By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigeria Energy Sector Fund (NESF) has declared a N32 per note coupon payment which will be paid on September 12, 2014 to investors whose names appear on the Register of Note holders as at 10th September 2014, NESF said in its corporate action to the Nigerian bourse.

A review of the NESF audited financial statement ended March 31, 2014 shows that the Fund moved from a loss position of N45.81 million in year 2012 to a Profit level of N32.11 million after Tax in year 2013, representing a growth of 170.11 percent on the bottom-line.

NESF in its financial statement in the review period said deliberate steps and strategies adopted by the Fund Manager prevented the Fund from closing the year with another loss, considering the unimpressive performance of the Oil and Gas sub-sector in the Equities market.

NESF statement on the performance of the fund said specifically, stocks in the sub-sector witnessed a consistent downtrend as a result of huge sell-down activities as investors’ sentiments stayed negative all through 2012. ‘’In addition, low yields on money market investments did little to improve the performance,’’ NESF said.

In its future outlook, NESF said the Fund is currently being restructured to enhance returns to subscribers.

The NESF affirmed that since inception, the Fund has been subjected to tax burdens not applicable to other mutual Funds. ‘’Consequently, a revised Supplemental Trust Deed has been submitted to the Securities and Exchange Commission for their approval. This is to take care of the above, while also amending the Asset Allocation structure and investment categories to diversify and enhance returns with robust risk management framework.