Nigeria’s Top 10 Equity Mutual Funds Deliver YTD Returns Up to 91% Despite June NAV Dip

Nigeria’s equity mutual fund segment saw its net asset value (NAV) contract to N234.86 billion as of June 26, 2026, down 11.98% from N266.82 billion in May, reflecting a broad market correction as investors locked in gains from the first-half rally. Despite the pullback, the top 10 performing funds posted year-to-date returns ranging from 42.91% to 91.11%, underscoring strong first-half gains across the segment.

Data compiled by the Nairametrics Research team from the Securities and Exchange Commission (SEC) shows the segment still comprises 20 funds, accounting for 2.58% of Nigeria’s total mutual fund assets, down from 2.96% in May. The equity mutual fund segment continues to attract investors seeking higher returns and long-term capital appreciation through diversified exposure to quoted equities across banking, consumer goods, industrial goods, and oil and gas sectors.

Investor Participation Rises Despite NAV Contraction

Despite the monthly NAV decline, the equity mutual fund segment saw continued investor participation. Total unitholders rose to 112,674 in June 2026, up from 107,137 in May, a growth of 5,537 unitholders or 5.17%. The top 10 performing equity mutual funds collectively manage N84.23 billion, representing 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

10. FCMBAM Equity Fund (42.91%)
Managed by FCMB Asset Management Limited, this fund made an entry into the top 10 in June with a YTD return of 42.91%. 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. An investor who placed N5 million in this fund at the start of the year would have earned approximately N2,145,500 in returns by June 26, 2026, bringing their total to N7,145,500.

9. Meristem Equity Market Fund (45.25%)
Managed by Meristem Wealth Management Limited, this fund recorded a YTD return of 45.25%, slipping one place from eighth in May. Launched in July 2015, it manages N9.76 billion in assets and serves 2,448 unitholders, with an offer price of N45.06. An investor who placed N5 million in this fund at the start of the year would have earned approximately N2,262,500 in returns by June 26, 2026, bringing their total to N7,262,500.

8. AXA Mansard Equity Income Fund (45.50%)
Managed by AXA Mansard Investments Limited, this fund posted a YTD return of 45.50%, rising two places from tenth in May. Launched in July 2016, it manages N3.13 billion in assets and serves 2,713 unitholders, with an offer price of N361.13. An investor who placed N5 million in this fund at the start of the year would have earned approximately N2,275,000 in returns by June 26, 2026, bringing their total to N7,275,000.

7. Paramount Equity Fund (50.17%)
Managed by Chapel Hill Denham Management Limited, this fund ranks seventh with a YTD return of 50.17%, falling three places from fourth in May. Launched in April 1991, it is one of Nigeria’s oldest equity mutual funds. It manages N21.86 billion in assets and serves 19,694 unitholders, with an offer price of N71.63, remaining the most widely held fund among the top 10. An investor who placed N5 million in this fund at the start of the year would have earned approximately N2,508,500 in returns by June 26, 2026, bringing their total to N7,508,500.

6. Cowry Equity Fund (51.27%)
Managed by Cowry Treasurers Limited, this fund made an entry into the top 10 in June with a YTD return of 51.27%. Launched in August 2022, it manages N604.78 million in assets and serves 239 unitholders, with an offer price of N326.89. An investor who placed N5 million in this fund at the start of the year would have earned approximately N2,563,500 in returns by June 26, 2026, bringing their total to N7,563,500.

5. CardinalStone Equity Fund (53.58%)
Managed by CardinalStone Asset Management Limited, this fund delivered a YTD return of 53.58%, rising two places from seventh in May. Launched in December 2023, it manages N12.56 billion in assets and serves 2,847 unitholders, with an offer price of N2.88. An investor who placed N5 million in this fund at the start of the year would have earned approximately N2,679,000 in returns by June 26, 2026, bringing their total to N7,679,000.

4. Zrosk Magna Equity Fund (60.28%)
Managed by Zrosk Investment Management Limited, this fund ranks fourth with a YTD return of 60.28%, falling one place from third in May.

What This Means for Nigerian Investors

The strong YTD returns from these funds, despite the June correction, highlight the resilience of Nigeria’s equity market rally in the first half of 2026. For investors, the growth in unitholders suggests growing confidence in equity mutual funds as a vehicle for long-term capital appreciation, even as short-term volatility persists. The performance of these funds offers a diversified hedge against single-stock risks, particularly for retail investors seeking exposure to Nigeria’s banking, consumer goods, and industrial sectors.