Norrenbenger equity portfolio yields 82% return in 2025
Norrenberger’s Equity Portfolio Model (EPM) once again outperformed the Nigerian equity market in 2025, delivering an impressive 82 per cent return and surpassing key market benchmarks for the second consecutive year running. The strong performance exceeded the returns of major indices on the Nigerian Exchange (NGX), with the NGX All-Share Index (ASI) gaining 52 per […]
Norrenberger’s Equity Portfolio Model (EPM) once again outperformed the Nigerian equity market in 2025, delivering an impressive 82 per cent return and surpassing key market benchmarks for the second consecutive year running.
The strong performance exceeded the returns of major indices on the Nigerian Exchange (NGX), with the NGX All-Share Index (ASI) gaining 52 per cent and the NGX 30 Index rising by 50 per cent over the same period.
This translates to an outperformance margin of about 30 percentage points against the ASI and 33 percentage points over the NGX 30, underscoring the strength of Norrenberger’s investment strategy and disciplined portfolio construction.
The 2025 outcome builds on the model’s solid showing in 2024, when the EPM returned 48.1 per cent, outperforming the NGX ASI’s 38 per cent gain.
In 2025, the portfolio comprised ten carefully selected stocks spanning key sectors of the Nigerian economy, including telecommunications, consumer goods, banking, energy and insurance.
Sector selection for the year was guided by Norrenberger’s macroeconomic outlook, particularly expectations of earnings recovery in sectors such as consumer goods and telecommunications following FX-induced losses triggered by the naira devaluation.
This thematic positioning enabled the portfolio to capture cyclical recovery opportunities while maintaining exposure to long-term structural growth trends.
MTN Nigeria (MTNN), the portfolio’s largest holding with a 15 per cent weight, emerged as the biggest driver of performance. The stock delivered an exceptional 156 per cent return in 2025, as the company rebounded strongly, enabling the portfolio to fully capture the upside from its recovery.l
Other major contributors included Dangote Sugar and BUA Cement, each weighted at 11 per cent. Both companies benefited from pricing power and improving operating leverage, reinforcing the portfolio’s exposure to real-sector growth amid a gradually stabilising macroeconomic environment.