Mutual Funds
We offer a range of pooled investment products for both individual and institutional investors regardless of their income, risk appetite and investment goal. They are suitable for investors who want to make disciplined regular investments towards future financial goals. You can either invest a lump sum or save on a regular basis. Our mutual funds are regulated by the Securities and Exchange Commission (SEC) of Nigeria.
Our goal is to understand your needs and match your objectives to our mutual funds.
The CardinalStone Balanced Fund is an authorized open-ended collective investment scheme registered with the Securities and Exchange Commission. The Fund will be governed by a Trust Deed. As an open-ended fund, units of the Fund will be continuously issued to investors and the units held by investors will be redeemable through the Fund Manager, CardinalStone Asset Management Limited.
The objective of the fund will be to provide investors with moderate capital growth and/or income generation over the long term by investing in a diversified pool of quoted and unquoted public securities trading on either the Nigerian Exchange or the NASD OTC Securities Exchange and fixed income (subject to a minimum allocation of 20%) or money market securities.
Fund Features
| Fund Benefits
|
| Target Subscribers |
| |||||
| Parties: | ||||||
| Custodian: | Trustee: | Registrars: | Solicitor: | Auditors: | ||
| Zenith Bank Plc | Leadway Trustees Limited | CardinalStone Registrars Limited | G. Elias | PKF Professional Services | ||
| Risk Profile | Moderate | |||||
| Tax Consideration | Nil | |||||
Annual total expense ratio of each scheme for the last five accounting years in ascending order
| 2025 | 1.60% |
Year on Year comparison of each scheme’s yield for the last five accounting years including comparison with the scheme’s stated benchmark
| Year | Fund Return | Benchmark |
| 2025 | 24.84% | 26.04% |
Rights of the unitholders of each scheme
| No Unitholder shall be liable to make any further payments to the Trustee or the Fund Manager after he/it has paid the Subscription Price of the Units as the case may be, in accordance with Clause 6 of this Trust Deed, and no further liability shall be imposed on any Unitholder in respect of Units held by him/her/it. |
| The Unitholders shall not have or acquire any right against the Fund Manager or the Trustee in respect of Units save such as are expressly conferred upon them by this Trust Deed or by any laws regulating this Trust Deed or court orders. |
| No person shall be recognized as a Unitholder except in respect of Units registered in his name. |
| Each Unitholder has a beneficial interest in the Fund proportionate to the Units held by such Unitholder and shall have such rights as are set out in this Trust Deed and the Prospectus. |
| The Fund Manager shall not be treated for the purposes of this Trust Deed as the Unitholder of each Unit during such time that neither the Fund Manager nor any other person is registered as the Unitholder, but nothing herein contained shall prevent the Fund Manager from subscribing for and becoming a registered holder of the Units in the Fund. |
| All Investments shall be held as a single common investment to the Fund and no Unit thereof shall confer any exclusive interest or share in any particular part of the Investment. |
| A Unitholder shall have the right to receive the notice of meetings of Unitholders and attend such meetings either in person or by proxy. |
| A Unitholder shall be entitled to require redemption of all or any of his/its Units held it the Fund at the Bid Price by giving written notice (including via agreed electronic means) to the Fund Manager. A processing fee of two per cent (20%) of the total earned income of the redeemed Units will be charged where the redemption occurs before the expiration of the Minimum Holding Period |
| The Unitholders shall have a right to: mortgage, pledge, charge or otherwise use their Unitholding as security for any debt, loan or obligation entered into by them; subject to the provision of this Trust Deed, convene a meeting of Unitholders where such Unitholders hold not less than 25% of the value of the issued Units of the Fund; receive Distributions; and request for and receive a Statement of Unitholding |
Distributions
| Frequency | Annually, PROVIDED the fund makes a profit within the financial year |
For more information, please click to download the Prospectus and FAQ.
This CardinalStone Balanced Fund is registered with the Securities and Exchange Commission, Nigeria
The CardinalStone Fixed Income Alpha Fund is an authorized open-end collective investment scheme registered with the Securities and Exchange Commission. The Fund will be governed by a Trust Deed. As an open-ended fund, units of the Fund will be continuously issued to investors and the units held by investors will be redeemable through the Fund Manager, CardinalStone Asset Management Limited.
