Top mutual fund hits 272% leaving peers in the dust

The top 10 best-performing mutual funds in Nigeria delivered returns of at least 38 percent to investors in the first quarter of 2026, with four funds surpassing 100 percent and one fund reaching 272 percent, according to a BusinessDay analysis of weekly Net Asset Value data from the Securities and Exchange Commission (SEC) Nigeria.

With six funds delivering between 73 percent and 272 percent, investors recorded strong gains that comfortably outpace the country’s inflation rate of 15.06 percent, ensuring positive real returns.

The top-performing funds comprise five equity funds, three balanced funds, one Shari’ah-compliant balanced fund, and one specialised fund, with the majority of assets tied to the Nigerian Exchange (NGX) and selective sector-focused strategies.

Beyond returns, the top-performing funds also vary significantly in size and investor participation. For instance, net asset values among the top 10 range from about N374.4 million to over N16.25 billion, while unitholder counts span from as few as nine investors to more than 16,800, highlighting a divergence between performance and scale.

Compared to the same period in 2025, when returns ranged narrowly between 5 percent and 61 percent, the first quarter of 2026 has seen a dramatic acceleration in performance and a significant widening of the gap between top and bottom performers.

The following are the 10 best-performing mutual funds in Nigeria so far in 2026:

Clean energy fund – 272 percent

The Clean Energy Fund, managed by Fundco Capital Managers Limited, emerged as the top-performing mutual fund in Q1 2026, posting a year-to-date return of 271.77 percent, a dramatic increase from 24.73 percent in the same period of 2025.

It has a net asset value of about N15.27 billion and a unitholder base of 9 investors. Despite its strong performance, the relatively small investor base suggests that gains were concentrated among a limited pool of participants.

Read also: Balanced funds edge out others in Nigeria’s 2026 mutual fund leaderboard

Capital Express balanced fund – 116 percent

The Capital Express Balanced Fund, managed by Capital Express Asset and Trust Limited, delivered a year-to-date return of 115.52 percent, up significantly from 19.81 percent recorded in Q1 2025.

It manages about N3.19 billion in assets, with 2,736 unitholders, reflecting moderate scale alongside strong performance.

ARM halal balanced fund – 114 percent

The ARM Halal Balanced Fund, managed by ARM Investment Managers Limited, posted a return of 113.68 percent, a substantial increase from 18.80 percent in the corresponding period of 2025.

The fund has assets of about N11.48 billion and 5,430 investors, up from 1,725 in the same period of 2025, reflecting rising demand for Shari’ah-compliant investment products.

ARM aggressive growth fund –109 percent

The ARM Aggressive Growth Fund, managed by ARM Investment Managers Limited, recorded a year-to-date return of 108.83 percent, rising sharply from 6.16 percent in Q1 2025.

Assets stood at about N13.10 billion, with 10,070 unitholders, up from 6,663 a year earlier, pointing to increased investor participation alongside strong performance.

The strong performance across top funds reflects sector-specific rallies, portfolio revaluations, and improved market conditions, including gains in equities and currency-driven asset repricing during the quarter.

Coral balanced fund – 84 percent

The Coral Balanced Fund, managed by FSDH Asset Management Limited, delivered a return of 83.59 percent, up from 52.82 percent in the first quarter of 2025.

It manages approximately N9.06 billion across 1,574 investors, maintaining strong growth on an already solid base.

AIICO balanced fund – 73 percent

The AIICO Balanced Fund, managed by AIICO Capital Limited, recorded a year-to-date return of 73.10 percent, a notable increase from 5.19 percent in Q1 2025.

With assets of about N827.36 million and 11,968 unitholders, the fund highlights a significant turnaround in performance relative to the previous year.

Zedcrest equity fund – 52 percent

The Zedcrest Equity Fund, managed by Zedcrest Investment Managers Limited, posted a return of 51.86 percent in Q1 2026.

It has grown to about N3.31 billion in assets with 1,017 investors, marking a strong early performance following its launch in December 2025.

Halo equity fund – 44 percent

The Halo Equity Fund, managed by Halo Asset Management Limited, stood out as a notable exception among top performers, recording a year-to-date return of 44.00 percent in Q1 2026, down from 61.00 percent in the same period of 2025.

Despite the decline in yield, its assets rose to about N374.4 million, with its unitholder base increasing to 107, indicating sustained investor interest despite weaker returns.

Paramount equity fund – 39 percent

The Paramount Equity Fund, managed by Chapel Hill Denham Management Limited, delivered a return of 38.70 percent, up from 6.20 percent recorded in Q1 2025.

It stands out for its scale, with assets of about N16.25 billion and a broad investor base of 16,888 unitholders, among the highest in the group.

Zrosk Magna Equity Fund – 39 percent

The Zrosk Magna Equity Fund, managed by Zrosk Investment Management Limited, recorded a year-to-date return of 38.56 percent, rising from 7.63 percent in the same period of 2025.

With assets of about N15.82 billion and 118 investors, the fund remains one of the larger and more established players despite relatively moderate returns.

The comparison between Q1 2026 and Q1 2025 shows that while many of the top-performing funds have retained their positions, the scale of returns has increased significantly, pointing to an intensification of performance rather than a complete shift in leadership.

At the same time, the gap has widened, reinforcing a more selective market where gains are increasingly concentrated in fewer strategies.

Despite the strong year-to-date performance, recent week-to-date data indicate rising volatility, with some leading funds recording weaker or negative returns toward the end of the quarter.

This points to moderating momentum and suggests that sustaining such elevated returns may become more challenging in the months ahead.