Prime Finance, Phoenix mutual fund units fly despite no undisclosed info

Asset manager ICB Asset Management Company Limited has told the Dhaka Stock Exchange (DSE) that no undisclosed price-sensitive information lies behind the recent surge in price and trading volume of two of its managed close-ended funds.

The clarification came today (23 September) in response to query letters the bourse had sent over abnormal price movements in Prime Finance First Mutual Fund and Phoenix Finance 1st Mutual Fund.

According to DSE data, the unit price of Prime Finance First Mutual Fund jumped 52% to Tk33.60 on 23 September, up from Tk20.80 at the start of the month, a rally that came even as the fund skipped dividends for two consecutive fiscal years amid net losses.

However, the fund showed signs of financial recovery in the first half of 2026. Its Earnings per Unit (EPU) rose to Tk1.21 for January-June 2026, bouncing back from a loss per unit of Tk0.17 during the same period last year. Net Asset Value (NAV) per unit at market price stood at Tk9.80 as of 30 June 2026, up from Tk8.59 recorded in December 2025. Net operating cash flow per unit remained negative at Tk1.64.

Similarly, Phoenix Finance 1st Mutual Fund saw its unit price rally 48% to reach Tk18.50 between 1 September and 22 September, before undergoing a slight correction on Wednesday when it fell 3.78% to close at Tk17.80.

The fund's trustee recommended no dividend for the year ended 30 June 2026, marking three consecutive fiscal years without payouts following net losses in FY24 and FY25. For FY26, the fund reported an EPU of Tk1.64, recovering from a loss per unit of Tk0.17 in FY25. Its NAV per unit at market price stood at Tk8.84, while NAV at cost price was Tk12.13 and NOCFPU was negative Tk0.47.