The objective of the Fund is to provide investors with steady return on capital, liquidity and capital preservation by investing in a diversified portfolio of high-quality short-term money market instruments and long-term fixed income instruments which will include Sovereign Treasury Bills, Fixed deposits, Certificate of deposits, Commercial papers, Collateralized repurchase agreements, Banker’s acceptances, Corporate Bonds, State Bonds, Sovereign Bonds and any other instrument approved by the SEC.
Fund Features
| Fund Values as at 2025-Dec-23 | Fund Benefits
| |
| Effective Yield | Unit Price | ||
| 13.48% | NGN 1.0783 | ||
| Download Nov 2025 Fact Sheet | |||
| Target Subscribers | Retail Investors who require a safe, stable, liquid and reliable investment alternative to bank deposits and access to higher-yielding capital protected instrument. High-Net Worth Individuals who are keen on a credible cash management vehicle into which idle cash balances or cash required for future needs can be deposited. Institutional Investors such as corporates, partnerships, non-profit organizations, governmental agencies, and financial institutions, who seek to diversify their cash equivalents holdings. | ||||||
| Parties: | |||||||
| Custodian: | Trustee: | Registrars: | Solicitor: | Auditors: | |||
| Zenith Bank Plc | Leadway Trustees Limited | CardinalStone Registrars Limited | G. Elias | PKF Professional Services | |||
| Risk Profile | Low | ||||||
| Tax Consideration | Nil | ||||||
Annual total expense ratio of each scheme for the last five accounting years in ascending order
| 2021 | 1.02% |
| 2022 | 1.69% |
| 2023 | 1.67% |
| 2024 | 1.71% |
| 2025 | 1.67% |
Year on Year comparison of each scheme’s yield for the last five accounting years including comparison with the scheme’s stated benchmark
| Year | Fund Return | Benchmark |
| 2021 | 7.28% | 9.07% |
| 2022 | 10.51% | 10.50% |
| 2023 | 10.96% | 10.59% |
| 2024 | 19.95% | 19.17% |
| 2025 | 19.77% | 17.86% |
Rights of the unitholders of each scheme
| · No Unitholder shall be liable to make any further payments to the Trustee or the Fund Manager after he/it has paid the Subscription Price of the Units as the case may be, in accordance with Clause 7 of this Trust Deed, and no further liability shall be imposed on any Unitholder in respect of Units held by him/it. |
| · The Unitholders shall not have or acquire any right against the Fund Manager or the Trustee in respect of Units save such as are expressly conferred upon them by this Deed or by any laws regulating this Deed or court orders. |
| · No person shall be recognized as a Unitholder except in respect of Units registered in his/its name. |
| · Each Unitholder has a beneficial interest in the Trust proportionate to the Units held by such Unitholder and shall have such rights as are set out in this Trust Deed and the Prospectus. |
| · – The Fund Manager shall not be treated for the purposes of this Deed as the Unitholder of each Unit during such time that neither the Fund Manager nor any other person is registered as the Unitholder but nothing herein contained shall prevent the Fund Manager from subscribing for and becoming a registered holder of the Units in the Fund. |
| · All Investments shall be held as a single common investment to the Fund and no Unit thereof shall confer any exclusive interest or share in any particular part of the Investment. |
· The Unitholders shall have a right to: – mortgage, pledge, charge or otherwise use their Unitholding as security for any debt, loan or obligation entered into by them; – subject to the provision of this Deed, convene a meeting of Unitholders where such holding is not less than 25% of the value of the issued Unit of the Fund; – receive Distributions; and – request for and receive a Statement of Unitholding |
