Futureview US Dollar Fund Return Hits 7.42%
Futureview US dollar fund year-to-date return cleared at 7.42%, the financial services company said in an update. Return on the investment stands ahead of FGN 5-Year Eurobond year-to-date yield of 3.42%.
Data released showed that the investment firm allocated funds across short, mid and long-dated FGN Eurobond instruments in the period. The fact sheet showed that the firm took particular interest in 3 to 7-year corporate Eurobond.
According to Futureview, currency portfolio yield as of October 2023 was 11%. The fact sheet shows that FGN Eurobonds strengthened slightly in the month of October by about 30bps to an average yield of 11.29%.
The bullish sentiment has persisted primarily due to the P&ID loss at the UK courts which would have seen $11 billion of Nigeria’s reserves used to settle judgment debt, according to Futureview.
The firm said in a note that the objective of the fund is to achieve capital appreciation in the medium term for investors with USD or convertible currencies.
It added that its US dollar fund is designed to deliver relatively higher returns than what is obtainable from the average domiciliary account in the local banks and principal protection by focusing on instruments that pass the investment criteria set forth by the Investments & Risk Committees. Naira Devaluation Deepens Economic Crisis in Nigeria