Nigeria’s mutual fund industry grew to N8.44 trillion in March 2026, reflecting a 2.38% month-on-month increase from N8.24 trillion recorded in February.
This is according to Securities and Exchange Commission (SEC) industry data, tracking fund performance and investor participation.
The growth highlights sustained investor interest amid a high-yield environment and improving sentiment across select asset classes.
The number of funds increased slightly from 198 to 200, while total unitholders rose from 1.21 million to 1.26 million, representing a 4.08% increase, indicating continued participation from both retail and institutional investors, even as asset allocation remains largely tilted toward fixed income instruments.
Money market funds maintain dominance
The mutual fund industry remains dominated by money market funds, although other categories, such as equity and balanced funds, recorded stronger growth rates during the period. Overall, the data reflects a market that is expanding steadily while gradually diversifying.
Money market funds recorded an average YTD yield of 16.45%, accounting for N5.45 trillion in March, up from N5.29 trillion in February, representing 64.90% of total net asset value (NAV). This shows strong investor preference for low-risk, liquid instruments amid elevated interest rates.
The number of funds increased from 45 to 46, while unitholders grew from 671,714 to 702,711.
Top performers in this segment included:
- STL Money Market Fund managed by STL Asset Management Limited with YTD yield of 20.24%, NAV of N10.67 billion and 1,309 unitholders.
- Trustbanc Money Market Fund with a NAV of over N15.85 billion, YTD yield of 19.55%, and 833 unitholders.
- Page Money Market Fund: 19.31% YTD yield, NAV of N1.59 billion and 227 unitholders
- Greenwich Plus Money Market Fund: 18.34% YTD yield, NAV of N11.81 billion and 1,051 unitholders
- Emerging Africa Money Market Fund: 18.21% YTD yield, NAV of N8.18 billion and unitholders of 1,225
The sustained growth reflects continued demand for capital preservation and stable returns.
Equity-based funds record a strong yield despite the relatively small segment share
The number of funds in the equity-based segment remained stable at 20, with unitholders growing from 79,757 to 88,096. The NAV rose significantly from N148.19 billion in February to N170.74 billion in March, representing a 15.21% increase.
Despite the growth, equity funds accounted for just 2.02% of total NAV, highlighting their relatively smaller base compared to fixed income-heavy categories.
Equity-based funds delivered one of the strongest performances during the period, posting an average YTD yield of 35.64%, supported by bullish sentiment in the equities market.
Leading performers included:
- ARM Aggressive Growth Fund with a standout 108.83% YTD yield, NAV of N13.09 billion and unitholders of 10,070.
- Zedcrest Equity Fund: 51.86% YTD, NAV of N3.31 billion and unitholders of 1,017.
- Halo Equity Fund: 44.00% YTD, NAV of N374.4 million and unitholders of 107.
- Paramount Equity Fund: 38.70% YTD, NAV of N16.25 billion and 16,888 unitholders.
- Zrosk Magna Equity Fund: 38.56% YTD, NAV of N15.82 billion and unitholders of 118
The strong yields highlight improved performance in the Nigerian stock market, attracting incremental investor participation.
Fixed income funds
Bond and fixed income funds experienced a marginal decline in asset value, indicating mild portfolio rebalancing. The segment recorded an 8.82% average YTD yield.
NAV declined from N246.07 billion in February to N241.17 billion in March, representing a 1.99% decrease. The number of funds remained unchanged at 39, while unitholders increased slightly from 63,196 to 64,726.
These funds accounted for 2.86% of total NAV in March.
Top funds in this segment included:
- DLM Fixed Income Fund with a YTD yield of 20.31%, NAV of N2.72 billion and 318 unitholders.
- Coronation Fixed Income Fund: 19.90% YTD, NAV of N1.38 billion and unitholders of 2,615.
- Radix Horizon Fund: 19.05% YTD, NAV of N1.00 billion and unitholders of 190
- Comercio Partners Fixed Income Fund: 18.44% YTD, NAV of N212.67 million and unitholders of 47.
- Trustbanc Fixed Income Fund: 17.67% YTD, NAV of N117.14 million and unitholders of 127.
