Cordros Asset Management Limited (CAML) has opened the Cordros Dollar Mutual Fund for public subscription. The offer opened last Monday and will close on Friday, December 27, 2019. The minimum subscription amount is $500, which is five units and a minimum subsequent addition of $500 (five units).
According to the offer document, the mutual fund that allows investors to conveniently invest and earn returns in United States Dollars.
“The fund invests in United States Dollar-denominated securities like Sovereign Eurobonds, Corporate Eurobonds, Money Market instruments and other quoted Corporate Eurobonds. The objective is to offer you competitive returns than is obtainable from an average domiciliary bank accounts,” the firm said.
CAML explained that the fund is targeted at retail, mass affluent, high net worth individuals, Africans in Diaspora, and institutional Investors who desire to meet future medium to long term liabilities.
Speaking at the signing ceremony early last month, Group Managing Director, Cordros Capital Limited, Mr. Wale Agbeyangi had said: “The Cordros Dollar Mutual Fund will help investors diversify their portfolio while also helping those with United States Dollar(USD) obligations hedge against currency risk. The fund’s objective is to achieve capital appreciation in short to medium term for investors with USD and convertible currencies”.
Also speaking, the Managing Director of CAML, Mrs. Morenike Da-Silva, said: “With the Cordros Dollar Fund, investors who have been discouraged by the high entry levels for US Dollar based investments will now have easier, convenient access.”
In the same vein, the Portfolio Manager, Adegbolahan Aina, said: “We believe that the Cordros Dollar Fund provides professional management and will help investors hedge their savings from the eroding effects of inflation as the underlying assets are high-quality Eurobonds and USD money market instruments.”
CAML explained that the fund was coming at a time when speculations are surrounding the strength of the Naira and investors were looking to diversify with investments denominated in foreign currency.
“With an initial fund size of $2million, the Fund will be offering 20,000 units at $100 each with a minimum subscription of 5 Units ($500). The fund will be open-ended meaning investors can continuously add new subscriptions,” it said.
The company said the Cordros Dollar Fund is another addition that strengthens its position as a growth-oriented investment manager, who continuously offers investors a wide array of sound Investment solutions.