Nigeria’s equity mutual fund segment experienced a contraction in its Net Asset Value (NAV) to N234.86 billion as of June 26, 2026. This represents an 11.98% decrease from the N266.82 billion recorded in May, reflecting a broad market correction as investors realized gains from the first-half rally.

Data from the Securities and Exchange Commission (SEC) compiled by Nairametrics Research indicates that the segment still comprises 20 funds. These funds now account for 2.58% of Nigeria’s total mutual fund assets, a decline from 2.96% in May.

Despite the monthly contraction in NAV, the equity mutual fund segment continued to attract new investors, underscoring its appeal for long-term capital growth. Total unitholders rose to 112,674 in June 2026, an increase of 5,537 or 5.17% from 107,137 recorded in May.

The top 10 performing equity mutual funds collectively manage N84.23 billion. This represents 35.87% of the total equity mutual fund category and 0.92% of the overall mutual fund industry.

Top 10 Performing Equity Mutual Funds by YTD Return (as of June 26, 2026)

1. Zedcrest Equity Fund (91.11%)

Leading for the second consecutive month, the Zedcrest Equity Fund, managed by Zedcrest Investment Managers Limited, posted a 91.11% YTD return. This is down from 108.42% in May, but it maintained its top position despite the June market correction. Launched in December 2025, the fund is part of Zedcrest Group, led by Group Chief Executive Officer Adedayo Amzat. It manages N8.70 billion in assets and serves 4,931 unitholders, with an offer price of N1.97. An investor placing N5 million at the start of the year would have earned N4,555,500, bringing their total to N9,555,500.

2. Futureview Equity Fund (79.38%)

The Futureview Equity Fund, managed by Futureview Asset Management Limited, ranks second with a 79.38% YTD return. This marks a significant jump of three places from fifth in May. Launched in July 2021, the fund is part of Futureview Group, led by Managing Director Emeka Ndukwe. It manages N190.82 million in assets and serves 56 unitholders, with an offer price of N586.06. A N5 million investment would have yielded N3,969,000, totaling N8,969,000.

3. Halo Equity Fund (69.40%)

Managed by Halo Asset Management Limited, the Halo Equity Fund ranks third with a 69.40% YTD return, falling one place from second in May. Launched in June 2024, the fund is part of Halo Group, led by Group Chief Executive Officer Ike Echeruo. It manages N475.65 million in assets and serves 123 unitholders, with an offer price of N45.80. A N5 million investment would have generated N3,470,000, bringing the total to N8,470,000.

4. Zrosk Magna Equity Fund (60.28%)

The Zrosk Magna Equity Fund, managed by Zrosk Investment Management Limited, holds fourth place with a 60.28% YTD return, slipping one place from third in May. Launched in September 2024, Zrosk Investment Management is led by Managing Director Samson Esemuede. It manages N22.81 billion in assets and serves 183 unitholders, with an offer price of N344.31. A N5 million investment would have yielded N3,014,000, totaling N8,014,000.

5. CardinalStone Equity Fund (53.58%)

The CardinalStone Equity Fund, managed by CardinalStone Asset Management Limited, delivered a 53.58% YTD return, rising two places from seventh in May. Launched in December 2023, the fund is part of CardinalStone Partners Limited, with CardinalStone Asset Management led by Managing Director Oluwaseyi Osunlalu. It manages N12.56 billion in assets and serves 2,847 unitholders, with an offer price of N2.88. A N5 million investment would have earned N2,679,000, bringing the total to N7,679,000.

6. Cowry Equity Fund (51.27%)

Making an entry into the top 10 in June, the Cowry Equity Fund, managed by Cowry Treasurers Limited, posted a 51.27% YTD return. Launched in August 2022, the fund is part of Cowry Group, managed through its subsidiary Cowry Treasurers Limited, led by Chief Executive Officer Charles Sanni. It manages N604.78 million in assets and serves 239 unitholders, with an offer price of N326.89. A N5 million investment would have generated N2,563,500, totaling N7,563,500.

7. Paramount Equity Fund (50.17%)

The Paramount Equity Fund, managed by Chapel Hill Denham Management Limited, ranks seventh with a 50.17% YTD return, falling three places from fourth in May. Launched in April 1991, it is one of Nigeria’s oldest equity mutual funds and is part of Chapel Hill Denham, led by Managing Director Bolaji Balogun. It manages N21.86 billion in assets and serves 19,694 unitholders, with an offer price of N71.63, making it the most widely held fund among the top 10. A N5 million investment would have yielded N2,508,500, totaling N7,508,500.

8. AXA Mansard Equity Income Fund (45.50%)

The AXA Mansard Equity Income Fund, managed by AXA Mansard Investments Limited, posted a 45.50% YTD return, rising two places from tenth in May. Launched in July 2016, the fund is part of AXA Mansard Group, with AXA Mansard Investments Limited led by Managing Director Deji Tunde-Anjous. It manages N3.13 billion in assets and serves 2,713 unitholders, with an offer price of N361.13. A N5 million investment would have earned N2,275,000, bringing the total to N7,275,000.

9. Meristem Equity Market Fund (45.25%)

The Meristem Equity Market Fund, managed by Meristem Wealth Management Limited, recorded a 45.25% YTD return, slipping one place from eighth in May. Launched in July 2015, the fund is part of Meristem Securities Limited, led by Group Chief Executive Officer Sulaiman Adedokun. It manages N9.76 billion in assets and serves 2,448 unitholders, with an offer price of N45.06. A N5 million investment would have generated N2,262,500, totaling N7,262,500.

10. FCMBAM Equity Fund (42.91%)

Rounding out the top ten, the FCMBAM Equity Fund, managed by FCMB Asset Management Limited, achieved a 42.91% YTD return, making an entry into the top 10 in June. The fund is part of FCMB Asset Management Limited, the asset management subsidiary of FCMB Group Plc, led by Chief Executive Officer James Ilori. Formerly known as the Legacy Equity Fund, it was rebranded in 2026. It manages N4.14 billion in assets and serves 3,838 unitholders, with an offer price of N7.99. A N5 million investment would have yielded N2,145,500, bringing the total to N7,145,500.

In May 2026, the equity mutual fund segment comprised 20 funds managing a combined N266.82 billion, accounting for 2.96% of total industry assets. The segment served 107,137 unitholders. The top 10 performing equity funds in May collectively managed N92.20 billion, representing 34.55% of the total equity mutual fund category and 1.02% of total mutual fund assets. The top three funds in May were the Zedcrest Equity Fund (108.42% YTD), the Halo Equity Fund (83.00% YTD), and the Zrosk Magna Equity Fund (69.00% YTD).