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Nigeria’s equity mutual fund segment rebounded to a net asset value (NAV) of N241.38 billion as of July 31, 2026, up 2.78% from N234.86 billion recorded at the end of June, as the category recovered part of the losses recorded during the June market correction.
Data compiled by the Nairametrics Research team from the Securities and Exchange Commission (SEC) showed that the segment now comprises 21 funds, up from 20 in June, following the entry of the Coronation Equity Fund.
The segment accounted for 2.57% of Nigeria’s total mutual fund assets, marginally down from 2.58% recorded in June.
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.
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The top 10 performing equity mutual funds recorded year-to-date returns ranging from 47.21% to 88.58%, reflecting a further moderation in gains from the highs recorded earlier in the year as the market continued to digest the June pullback.
What the data is saying
Despite the modest recovery 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 121,316 in July 2026, up from 112,674 recorded in June, representing a growth of 8,642 unitholders or a 7.67% increase.
Despite the size of the segment, the top 10 performing equity mutual funds collectively manage N88.93 billion, representing 36.84% of the total equity mutual fund category and 0.95% of the overall mutual fund industry.
Top 10 performing equity mutual funds by YTD return
10. AXA Mansard Equity Income Fund (47.21%)
Rounding out the top ten is the AXA Mansard Equity Income Fund, managed by AXA Mansard Investments Limited, with a YTD return of 47.21%, falling two places from eighth in June.
The fund is part of AXA Mansard Group. Launched in July 2016, it manages N3.59 billion in assets and serves 2,843 unitholders, with an offer price of N350.57.
An investor who placed N5 million in this fund at the start of the year would have earned approximately N2,360,463 in returns by July 31, 2026, bringing their total to N7,360,463.
9. FCMBAM Equity Fund (47.27%)
The FCMBAM Equity Fund, managed by FCMB Asset Management Limited, recorded a YTD return of 47.27%, rising one place from tenth in June.
The fund is part of FCMB Asset Management Limited, the asset management subsidiary of FCMB Group Plc. Formerly known as the Legacy Equity Fund, it was rebranded in 2026. It manages N4.28 billion in assets and serves 3,891 unitholders, with an offer price of N8.32.
An investor who placed N5 million in this fund at the start of the year would have earned approximately N2,363,500 in returns by July 31, 2026, bringing their total to N7,363,500.
8. Meristem Equity Market Fund (50.11%)
The Meristem Equity Market Fund, managed by Meristem Wealth Management Limited, posted a YTD return of 50.11%, rising one place from ninth in June.
Launched in July 2015, the fund is part of Meristem Securities Limited. It manages N9.87 billion in assets and serves 2,297 unitholders, with an offer price of N46.72.
An investor who placed N5 million in this fund at the start of the year would have earned approximately N2,505,500 in returns by July 31, 2026, bringing their total to N7,505,500.
7. Paramount Equity Fund (55.86%)
The Paramount Equity Fund, managed by Chapel Hill Denham Management Limited, holds steady in seventh with a YTD return of 55.86%, unchanged in position from June.
Launched in April 1991, the fund is one of Nigeria’s oldest equity mutual funds and is part of Chapel Hill Denham. It manages N22.85 billion in assets and serves 20,955 unitholders, with an offer price of N71.00, 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 N2,793,000 in returns by July 31, 2026, bringing their total to N7,793,000.
6. Cowry Equity Fund (56.70%)
The Cowry Equity Fund, managed by Cowry Treasurers Limited, posted a YTD return of 56.70%, unchanged in position from June.
Launched in August 2022, the fund is part of Cowry Group, managed through its subsidiary Cowry Treasurers Limited. It manages N752.22 million in assets and serves 267 unitholders, with an offer price of N338.00.
An investor who placed N5 million in this fund at the start of the year would have earned approximately N2,835,000 in returns by July 31, 2026, bringing their total to N7,835,000.
5. CardinalStone Equity Fund (58.99%)
The CardinalStone Equity Fund, managed by CardinalStone Asset Management Limited, delivered a YTD return of 58.99%, unchanged in position from June.
Launched in December 2023, the fund is part of CardinalStone Partners Limited. It manages N12.74 billion in assets and serves 3,087 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 N2,949,500 in returns by July 31, 2026, bringing their total to N7,949,500.
4. Zrosk Magna Equity Fund (66.09%)
The Zrosk Magna Equity Fund, managed by Zrosk Investment Management Limited, ranks fourth with a YTD return of 66.09%, unchanged in position from June.
Launched in September 2024, it manages N23.86 billion in assets and serves 187 unitholders, with an offer price of N356.74, reflecting strong equity selection despite operating with a relatively small asset base and investor base
An investor who placed N5 million in this fund at the start of the year would have earned approximately N3,304,500 in returns by July 31, 2026, bringing their total to N8,304,500.
3. Halo Equity Fund (74.00%)
The Halo Equity Fund, managed by Halo Asset Management Limited, ranks third with a YTD return of 74.00%, unchanged in position from June.
Launched in June 2024, the fund is part of Halo Group. It manages N573.63 million in assets and serves 120 unitholders, with an offer price of N46.27.
An investor who placed N5 million in this fund at the start of the year would have earned approximately N3,700,000 in returns by July 31, 2026, bringing their total to N8,700,000.
2. Futureview Equity Fund (77.44%)
The Futureview Equity Fund, managed by Futureview Asset Management Limited, ranks second with a YTD return of 77.44%, unchanged in position from June.
Launched in July 2021, the fund is part of Futureview Group. It manages N226.01 million in assets and serves 74 unitholders, with an offer price of N579.87, 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 N3,872,000 in returns by July 31, 2026, bringing their total to N8,872,000.
1. Zedcrest Equity Fund (88.58%)
Leading the ranking for the third consecutive month is the Zedcrest Equity Fund, managed by Zedcrest Investment Managers Limited, with a YTD return of 88.58%, down from 91.11% recorded in June as returns continued to ease but the fund retained its position at the top.
Launched in December 2025, the fund is part of Zedcrest Group. It manages N10.18 billion in assets and serves 5,958 unitholders, with an offer price of N1.92.
Its sustained leadership of the equity mutual fund category for July 2026 reflects continued strong positioning in high-performing Nigerian equities despite the broader moderation in returns.
An investor who placed N5 million in this fund at the start of the year would have earned approximately N4,429,240 in returns by July 31, 2026, bringing their total to N9,429,240.
What you should know
In an earlier article published by Nairametrics on equity mutual fund performance in June 2026, several trends defined the structure and behaviour of the category.
- The equity mutual fund segment comprised 20 funds managing a combined N234.86 billion, accounting for 2.58% of total industry assets.
- The segment served 112,674 unitholders, reflecting growing retail and institutional participation in equity-focused investment products.
The top 10 performing equity funds in June collectively managed N84.23 billion, representing 35.87% of the total equity mutual fund category and 0.92% of total mutual fund assets.
The top three funds in June, the Zedcrest Equity Fund, the Futureview Equity Fund, and the Halo Equity Fund, delivered YTD returns of 91.11%, 79.38%, and 69.40% respectively.
