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The Capital Express Balanced Fund retained the top spot among Nigeria’s balanced mutual funds for a fourth consecutive month in October 2026, although its year-to-date return fell to 55.64% from 72.33% in September, as the category’s net asset value edged up 2.91% to N196.57 billion as of October 30, 2026.
Securities and Exchange Commission (SEC) data reviewed by Nairametrics Research shows that the segment continues to comprise 31 funds and accounts for 1.95% of Nigeria’s total mutual fund assets, which stood at N10.09 trillion as of the reference date, down from 1.98% in September as total industry assets grew faster than the category.
Balanced funds divide investors’ money between equities and fixed-income instruments, seeking to combine stock market growth with the stability of bonds and money market holdings.
That blend makes them a middle-ground option for investors who want equity exposure without taking on the full swings of the stock market.
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The top 10 balanced funds recorded year-to-date returns ranging from 42.40% to 55.64%, compared with 44.87% to 72.33% in September, as most funds in the category posted lower returns than a month earlier.
What the data is saying
Participation in the segment continued to grow in October, with total unitholders rising to 115,893 from 110,494 in September, an increase of 5,399 unitholders or 4.89%.
The top 10 balanced mutual funds collectively manage N105.37 billion, representing 53.61% of the category and 1.04% of the overall mutual fund industry, up from 50.30% and 0.99% in September.
Top 10 performing balanced mutual funds by YTD return:
10. Stanbic IBTC Balanced Fund (42.40%)
The Stanbic IBTC Balanced Fund, managed by Stanbic IBTC Asset Management Limited, recorded a YTD return of 42.40%, slipping two places from eighth in September. It held its place by 0.93 percentage point ahead of the Coronation Balanced Fund, which ranked 11th with 41.47%.
The fund manages N14.95 billion in assets and serves 10,858 unitholders, the most in the top 10, with an offer price of N13,858.08, the highest among the ten funds.
An investor who placed N5 million in this fund at the start of the year would have earned approximately N2,120,211 in returns by October 30, 2026, bringing their total to N7,120,211.
Stanbic IBTC has featured in the top 10 for four consecutive months since July.
9. United Capital Balanced Fund (44.37%)
The United Capital Balanced Fund, managed by United Capital Asset Management Limited, recorded a YTD return of 44.37%, slipping two places from seventh in September.
The fund manages N44.96 billion in assets, the largest in the top 10 and about 42.7% of the ranked funds’ combined NAV, and serves 5,070 unitholders, with an offer price of N2.94.
Together with the United Capital Wealth for Women Fund, which ranked eighth, the manager’s two funds account for N50.53 billion, or about 48% of the top 10’s combined assets.
An investor who placed N5 million in this fund at the start of the year would have earned approximately N2,218,500 in returns by October 30, 2026, bringing their total to N7,218,500.
The fund has featured in the top 10 for three consecutive months since August.
8. United Capital Wealth for Women Fund (44.50%)
The United Capital Wealth for Women Fund, managed by United Capital Asset Management Limited, recorded a YTD return of 44.50%, rising two places from tenth in September.
The fund manages N5.58 billion in assets and serves 3,317 unitholders, with an offer price of N2.29.
An investor who placed N5 million in this fund at the start of the year would have earned approximately N2,225,000 in returns by October 30, 2026, bringing their total to N7,225,000.
The fund has appeared in four of the ten monthly top 10 rankings in 2026, including the last three months.
7. First Asset Balanced Fund (44.72%)
The First Asset Balanced Fund, managed by First Asset Management Limited, recorded a YTD return of 44.72%, returning to the top 10 in October after last featuring in August and rising from 11th in September.
The fund manages N22.87 billion in assets, the second largest in the top 10, and serves 6,086 unitholders, with an offer price of N625.08.
An investor who placed N5 million in this fund at the start of the year would have earned approximately N2,236,000 in returns by October 30, 2026, bringing their total to N7,236,000.
First Asset has featured in six of the ten monthly top 10 rankings in 2026.
6. Nigeria Energy Sector Fund (45.97%)
The Nigeria Energy Sector Fund, managed by SCM Capital Limited, recorded a YTD return of 45.97%, slipping four places from second in September, the steepest ranking decline in the top 10. Its return fell 12.75 percentage points from 58.72%.
The fund manages N3.14 billion in assets, down from N3.42 billion in September, and serves 823 unitholders, with an offer price of N552.22.
An investor who placed N5 million in this fund at the start of the year would have earned approximately N2,298,500 in returns by October 30, 2026, bringing their total to N7,298,500.
