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.
The equity mutual fund segment continued to attract new investors in September 2026, underscoring its appeal as a vehicle for long-term capital growth.
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.
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.
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.
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.
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.
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.
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.
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.
