Rules-Based Benchmarks for African Capital Markets

Venoble Nigeria Balanced 60/40 Index

Blends 60% Nigerian equities (VNG-ETR gross total return) with 40% T-bills (VNG-TNR nominal return), rebalanced monthly. A simple two-asset benchmark for balanced portfolios investing in Nigerian markets.

Venoble Nigeria Edge Equity Index

Rules-based multi-factor equity index selecting the cheapest quartile of liquid Nigerian stocks by P/E, P/B, earnings yield, and price-to-sales. Equal-weighted, semi-annual rebalance. Price return only.

Venoble Nigeria Equity Price Return Index

Tracks the price movement of the NGX All-Share Index without dividends. Isolates capital gains from the Nigerian equity market, showing what investors earned from price appreciation alone.

Venoble Nigeria Free-Float Equity Benchmark (Gross TR)

Gross total return from the free-float equity benchmark. Reinvests dividends at constituent level on ex-dates.

Venoble Nigeria Free-Float Equity Benchmark (Net TR)

Net total return from the free-float equity benchmark. Dividends reinvested after 10% withholding tax.

Venoble Nigeria Equity Net Total Return Index

Measures the total return from Nigerian equities after 10% withholding tax on dividends. Shows what a taxable investor actually earns, compared to VNG-ETR which assumes tax-exempt reinvestment. The gap between the two isolates cumulative tax drag.

Venoble Nigeria Equity Total Real Return Index

Measures the total return from Nigerian equities after adjusting for inflation. Combines price appreciation and reinvested dividends, then deflates by the NBS Consumer Price Index to show real purchasing power gains.

Venoble Nigeria T-Bill Nominal Return Index

Tracks the nominal (pre-inflation) return from investing in 91-day Nigerian Treasury Bills. Derived from the VNG-CRR pipeline, this isolates the raw yield before inflation adjustment, showing what T-bill holders earned in naira terms.