Nigeria’s equity mutual fund segment continues to attract investor interest, particularly among those seeking higher returns and long-term capital appreciation.

Unlike money market funds, equity funds are inherently more volatile, but they offer stronger upside potential, especially during periods of market recovery and bullish sentiment.

According to data compiled by the Nairametrics Research team from the Securities and Exchange Commission (SEC), as of 27th March 2026, there are 20 equity mutual funds in Nigeria with a combined net asset value of N170.74 billion, accounting for 2.02% of the total mutual fund industry.

The low participation in these equity-based mutual funds compared to money market mutual funds that have 64.90% of the total mutual fund industry for the same period shows that the Nigerian capital market still has investors with a low-risk appetite.

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The equity-based funds are designed to provide long-term capital appreciation by investing in a diversified portfolio of quoted equities.

The top ten performance range between 31% – 100% trailing the moderate YTD performance of some Nigerian equities, particularly in industrial and oil and gas stocks, which dominate equity fund allocations.

Although significantly smaller than the money market segment, equity funds remain an important component of the investment landscape, providing exposure to listed equities and growth-oriented strategies.

What the data is saying 

The equity mutual fund category continues to serve a growing base of investors willing to take on higher risk in exchange for potentially higher returns.

  • Data shows that the segment has a total of 88,096 unitholders, reflecting increased participation from both retail and institutional investors compared to February, which had 79,757 unitholders.
  • The top 10 performing equity funds collectively manage N79.16 billion as of March 2026, up from N67.51 billion in February 2026. This represents 46.36% of the equity mutual fund category.
Top 10 performing Equity Mutual Funds by YTD Return 

Meristem Equity Fund – 31.20%

Rounding out the top ten is the Meristem Equity Fund, managed by Meristem Wealth Management Limited, with a YTD return of 31.20%.

It manages N7.42 billion in assets and serves 1,624 unitholders, with an offer price of N42.87.

CardinalStone Equity Fund – 31.99% 

The CardinalStone Equity Fund, managed by CardinalStone Asset Management Limited, recorded a YTD return of 31.99%.

It manages N6.46 billion in assets and serves 1,817 unitholders, with an offer price of N2.47.

Guaranty Trust Equity Income Fund – 32.25%

The Guaranty Trust Equity Income Fund, managed by Guaranty Trust Fund Managers, delivered a YTD return of 32.25%.

It manages N15.60 billion in assets and serves 8,262 unitholders, with an offer price of N5.29.

Cowry Treasure Fund – 33.35%

The Cowry Treasure Fund, managed by Cowry Treasurers Limited, posted a YTD return of 33.35%.

It manages N575.96 million in assets and serves 170 unitholders, with an offer price of N287.87.

PAC Asset Management Equity Fund – 38.19%

The PAC Asset Management Equity Fund, managed by PAC Asset Management Limited, recorded a YTD return of 38.19%.

It focuses on capital appreciation through investments in high-quality equities across key sectors of the economy.

The fund manages N258.02 million in assets and serves 27 unitholders, with an offer price of N2.79.

ZroskEquity Fund – 38.56% 

The Zrosk Equity Fund, managed by Zrosk Investment Management Limited, delivered a YTD return of 38.56%.

It manages N15.82 billion in assets and serves 118 unitholders, with an offer price of N297.46.

Chapel Hill Denham Nigeria Equity Fund – 38.70%

The Chapel Hill Denham Nigeria Equity Fund, managed by Chapel Hill Denham Management Limited, posted a YTD return of 38.70%.

It manages N16.25 billion in assets and serves 16,888 unitholders, with an offer price of N66.07.

Halo Equity Fund – 44.00%

Coming in third is the Halo Equity Fund, managed by Halo Asset Management Limited, with a YTD return of 44.00%.

It manages N374.40 million in assets and serves 107 unitholders, with an offer price of N37.99.

Zedcrest Equity Fund – 51.86% 

The Zedcrest Equity Fund, managed by Zedcrest Investment Managers Limited, ranks second with a YTD return of 51.86%.

It manages N3.31 billion in assets and serves 1,017 unitholders, with an offer price of N1.57.

ARM Equity Fund – 108.83%

Leading the ranking is the ARM Equity Fund, managed by ARM Investment Managers Limited, with an exceptional YTD return of 108.83%. The YTD yield slowed due to price correction of equities in the portfolio.

With N13.10 billion in assets under management and 10,070 unitholders, the fund trades at an offer price of N68.55.

Its standout performance places it firmly at the top of the equity mutual fund category for March 2026.

What you should know 

In a recent article published by Nairametrics on equity mutual fund performance in February 2026, several important trends were highlighted about the structure and performance of the segment.

  • As of February 2026, 20 equity-based mutual funds collectively managed N148.19 billion, representing 1.80% of the entire mutual fund industry, with a total of 79,757 unitholders, reflecting the relatively smaller but growing nature of the segment.
  • The top 10 performing equity funds accounted for N67.51 billion in assets, representing 45.56% of the total equity fund segment, indicating a high level of concentration among leading performers.
  • The top three funds in February, ARM Aggressive Growth Fund, Zedcrest Equity Fund, and Halo Equity Fund, led the rankings with strong returns. ARM Aggressive Growth Fund stood out significantly with a 137.41% YTD return, driven by strong equity market performance, while Zedcrest and Halo also posted impressive returns of 44.57% and 37.00%, respectively, highlighting the potential for outsized gains within the equity fund space.