| · The ownership of the Deposited Property of the Fund is vested in the Trustee and, subject to the terms of this Trust Deed, the right to conduct the affairs of the Fund will be exercised independently by the Trustee on behalf of the Unitholders. The Unitholders of the Fund shall have no interest other than the beneficial interest provided for in this Trust Deed and no Unit of the Fund shall confer any interest or share in any particular part of the Deposited Property of the Fund. The Unitholders shall have no right to call for any partition or division of any portion of the property of the Fund nor shall they be called upon to share or assume any losses of the Fund or suffer any assessment or further payments to the Fund or the Trustee of any kind by virtue of their ownership of Units of the Fund. |
| · A Unitholder shall have the right to receive the notice of meetings of Unitholders and attend such meetings either in person or by proxy. |
| · A Unitholder shall be entitled to redeem all or any of his/its Units held in the Fund at the Bid Price by giving written notice (including via agreed electronic means) to the Fund Manager. A processing fee of 20% of the income earned from the redeemed Units will be charged where the redemption occurs before the expiration of the Minimum Holding Period of 90 (Ninety) days. |
Distributions
| Frequency | Bi-annually | ||||||||
| Distribution | Year | Period | Dividend type | Dividend per unit | Qualification Date | Payment date | |||
| 1st Distribution | 2021 | Mar-July 2021 | Interim | 0.02 | |||||
| 2nd Distribution | 2021 | Aug-Dec 2021 | Final | 0.02 | Friday, January 28, 2022 | Monday, January 31, 2022 | |||
| 3rd Distribution | 2022 | Jan -June 2022 | Interim | 0.05 | Friday, July 29, 2022 | Monday, August 1, 2022 | |||
| 4th Distribution | 2022 | July – Dec 2022 | Final | 0.04 | Friday, January 27, 2023 | Monday, January 30, 2023 | |||
| 5th Distribution | 2023 | Jan – Jun 2023 | Interim | 0.04 | Friday, June 30, 2023 | Monday, July 3, 2023 | |||
| 6th Distribution | 2023 | Jul – Dec 2023 | Final | 0.04 | Friday, January 5, 2024 | Monday, January 8, 2024 | |||
| 7th Distribution | 2024 | Jan – Jun 2024 | Interim | 0.04 | Friday, July 5, 2024 | Monday, July 8, 2024 | |||
| 8th Distribution | 2024 | Jul – Dec 2024 | Final | 0.07 | Friday, January 3, 2025 | Monday, January 6, 2025 | |||
| 9th Distribution | 2025 | Jan – Jun 2025 | Interim | 0.11 | Friday, July 4, 2025 | Monday, July 7, 2025 | |||
| 10th Distribution | 2025 | Jul-Dec 2025 | Final | 0.058 | Monday, January 5th, 2026 | Tuesday, January 6th, 2026 | |||
For more information, please click to download the Product Paper, Prospectus and FAQ.
This CardinalStone Fixed Income Alpha Fund is registered with the Securities and Exchange Commission, Nigeria
The CardinalStone Dollar Fund is a US Dollar denominated Open-Ended Fund whose main objective is to provide Investors capital preservation, liquidity, and diversification while providing competitive return on investment. The Fund shall invest in FGN Eurobonds and Nigerian Dollar Money Market Instruments.
The objective of the Fund is to provide Investors with an avenue to gain exposure to Nigerian Government and corporate Eurobonds whilst ensuring dollar cash flows and optimization of returns to investors. The Fund will also provide investors access to diversify their portfolio and income streams whilst providing for capital preservation.
