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Nigeria’s equity mutual fund segment recovered to a net asset value of N243.84 billion as of September 25, 2026, up 5.78% from N230.50 billion recorded at the end of August, as improving market conditions supported a rebound in the segment following the pullback recorded in the prior month.
Nairametrics Research analysis of Securities and Exchange Commission (SEC) data shows that the segment continues to comprise 22 funds, accounting for 2.52% of Nigeria’s total mutual fund assets, up from 2.43% recorded in August.
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 48.70% to 104.91%, reflecting a meaningful recovery in returns from the levels recorded at the end of August, with the segment’s top performer recrossing the 100% return threshold after dipping below it between June and August.
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What the data is saying
The equity mutual fund segment continued to attract new investors in September 2026, underscoring its appeal as a vehicle for long-term capital growth.
- Total unitholders rose to 133,840, up from 127,837 recorded in August, representing an increase of 6,003 unitholders or 4.70%.
- Despite the size of the segment, the top 10 performing equity mutual funds collectively manage N102.04 billion, representing 41.85% of the total equity mutual fund category and 1.06% of the overall mutual fund industry.
Top 10 performing equity mutual funds by YTD return
10. Afrinvest Equity Fund (48.70%)
Rounding out the top ten is the Afrinvest Equity Fund, managed by Afrinvest Asset Management Limited, with a YTD return of 48.70%, making its debut in the top 10 in 2026.
The fund manages N11.91 billion in assets and serves 1,709 unitholders, with an offer price of N925.94.
An investor who placed N5 million in this fund at the start of the year would have earned approximately N2,435,000 in returns by September 25, 2026, bringing their total to N7,435,000.
9. FCMBAM Equity Fund (53.08%)
The FCMBAM Equity Fund, managed by FCMB Asset Management Limited, recorded a YTD return of 53.08%, returning to the top 10 in September 2026 having last featured in July.
The fund manages N4.36 billion in assets and serves 3,868 unitholders, with an offer price of N8.65.
An investor who placed N5 million in this fund at the start of the year would have earned approximately N2,654,000 in returns by September 25, 2026, bringing their total to N7,654,000.
8. Meristem Equity Market Fund (55.28%)
The Meristem Equity Market Fund, managed by Meristem Wealth Management Limited, recorded a YTD return of 55.28%, rising two places from tenth in August.
Launched in July 2015, the fund is part of Meristem Securities Limited. It manages N8.77 billion in assets and serves 2,458 unitholders, with an offer price of N48.24.
An investor who placed N5 million in this fund at the start of the year would have earned approximately N2,764,000 in returns by September 25, 2026, bringing their total to N7,764,000.
Meristem Equity Market Fund has appeared in eight of the nine monthly top 10 rankings in 2026, missing only January.
7. Paramount Equity Fund (61.05%)
The Paramount Equity Fund, managed by Chapel Hill Denham Management Limited, recorded a YTD return of 61.05%, slipping one place from sixth in August.
Launched in April 1991, the fund is one of Nigeria’s oldest equity mutual funds and is part of Chapel Hill Denham. It manages N23.73 billion in assets and serves 23,210 unitholders, with an offer price of N76.88, 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 N3,052,500 in returns by September 25, 2026, bringing their total to N8,052,500.
Paramount Equity Fund has appeared in every top 10 ranking from January through September 2026, one of only four funds to maintain a perfect nine-month appearance record.
6. Futureview Equity Fund (61.89%)
The Futureview Equity Fund, managed by Futureview Asset Management Limited, recorded a YTD return of 61.89%, slipping two places from fourth in August.
Launched in July 2021, the fund is part of Futureview Group. It manages N204.33 million in assets and serves 84 unitholders, with an offer price of N529.75, reflecting a small but high-performing fund.
An investor who placed N5 million in this fund at the start of the year would have earned approximately N3,094,500 in returns by September 25, 2026, bringing their total to N8,094,500.
Futureview has featured in the top 10 in seven of the nine months tracked in 2026, missing only February and March.
5. Cowry Equity Fund (66.76%)
The Cowry Equity Fund, managed by Cowry Treasurers Limited, posted a YTD return of 66.76%, retaining its fifth position from August.
