RSA active funds comprising RSA funds I,II III and IV are showing no let off in high yield risk concern investment as N8.92tr is invested in 21 asset classes out of the N12.66tr total value of pension fund assets as at 30 June 2021.
The RSA active funds roar yielded 70% of the pension assets invested, while the retiree funds that investment managers treat with utmost caution as comfort investment, actively stick to investment rules and was content with 8% of the pension assets invested in the period reviewed, this amounted to N990.50bn.
Jostling above the stats of retiree funds are Closed Pension Fund Administrators CPFAs restricted to 12% of pension assets investment, and this gulped N1.46tr of the total pension fund assets. Following after is Approved Existing Schemes AES funds with N1.29tr of the total value of pension fund assets.
With the safety of funds the overriding factor in whatever asset class the pension fund portfolio demands, pension fund assets were mainly invested in federal government securities, accounting for 66.96% of total assets.
The composition of investments in FGN securities were as follows: FGB bonds: 92.20%; treasury bills: 6.47%; and agency bonds accounting for 1.33%.
Table 11 Pension Fund Portfolio by Fund Type as at 30 June 2021
| RSA FUNDS | CPFAs | AES | TOTAL PENSION FUND ASSETS | WEIGHT (%) | ||
| RSA ACTIVE FUND | RSA RETIREE FUND (IV) | |||||
| (I,II,III,V) | ||||||
| % OF PENSION ASSETS | 70% | 8% | 12% | 10% | 100% | |
| ASSET CLASS | ₦’Million | ₦’Million | ₦’Million | ₦’Million | ₦’Million | |
| Domestic Ordinary Shares | 698,355.12 | 9,634.56 | 37,303.15 | 97,904.30 | 843,197.13 | 6.66 |
| Foreign Ordinary Shares | – | – | 105,191.43 | – | 105,191.43 | 0.83 |
| FGN Securities: | 6,239,461.25 | 722,618.79 | 759,678.69 | 753,139.39 | 8,474,898.12 | 66.96 |
| FGN Bonds | 5,717,322.02 | 660,648.88 | 736,398.10 | 699,818.06 | 7,814,187.05 | 61.74 |
| Treasury Bills | 423,106.87 | 54,665.35 | 21,298.36 | 49,061.83 | 548,132.41 | 4.33 |
| Agency Bonds (NMRC) | 12,057.90 | 521.49 | 614.94 | 405.76 | 13,600.09 | 0.11 |
| Sukuk | 75,842.57 | 6,245.45 | 595.85 | 3,412.26 | 86,096.14 | 0.68 |
| Green Bond | 11,131.90 | 537.62 | 771.43 | 441.48 | 12,882.43 | 0.10 |
| State Govt. Securities | 68,321.23 | 7,496.84 | 12,930.47 | 9,241.23 | 97,989.77 | 0.77 |
| Corporate Debt Securities | 524,656.31 | 80,407.29 | 265,513.24 | 80,407.05 | 950,983.88 | 7.51 |
| Local Money Market Securities: | 1,243,548.37 | 162,974.55 | 121,796.77 | 208,611.26 | 1,736,930.95 | 13.72 |
| Bank Placement | 1,193,447.76 | 156,138.03 | 121,796.77 | 193,439.62 | 1,664,822.18 | 13.15 |
| Commercial Papers | 50,100.61 | 6,836.51 | – | 15,171.64 | 72,108.77 | 0.57 |
| Foreign Money Market Securities | – | – | 41.15 | – | 41.15 | 0.00 |
| Mutual Funds: | 19,733.43 | 439.64 | 13,134.04 | 83,030.35 | 116,337.47 | 0.92 |
| Open/Close-End Funds | 16,421.11 | 439.64 | 13,104.56 | 2,001.43 | 31,966.75 | 0.25 |
| REITs | 3,312.32 | – | 29.48 | 81,028.92 | 84,370.72 | 0.67 |
| Real Estate Properties | – | – | 122,702.69 | 33,561.70 | 156,264.39 | 1.23 |
| Private Equity Fund | 20,060.41 | – | 14,036.55 | – | 34,096.96 | 0.27 |
| Inf rastructure Fund | 54,945.77 | 200.48 | 7,275.52 | 4,077.96 | 66,499.72 | 0.53 |
| Cash & Other Assets | 47,783.61 | 6,734.44 | 3,670.69 | 16,554.53 | 74,743.27 | 0.59 |
| Net Assets Value | 8,916,865.49 | 990,506.59 | 1,463,274.38 | 1,286,527.78 | 12,657,174.24 | 100.00 |
