Best performing Equity mutual funds in Nigeria as of August 2026

Nigeria’s equity mutual fund segment pulled back to a net asset value (NAV) of N230.50 billion as of August 28, 2026, down 4.51% from N241.38 billion recorded at the end of July, as renewed market volatility eroded part of the gains recorded in the prior month.

Nairametrics Research analysis of the Securities and Exchange Commission (SEC) data showed that the segment now comprises 22 funds, up from 21 in July, as the roster of registered equity funds continued to expand.

The segment accounted for 2.41% of Nigeria’s total mutual fund assets, down from 2.57% recorded in July.

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 46.64% to 82.36%, reflecting a further moderation in gains from the highs recorded earlier in the year as the market continued to digest broader volatility.

What the data is saying

Despite the pullback 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 127,837 in August 2026, up from 121,316 recorded in July, representing a growth of 6,521 unitholders or a 5.38% increase.

Despite the size of the segment, the top 10 performing equity mutual funds collectively manage N99.62 billion, representing 43.22% of the total equity mutual fund category and 1.04% of the overall mutual fund industry.

Top 10 performing equity mutual funds by YTD return

10. Meristem Equity Market Fund (46.64%)

Rounding out the top ten is the Meristem Equity Market Fund, managed by Meristem Wealth Management Limited, with a YTD return of 46.64%, falling two places from eighth in July.

Launched in July 2015, the fund is part of Meristem Securities Limited. It manages N9.57 billion in assets and serves 2,436 unitholders, with an offer price of N45.35.

An investor who placed N5 million in this fund at the start of the year would have earned approximately N2,332,000 in returns by August 28, 2026, bringing their total to N7,332,000.

9. AXA Mansard Equity Income Fund (47.41%)

The AXA Mansard Equity Income Fund, managed by AXA Mansard Investments Limited, recorded a YTD return of 47.41%, rising one place from tenth in July.

The fund is part of AXA Mansard Group. Launched in July 2016, it manages N3.60 billion in assets and serves 2,899 unitholders, with an offer price of N351.06.

An investor who placed N5 million in this fund at the start of the year would have earned approximately N2,370,408 in returns by August 28, 2026, bringing their total to N7,370,408.

8. ARM Aggressive Growth Fund (52.10%)

The ARM Aggressive Growth Fund, managed by ARM Investment Managers Limited, makes its debut in the top 10 with a YTD return of 52.10%, having been outside the top ten in July.

The fund manages N17.92 billion in assets and serves 12,991 unitholders, with an offer price of N73.25, making it the most widely held fund in this month’s top ten after Paramount Equity Fund.

An investor who placed N5 million in this fund at the start of the year would have earned approximately N2,605,000 in returns by August 28, 2026, bringing their total to N7,605,000.

7. CardinalStone Equity Fund (52.90%)

The CardinalStone Equity Fund, managed by CardinalStone Asset Management Limited, delivered a YTD return of 52.90%, slipping two places from fifth in July.

Launched in December 2023, the fund is part of CardinalStone Partners Limited. It manages N12.30 billion in assets and serves 3,237 unitholders, with an offer price of N2.77.

An investor who placed N5 million in this fund at the start of the year would have earned approximately N2,645,000 in returns by August 28, 2026, bringing their total to N7,645,000.

6. Paramount Equity Fund (53.35%)

The Paramount Equity Fund, managed by Chapel Hill Denham Management Limited, climbs to sixth with a YTD return of 53.35%, up one place from seventh in July.

Launched in April 1991, the fund is one of Nigeria’s oldest equity mutual funds and is part of Chapel Hill Denham. It manages N21.88 billion in assets and serves 22,049 unitholders, with an offer price of N69.93, 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 N2,667,500 in returns by August 28, 2026, bringing their total to N7,667,500.

5. Cowry Equity Fund (55.83%)

The Cowry Equity Fund, managed by Cowry Treasurers Limited, posted a YTD return of 55.83%, rising one place from sixth in July.

Launched in August 2022, the fund is part of Cowry Group, managed through its subsidiary Cowry Treasurers Limited. It manages N745.40 million in assets and serves 321 unitholders, with an offer price of N336.12.

An investor who placed N5 million in this fund at the start of the year would have earned approximately N2,791,500 in returns by August 28, 2026, bringing their total to N7,791,500.

4. Futureview Equity Fund (58.44%)

The Futureview Equity Fund, managed by Futureview Asset Management Limited, slips to fourth with a YTD return of 58.44%, down two places from second in July.

Launched in July 2021, the fund is part of Futureview Group. It manages N204.68 million in assets and serves 74 unitholders, with an offer price of N518.34, reflecting a relatively small but still high-yielding fund.

An investor who placed N5 million in this fund at the start of the year would have earned approximately N2,922,000 in returns by August 28, 2026, bringing their total to N7,922,000.

3. Zrosk Magna Equity Fund (64.73%)

The Zrosk Magna Equity Fund, managed by Zrosk Investment Management Limited, ranks third with a YTD return of 64.73%, up one place from fourth in July.

Launched in September 2024, it manages N23.24 billion in assets and serves 201 unitholders, with an offer price of N353.77, reflecting continued strong equity selection despite operating with a relatively small investor base.

An investor who placed N5 million in this fund at the start of the year would have earned approximately N3,236,500 in returns by August 28, 2026, bringing their total to N8,236,500.

2. Halo Equity Fund (67.00%)

The Halo Equity Fund, managed by Halo Asset Management Limited, ranks second with a YTD return of 67.00%, up one place from third in July.

Launched in June 2024, the fund is part of Halo Group. It manages N434.35 million in assets and serves 122 unitholders, with an offer price of N44.67.

An investor who placed N5 million in this fund at the start of the year would have earned approximately N3,350,000 in returns by August 28, 2026, bringing their total to N8,350,000.

1. Zedcrest Equity Fund (82.36%)

Leading the ranking for the fourth consecutive month is the Zedcrest Equity Fund, managed by Zedcrest Investment Managers Limited, with a YTD return of 82.36%, down from 88.58% recorded in July 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 N9.72 billion in assets and serves 6,550 unitholders, with an offer price of N1.88.

Its sustained leadership of the equity mutual fund category for August 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 N4,117,950 in returns by August 28, 2026, bringing their total to N9,117,950.

What you should know

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

• The equity mutual fund segment comprised 21 funds managing a combined N241.38 billion, accounting for 2.57% of total industry assets.
• The segment served 121,316 unitholders, reflecting growing retail and institutional participation in equity-focused investment products.

The top 10 performing equity funds in July collectively managed N88.93 billion, representing 36.84% of the total equity mutual fund category and 0.95% of total mutual fund assets.

The top three funds in July, the Zedcrest Equity Fund, the Futureview Equity Fund, and the Halo Equity Fund, delivered YTD returns of 88.58%, 77.44%, and 74.00% respectively.

Notably, FCMBAM Equity Fund, which ranked ninth in July with a YTD return of 47.27%, dropped out of the top 10 in August, settling just outside the ranking at 46.53% as the ARM Aggressive Growth Fund overtook it to claim the eighth spot.