Nigeria’s equity mutual fund segment expanded to a net asset value (NAV) of N266.82 billion as of May 29, 2026, up 23.33% from N216.34 billion recorded in April. This growth reflects renewed investor appetite for growth-oriented investment products amid sustained momentum in the Nigerian equities market.
Data compiled by Nairametrics Research from the Securities and Exchange Commission (SEC) showed that the segment comprises 20 funds, accounting for 2.96% of Nigeria’s total mutual fund assets, up from 2.47% recorded in April.
Despite being significantly smaller than the money market segment, equity mutual funds continue to attract investors seeking higher returns and long-term capital appreciation through diversified exposure to quoted equities across sectors such as banking, consumer goods, industrial goods, and oil and gas.
The top 10 performing equity mutual funds recorded year-to-date returns ranging from 52.75% to 108.42%, reflecting the strong rally witnessed across several Nigerian equities during the period.
The equity mutual fund segment continues to witness increasing investor participation, with total unitholders rising to 107,137 in May 2026, up from 94,531 recorded in April, representing a growth of 12,606 unitholders or a 13.34% increase.
The top 10 performing equity mutual funds collectively manage N92.20 billion, representing 34.55% of the total equity mutual fund category and 1.02% of the overall mutual fund industry.
Top Performing Equity Mutual Funds by YTD Return
10. AXA Mansard Equity Income Fund (52.75%)
The AXA Mansard Equity Income Fund, managed by AXA Mansard Investments Limited, recorded a YTD return of 52.75%. Launched in July 2016, the fund manages N3.25 billion in assets and serves 2,668 unitholders, with an offer price of N382.26.
9. Anchoria Equity Fund (54.51%)
The Anchoria Equity Fund, managed by Anchoria Asset Management Limited, posted a YTD return of 54.51%. Launched in September 2019, the fund manages N2.67 billion in assets and serves 818 unitholders, with an offer price of N641.48.
8. Meristem Equity Market Fund (58.45%)
The Meristem Equity Market Fund, managed by Meristem Wealth Management Limited, recorded a YTD return of 58.45%. Launched in July 2015, the fund manages N10.91 billion in assets and serves 2,282 unitholders, with an offer price of N49.31.
7. CardinalStone Equity Fund (61.14%)
The CardinalStone Equity Fund, managed by CardinalStone Asset Management Limited, delivered a YTD return of 61.14%. Launched in December 2023, the fund manages N12.34 billion in assets and serves 2,643 unitholders, with an offer price of N3.02.
6. PACAM Equity Fund (61.21%)
The PACAM Equity Fund, managed by PAC Asset Management Limited, posted a YTD return of 61.21%. Launched in March 2019, the fund manages N392.47 million in assets and serves 42 unitholders, with an offer price of N3.45.
5. Futureview Equity Fund (64.29%)
The Futureview Equity Fund, managed by Futureview Asset Management Limited, ranks fifth with a YTD return of 64.29%. Launched in July 2021, the fund manages N158.03 million in assets and serves 34 unitholders, with an offer price of N537.49.
4. Paramount Equity Fund (65.09%)
The Paramount Equity Fund, managed by Chapel Hill Denham Management Limited, had a YTD return of 65.09%. Launched in April 1991, the fund manages N25.81 billion in assets and serves 19,437 unitholders, with an offer price of N78.58.
3. Zrosk Magna Equity Fund (69.00%)
The Zrosk Magna Equity Fund, managed by Zrosk Investment Management Limited, ranks third with a YTD return of 69.00%. Launched in September 2024, the fund manages N23.03 billion in assets and serves 163 unitholders, with an offer price of N362.86.
2. Halo Equity Fund (83.00%)
The Halo Equity Fund, managed by Halo Asset Management Limited, ranks second with a YTD return of 83.00%. Launched in June 2024, the fund manages N557.18 million in assets and serves 122 unitholders, with an offer price of N47.72.
1. Zedcrest Equity Fund (108.42%)
Leading the ranking is the Zedcrest Equity Fund, managed by Zedcrest Investment Managers Limited, with a YTD return of 108.42%. Launched in December 2025, the fund manages N13.08 billion in assets and serves 4,386 unitholders, with an offer price of N2.15.
In April 2026, the equity mutual fund segment comprised 20 funds managing N216.34 billion, representing 2.47% of total industry assets and serving 94,531 unitholders. The top 10 performing funds in April collectively managed N88.31 billion, or 40.82% of the category. The top three funds in April were Zedcrest Equity Fund (83.73% YTD), Zrosk Magna Equity Fund (61.13% YTD), and Paramount Equity Fund (60.05% YTD).
