Nigeria’s equity mutual fund segment contracted to a net asset value (NAV) of N234.86 billion as of June 26, 2026, down 11.98% from N266.82 billion recorded in May, reflecting the broad correction that swept across Nigerian equities during the month as investors locked in gains from the first-half rally.
Data compiled from the Securities and Exchange Commission (SEC) showed that the segment still comprises 20 funds, accounting for 2.58% of Nigeria’s total mutual fund assets, down from 2.96% recorded in May.
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 42.91% to 91.11%, reflecting the strong first-half gains that persisted across the segment despite the June pullback.
The equity mutual fund segment continued to draw in new investors despite the monthly decline in NAV, highlighting its attractiveness as a means of long-term capital growth.
Despite the size of the segment, the top 10 performing equity mutual funds collectively manage N84.23 billion, or 35.87% of the total equity mutual fund category and 0.92% of the mutual fund industry. Investor participation in the equity mutual fund segment continued, with total unitholders rising to 112,674 in June 2026 from 107,137 recorded in May, representing a growth of 5,537 or a 5.17% increase.
The equity mutual fund segment comprised 20 funds managing a combined N266.82 billion, accounting for 2.96% of total industry assets.
The segment served 107,137 unit holders, reflecting growing retail and institutional participation in equity-focused investment products. The top 10 performing equity funds in May collectively managed N92.20 billion, representing 34.55% of the total equity mutual fund category and 1.02% of total mutual fund assets.
1. The 91.11% Zedcrest Equity Fund With a YTD return of 91.11%, down from 108.42% in May, the Zedcrest Equity Fund, managed by Zedcrest Investment Managers Limited, is at the top of the ranking for the second consecutive month.
The fund was established in December 2025 and is a member of the Zedcrest Group, which is headed by Group CEO Adedayo Amzat. With an offer price of N1.97, it serves 4,931 unitholders and oversees N8.70 billion in assets.
Despite the overall market decline, its maintained dominance of the June 2026 equity mutual fund category is indicative of its solid positioning in high-performing Nigerian stocks.
By June 26, 2026, an investor who invested N5 million in this fund at the beginning of the year would have received returns of about N4,555,500, totaling N9,555,500.
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2. The 79.38% Futureview Equity Fund
With a YTD return of 79.38%, the Futureview Equity Fund, run by Futureview Asset Management Limited, is ranked second, up three spots from fifth in May—the largest ranking increase among the top 10.
The fund was established in July 2021 and is a member of Futureview Group. Emeka Ndukwe is the managing director of Futureview Asset Management. With an offer price of N586.06,
It serves 56 unitholders and manages N190.82 million in assets, demonstrating outstanding equity selection within a comparatively small but high-yielding fund. By June 26, 2026, an investor who invested N5 million in this fund at the beginning of the year would have received returns of about N3,969,000, totaling N8,969,000.
3. The 69.40% Halo Equity Fund
With a YTD return of 69.40%, the Halo Equity Fund, which is run by Halo Asset Management Limited, is currently ranked third, down from second in May.
The fund was established in June 2024 and is a division of Halo Group, which is headed by Group CEO Ike Echeruo. With an offer price of N45.80, it serves 123 unitholders and oversees N475.65 million in assets.
By June 26, 2026, an investor who invested N5 million in this fund at the beginning of the year would have received returns of about N3,470,000, totaling N8,470,000.
4. The 60.28% Zrosk Magna Equity Fund
With a YTD return of 60.28%, the Zrosk Magna Equity Fund, run by Zrosk Investment Management Limited, is currently ranked fourth, down one spot from third in May.
Samson Esemuede is the managing director of Zrosk Investment Management, which was founded in September 2024. With an offer price of N344.31, it serves 183 unitholders and manages N22.81 billion in assets. Despite having a very small unitholder base, its high-conviction portfolio strategy continues to yield outstanding returns.
By June 26, 2026, an investor who invested N5 million in this fund at the beginning of the year would have received returns of about N3,014,000, making their total N8,014,000.
5. The 53.58% Cardinal Stone Equity Fund
With a YTD return of 53.58%, the cardinal stone Equity Fund managed by cardinal stone Asset Management Limited rose two spots from eighth in May.
The fund, which was established in December 2023, is a division of cardinal stone Partners Limited. Oluwaseyi Osunlalu, Managing Director, is in charge of CardinalStone Asset Management. With an offer price of N2.88, it serves 2,847 unitholders and oversees N12.56 billion in assets.
By June 26, 2026, an investor who invested N5 million in this fund at the beginning of the year would have received returns of about N2,679,000, totaling N7,679,000.
6. Cowry Equity Fund (51.27%)
The Cowry Treasurers Limited-managed Cowry Equity Fund entered the top 10 in June with a YTD return of 51.27%.
The fund was established in August 2022 and is administered by Cowry Group's subsidiary Cowry Treasurers Limited, which is headed by CEO Charles Sanni. With an offer price of N326.89, it serves 239 unitholders and oversees N604.78 million in assets.
By June 26, 2026, an investor who invested N5 million in this fund at the beginning of the year would have received returns of about N2,563,500, making their total N7,563,500.
7. The Paramount Equity Fund (50.17%)
With a YTD return of 50.17%, the Chapel Hill Denham Management Limited-managed Paramount Equity Fund is currently ranked seventh, down three spots from fourth in May.
One of the earliest equity mutual funds in Nigeria, it was established in April 1991 and is a division of Chapel Hill Denham. Bolaji Balogun is the managing director of Chapel Hill Denham Management. With an offer price of N71.63, it continues to be the most frequently held fund in the top ten, managing N21.86 billion in assets and serving 19,694 unitholders.
By June 26, 2026, an investor who invested N5 million in this fund at the beginning of the year would have received returns of about N2,508,500, totaling N7,508,500.
8. Mansard Equity Income Fund AXA (45.50%)
With a YTD return of 45.50%, the AXA Mansard Equity Income Fund—managed by AXA Mansard Investments Limited—rose two spots from eleventh in May.
The fund was established in July 2016 and is a member of the AXA Mansard Group. Managing Director Deji Tunde-Anjous is in charge of AXA Mansard Investments Limited. With an offer price of N361.13, it serves 2,713 unitholders and oversees N3.13 billion in assets.
By June 26, 2026, an investor who invested N5 million in this fund at the beginning of the year would have received returns of about N2,275,000, totaling N7,275,000.
9. Market Fund for Meristem Equity (45.25%)
The Meristem Wealth Management Limited-managed Meristem Equity Market Fund dropped one spot from ninth in May with a YTD return of 45.25%.
The fund was established in July 2015 and is a division of Meristem Securities Limited, which is headed by Group CEO Sulaiman Adedokun. With an offer price of N45.06, it serves 2,448 unitholders and oversees N9.76 billion in assets.
By June 26, 2026, an investor who invested N5 million in this fund at the beginning of the year would have received returns of about N2,262,500, totaling N7,262,500.
10. The 42.91% FCMBAM Equity Fund With a YTD return of 42.91%, the FCMBAM Equity Fund, which is managed by FCMB Asset Management Limited, completes the top ten. It entered the top 10 in June. The fund is a part of FCMB Group Plc's asset management division, FCMB Asset Management Limited, which is headed by James Ilori.
In 2026, it changed its name from the Legacy Equity Fund. With an offer price of N7.99, it serves 3,838 unitholders and oversees N4.14 billion in assets. By June 26, 2026, an investor who invested N5 million in this fund at the beginning of the year would have received returns of about N2,145,500, totaling N7,145,500.
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