Management of the
Addressing newsmen in
He said most of the earnings and profit for the period came from the future generation fund, particularly equity investments, emerging markets and some hedge funds, even noting in particular two hedge funds that performed very well.
Speaking further, he said: "We invested in the emerging markets when they were at the bottom at the end of February... we invested in developed markets in
"We are encouraged that the financial performance as at first quarter 2014, have improved within the bounds of our expectations with an audited net profit for the period standing at a robust N1.2 billion. While it is humanly impossible to correctly predict the future, I am nonetheless confident that the NSIA is on the path to deliver a more robust performance by the end of 2014, all things being equally."
He assured that going by the trend seen so far, the fund is on track to deliver similar or higher numbers as seen between January and March in the current quarter and the first full year of operations
The NSIA boss noted that while hedge funds (a part of the future generation funds) got allocated to four managers, the best performing returned 12.21 per cent year-to-date, while the worst shed 2.8 per cent within the period. The managers, he explained, were selected to have different performance profiles in different market environments, such that when one is struggling to perform, others will outperform. At all times, he further assured, "we believe we are well positioned going into the rest of 2014 having had a strong start to the year."
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