Best Performing Mutual Funds in Nigeria (October 2026)
Nigeria's equity mutual funds are having one of their best years on record. Every fund in the top five has returned more than 60% so far in 2026, and the leader has doubled investors' money. This guide ranks them using the latest official data.
According to the Securities and Exchange Commission (SEC) Nigeria weekly valuation report for the week ended 9 October 2026, 22 equity funds manage a combined ₦243.3 billion for 135,861 unitholders. That is up from ₦170.7 billion and about 88,000 unitholders in March. Across all fund types, Nigerian mutual funds now hold ₦9.88 trillion.
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What is a mutual fund? (Quick refresher)
A mutual fund pools money from many investors and puts it into a portfolio of stocks, bonds or money market instruments, run by a professional fund manager. In Nigeria, all mutual funds are registered and regulated by the SEC. For a primer on the stock market itself, start with what the NGX is.
- Professional management: no need to pick individual stocks
- Diversification: your risk is spread across many holdings
- Low minimums: many funds start from ₦5,000 to ₦50,000
- Liquidity: units can usually be redeemed within days
- Regulation: SEC registration separates real funds from Ponzi schemes
Top 5 best performing mutual funds in Nigeria in 2026
1 Zedcrest Equity Fund +100.60% YTD
Zedcrest has doubled investors' money so far in 2026 and leads every equity fund in the SEC report by a wide margin. It has also grown fast: assets have more than tripled since March as new money followed the returns.
2 Zrosk Magna Equity Fund +75.52% YTD
Zrosk Magna is one of the largest equity funds in the report, yet it has only 214 unitholders. That makes it mainly a vehicle for high-net-worth and institutional investors, with a high unit price to match.
3 Halo Equity Fund +71.00% YTD
Halo is the smallest fund in the top five, but it has stayed near the top all year. A small asset base lets the manager move in and out of NGX positions without moving prices.
4 Paramount Equity Fund +66.21% YTD
Chapel Hill Denham's Paramount Equity Fund is the most widely held fund in the top five, with over 23,000 unitholders, and one of the biggest by assets. It combines a top-five return with scale.
5 Cowry Equity Fund +62.39% YTD
Cowry Equity Fund rounds out the top five. It is small and closely held, so check the manager's minimum investment and redemption terms before you commit.
Summary table: top 5 equity funds (YTD to 9 October 2026)
| Rank | Fund | Fund manager | YTD return | NAV |
|---|---|---|---|---|
| 1 | Zedcrest Equity Fund | Zedcrest Investment Managers | 100.60% | ₦12.29B |
| 2 | Zrosk Magna Equity Fund | Zrosk Investment Management | 75.52% | ₦24.95B |
| 3 | Halo Equity Fund | Halo Asset Management | 71.00% | ₦507M |
| 4 | Paramount Equity Fund | Chapel Hill Denham Management | 66.21% | ₦23.55B |
| 5 | Cowry Equity Fund | Cowry Treasurers | 62.39% | ₦892M |
Source: SEC Nigeria weekly valuation report of collective investment schemes, week ended 9 October 2026
Just outside the top five: Futureview Equity Fund (61.89%), CardinalStone Equity Fund (58.33%), Meristem Equity Market Fund (54.63%) and FCMBAM Equity Fund (52.02%). The largest equity fund, Stanbic IBTC Nigerian Equity Fund (₦68.19B), is up 45.67%.
Best mutual funds in Nigeria by category
Not every investor wants an equity fund. Here are the leaders in each of the other main categories from the same SEC report.
Money market funds (lowest risk)
Money market funds invest in treasury bills and other short-term instruments. The figures below are the year-to-date yields reported to the SEC.
| Fund | Manager | YTD yield | NAV |
|---|---|---|---|
| First Ally Money Market Fund | First Ally Asset Management | 21.29% | ₦17.01B |
| Coronation Money Market Fund | Coronation Asset Management | 20.54% | ₦119.00B |
| DLM Money Market Fund | DLM Asset Management | 20.08% | ₦3.62B |
| CardinalStone Money Market Fund | CardinalStone Asset Management | 19.77% | ₦43.16B |
| Alpha10 Money Market Fund | Alpha10 Fund Management | 19.34% | ₦3.08B |
Compare these with today's treasury bill rates, since T-bills are what most money market funds hold.
