Rating release

Agusto & Co. has assigned a rating of “A(f)” rating to the Chapel Hill Denham Money Market Fund (“the Fund or “CHD MMF”). The rating expires 29 February 2020  

Chapel Hill Denham Money Market Fund (“the Fund or “CHD MMF”), is an open-ended unit trust scheme managed by Chapel Hill Denham Management Limited (“the Manager” or “CHDM”) – a wholly owned subsidiary of Chapel Hill Advisory Partners Limited. The Fund’s Investment Strategy Committee (ISC) which develops broad strategies for investments and reviews recommendations, has experienced members, most of whom have over 18 years of experience in the financial services industry.

In the review period (January 2018 to January 2019), the Fund invested an average of 81% of net assets in FGN Treasury Bills – which we consider to be of ‘Aaa’ credit quality in local currency. The Fund maintained low exposure to credit risk in most of the review period. The Fund has no exposure to currency risk, as all the investments are denominated in Naira with adequate strategies in place to manage liquidity. CHD MMF also has low exposure to interest rate risk, with the Fund’s weighted average maturity (WAM) exceeding the 90-day limit on only two occasions.