Nigeria’s mutual fund industry has continued to evolve as investors search for higher returns while navigating inflation, currency volatility, and changing interest-rate dynamics.
While conservative funds, such as money market and fixed-income mutual fund types, still dominate asset allocation, equity-based mutual funds remain the segment where the highest returns are typically generated.
As of February 2026, 20 equity-based mutual funds collectively manage N148.19 billion, representing 1.80% of the entire mutual fund industry, and a total of 79,757 unitholders.
Although the fund type is relatively small in size by the net asset value (NAV) compared to other fund categories, it remains critical for investors seeking long-term capital appreciation through exposure to the Nigerian stock market.
The strong performance of several equity funds reflects the broader rally in Nigerian equities in early 2026, particularly across banking, industrial, and energy stocks, which have driven much of the market’s gains.
Notably, the top 10 performing equity funds account for N67.51 billion in assets, representing 45.560% of the total equity-fund segment. This highlights a common pattern within the industry, where a relatively small group of funds often drives the strongest performance and investor interest.
Below is a closer look at the top 10 performing equity-based mutual funds by year-to-date (YTD) yield as of February 2026.
The Legacy Equity Fund is an open‑ended, naira‑denominated equity-based mutual fund, managed by FCMB Asset Management Limited, and has delivered a 30.53% YTD return.
It aims to deliver long‑term capital appreciation, and dividend income by investing primarily in Nigerian equities, thereby positioning it as a suitable product for medium‑ to long‑term investors seeking exposure to the performance of the Nigerian stock market.
The vehicle manages N3.71 billion in assets, with 3,757 unitholders, and trades between N7.22 and N7.38 per unit.