Naira bond and fixed income funds
| Fund | Manager | YTD return | NAV |
|---|---|---|---|
| AVA GAM Fixed Income Fund | AVA Global Asset Managers | 25.40% | ₦0.36B |
| Stanbic IBTC Conservative Fund | Stanbic IBTC Asset Management | 21.40% | ₦1.39B |
| Radix Horizon Fund | Radix Capital Partners | 18.76% | ₦1.25B |
| United Capital Stable Income Fund | United Capital Asset Management | 17.92% | ₦52.97B |
| DLM Fixed Income Fund | DLM Asset Management | 17.70% | ₦3.52B |
Dollar funds (Eurobond and dollar fixed income)
Dollar funds return in US dollars, so compare them with each other, not with naira funds.
| Fund | Manager | YTD return (USD) | NAV (₦) |
|---|---|---|---|
| Norrenberger Dollar Fund | Norrenberger Investment & Capital Management | 10.95% | ₦45.60B |
| United Capital Global Fixed Income Fund | United Capital Asset Management | 10.58% | ₦169.16B |
| Futureview Dollar Fund | Futureview Asset Management | 10.13% | ₦0.29B |
| Nigeria Dollar Income Fund | Chapel Hill Denham Management | 8.59% | ₦37.57B |
| Cowry Eurobond Fund | Cowry Treasurers | 8.59% | ₦1.14B |
Balanced funds
| Fund | Manager | YTD return | NAV |
|---|---|---|---|
| Nigeria Energy Sector Fund | SCM Capital | 56.28% | ₦3.37B |
| Capital Express Balanced Fund | Capital Express Asset and Trust | 51.78% | ₦3.94B |
| Alpha Morgan Balanced Fund | Alpha Morgan Capital Managers | 50.76% | ₦3.41B |
| CardinalStone Balanced Fund | CardinalStone Asset Management | 48.97% | ₦4.94B |
| United Capital Balanced Fund | United Capital Asset Management | 46.45% | ₦48.30B |
Shariah-compliant funds
Stanbic IBTC Imaan Fund leads the Shariah-compliant equity funds with a 57.87% YTD return (₦34.55B), ahead of Lotus Halal Investment Fund at 40.10%. Among Shariah fixed income funds, Alpha10 Halal Fund leads at 20.54%. For individual halal stocks, see our best halal stocks on the NGX.
What's driving these returns?
1. The NGX rally
Nigerian stocks have rallied hard in 2026 on bank recapitalisation, strong earnings and renewed foreign interest. Equity funds hold mostly NGX-listed stocks, so they rise with the market. If you are weighing direct stock exposure against a fund, see our live list of the best Nigerian stocks to buy now.
2. High interest rates
High interest rates have kept the top money market and fixed income funds yielding around 18% to 21% so far this year, so even the lowest-risk funds are earning double digits.
3. Smaller funds can move faster
Three of the top five equity funds manage under ₦1 billion or have only a few hundred unitholders. Smaller portfolios can buy and sell NGX stocks without moving prices, which helps in a fast-rising market. The flip side is that they can also fall harder.
4. More Nigerians are investing
Equity fund unitholders rose from about 88,000 in March to 135,861 by early October, and equity fund assets grew by more than 40% over the same period.
Before you invest
If you are still deciding how to enter the market, read our guide on how to open a brokerage account in Nigeria. Investing from overseas? See how to buy Nigerian stocks and funds from the diaspora.
- Past performance is not a guarantee of future returns. A fund that doubled this year can fall sharply if the market turns.
- Match your risk tolerance. Equity funds are far more volatile than money market or fixed income funds.
- Check SEC registration. Confirm the fund appears in the SEC Nigeria valuation reports before investing.
- Understand fees. Management fees and early exit charges reduce your return. Read the prospectus.
- Diversify across fund types. Pairing an equity fund with a money market fund gives you growth plus a liquid cash buffer.
Frequently asked questions
What is the best performing mutual fund in Nigeria in 2026?
Based on the SEC's weekly valuation report for the week ended 9 October 2026, Zedcrest Equity Fund is the best performing equity mutual fund in Nigeria this year, with a year-to-date return of 100.60%. Zrosk Magna Equity Fund (75.52%) and Halo Equity Fund (71.00%) follow.
What is the best money market fund in Nigeria right now?
In the SEC's 9 October 2026 report, First Ally Money Market Fund had the highest year-to-date yield among money market funds at 21.29%, followed by Coronation Money Market Fund (20.54%), the largest of the top performers with ₦119 billion in assets.
How do I invest in mutual funds in Nigeria?
You can invest directly through the fund manager's website or app, through a registered broker-dealer, or through investment apps that distribute SEC-registered funds. Always confirm the fund is registered with the SEC.
What is the minimum investment for mutual funds in Nigeria?
Minimums vary by fund. Most retail funds accept ₦5,000 to ₦50,000 to start, and some institutional funds set higher thresholds. Check the fund's prospectus or the manager's website.
What is the difference between an equity fund and a money market fund?
Equity funds invest mainly in NGX-listed stocks, so they carry more risk but higher return potential. Money market funds invest in short-term instruments like treasury bills and are lower risk with steadier returns. Money market funds hold about 68% of all Nigerian mutual fund assets.
Data as of: March 27, 2026 · Published: May 21, 2026 · Sources: SEC Nigeria, SimplVest, BusinessDay