The ValuAlliance Value Fund (“Value Fund”), formerly known as “SIM Capital Alliance Value Fund”, is a closed-end collective investment scheme, registered and regulated by the Securities and Exchange Commission, whose units are listed on the main board of the Nigerian Stock Exchange (“NSE”).
The Value Fund commenced operations on the 30th of June 2011, raising the sum of N3.2bn through an Initial Public Offer.
The Value Fund operates with a total return objective and aims to provide investors with capital growth over the long-term by investing in listed and unlisted Nigerian equities as well as other securities as approved by the SEC.
The Fund adheres to a pragmatic value investment philosophy; investing in securities which are sufficiently undervalued relative to their intrinsic value. As a first step, the Fund screens for securities trading at low price to earnings multiples, low price to book ratios, as well as an acceptable margin of safety relative to the Fund Manager’s assessment of fair value.
Since its inception in June 2011, the Fund has made annual distributions to unitholders, with distributions totaling N2.21bn (N68.83/unit) as at 31st December 2018.
Parties to the Fund include: Trustees to the Fund - Leadway Capital & Trusts Limited; Custodians to the Fund - Stanbic IBTC Nominees Ltd; Registrars to the Fund – First Registrars & Investor Services Limited.
|Financial Year End||30-Jun-19||30-Jun-18||30-Jun-17||30-Jun-16||30-Jun-15||30-Jun-14||30-Jun-13||30-Jun-12|
|Opening Net Asset Value (₦'000)||5,498,666||4,846,606||4,071,286||4,337,135||4,883,958||4,249,314||3,617,609||3,209,679|
|Closing Net Asset Value (₦'000)||4,884,468||5,498,666||4,846,606||4,071,286||4,337,135||4,883,958||4,249,314||3,617,609|
|Net Income (₦'000)||-258,716||1,044,248||1,141,399||229,842||-31,715||434,620||845,175||415,633|
|Net Asset Value/Unit||152.18||171.32||151||126.84||135.13||152.16||132.39||112.71|
|Total Return (%) (Net of Expenses)||-3.58%||20.08%||26.93%||1.27%||-4.62%||21.16%||24.20%||12.71%|
|Distribution Yield (%NAV)||7.23%||7.59%||6.62%||7.88%||7.40%||6.57%||6.22%||6.73%|
|Distribution Yield (% Price)||10.66%||12.59%||9.69%||9.69%||9.69%||9.69%||8.59%||7.33%|