Nigeria’s equity mutual fund segment expanded to a net asset value (NAV) of N266.82 billion as of May 29, 2026, up 23.33% from N216.34 billion recorded in April, reflecting renewed investor appetite for growth-oriented investment products amid sustained momentum in the Nigerian equities market.
Data compiled by the Nairametrics Research team from the Securities and Exchange Commission (SEC) showed that the segment comprises 20 funds, accounting for 2.96% of Nigeria’s total mutual fund assets, up from 2.47% recorded in April.
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 52.75% to 108.42%, reflecting the strong rally witnessed across several Nigerian equities during the period.
What the data is saying
Despite remaining a fraction of the broader mutual fund industry, the equity mutual fund segment continues to deepen its footprint in Nigeria’s investment landscape.
The equity mutual fund segment continues to witness increasing investor participation, with total unitholders rising to 107,137 in May 2026, up from 94,531 recorded in April, representing a growth of 12,606 unitholders or a 13.34% increase.
Despite the size of the segment, the top 10 performing equity mutual funds collectively manage N92.20 billion, representing 34.55% of the total equity mutual fund category and 1.02% of the overall mutual fund industry.
Below are the top 10 performing equity mutual funds by YTD return:
10. AXA Mansard Equity Income Fund (52.75%)
Rounding out the top ten is the AXA Mansard Equity Income Fund, managed by AXA Mansard Investments Limited, with a YTD return of 52.75%.
Launched in July 2016, the fund is part of AXA Mansard Group. AXA Mansard Investments Limited is led by Managing Director Deji Tunde-Anjous. It manages N3.25 billion in assets and serves 2,668 unitholders, with an offer price of N382.26, providing investors with exposure to a diversified portfolio of Nigerian equities.
9. Anchoria Equity Fund (54.51%)
The Anchoria Equity Fund, managed by Anchoria Asset Management Limited, posted a YTD return of 54.51%.
Launched in September 2019, the fund is part of VFD Group. Anchoria Asset Management is led by Managing Director Esther Ugwu. It manages N2.67 billion in assets and serves 818 unitholders, with an offer price of N641.48, positioning itself as a growth-focused vehicle for investors seeking long-term capital appreciation.
8. Meristem Equity Market Fund (58.45%)
The Meristem Equity Market Fund, managed by Meristem Wealth Management Limited, recorded a YTD return of 58.45%.
Launched in July 2015, the fund is part of Meristem Securities Limited, led by Group Chief Executive Officer Sulaiman Adedokun. It manages N10.91 billion in assets and serves 2,282 unitholders, with an offer price of N49.31, reflecting consistent portfolio performance amid the broader equity market momentum.
7. CardinalStone Equity Fund (61.14%)
The CardinalStone Equity Fund, managed by CardinalStone Asset Management Limited, delivered a YTD return of 61.14%.
Launched in December 2023, the fund is part of CardinalStone Partners Limited. CardinalStone Asset Management is led by Managing Director Oluwaseyi Osunlalu. It manages N12.34 billion in assets and serves 2,643 unitholders, with an offer price of N3.02, continuing to demonstrate strong performance within the equity fund category.
6. PACAM Equity Fund (61.21%)
The PACAM Equity Fund, managed by PAC Asset Management Limited, posted a YTD return of 61.21%.
Launched in March 2019, the fund is part of PanAfrican Capital Holdings. PAC Asset Management is led by Managing Director Bamidele Ige. It manages N392.47 million in assets and serves 42 unitholders, with an offer price of N3.45, offering a concentrated but high-performing equity investment option.
5. Futureview Equity Fund (64.29%)
The Futureview Equity Fund, managed by Futureview Asset Management Limited, ranks fifth with a YTD return of 64.29%.
Launched in July 2021, the fund is part of Futureview Group. Futureview Asset Management is led by Managing Director Emeka Ndukwe. It manages N158.03 million in assets and serves 34 unitholders, with an offer price of N537.49, reflecting strong equity selection within a relatively small but high-yielding fund.
4. Paramount Equity Fund (65.09%)
Coming in fourth is the Paramount Equity Fund, managed by Chapel Hill Denham Management Limited, with a YTD return of 65.09%.
Launched in April 1991, the fund is one of Nigeria’s oldest equity mutual funds and is part of Chapel Hill Denham. Chapel Hill Denham Management is led by Managing Director Bolaji Balogun.
It manages N25.81 billion in assets and serves 19,437 unitholders, with an offer price of N78.58, making it the largest fund in this ranking by assets under management and the most widely held among the top 10. Its longevity and scale reflect the enduring appeal of equity-focused investment products among Nigerian investors.
3. Zrosk Magna Equity Fund (69.00%)
The Zrosk Magna Equity Fund, managed by Zrosk Investment Management Limited, ranks third with a YTD return of 69.00%.
Launched in September 2024, Zrosk Investment Management is led by Managing Director Samson Esemuede. It manages N23.03 billion in assets and serves 163 unitholders, with an offer price of N362.86, reflecting a high-conviction portfolio strategy that has delivered strong returns despite a relatively small unitholder base.
2. Halo Equity Fund (83.00%)
The Halo Equity Fund, managed by Halo Asset Management Limited, ranks second with a YTD return of 83.00%.
Launched in June 2024, the fund is part of Halo Group, led by Group Chief Executive Officer Ike Echeruo. It manages N557.18 million in assets and serves 122 unitholders, with an offer price of N47.72, delivering one of the strongest performances in the category while maintaining a lean investor base.
1. Zedcrest Equity Fund (108.42%)
Leading the ranking is the Zedcrest Equity Fund, managed by Zedcrest Investment Managers Limited, with a remarkable YTD return of 108.42%, the only fund in the top 10 to exceed 100% returns year-to-date.
Launched in December 2025, the fund is part of Zedcrest Group, led by Group Chief Executive Officer Adedayo Amzat. It manages N13.08 billion in assets and serves 4,386 unitholders, with an offer price of N2.15.
Its exceptional performance places it at the top of the equity mutual fund category for May 2026, reflecting sustained portfolio gains driven by strong positioning in high-performing Nigerian equities.
What you should know
In an earlier article published by Nairametrics on equity mutual fund performance in April 2026, several trends defined the structure and behaviour of the category.
- The equity mutual fund segment comprised 20 funds managing a combined N216.34 billion, accounting for 2.47% of total industry assets.
- The segment served 94,531 unitholders, reflecting growing but still modest retail and institutional participation compared to the broader mutual fund industry.
- The top 10 performing equity funds in April collectively managed N88.31 billion, representing 40.82% of the total equity mutual fund category.
The top three funds in April (Zedcrest Equity Fund, Zrosk Magna Equity Fund, and Paramount Equity Fund) delivered YTD returns of 83.73%, 61.13%, and 60.05% respectively, with Zedcrest maintaining its position at the top of the ranking in May with an even stronger return of 108.42%.