The decline in NAV suggests mild portfolio rebalancing, as some investors rotated into higher-yield or growth-oriented assets.
Dollar funds
Dollar-denominated funds maintained relative stability during the period.
NAV increased slightly from N1.83 trillion to N1.84 trillion, a 0.16% rise, while the number of funds edged up from 36 to 37. Unitholders also increased from 30,148 to 30,766.
Dollar funds printed an average YTD yield of 2.88% and accounted for 21.76% of total NAV, making them the second-largest asset class.
Top-performing funds included:
- Lead Dollar Fixed Income Fund: 12.05% YTD yield, NAV of N1.49 billion and unitholders of 53.
- Comercio Partners Dollar Fund: 9.40% YTD, NAV of N1.37 billion and unitholders of 73.
- FSL Eurobond Fund: 8.22% YTD, NAV of N1.88 billion and unitholders of 15.
- Meristem Dollar Fund: 7.53% YTD, NAV of N12.05 billion and unitholders of 188.
- FSDH Dollar Fund: 7.12% YTD, NAV of N12.05 billion and unitholders of 344.
Investors’ appetite for dollar assets remains supported by hedging needs against currency risk.
Real estate investment trusts (REITs)
REITs recorded moderate growth, increasing from N491.07 billion to N493.58 billion, contributing 5.85% of total assets. While the number of funds in the segment remained unchanged at 6, unitholders also remained 223,317.
Real Estate Investment Trusts recorded an average YTD yield of 6.36%.
Key funds included:
- MOFI Real Estate Investment Fund, accounting for over half of the segment’s NAV at N 259.16 billion and 11.01% YTD yield.
- Nigeria Real Estate Investment Trust: 9.04% YTD, NAV of N163.63 billion and unitholders of 851.
- SFS Real Estate Investment Trust: 7.75% YTD, NAV of N6.53 billion and unitholders of 4,897.
The sector continues to offer stable, income-generating opportunities, though growth remains gradual.
Balanced funds
Balanced funds posted notable growth, reflecting an average YTD yield of 26.06%, supported by exposure to both equities and fixed income instruments.
NAV rose from N115.75 billion to N122.32 billion, representing a 5.68% increase. The number of funds remained at 29, while unitholders increased from 83,859 to 87,648.
Balanced funds accounted for 1.45% of the total NAV.
Top performers included:
- Capital Express Balanced Fund with a 115.52% YTD yield.
- Coral Balanced Fund (83.59%).
- ARM Discovery Balanced Fund (73.10%).
- Emerging Africa Balanced-Diversity Fund (28.88%).
- Alpha Morgan Balanced Fund (25.34%).
Ethical and Shari’ah funds
Ethical funds and Shari’ah-compliant funds continued to attract investor interest.
Ethical funds saw NAV rise from N14.05 billion to N14.94 billion (6.33% increase), with unitholders growing from 14,736 to 15,464. They accounted for 0.18% of total NAV and an average YTD yield of 19.19%.
Top funds included:
- Stanbic IBTC Ethical Fund (32.01% YTD yield).
- ESG Impact Fund (23.06%).
- CFG Ethical Fund (2.49%).
Shari’ah-compliant funds also recorded solid growth, with an average yield of 16.66% and NAV increasing from N104.38 billion to N112.58 billion (7.86% increase). Unitholders rose from 45,479 to 48,965, while the number of funds remained unchanged at 20. They accounted for 1.33% of the total NAV.
Leading performers included:
- ARM Halal Balanced Fund (113.68% YTD yield).
- Stanbic IBTC Imaan Fund (32.13%).
- Lotus Halal Investment Fund (23.68%).
What you should know
Nigeria’s mutual fund industry continues to expand, with growth driven by both increased participation and rising asset values across key fund categories.
- However, the structure of the market still reflects a strong preference for low-risk investments. Total NAV reached N8.44 trillion in March 2026, with money market funds dominating asset allocation.
- The strong growth in equity and balanced funds suggests a gradual shift in investor appetite toward higher-return instruments, likely driven by improving equity market performance.
- The number of unitholders increased to 1.26 million, reflecting broader market participation.
