led government.”
“For the year ended December 31, 2023, Cowry Treasurers Limited proposed the Cowry Equity Fund: Interim dividend of N6.44 per unit and final dividend of N6.68 per unit. Cowry Balanced Fund: Interim dividend of N5.24 per unit and final dividend of N6.18 per unit and Fixed Income Fund: Interim dividend of N3.23 per unit and final dividend of N2.77 per unit.”
This dividend proposal, according to him, underscores a commitment to rewarding investors for their confidence and support. On the investors’ benefits, he stated that Cowry Treasurers prioritises the ease of redemption for unit holders, ensuring a smooth withdrawal process and the funds offer investors flexibility and accessibility, making it easier to manage their investments.
Additionally, Cowry Treasurers is in the process of developing a mobile app to further enhance investor convenience, supporting functions such as subscriptions, redemptions, and self-service investment monitoring. Cowry Treasurers Limited also announced the addition of two new products: Cowry Eurobond Fund and Cowry Dollar Note.