The fund has featured in eight of the ten monthly top 10 rankings in 2026, missing only January and August.
5. Emerging Africa Balanced-Diversity Fund (46.84%)
The Emerging Africa Balanced-Diversity Fund, managed by Emerging Africa Asset Management Limited, recorded a YTD return of 46.84%, rising four places from ninth in September, matching CardinalStone and First Asset for the biggest climb of the month. Its return rose 1.93 percentage points from 44.91%, the largest increase among the top 10.
The fund manages N952.23 million in assets and serves 216 unitholders, with an offer price of N2.35.
An investor who placed N5 million in this fund at the start of the year would have earned approximately N2,342,000 in returns by October 30, 2026, bringing their total to N7,342,000.
Emerging Africa has appeared in every top 10 ranking from January through October 2026. Alongside the Capital Express Balanced Fund, it is one of only two balanced funds with a perfect ten-month record.
4. Nova Hybrid Balanced Fund (47.12%)
The Nova Hybrid Balanced Fund, managed by Novambl Asset Management, recorded a YTD return of 47.12%, retaining its fourth position from September. Its return fell 5.06 percentage points from 52.18%.
The fund manages N67.76 million in assets, the smallest in the top 10, and serves just 12 unitholders, also the fewest, with an offer price of N3.86.
An investor who placed N5 million in this fund at the start of the year would have earned approximately N2,356,000 in returns by October 30, 2026, bringing their total to N7,356,000.
Nova Hybrid has featured in the top 10 for five consecutive months since June.
3. Alpha Morgan Balanced Fund (50.49%)
The Alpha Morgan Balanced Fund, managed by Alpha Morgan Capital Managers Limited, recorded a YTD return of 50.49%, rising two places from fifth in September. Its return eased 1.11 percentage points from 51.60%.
The fund manages N3.42 billion in assets and serves 282 unitholders, with an offer price of N3,328.89.
An investor who placed N5 million in this fund at the start of the year would have earned approximately N2,524,740 in returns by October 30, 2026, bringing their total to N7,524,740.
Alpha Morgan has featured in eight of the ten monthly top 10 rankings in 2026, missing only January and May.
2. CardinalStone Balanced Fund (50.63%)
The CardinalStone Balanced Fund, managed by CardinalStone Asset Management Limited, recorded a YTD return of 50.63%, rising four places from sixth in September to equal its best position of the year, second in April. Its return rose 0.55 percentage points from 50.08%, one of only two funds that held a top 10 place in both months to post a higher return than in September, alongside Emerging Africa.
The fund manages N5.34 billion in assets and serves 1,204 unitholders, with an offer price of N1.84.
An investor who placed N5 million in this fund at the start of the year would have earned approximately N2,531,500 in returns by October 30, 2026, bringing their total to N7,531,500.
CardinalStone has featured in seven of the ten monthly top 10 rankings in 2026, missing January, February and August.
1. Capital Express Balanced Fund (55.64%)
Leading the ranking for the fourth consecutive month is the Capital Express Balanced Fund, managed by Capital Express Asset and Trust Limited, with a YTD return of 55.64%, down 16.69 percentage points from 72.33% in September. Its lead over the second-placed fund narrowed to 5.01 percentage points from 13.61.
The fund manages N4.09 billion in assets and serves 2,743 unitholders, with an offer price of N9.56.
An investor who placed N5 million in this fund at the start of the year would have earned approximately N2,782,000 in returns by October 30, 2026, bringing their total to N7,782,000, the highest return among the ten funds in this ranking.
Capital Express has appeared in every top 10 ranking from January through October 2026 and has topped the table in five of the ten months, in March and from July to October.
What you should know
In an earlier article published on balanced mutual fund performance in September 2026, several trends defined the structure and behaviour of the category.
The balanced mutual fund segment comprised 31 funds managing a combined N191.02 billion, accounting for 1.98% of total industry assets.
- The segment served 110,494 unitholders, reflecting steady growth in participation in blended investment products.
- The top 10 performing balanced funds in September collectively managed N96.08 billion, representing 50.30% of the total balanced mutual fund category and 0.99% of total mutual fund assets.
- The top three funds in September, the Capital Express Balanced Fund, the Nigeria Energy Sector Fund and the ARM Discovery Balanced Fund, delivered YTD returns of 72.33%, 58.72% and 53.16% respectively.
Notably, the ARM Discovery Balanced Fund, which ranked third in September, dropped out of the top 10 in October, falling to 13th with a YTD return of 39.71%, as the First Asset Balanced Fund returned to the ranking.
