Nigeria’s money market mutual fund segment delivered double-digit returns in 2025, supported by elevated interest rates and improved liquidity in the fixed-income market.
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Data reviewed by Nairametrics Research shows that leading funds posted year-to-date (YTD) yields ranging between 18% and 24%, reflecting active portfolio management and strategic positioning in high-yield short-term instruments.
By year-end, money market funds delivered YTD yields of 18.71% to 24.32%, sitting about 2.7% to 8.3% points below the 27% Monetary Policy Rate, highlighting the normal gap between benchmark policy rates and actual short-term investment returns.
The performance underscores the continued attractiveness of money market funds for investors seeking relatively stable income in a high-rate environment.
What the data is saying
Money market mutual funds benefited significantly from Nigeria’s tight monetary stance in 2025, which sustained high treasury bill and short-term instrument yields.
The top 10 funds by YTD yield demonstrated great income generation, while also reflecting varying levels of investor participation.
- YTD yields among the top performers ranged from 18.71% to 24.32%.
- Funds combine exposure to treasury bills, commercial papers, and other short-duration securities to optimize returns.
- Investor participation, measured by unitholders, varied widely across the top 10, from fewer than 50 investors to nearly 8,000.
- Competitive yield spreads indicate broad strength across the segment rather than isolated outperformance.
Overall, the data points to a robust year for money market funds amid favorable fixed-income conditions.
Top 10 performing money market mutual funds in 2025
The highest-performing fund delivered a yield above 24%, though it maintained a relatively small investor base.
First Ally Money Market Fund–18.71%
Rounding out the top ten, First Ally Money Market Fund delivered strong income returns and attracted a solid investor base. Its yield performance highlights effective positioning in Nigeria’s short-term fixed-income market.
- Fund Manager: First Ally Asset Management Limited
- NAV: N4.22bn
- Unitholders: 1,793
NorrenbergerMoney Market Fund – 18.80%
Norrenberger Money Market Fund maintained competitive returns within the high-teens range. Its substantial unitholder base underscores sustained investor trust and a stable fund management strategy.
- Fund Manager: Norrenberger Investment & Capital Mgt. Ltd.
- NAV: N32.37bn
- Unitholders: 5,440
Meristem Money Market Fund– 19.00%
Meristem Money Market Fund balanced strong returns with significant investor adoption. Its performance reflects consistent yield generation supported by prudent asset allocation and diversified exposure across short-term instruments.
- Fund Manager: Meristem Wealth Management Limited
- NAV: N85.63bn
- Unitholders: 7,873
ZedcrestMoney Market Fund – 19.53%
Zedcrest Money Market Fund recorded solid performance while maintaining a growing investor base. The fund’s strong participation highlights its appeal among retail and institutional investors seeking stable income opportunities.
- Fund Manager: Zedcrest Investment Managers Limited
- NAV: N10.13bn
- Unitholders: 5,426
EDC Money Market Fund Class A– 19.59%
EDC’s Class A fund combines strong returns with one of the largest unitholder bases among the top performers. The broad participation signals sustained investor confidence alongside competitive yield delivery.
- Fund Manager: EDC Fund Management Limited
- NAV: N85.87bn
- Unitholders: 4,546
TrustbancMoney Market Fund – 19.63%
Trustbanc Money Market Fund delivered strong risk-adjusted returns while maintaining a sizeable pool of investors. Its consistent yield reflects a well-balanced allocation across treasury instruments and money market securities.
A relatively smaller investor pool increases the risk that large-ticket withdrawals could meaningfully impact fund size and yield stability.
- Fund Manager: Trustbanc Asset Management Limited
- NAV: N11.80bn
- Unitholders: 629
EDC Money Market Fund Class B– 19.98%
EDC’s Class B offering ranked fourth, narrowly missing the 20% mark. With a focused investor base, the fund demonstrated efficient yield optimization through disciplined investment in short-duration instruments.
With very few investors, the fund faces elevated concentration risk, as exits by one or two major holders could significantly alter assets under management.
- Fund Manager: EDC Fund Management Limited
- NAV: N11.40bn
- Unitholders: 45
STL Money Market Fund– 20.50%
STL Money Market Fund delivered strong double-digit returns, supported by a relatively broad investor base. Its yield performance underscores effective liquidity management and strategic positioning within Nigeria’s high-rate environment.
Its modest NAV combined with under 1,000 investors suggests moderate sensitivity to concentrated redemptions.
- Fund Manager: STL Asset Management Limited
- NAV: N7.28bn
- Unitholders: 973
Page Money Market Fund– 22.11%
Page Money Market Fund secured second place, combining robust returns with steady investor participation. The fund’s performance reflects active portfolio management and consistent exposure to attractive short-term fixed-income securities.
The small asset base and limited unitholder spread heighten vulnerability to liquidity swings from large individual withdrawals.
- Fund Manager: Page Asset Management Limited
- NAV: N1.12bn
- Unitholders: 173
RT Briscoe Savings & Investment Fund– 24.32%
The RT Briscoe Savings & Investment Fund topped the rankings with the highest yield in the segment. Despite a relatively small investor base, its elevated yield profile highlights efficient asset allocation and strong performance within high-yield money market instruments.
With a very small NAV and a highly concentrated investor base, the fund is particularly exposed to asset volatility if even a single large investor redeems.
- Fund Manager: DLM Asset Management Limited
- NAV: N71.71m
- Unitholders: 23
Get up to speed
Money market funds invest primarily in short-term, low-risk fixed-income instruments and are typically favored during periods of high interest rates.
In 2025, Nigeria’s monetary environment remained tight, sustaining elevated yields across treasury bills and commercial paper markets.
- High benchmark interest rates translated into attractive short-term instrument yields.
- Improved liquidity conditions supported active portfolio rebalancing by fund managers.
- Investors rotated toward lower-volatility assets to preserve capital while earning competitive returns.
While 2025 proved highly favorable for money market funds, sustained performance will depend on the direction of monetary policy in 2026. Any rate normalization could compress yields and narrow return differentials across funds.
