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Nigeria’s equity mutual fund segment continues to attract investors seeking higher returns and long-term capital appreciation despite the volatility associated with equities.
Compared to money market funds, equity mutual funds remain relatively smaller in terms of participation and assets under management, reflecting the conservative risk appetite of many Nigerian investors.
According to data compiled by the Nairametrics Research team from the Securities and Exchange Commission (SEC), as of April 2026, there are 20 equity mutual funds in Nigeria with a combined net asset value of N216.34 billion, accounting for 2.47% of the total mutual fund industry.
This represents a significant increase from N170.74 billion recorded in March 2026, highlighting renewed investor interest in equity-focused investment products amid strong stock market performance.
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The equity-based funds are structured to provide long-term capital appreciation through investments in diversified portfolios of quoted equities across sectors such as banking, industrial goods, consumer goods, and oil and gas.
The top 10 performing equity mutual funds recorded year-to-date returns ranging from 48.99% to 83.73%, reflecting the strong rally witnessed in several Nigerian equities during the period.
Although the equity mutual fund category remains significantly smaller than the money market segment, it continues to play an important role in the investment landscape by providing investors with exposure to growth-oriented investment strategies and listed equities.
What the data is saying
The equity mutual fund segment continues to witness increasing investor participation despite market volatility.
Data shows that the segment now has a total of 94,531 unitholders, up from 88,096 unitholders recorded in March 2026, indicating growing interest from both retail and institutional investors.
The top 10 performing equity funds collectively manage N88.31 billion as of April 2026, up from N79.16 billion recorded in March 2026. This represents 40.82% of the total equity mutual fund category.
Top 10 performing Equity Mutual Funds by YTD Return
PACAM Equity Fund – 48.99%
Rounding out the top ten is the PACAM Equity Fund, managed by PAC Asset Management Limited, with a YTD return of 48.99%.
The fund manages N316.72 million in assets and serves 36 unitholders, with an offer price of N3.00.
Meristem Equity Market Fund – 49.18%
The Meristem Equity Market Fund, managed by Meristem Wealth Management Limited, posted a YTD return of 49.18%.
It manages N8.81 billion in assets and serves 1,993 unitholders, with an offer price of N48.76.
Cowry Equity Fund – 49.50%
The Cowry Equity Fund, managed by Cowry Treasurers Limited, recorded a YTD return of 49.50%.
The fund manages N676.57 million in assets and serves 202 unitholders, with an offer price of N322.79.
Guaranty Trust Equity Income Fund – 50.36%
The Guaranty Trust Equity Income Fund, managed by Guaranty Trust Fund Managers, delivered a YTD return of 50.36%.
It manages N19.66 billion in assets and serves 9,314 unitholders, with an offer price of N6.03.
Futureview Equity Fund – 52.43%
The Futureview Equity Fund, managed by Futureview Asset Management Limited, posted a YTD return of 52.43%.
The fund manages N139.53 million in assets and serves 40 unitholders, with an offer price of N498.98.
Halo Equity Fund – 54.00%
The Halo Equity Fund, managed by Halo Asset Management Limited, ranks fifth with a YTD return of 54.00%.
It manages N493.18 million in assets and serves 116 unitholders, with an offer price of N42.86.
CardinalStone Equity Fund – 56.58%
The CardinalStone Equity Fund, managed by CardinalStone Asset Management Limited, recorded a YTD return of 56.58%.
It manages N10.07 billion in assets and serves 2,118 unitholders, with an offer price of N2.93.
Paramount Equity Fund – 60.05%
Coming in third is the Paramount Equity Fund, managed by Chapel Hill Denham Management Limited, with a YTD return of 60.05%.
The fund manages N21.48 billion in assets and serves 17,873 unitholders, with an offer price of N76.06.
ZroskMagna Equity Fund – 61.13%
The Zrosk Magna Equity Fund, managed by Zrosk Investment Management Limited, ranks second with a YTD return of 61.13%.
It manages N19.81 billion in assets and serves 137 unitholders, with an offer price of N345.85.
Zedcrest Equity Fund – 83.73%
Leading the ranking is the Zedcrest Equity Fund, managed by Zedcrest Investment Managers Limited, with a strong YTD return of 83.73%.
The fund manages N6.86 billion in assets and serves 1,649 unitholders, with an offer price of N1.89.
Its strong performance places it at the top of the equity mutual fund category for April 2026, reflecting sustained gains in the Nigerian equities market and strong portfolio performance.
What you should know
The previous Nairametrics report on the performance of equity mutual funds in March 2026 highlighted key trends in the overall performance of the segment.
The ARM Aggressive Growth Fund led the equity mutual fund rankings with a YTD return of 108.83%, followed by Zedcrest Equity Fund and Halo Equity Fund.
However, by April 2026, ARM Aggressive Growth Fund dropped out of the top 10 rankings to 17th place despite maintaining a positive YTD return of 38.76%, as gains across some equities in its portfolio moderated during the period.
Meanwhile, Zedcrest Equity Fund from second place in March 2026, rose to the top of the rankings in April 2026 with an improved YTD return of 83.73% from 51.86%
Halo Equity Fund recorded a 54.00% YTD yield from 44.00% yield in the previous month
The total NAV of the equity mutual fund segment increased by N45.60 billion month-on-month, rising from N170.74 billion in March to N216.34 billion in April 2026, while the industry’s share of the total mutual fund market also improved from 2.02% to 2.47%.
