Best performing Equity Mutual Funds in Nigeria as of June

Nigeria’s equity mutual fund segment contracted to a net asset value (NAV) of N234.86 billion as of June 26, 2026, down 11.98% from N266.82 billion recorded in May, reflecting the broad correction that swept across Nigerian equities during the month as investors locked in gains from the first-half rally.

Data compiled by the Nairametrics Research team from the Securities and Exchange Commission (SEC) showed that the segment still comprises 20 funds, accounting for 2.58% of Nigeria’s total mutual fund assets, down from 2.96% recorded in May.

Although significantly smaller than the money market segment, equity mutual funds continue to attract investors seeking higher returns and long-term capital appreciation through diversified exposure to quoted equities across sectors such as banking, consumer goods, industrial goods, and oil and gas.

The top 10 performing equity mutual funds recorded year-to-date returns ranging from 42.91% to 91.11%, reflecting the strong first-half gains that persisted across the segment despite the June pullback.

What the data is saying

Despite the monthly contraction in NAV, the equity mutual fund segment continued to attract new investors, underscoring its appeal as a vehicle for long-term capital growth.

• The equity mutual fund segment witnessed continued investor participation, with total unitholders rising to 112,674 in June 2026, up from 107,137 recorded in May, representing a growth of 5,537 unitholders or a 5.17% increase.
• Despite the size of the segment, the top 10 performing equity mutual funds collectively manage N84.23 billion, representing 35.87% of the total equity mutual fund category and 0.92% of the overall mutual fund industry.

Top 10 performing equity mutual funds by YTD return

10. FCMBAM Equity Fund (42.91%)

Rounding out the top ten is the FCMBAM Equity Fund, managed by FCMB Asset Management Limited, with a YTD return of 42.91%, making an entry into the top 10 in June.

The fund is part of FCMB Asset Management Limited, the asset management subsidiary of FCMB Group Plc, led by Chief Executive Officer James Ilori. Formerly known as the Legacy Equity Fund, it was rebranded in 2026. It manages N4.14 billion in assets and serves 3,838 unitholders, with an offer price of N7.99.

An investor who placed N5 million in this fund at the start of the year would have earned approximately N2,145,500 in returns by June 26, 2026, bringing their total to N7,145,500.

9. Meristem Equity Market Fund (45.25%)

The Meristem Equity Market Fund, managed by Meristem Wealth Management Limited, recorded a YTD return of 45.25%, slipping one place from eighth in May.

Launched in July 2015, the fund is part of Meristem Securities Limited, led by Group Chief Executive Officer Sulaiman Adedokun. It manages N9.76 billion in assets and serves 2,448 unitholders, with an offer price of N45.06.

An investor who placed N5 million in this fund at the start of the year would have earned approximately N2,262,500 in returns by June 26, 2026, bringing their total to N7,262,500.

8. AXA Mansard Equity Income Fund (45.50%)

The AXA Mansard Equity Income Fund, managed by AXA Mansard Investments Limited, posted a YTD return of 45.50%, rising two places from tenth in May.

Launched in July 2016, the fund is part of AXA Mansard Group. AXA Mansard Investments Limited is led by Managing Director Deji Tunde-Anjous. It manages N3.13 billion in assets and serves 2,713 unitholders, with an offer price of N361.13.

An investor who placed N5 million in this fund at the start of the year would have earned approximately N2,275,000 in returns by June 26, 2026, bringing their total to N7,275,000.

7. Paramount Equity Fund (50.17%)

The Paramount Equity Fund, managed by Chapel Hill Denham Management Limited, ranks seventh with a YTD return of 50.17%, falling three places from fourth in May.

Launched in April 1991, the fund is one of Nigeria’s oldest equity mutual funds and is part of Chapel Hill Denham. Chapel Hill Denham Management is led by Managing Director Bolaji Balogun. It manages N21.86 billion in assets and serves 19,694 unitholders, with an offer price of N71.63, remaining the most widely held fund among the top 10.

An investor who placed N5 million in this fund at the start of the year would have earned approximately N2,508,500 in returns by June 26, 2026, bringing their total to N7,508,500.

6. Cowry Equity Fund (51.27%)

The Cowry Equity Fund, managed by Cowry Treasurers Limited, posted a YTD return of 51.27%, making an entry into the top 10 in June.

