Why I Don't Own MTN — Anthony Uzum on Focused Investing on the NGX

Description

How many stocks should you actually hold — and does your portfolio size change the answer? In this episode of The Nigerian Investor Podcast, Anthony Uzum (@Anthonyuzum) shares his personal framework for portfolio construction on the Nigerian Exchange, including why he caps his holdings at 20 stocks, why investors with under ₦10M should hold no more than 4–5 names, and why he intentionally skips good companies like MTN, NGX Group, and NASCON. Anthony also explains the role of "protective" holdings like GTCO — stocks he doesn't expect to generate outsized returns, but that provide ballast in a volatile market. Whether you're managing ₦1M or ₦100M, this episode will change how you think about concentration and risk. Topics covered: The ₦50M+ threshold for holding up to 20 stocks Why over-diversifying with a small portfolio destroys returns Stocks Anthony knows are good — but still doesn't own GTCO as a portfolio "anchor" rather than a high-return pick How to think about downside risk at different portfolio sizes