Nigeria’s balanced mutual fund segment recorded a strong increase in net asset value (NAV), reaching N191.02 billion as of September 2026, up 23.94% from N154.13 billion at the end of August, as the segment continued to benefit from investment activity across equities and fixed-income securities.
Nairametrics Research analysis of Securities and Exchange Commission (SEC) data compiled in the supplied workbook shows that the segment comprised 31 funds, accounting for 1.98% of Nigeria’s total mutual fund assets of N9.66 trillion.
Balanced mutual funds invest across asset classes, typically combining equities and fixed-income instruments to provide investors with opportunities for capital appreciation and income generation while managing exposure to market volatility.
The top 10 performing balanced mutual funds recorded year-to-date (YTD) returns ranging from 44.87% to 72.33%, with Capital Express Balanced Fund retaining the leading position for the third consecutive month.
The ten leading funds collectively managed N96.08 billion, representing 50.30% of the balanced mutual fund segment and approximately 0.99% of the overall mutual fund industry.
The balanced mutual fund segment continued to attract new investors in September 2026, with total unitholders rising to 110,494 from 107,417 recorded in August, an increase of 3,077 unitholders or 2.86%.
Despite the size of the segment, the top 10 performing balanced mutual funds collectively manage N96.08 billion, representing 50.30% of the total balanced mutual fund category and 0.99% of the overall mutual fund industry.
The United Capital Wealth for Women Fund, managed by United Capital Asset Management Limited, recorded a YTD return of 44.87%, slipping two places from eighth in August.
The fund manages N5.44 billion in assets and serves 3,147 unitholders, with an offer price of N2.30.
An investor who placed N5 million in this fund at the beginning of 2026 would have earned approximately N2,243,500 in returns by September, bringing the total investment value to N7,243,500.
The fund has appeared in three of the nine monthly top-10 rankings in 2026, featuring in April, August and September.
The Emerging Africa Balanced-Diversity Fund, managed by Emerging Africa Asset Management Limited, recorded a YTD return of 44.91%, declining three places from sixth in August.
The fund manages N957.74 million in assets and serves 214 unitholders, with an offer price of N2.32.
An investor who placed N5 million in this fund at the beginning of 2026 would have earned approximately N2,245,500 in returns by September, bringing the total investment value to N7,245,500.
Emerging Africa Balanced-Diversity Fund has maintained a relatively consistent presence in the rankings, appearing in eight of the nine months tracked in 2026, missing only June.
The Stanbic IBTC Balanced Fund, managed by Stanbic IBTC Asset Management Limited, recorded a YTD return of 45.13%, advancing two places from tenth in August.
The fund manages N14.86 billion in assets and serves 10,192 unitholders, with an offer price of N14,122.88.
An investor who placed N5 million in this fund at the beginning of 2026 would have earned approximately N2,256,500 in returns by September, bringing the total investment value to N7,256,500.
Stanbic IBTC Balanced Fund has appeared in five of the nine monthly top-10 rankings, featuring in April, May, July, August and September.
The United Capital Balanced Fund, managed by United Capital Asset Management Limited, recorded a YTD return of 46.62%, climbing two places from ninth in August.
The fund manages N41.43 billion in assets, making it the largest balanced mutual fund by NAV in September. It serves 4,604 unitholders and has an offer price of N2.98.
An investor who placed N5 million in this fund at the beginning of 2026 would have earned approximately N2,331,000 in returns by September, bringing the total investment value to N7,331,000.
United Capital Balanced Fund has appeared in four monthly top-10 rankings in 2026. After featuring in January and February, it dropped out between March and July before returning in August and improving its position in September.
The CardinalStone Balanced Fund, managed by CardinalStone Asset Management Limited, recorded a YTD return of 50.08%, returning to the top 10 in September after missing the August ranking.
The fund manages N4.94 billion in assets and serves 1,068 unitholders, with an offer price of N1.83.
An investor who placed N5 million in this fund at the beginning of 2026 would have earned approximately N2,504,000 in returns by September, bringing the total investment value to N7,504,000.
CardinalStone Balanced Fund has appeared in six of the nine monthly rankings in 2026, having previously featured in March, April, May, June and July.
Its September return marks a significant improvement from the 19.16% YTD return recorded in August, when the fund ranked outside the top 10.
The Alpha Morgan Balanced Fund, managed by Alpha Morgan Capital Managers Limited, recorded a YTD return of 51.60%, slipping two places from third in August despite an improvement in its return.
The fund manages N3.20 billion in assets and serves 274 unitholders, with an offer price of N3,354.13.
An investor who placed N5 million in this fund at the beginning of 2026 would have earned approximately N2,580,000 in returns by September, bringing the total investment value to N7,580,000.
Alpha Morgan Balanced Fund has appeared in seven of the nine monthly top-10 rankings in 2026, missing only January and May.
Its YTD return increased from 43.84% in August to 51.60% in September, although stronger performances by other funds pushed it lower in the ranking.
The Nova Hybrid Balanced Fund, managed by NOVAMBL Asset Management, recorded a YTD return of 52.18%, rising one place from fifth in August.
The fund manages N71.26 million in assets and serves just 11 unitholders, making it the smallest fund by NAV and unitholder count among September’s top 10 performers. Its offer price stood at N3.99.