Launched in August 2022, the fund is part of Cowry Group, managed through its subsidiary Cowry Treasurers Limited, led by Chief Executive Officer Charles Sanni. It manages N604.78 million in assets and serves 239 unitholders, with an offer price of N326.89.

An investor who placed N5 million in this fund at the start of the year would have earned approximately N2,563,500 in returns by June 26, 2026, bringing their total to N7,563,500.

5. CardinalStone Equity Fund (53.58%)

The CardinalStone Equity Fund, managed by CardinalStone Asset Management Limited, delivered a YTD return of 53.58%, rising two places from seventh in May.

Launched in December 2023, the fund is part of CardinalStone Partners Limited. CardinalStone Asset Management is led by Managing Director Oluwaseyi Osunlalu. It manages N12.56 billion in assets and serves 2,847 unitholders, with an offer price of N2.88.

An investor who placed N5 million in this fund at the start of the year would have earned approximately N2,679,000 in returns by June 26, 2026, bringing their total to N7,679,000.

4. Zrosk Magna Equity Fund (60.28%)

The Zrosk Magna Equity Fund, managed by Zrosk Investment Management Limited, ranks fourth with a YTD return of 60.28%, falling one place from third in May.

Launched in September 2024, Zrosk Investment Management is led by Managing Director Samson Esemuede. It manages N22.81 billion in assets and serves 183 unitholders, with an offer price of N344.31, reflecting a high-conviction portfolio strategy that continues to deliver strong returns despite a relatively small unitholder base.

An investor who placed N5 million in this fund at the start of the year would have earned approximately N3,014,000 in returns by June 26, 2026, bringing their total to N8,014,000.

3. Halo Equity Fund (69.40%)

The Halo Equity Fund, managed by Halo Asset Management Limited, ranks third with a YTD return of 69.40%, falling one place from second in May.

Launched in June 2024, the fund is part of Halo Group, led by Group Chief Executive Officer Ike Echeruo. It manages N475.65 million in assets and serves 123 unitholders, with an offer price of N45.80.

An investor who placed N5 million in this fund at the start of the year would have earned approximately N3,470,000 in returns by June 26, 2026, bringing their total to N8,470,000.

2. Futureview Equity Fund (79.38%)

The Futureview Equity Fund, managed by Futureview Asset Management Limited, ranks second with a YTD return of 79.38%, rising three places from fifth in May, the biggest ranking jump among the top 10.

Launched in July 2021, the fund is part of Futureview Group. Futureview Asset Management is led by Managing Director Emeka Ndukwe. It manages N190.82 million in assets and serves 56 unitholders, with an offer price of N586.06, reflecting strong equity selection within a relatively small but high-yielding fund.

An investor who placed N5 million in this fund at the start of the year would have earned approximately N3,969,000 in returns by June 26, 2026, bringing their total to N8,969,000.

1. Zedcrest Equity Fund (91.11%)

Leading the ranking for the second consecutive month is the Zedcrest Equity Fund, managed by Zedcrest Investment Managers Limited, with a YTD return of 91.11%, down from 108.42% recorded in May as the June market correction weighed on returns but did not displace it from the top.

Launched in December 2025, the fund is part of Zedcrest Group, led by Group Chief Executive Officer Adedayo Amzat. It manages N8.70 billion in assets and serves 4,931 unitholders, with an offer price of N1.97.

Its sustained leadership of the equity mutual fund category for June 2026 reflects continued strong positioning in high-performing Nigerian equities despite the broader market pullback.

An investor who placed N5 million in this fund at the start of the year would have earned approximately N4,555,500 in returns by June 26, 2026, bringing their total to N9,555,500.

What you should know

In an earlier article published by Nairametrics on equity mutual fund performance in May 2026, several trends defined the structure and behaviour of the category.

• The equity mutual fund segment comprised 20 funds managing a combined N266.82 billion, accounting for 2.96% of total industry assets.
• The segment served 107,137 unitholders, reflecting growing retail and institutional participation in equity-focused investment products.
• The top 10 performing equity funds in May collectively managed N92.20 billion, representing 34.55% of the total equity mutual fund category and 1.02% of total mutual fund assets.
• The top three funds in May, the Zedcrest Equity Fund, the Halo Equity Fund, and the Zrosk Magna Equity Fund, delivered YTD returns of 108.42%, 83.00%, and 69.00% respectively.