The Trustee Committee of Vanguard AML Rupali Bank Balanced Fund, a publicly listed mutual fund managed by Vanguard Asset Management Limited, has declared no dividend for the year ended 31 December 2025, citing continued pressure on earnings despite signs of operational improvement.
According to disclosures made yesterday, the fund reported a loss per unit (EPU) of Tk0.37 for 2025.
Although the figure remains negative, it represents a notable improvement from the previous year’s loss per unit of Tk1.25.
The narrowing loss suggests some stabilisation in the fund’s performance over the past year, but the recovery was not sufficient to support a dividend payout.
As of 31 December 2025, the net asset value (NAV) per unit at market price stood at Tk8.38, down from Tk8.75 a year earlier, reflecting softer market valuation amid persistent volatility in the capital market.
In contrast, the NAV per unit at cost price rose to Tk11.47 in 2025, compared to Tk11.25 in the previous year, indicating modest improvement in the underlying portfolio value when measured against acquisition costs.
The net operating cash flow per unit (NOCFPU) declined slightly to Tk0.27, from Tk0.33 in 2024.
The weaker cash flow generation appears to have influenced the Trustee Committee’s decision not to recommend any dividend for unit holders.
Market analysts say the fund remains in a recovery phase. While the reduced per-unit loss and improvement in cost-based NAV are seen as encouraging, the decline in market-based NAV and cash flow highlights ongoing challenges.
The record date has been fixed for 10 March 2026.
Meanwhile, another closed-end mutual fund managed by Vanguard Asset Management Limited.Vanguard AML BD Finance Mutual Fund One has also declared no dividend for the same period.
Investors will now look to see whether sustained improvement in earnings and cash flow can help the funds return to profitability.
For now, the latest financial indicators point to gradual stabilisation rather than a full turnaround.
