A complete profile of MERVALUE ETF — what the Meristem Value Exchange Traded Fund tracks, how the NGX Meristem Value Index works, and what to consider before investing.
MERVALUE ETF is the ticker symbol for the Meristem Value Exchange Traded Fund, listed on the Nigerian Exchange (NGX) and managed by Meristem Asset Management Limited. It is one of a small number of exchange-traded funds available to Nigerian investors and one of only two ETFs on the NGX that take a deliberate investment-style approach — in this case, targeting companies that appear undervalued relative to their fundamentals. This article explains what MERVALUE ETF is, what it tracks, how the underlying index works, and what to consider before investing.
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Browse Nigerian ETFs →MERVALUE ETF — full name: Meristem Value Exchange Traded Fund — is an open-ended, passively managed fund listed on the Nigerian Exchange under the ticker MERVALUE. It tracks the NGX Meristem Value Index. Like all ETFs, MERVALUE can be bought and sold on the exchange during trading hours through a registered Nigerian stockbroker, just like ordinary shares.
The fund's investment objective is to provide investors with exposure to the NGX Meristem Value Index — a rules-based basket of Nigerian-listed equities selected on value characteristics such as low price-to-earnings ratios, low price-to-book ratios, and dividend yield. By buying MERVALUE ETF, an investor gains exposure to a basket of value-screened Nigerian equities in a single transaction, without needing to select individual stocks.
This article is for general educational information only. It is not a recommendation to buy or sell MERVALUE ETF or any other investment. Speak to a licensed financial adviser before making investment decisions.
MERVALUE ETF tracks the NGX Meristem Value Index, a rules-based benchmark that screens Nigerian Exchange-listed companies using value metrics. The index selects companies that appear undervalued relative to fundamental measures such as earnings, book value, and dividends. At each rebalance, companies that qualify as value leaders within the NGX universe are included; those that no longer meet the criteria are removed.
Value investing focuses on companies trading at prices below what their fundamentals suggest they are worth. These companies often trade at lower price-to-earnings multiples than growth stocks because the market has not yet recognised or re-rated their intrinsic value. On the Nigerian Exchange, value-screened companies may include established businesses in banking, industrials, and consumer staples that are generating solid earnings and dividends but have not attracted a growth premium.
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Browse Nigerian ETFs →MERVALUE ETF is managed by Meristem Asset Management Limited, incorporated in 2008 as part of Meristem Securities — a Nigerian capital market conglomerate with over two decades of experience in stockbroking, asset management, and wealth management. Meristem is regulated by the Securities and Exchange Commission (SEC) of Nigeria and was the first indigenous Nigerian asset manager to claim compliance with the Global Investment Performance Standards (GIPS), a framework that signals a strong commitment to transparency and performance reporting integrity.
Meristem Asset Management also manages MERGROWTH ETF, which tracks the NGX Meristem Growth Index and targets the opposite investment style — fast-growing companies rather than undervalued stable ones. Having the same manager for both funds means investors can access both value and growth strategies through the same regulated Nigerian institution.
MERVALUE ETF and MERGROWTH ETF are companion funds from the same manager, each targeting one of the two dominant equity investment styles. MERVALUE focuses on undervalued, stable companies and is generally associated with lower volatility, higher dividend yields, and stronger performance during market recoveries. MERGROWTH focuses on fast-growing companies and is better suited to bull market conditions and investors with a higher risk tolerance and longer time horizon.
Neither strategy is universally superior. Value tends to hold up better during corrections and rising-rate environments; growth tends to outperform during expansionary cycles with low interest rates. Some investors hold both ETFs simultaneously to blend the two approaches and reduce dependence on any single style being in favour.
MERVALUE ETF is listed on the Nigerian Exchange and can be bought through any registered Nigerian stockbroker during NGX trading hours, just as you would buy ordinary shares. Shares Saver is powered by Crown Capital Limited, a stockbroker regulated by the SEC of Nigeria, and you can use the platform to place buy or sell orders for MERVALUE ETF.
MERVALUE is the NGX ticker symbol for the Meristem Value Exchange Traded Fund. 'MER' comes from Meristem, and 'VALUE' reflects the fund's value investment style. It is listed on the Nigerian Exchange and managed by Meristem Asset Management Limited.
This article does not make investment recommendations. Whether MERVALUE ETF suits your situation depends on your investment goals, time horizon, risk tolerance, and how the fund fits alongside your other holdings. This page is for general educational information only. Speak to a licensed financial adviser before making any investment decision.
There is no fixed minimum set by the fund itself — the effective minimum is the current unit price of MERVALUE on the NGX plus your broker's minimum order size. ETF unit prices fluctuate with the market. Check the current price on the NGX or through your broker's platform before placing an order.
Value ETFs often hold companies that pay higher dividends than growth companies, as undervalued businesses tend to be more mature and cash-generative. However, dividend payments depend on the underlying holdings and the fund manager's distribution policy. Always check the fund manager's latest publications for the current dividend policy.
No. This article is for general educational information only. It is not a recommendation to buy, sell, or hold MERVALUE ETF or any other investment. Shares Saver does not provide financial advice. If you need personalised guidance, speak to a licensed financial adviser.
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