Launched in August 2022, the fund is part of Cowry Group. It manages N908.06 million in assets and serves 375 unitholders, with an offer price of N359.53.
An investor who placed N5 million in this fund at the start of the year would have earned approximately N3,338,000 in returns by September 25, 2026, bringing their total to N8,338,000.
4. CardinalStone Equity Fund (66.92%)
The CardinalStone Equity Fund, managed by CardinalStone Asset Management Limited, recorded a YTD return of 66.92%, rising three places from seventh in August, the biggest ranking gain among funds that appeared in both months.
Launched in December 2023, the fund is part of CardinalStone Partners Limited. It manages N13.95 billion in assets and serves 3,462 unitholders, with an offer price of N3.13.
An investor who placed N5 million in this fund at the start of the year would have earned approximately N3,346,000 in returns by September 25, 2026, bringing their total to N8,346,000.
CardinalStone Equity Fund has featured in the top 10 in seven of the nine months tracked in 2026, missing only January and February.
3. Halo Equity Fund (72.00%)
The Halo Equity Fund, managed by Halo Asset Management Limited, ranks third with a YTD return of 72.00%, slipping one place from second in August.
Launched in June 2024, the fund is part of Halo Group. It manages N466.51 million in assets and serves 132 unitholders, with an offer price of N46.42.
An investor who placed N5 million in this fund at the start of the year would have earned approximately N3,600,000 in returns by September 25, 2026, bringing their total to N8,600,000.
Halo Equity Fund has appeared in every top 10 ranking from January through September 2026, one of only four funds to achieve this across all nine months tracked in 2026.
2. Zrosk Magna Equity Fund (77.60%)
The Zrosk Magna Equity Fund, managed by Zrosk Investment Management Limited, ranks second with a YTD return of 77.60%, rising one place from third in August.
Launched in September 2024, the fund manages N25.14 billion in assets and serves 199 unitholders, with an offer price of N381.50.
An investor who placed N5 million in this fund at the start of the year would have earned approximately N3,880,000 in returns by September 25, 2026, bringing their total to N8,880,000.
Zrosk Magna Equity Fund has appeared in every top 10 ranking from January through September 2026, also one of only four funds to maintain a perfect nine-month record in 2026.
1. Zedcrest Equity Fund (104.91%)
Leading the ranking for the sixth consecutive month is the Zedcrest Equity Fund, managed by Zedcrest Investment Managers Limited, with a YTD return of 104.91%, recrossing the 100% mark after dipping below it between June and August, and extending its lead at the top of the equity mutual fund category.
Launched in December 2025, the fund is part of Zedcrest Group. It manages N12.60 billion in assets and serves 7,341 unitholders, with an offer price of N2.11.
An investor who placed N5 million in this fund at the start of the year would have earned approximately N5,245,345 in returns by September 25, 2026, bringing their total to N10,245,345, the highest return among the ten funds in this ranking.
Its sustained leadership of the equity mutual fund category reflects continued strong positioning in high-performing Nigerian equities, with its September return representing a recovery from the 82.36% recorded at the end of August.
What you should know
In an earlier article published on equity mutual fund performance in August 2026, several trends defined the structure and behavior of the category.
- The equity mutual fund segment comprised 22 funds managing a combined N230.50 billion, accounting for 2.43% of total industry assets.
- The segment served 127,837 unitholders, reflecting growing retail and institutional participation in equity-focused investment products.
- The top 10 performing equity funds in August collectively managed N99.62 billion, representing 43.22% of the total equity mutual fund category and 1.04% of total mutual fund assets.
- The top three funds in August, the Zedcrest Equity Fund, the Halo Equity Fund, and the Zrosk Magna Equity Fund, delivered YTD returns of 82.36%, 67.00% and 64.73% respectively.
- Notably, ARM Aggressive Growth Fund, which ranked eighth in August with a YTD return of 52.10%, and AXA Mansard Equity Income Fund, which ranked ninth with a YTD return of 47.41%, both dropped out of the top 10 in September as FCMBAM Equity Fund and Afrinvest Equity Fund entered the ranking.