Fund Features
|
Fund Benefits
|
| Target Subscribers | Retail Investors: Seeking a secure, stable, liquid, and reliable alternative to bank deposits with access to higher-yielding capital-protected instruments. High-Net Worth Individuals: Interested in a credible cash management vehicle for depositing idle USD cash balances or funds earmarked for future needs. Foreign and Local Institutional Investors: Including corporates, partnerships, non-profit organizations, governmental agencies, and financial institutions, aiming to diversify their cash equivalents holdings. | ||||||
| Parties: | |||||||
| Trustee: | Registrars: | Solicitor: | Auditors: | Custodian: | |||
| STL Trustees Limited | CardinalStone Registrars Limited | G. Elias | PKF Professional Services | Standard Chartered Bank | |||
| Risk Profile | Low | ||||||
| Tax Consideration | Nil | ||||||
Annual total expense ratio of each scheme for the last five accounting years in ascending order
| 2024 | 1.64% |
| 2025 | 1.44% |
Year on Year comparison of each scheme’s yield for the last five accounting years including comparison with the scheme’s stated benchmark
| Year | Fund Yield | Benchmark |
| 2024 | 10.10% | 8.58% |
| 2025 | 9.42% | 7.96% |
Rights of the unitholders of each scheme
| No Unitholder shall be liable to make any further payments to the Trustee or the Fund Manager after he/it has paid the Subscription Price of the Units as the case may be, in accordance with Clause 6 of this Trust Deed, and no further liability shall be imposed on any Unitholder in respect of Units held by him/her/it. |
| The Unitholders shall not have or acquire any right against the Fund Manager or the Trustee in respect of Units save such as are expressly conferred upon them by this Trust Deed or by any laws regulating this Trust Deed or court orders. |
| No person shall be recognized as a Unitholder except in respect of Units registered in his name. |
| Each Unitholder has a beneficial interest in the Fund proportionate to the Units held by such Unitholder and shall have such rights as are set out in this Trust Deed and the Prospectus. |
| The Fund Manager shall not be treated for the purposes of this Trust Deed as the Unitholder of each Unit during such time that neither the Fund Manager nor any other person is registered as the Unitholder, but nothing herein contained shall prevent the Fund Manager from subscribing for and becoming a registered holder of the Units in the Fund. |
| All Investments shall be held as a single common investment to the Fund and no Unit thereof shall confer any exclusive interest or share in any particular part of the Investment. |
| A Unitholder shall have the right to receive the notice of meetings of Unitholders and attend such meetings either in person or by proxy. |
| A Unitholder shall be entitled to require redemption of all or any of his/its Units held it the Fund at the Bid Price by giving written notice (including via agreed electronic means) to the Fund Manager. A processing fee of two per cent (2%) of the total earned income of the redeemed Units will be charged where the redemption occurs before the expiration of the Minimum Holding Period |
| The Unitholders shall have a right to: – mortgage, pledge, charge or otherwise use their Unitholding as security for any debt, loan or obligation entered into by them; – subject to the provision of this Trust Deed, convene a meeting of Unitholders where such Unitholders hold not less than 25% of the value of the issued Units of the Fund; – receive Distributions; and request for and receive a Statement of Unitholding |
Distributions
| Frequency | Bi-annually | |||||||
| Distribution | Period | Dividend Type | Dividend per unit | Qualification Date | Payment Date | |||
| 1st Distribution | Feb 2024 – Mar 2025 | Final | 0.037 | April 4, 2025 | April 7,2025 | |||
| 2nd Distribution | April – Sep 2025 | Interim | 0.033 | October 7,2025 | October 8,2025 | |||
For more information, please click to download the Prospectus, Trust Deed and FAQs.
This CardinalStone Dollar Fund is registered with the Securities and Exchange Commission, Nigeria
The CardinalStone Equity Fund is duly authorized and registered in Nigeria as an open-ended Unit Trust Scheme under section 160 of the ISA.
The Fund seeks to deliver real returns and achieve long term capital appreciation of its assets by investing in a diversified pool of quoted and unquoted public securities trading on either the Nigerian Exchange or the NASD OTC Securities Exchange (subject to a minimum allocation of 70%) and fixed income or money market securities.
