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

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 stocksWhy over-diversifying with a small portfolio destroys returnsStocks Anthony knows are good — but still doesn't ownGTCO as a portfolio "anchor" rather than a high-return pickHow to think about downside risk at different portfolio sizes