Flagship Index
Systematic Alpha
in Nigerian
Equities
A rules-based equity index built on verified market data, with performance measured against the NGX ASI and a defined Nigerian equity-fund peer set.
Track Record
Historical Performance
This published backtest is measured against the NGX ASI and a defined Nigerian equity-fund peer set. The record runs from January 2013 through 2026-06-17 on a Price Return basis. Back-tested price-return index results. Past performance is not indicative of future results.
Annualized Return
+32.5%
Since January 2013
Alpha vs ASI
+15.3%
Annualized excess return
Positive Alpha Years
11/14
Years of outperformance
Returns by Period
| Period | EDGE | ASI | Fund Median |
|---|---|---|---|
| 1 Year | +87.8% | +110.7% | N/A |
| 3 Year | +88.5% | +60.0% | +32.5% |
| 5 Year | +85.5% | +44.4% | +29.3% |
| 10 Year | +42.3% | +23.5% | +21.6% |
| Since Inception | +32.5% | +17.2% | +13.0% |
Edge vs 15 Nigerian Equity Funds (2021-2025)
| 5Y Net | Avg TER | EDGE Alpha | |
|---|---|---|---|
| VNG-EDGE | +2096.7% | 0.00% | -- |
| Best Fund | +410.0% | 1.45% | +1686.7% |
| Median Fund | +199.9% | 2.05% | +1896.8% |
| Worst Fund | +34.8% | 2.17% | +2061.9% |
| Fund Average | +196.7% | 2.19% | +1900.0% |
The Framework
Design Rationale
Structural Inefficiency
Frontier equity markets can have uneven liquidity, analyst coverage, and institutional participation. EDGE applies a rules-based factor framework to a defined liquid universe so those characteristics are measured consistently rather than selected by discretion.
The Data Advantage
EDGE runs on VCORE . Its source-cited corporate actions, ownership records, and float data are used to apply the index's eligibility and weighting rules. The methodology depends on those fields being current and internally consistent.
Repeatable Across Markets
The methodology separates the factor framework from the market-specific universe and data inputs. A new market can use the same framework only after VCORE coverage and the required validation checks are in place.
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.