Abacus Money Market Fund rated “A+ (f)” by Agusto & Co. This rating expires 31 December 2018.
Agusto & Co. has assigned an “A+(f)” rating to the Abacus Money Market Fund (‘Abacus MMF’ or ‘the Fund’). Funds rated ‘A+(f)’ are deemed to have low to moderate exposure to downside risk (impairment of net asset value) in the medium term.
The Abacus Money Market Fund has conservative guidelines with respect to credit risk. The Fund’s guidelines stipulate that at least 25% of net assets are held in highly liquid Federal Government of Nigeria (FGN) Treasury Bills, which we consider to be of ‘Aaa’ national rating. During the review period (January to November 2017), Abacus MMF surpassed the minimum required investments in government securities with 66% of net assets held in short –term FGN Treasury Bills. However, the Fund had some concentration in its unit holding base.
We note that the Manager’s (Investment One Funds Management Limited) investment process has improved with well documented process manuals and investment guidelines. Going forward, we expect the Fund to continue to operate within stipulated guidelines and regulatory limits supported by a more robust investment and risk management software.
Notes to release
A FUND RISK rating of “A+(f)” indicates a Fund with low to moderate risk of investment loss due to net asset value volatility.
The opinions expressed in this rating release do not represent investment or other advice and should therefore not be construed as such. Visit www.agusto.com for further information
This rating release is transmitted to you for the sole purpose of dissemination through your newspaper/magazine/agency. The rating release may be used by you in full or in part without changing the meaning or context thereof but with due credit given to Agusto & Co.