By Nume Ekeghe
The CEAT Fixed Income Fund has reiterated its commitment to helping its investors and stakeholders to boost the returns on their investments.
Trustees to the Fund, which was represented by Mrs Tadeni Balogun of United Capital Trustees Limited, said this during the second Annual General Meeting of CEAT, while presenting its financial statements for the year ended 30 June, 2017, in Lagos.
She said:“The fund was established to provide investors and/or their beneficiaries and dependants with income (dividend), as well as an attractive total return in the medium to long term period while safeguarding capital.”
The fund which was formerly known as BGL Sapphire Fund, she recalled, is an actively managed open-ended collective fund, whose main objective is to provide investors with consistent income as well as anattractive return in the medium to long term, through investment in a variety of fixed income securities.
She said the Sapphire Fund was launched in October 2010, registered with the Securities and Exchange Commission of Nigeria and commenced investment activities in April 2011, under the management of BGL Asset Management Limited.
The fund’s management was subsequently transferred to Capital Express Asset & Trust Limited in February 2016.
United Capital Trustees Limited is trustees to the Fund and UBA Plc (Global Investor Services) is the custodian.
The Managing Director, CEAT, Mr Babatunde Tinubu said: “We promise to continually strive to meet and surpass your investment objectives.”
He said that CEAT had ensured consistent annual dividend pay out, as it offered investors N15k for the year 2016 which was the year of takeover, and five Kobo distribution for 2017, in line with consistent income objective.
A five kobo distribution was tabled for approval at this meeting for the year 2018, which was approved.
“I can also strongly assure you of the distribution of dividend to unit holding for the 2019 year, sometimes in October this year has already reflected in the performance of the fund for the year,” he said.
According to the report presented at the meeting, the fund’s total gross investment income increased by 143 per cent as of the end of 2017, from the corresponding period of 2016.
Approximately N38 m was received as additional subscription (Creating 23 million units), while N12m redemption was recorded (seven million units) during the year.
