The Heritage Fund closed the financial year ended 31 March 2015 with a NAV/share of N116.16. Following the end of the Fund’s year, the Fund Manager declared a distribution of N11 per unit, rewarding shareholders based on the performance in 2014. This represents a 10% increase from the previous distribution of N10 per unit. On a price basis alone, the Fund’s price increased 2.6% over the full year which ended March 2015. The equity market declined 17.46% over the same period. Performance was particularly dragged down by the 5.2% decline in the Fund’s price in the Fund’s third quarter. The weak performance was driven by the 15.9% decline in the equity market over the quarter. The Fund’s composite benchmark fell 9.9% over the 12 months to March 2015.