Flagship Strategy
Systematic Alpha
in Nigerian
Equities
A rules-based equity strategy that has outperformed every active fund manager in West Africa. Built on proprietary data infrastructure that no other provider has.
Track Record
Historical Performance
No other backtest in Nigerian equities covers this timeframe with verified data. EDGE has been tested against every market cycle since 2013: the 2014 oil crash, the 2016 recession, the COVID sell-off, the 2023 naira devaluation. While active managers were shedding hundreds of basis points in drawdowns, EDGE held. 12 of 13 years of positive alpha. The only underperformance year (2020), the portfolio still returned +44.3% absolute. Tried, tested, and built on data nobody else has.
Annualized Return
+36.4%
Since January 2013
Alpha vs ASI
+20.5%
Annualized excess return
Positive Alpha Years
11/14
Years of outperformance
Returns by Period
| Period | EDGE | ASI | Fund Avg |
|---|---|---|---|
| 1 Year | +141.0% | +89.6% | N/A |
| 3 Year | +134.5% | +54.8% | +32.5% |
| 5 Year | +95.7% | +38.8% | +29.3% |
| 10 Year | +49.8% | +23.1% | +21.6% |
| Since Inception | +36.4% | +15.9% | +13.0% |
Edge vs 15 Nigerian Equity Funds (2021-2025)
| 5Y Net | Avg TER | EDGE Alpha | |
|---|---|---|---|
| VNG-EDGE | +2769.4% | 0.00% | -- |
| Best Fund | +410.0% | 1.45% | +2359.4% |
| Median Fund | +199.9% | 2.05% | +2569.5% |
| Worst Fund | +34.8% | 2.17% | +2734.6% |
| Fund Average | +196.7% | 2.19% | +2572.7% |
The Edge
Why It Works
Structural Inefficiency
Frontier equity markets are mispriced by design. Large institutions are forced into expensive large-caps by size constraints and liquidity mandates. Cheap mid-caps are systematically underowned. Global quant strategies ignore these markets entirely. The value premium persists because nobody is arbitraging it away.
The Data Advantage
Factor strategies live or die on data quality. EDGE runs on VCORE . Verified corporate actions, ownership records, and float data that global vendors consistently get wrong in frontier markets. Without accurate float, any strategy gets contaminated by illiquid names with unreliable price discovery. This data layer is what makes EDGE non-replicable.
Repeatable Across Markets
The methodology is market-agnostic. The same factor framework that works in Nigeria applies wherever local data infrastructure exists and institutional coverage gaps create mispricings. As VCORE expands to new markets, EDGE follows. Same discipline, same data advantage, different universe.
Methodology
How the Strategy Works
Define the Universe
Filter listed equities by verified free-float, minimum liquidity thresholds, and market capitalization. Only securities with VCORE-verified ownership data qualify.
Multi-Factor Scoring
Score each security on a proprietary composite of valuation metrics and data quality signals. Factors are weighted to exploit mispricings specific to frontier market structure.
Systematic Selection
Top-ranked securities enter the portfolio. No discretion, no stock picking, no exceptions. Every decision is auditable against published rules.
Rebalance
Semi-annual reconstitution with equal-weight allocation and single-stock concentration limits. Turnover is managed to minimize market impact.
The Edge Suite
Expanding the Framework
The EDGE methodology is a framework, not a single product. As our data coverage expands, we are developing additional factor strategies.
VNG-EDGE
LIVEValue + verified float. The flagship strategy.
VNG-EDGE-Q
IN DEVELOPMENTAdding profitability and quality screens to filter value traps.
Fixed Income Factor
PLANNEDSystematic factor selection applied to government and corporate bonds.
Interested in the Edge Strategy?
Request a strategy brief with full methodology, backtest details, and licensing terms.
Request Strategy BriefWhat it is
What it is not
Past performance is not indicative of future results. Back-tested, hypothetical, or simulated performance has inherent limitations, including survivorship bias, look-ahead bias, and model-fitting risk. Actual results may differ materially. VNG-EDGE is a published index methodology, not a security, fund, or investable product. Nothing on this page constitutes an offer to sell, a solicitation to buy, or a recommendation of any security or investment strategy. All index returns are gross of fees, taxes, and transaction costs. Venoble Limited does not provide investment advice and is not a registered broker-dealer, investment adviser, or fund manager in any jurisdiction. This content is provided for informational and educational purposes only. See Terms of Use and Compliance for full disclaimers.