Fund Features
| Fund Benefits
|
| Target Subscribers | Prudent Investors with High-Risk Appetite: Individuals seeking capital appreciation through a diversified portfolio of quoted and unquoted equities. Retail Investors: Those in search of a secure, stable, liquid, and reliable alternative to bank deposits, desiring access to higher-yielding capital protected instruments. High Net Worth Individuals: Individuals looking for a credible cash management vehicle to deposit idle cash balances or funds needed for future needs. | ||||||
| Parties: | |||||||
| Custodian: | Trustee: | Registrars: | Solicitor: | Auditors: | |||
| Zenith Bank Plc | Leadway Trustees Limited | CardinalStone Registrars Limited | G. Elias | PKF Professional Services | |||
| Risk Profile | High | ||||||
| Tax Consideration | Nil | ||||||
Annual total expense ratio of each scheme for the last five accounting years in ascending order
| 2024 | 1.87% |
| 2025 | 1.79% |
Year on Year comparison of each scheme’s yield for the last five accounting years including comparison with the scheme’s stated benchmark
| Year | Fund Return | Benchmark |
| 2024 | 24.95% | 0.14% |
| 2025 | 55.98% | 48.81% |
Rights of the unitholders of each scheme
| – No Unitholder shall be liable to make any further payments to the Trustee or the Fund Manager after he/it has paid the Subscription Price of the Units as the case may be, in accordance with Clause 7 of this Trust Deed, and no further liability shall be imposed on any Unitholder in respect of Units held by him/it. |
| – The Unitholders shall not have or acquire any right against the Fund Manager or the Trustee in respect of Units save such as are expressly conferred upon them by this Deed or by any laws regulating this Deed or court orders. |
| – No person shall be recognized as a Unitholder except in respect of Units registered in his/its name. |
| – Each Unitholder has a beneficial interest in the Trust proportionate to the Units held by such Unitholder and shall have such rights as are set out in this Trust Deed and the Prospectus. |
| – The Fund Manager shall not be treated for the purposes of this Deed as the Unitholder of each Unit during such time that neither the Fund Manager nor any other person is registered as the Unitholder but nothing herein contained shall prevent the Fund Manager from subscribing for and becoming a registered holder of the Units in the Fund. |
| – All Investments shall be held as a single common investment to the Fund and no Unit thereof shall confer any exclusive interest or share in any particular part of the Investment. |
| – The Unitholders shall have a right to: * mortgage, pledge, charge or otherwise use their Unitholding as security for any debt, loan or obligation entered into by them; * subject to the provision of this Deed, convene a meeting of Unitholders where such holding is not less than 25% of the value of the issued Unit of the Fund; * receive Distributions; and * request for and receive a Statement of Unitholding |
| – The ownership of the Deposited Property of the Fund is vested in the Trustee and, subject to the terms of this Trust Deed, the right to conduct the affairs of the Fund will be exercised independently by the Trustee on behalf of the Unitholders. The Unitholders of the Fund shall have no interest other than the beneficial interest provided for in this Trust Deed and no Unit of the Fund shall confer any interest or share in any particular part of the Deposited Property of the Fund. The Unitholders shall have no right to call for any partition or division of any portion of the property of the Fund nor shall they be called upon to share or assume any losses of the Fund or suffer any assessment or further payments to the Fund or the Trustee of any kind by virtue of their ownership of Units of the Fund. |
| – A Unitholder shall have the right to receive the notice of meetings of Unitholders and attend such meetings either in person or by proxy. |
| – A Unitholder shall be entitled to redeem all or any of his/its Units held in the Fund at the Bid Price by giving written notice (including via agreed electronic means) to the Fund Manager. A processing fee of 20% of the income earned from the redeemed Units will be charged where the redemption occurs before the expiration of the Minimum Holding Period of 90 (Ninety) days. |
Distributions
| Frequency | Annually, PROVIDED the fund makes a profit within the financial year | |||||||||
| Distribution | Year | Period | Dividend type | Dividend per unit | Qualification Date | Payment date | ||||
| 1st Distribution | 2024 | Feb – Dec 2024 | Final | 0.083 | Friday, July 25, 2025 | Monday, July 28, 2025 | ||||
For more information, please click to download the Prospectus, Trust Deed and FAQs.
This CardinalStone Equity Fund is registered with the Securities and Exchange Commission, Nigeria
The CardinalStone Money Market Fund is an authorized open-end collective investment scheme registered with the Securities and Exchange Commission. The Fund will be governed by a Trust Deed. As an open-ended fund, units of the Fund will be continuously issued to investors and the units held by investors will be redeemable through the Fund Manager, CardinalStone Asset Management Limited.
The objective of the Fund will be to provide investors with capital preservation and steady streams of income derived from investments in money market instruments issued by the Federal Government and in highly rated instruments from financial and non-financial institutions rated by a registered rating agency as may be specified from time to time by the Commission. The Fund shall have a minimum allocation of 25% to Federal Government of Nigeria Treasury Bills and a maximum allocation of 75% to other money market instruments.
