Investor appetite for stability continues to define Nigeria’s mutual fund landscape, with capital steadily flowing into instruments that offer safety and consistent returns.

In recent months, this trend has become even more pronounced as investors continue to reposition portfolios in response to persistently high yields on short-term instruments.

At the center of this shift are money market funds, which have maintained their appeal as a reliable option for both new and experienced investors.

Money market funds are low-risk, open-ended investment vehicles designed to provide capital preservation and steady income through investments in high-quality short-term instruments.

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The top-performing mutual funds recorded a YTD yield between 17%-20%. This reflects the performance of the underlying asset yields, which moderated. While the Nigerian treasury bill has moderated around 16% and OMO bills have steadied around 19%, commercial papers are as high as 20-22%.

A new fund named Alpha10 Money Market Fund, managed by Alpha10 Fund Management Limited, recently registered with the SEC, was added in March with 147 unitholders and N1.77 billion.

According to data compiled by the Nairametrics Research team from the Securities and Exchange Commission (SEC), as of 27th March 2026, the segment had grown to 46 funds managing a combined N5.46 trillion net asset value (NAV), representing 64.90% of total mutual fund assets.

This strong positioning reflects a broader strategy among investors to remain liquid while still capturing competitive yields from short-term securities.

What the data is saying 

Beyond their asset size, money market funds continue to attract a broad investor base across retail and institutional segments.

  • Data indicates that the category now serves 702,711 unitholders, an additional 30,997 unitholders or a 4.61% increase from February, reinforcing its role as a key entry point into Nigeria’s capital market.
  • Despite the size of the segment, the top 10 performing money market funds collectively manage N145.42 billion, representing just 2.67% of the total money market fund assets and 1.68% of the overall mutual fund industry.
Top 10 performing Money Market Funds by YTD Yield 

SCM Capital Money Market Fund – 17.72%

Rounding out the top ten is the SCM Capital Money Market Fund, managed by SCM Capital Limited, with a YTD yield of 17.72%.

It manages N1.87 billion in assets and serves 345 unitholders, with units priced at N1.00.

Norrenberger Money Market Fund – 17.90% 

The Norrenberger Money Market Fund, managed by Norrenberger Investment & Capital Management Limited, recorded a YTD yield of 17.90%.

It manages N39.75 billion in assets, serves 6,124 unitholders, and trades at N100 per unit.

DLM Money Market Fund – 17.99%

The DLM Money Market Fund, managed by DLM Asset Management Limited, delivered a YTD yield of 17.99%.

It is structured to provide investors with safety, liquidity, diversification, and competitive returns through short-term money market instruments.

The fund holds N1.45 billion in assets and serves 102 unitholders, with units priced at N1,000.

Zedcrest Money Market Fund – 18.06% 

The Zedcrest Money Market Fund, managed by Zedcrest Investment Managers Limited, posted a YTD yield of 18.06%.

It manages N14.93 billion in assets and serves 6,528 unitholders, with a unit price of N1.00.

Chapel Hill Denham Money Market Fund – 18.13%

The Chapel Hill Denham Money Market Fund is an actively managed, open-ended mutual fund managed by Chapel Hill Denham Management Limited. The fund recorded a YTD yield of 18.13%.

It remains one of the largest in the category, with N39.31 billion in assets under management and 14,086 unitholders, with units priced at N100.

Emerging Africa Money Market Fund – 18.21%

The Emerging Africa Money Market Fund, managed by Emerging Africa Asset Management Limited, delivered a YTD yield of 18.21%.

The fund is designed to provide investors with capital safety and competitive returns through investments in high-quality, short-term instruments.

It manages N8.18 billion in assets and serves 1,225 unitholders, with units priced at N1.00.

Greenwich Plus Money Market Fund – 18.34%

The Greenwich Plus Money Market Fund, managed by Greenwich Asset Management Limited, recorded a YTD yield of 18.34%.

The fund manages N11.81 billion in assets and serves 1,051 unitholders, with units priced at N100.

Page Money Market Fund – 19.31%

Coming in third is the Page Money Market Fund, managed by Page Asset Management Limited, with a YTD yield of 19.31%.

The fund is structured to preserve capital while delivering stable and competitive returns through diversified money market investments.

It manages N1.60 billion in assets and serves 227 unitholders, with units priced at N1.00.

Trustbanc Money Market Fund – 19.55% 

The Trustbanc Money Market Fund, managed by Trustbanc Asset Management Limited, ranks second with a YTD yield of 19.55%.

The fund is designed to provide safety, liquidity, diversification, and attractive returns through investments in high-quality short-term instruments.

It manages N15.85 billion in assets and serves 833 unitholders, with units priced at N1.00.

STL Money Market Fund – 20.24%

Leading the ranking is the STL Money Market Fund, managed by STL Asset Management Limited, with a YTD yield of 20.24%.

With N10.67 billion in assets under management and 1,309 unitholders, the fund trades at N100 per unit.

Its strong performance places it at the top of the money market category for March 2026.

What you should know 

According to an earlier article published by Nairametrics on money market fund performance in February 2026, several key trends defined the structure and behavior of the category.

  • The money market fund category was the largest segment within Nigeria’s mutual fund industry, with 45 funds managing a combined N5.29 trillion, accounting for 64.18% of total industry assets.
  • The segment also had one of the broadest investor bases, with 671,714 unitholders, reinforcing its role as a primary entry point for retail investors into the capital market.
  • Despite its size, the segment remained highly fragmented. The top 10 performing funds collectively accounted for just N197.8 billion, representing 3.74% of the money market category and 2.40% of total mutual fund assets, indicating that assets were widely distributed across numerous funds.
  • The top three funds, RT Briscoe Savings & Investment Fund, Page Money Market Fund, and STL Money Market Fund, stood out in February, delivering some of the highest yields in the category. Notably, RT Briscoe led by a wide margin with a 24.33% return, significantly outperforming peers, while Page and STL also posted strong yields above 20%.