Fund Features
| Fund Benefits
|
| Target Subscribers |
| ||||||
| Parties: | |||||||
| Custodian: | Trustee: | Registrars: | Solicitor: | Auditors: | |||
| Zenith Bank Plc | Leadway Trustees Limited | CardinalStone Registrars Limited | G. Elias | PKF Professional Services | |||
| Risk Profile | Low | ||||||
| Tax Consideration | Nil | ||||||
Annual total expense ratio of each scheme for the last five accounting years in ascending order
| 2024 | 1.36% |
| 2025 | 1.57% |
Year on Year comparison of each scheme’s yield for the last five accounting years including comparison with the scheme’s stated benchmark
| Year | Fund Yield | Benchmark |
| 2024 | 23.85% | 18.00% |
| 2025 | 18.11% | 15.50% |
Rights of the unitholders of each scheme
| – No Unitholder shall be liable to make any further payments to the Trustee or the Fund Manager after he/it has paid the Subscription Price of the Units as the case may be, in accordance with Clause 7 of this Trust Deed, and no further liability shall be imposed on any Unitholder in respect of Units held by him/it. |
| – The Unitholders shall not have or acquire any right against the Fund Manager or the Trustee in respect of Units save such as are expressly conferred upon them by this Deed or by any laws regulating this Deed or court orders. |
| – No person shall be recognized as a Unitholder except in respect of Units registered in his/its name. |
| – Each Unitholder has a beneficial interest in the Trust proportionate to the Units held by such Unitholder and shall have such rights as are set out in this Trust Deed and the Prospectus. |
| – The Fund Manager shall not be treated for the purposes of this Deed as the Unitholder of each Unit during such time that neither the Fund Manager nor any other person is registered as the Unitholder but nothing herein contained shall prevent the Fund Manager from subscribing for and becoming a registered holder of the Units in the Fund. |
| – All Investments shall be held as a single common investment to the Fund and no Unit thereof shall confer any exclusive interest or share in any particular part of the Investment. |
| – The Unitholders shall have a right to: * mortgage, pledge, charge or otherwise use their Unitholding as security for any debt, loan or obligation entered into by them; * subject to the provision of this Deed, convene a meeting of Unitholders where such holding is not less than 25% of the value of the issued Unit of the Fund; * receive Distributions; and * request for and receive a Statement of Unitholding |
| – The ownership of the Deposited Property of the Fund is vested in the Trustee and, subject to the terms of this Trust Deed, the right to conduct the affairs of the Fund will be exercised independently by the Trustee on behalf of the Unitholders. The Unitholders of the Fund shall have no interest other than the beneficial interest provided for in this Trust Deed and no Unit of the Fund shall confer any interest or share in any particular part of the Deposited Property of the Fund. The Unitholders shall have no right to call for any partition or division of any portion of the property of the Fund nor shall they be called upon to share or assume any losses of the Fund or suffer any assessment or further payments to the Fund or the Trustee of any kind by virtue of their ownership of Units of the Fund. |
| – A Unitholder shall have the right to receive the notice of meetings of Unitholders and attend such meetings either in person or by proxy. |
| – A Unitholder shall be entitled to redeem all or any of his/its Units held in the Fund at the Bid Price by giving written notice (including via agreed electronic means) to the Fund Manager. A processing fee of 20% of the income earned from the redeemed Units will be charged where the redemption occurs before the expiration of the Minimum Holding Period of 30 (Thirty) days. |
Distributions
| Frequency | Quarterly | |||||||
| Distribution | Period | Distribution Type | Interest Accrued | Qualification Date | Payment Date | |||
| 1st Distribution | Q4 2024 | Quarterly | 47,106,450.37 | 31/12/2024 | 06/01/2025 | |||
| 2nd Distribution | Q1 2025 | Quarterly | 139,878,394.80 | 31/03/2025 | 07/04/2025 | |||
| 3rd Distribution | Q2 2025 | Quarterly | 232,529,077.49 | 30/06/2025 | 07/07/2025 | |||
| 4th Distribution | Q3 2025 | Quarterly | 447,637,473.93 | 30/09/2025 | 06/10/2025 | |||
| 5th Distribution | Q4 2025 | Quarterly | 588,437,228.99 | 31/12/2025 | 06/01/2026 | |||
For more information, please click to download the Prospectus and FAQs.
This CardinalStone Money Market Fund is registered with the Securities and Exchange Commission, Nigeria
