Top 10 equity-based mutual funds with highest YTD yields as of February 2026

Nigeria’s mutual fund industry has continued to evolve as investors search for higher returns while navigating inflation, currency volatility, and changing interest-rate dynamics.

While conservative funds, such as money market and fixed-income mutual fund types, still dominate asset allocation, equity-based mutual funds remain the segment where the highest returns are typically generated.

As of February 2026, 20 equity-based mutual funds collectively manage N148.19 billion, representing 1.80% of the entire mutual fund industry, and a total of 79,757 unitholders.

Although the fund type is relatively small in size by the net asset value (NAV) compared to other fund categories, it remains critical for investors seeking long-term capital appreciation through exposure to the Nigerian stock market.

The strong performance of several equity funds reflects the broader rally in Nigerian equities in early 2026, particularly across banking, industrial, and energy stocks, which have driven much of the market’s gains.

Notably, the top 10 performing equity funds account for N67.51 billion in assets, representing 45.560% of the total equity-fund segment. This highlights a common pattern within the industry, where a relatively small group of funds often drives the strongest performance and investor interest.

Below is a closer look at the top 10 performing equity-based mutual funds by year-to-date (YTD) yield as of February 2026.

PACAM Equity Fund – 28.18% YTD

Rounding out the top ten is the PACAM Equity Fund, managed by PAC Asset Management Limited, delivering a 28.18% YTD yield.

The fund is a pure equity fund, investing predominantly in blue‑chip Nigerian companies with solid fundamentals.

As of 27th February 2026, the fund manages N233.63 million in assets, with 26 investors, and trades between N2.51 and N2.59 per unit.

Anchoria Equity Fund – 28.63% YTD 

The Anchoria Equity Fund, managed by Anchoria Asset Management Limited, generated a 28.63% return.

The fund holds N1.72 billion in assets, serving 697 investors, with units trading between N526.96 and N533.61.

Guaranty Trust Equity Income Fund – 28.68% YTD

Following closely is the Guaranty Trust Equity Income Fund, which is managed by Guaranty Trust Fund Managers, posting a 28.68% YTD yield.

It typically invests in equities listed on the Nigerian Stock Exchange (NGX), and dividend‑paying companies aimed at long-term capital growth and periodic income.

With N12.76 billion in assets and 6,898 unitholders, the fund remains one of the more widely held equity mutual funds, contributing 8.61% to the total equity-based funds. Units trade between N5.12 and N5.15.

Meristem Equity Market Fund – 28.98% YTD

The Meristem Equity Market Fund, managed by Meristem Wealth Management Limited, follows closely with a 28.98% yield.

The portfolio is designed to give investors exposure to the Nigerian stock market through a professionally managed, diversified equity portfolio.

The Meristem Equity Market Fund has a fund size of N6.56 billion in assets and serves 975 investors, with units trading between N41.95 and N42.11.

Legacy Equity Fund – 30.53% YTD

The Legacy Equity Fund is an open‑ended, naira‑denominated equity-based mutual fund, managed by FCMB Asset Management Limited, and has delivered a 30.53% YTD return.

It aims to deliver long‑term capital appreciation, and dividend income by investing primarily in Nigerian equities, thereby positioning it as a suitable product for medium‑ to long‑term investors seeking exposure to the performance of the Nigerian stock market.

The vehicle manages N3.71 billion in assets, with 3,757 unitholders, and trades between N7.22 and N7.38 per unit.

Zrosk Magna Equity Fund – 35.32% YTD 

The Zrosk Magna Equity Fund, a high‑conviction actively managed Nigerian equity fund operated by Zrosk Investment Management, ranks fifth with a 35.32% yield.

It is designed for qualified investors and aims to capture outsized long‑term returns from mispriced Nigerian equities.

The fund has N14.81 billion in assets, representing 10% of the equity segment, and serves 101 unitholders. Units trade between N285.78 and N290.70.

Paramount Equity Fund – 35.71% YTD

As one of Nigeria’s oldest and most established mutual funds, managed by Chapel Hill Denham Management Limited, Paramount Equity Fund comes fourth with a 35.71% YTD yield.

It manages N14.24 billion in assets, making it one of the larger equity funds in the industry. The fund also has a broad investor base of 15,486 unitholders, with units trading between N64.41 and N64.54.

Halo Equity Fund – 37.00% YTD

Next is the Halo Equity Fund, managed by Halo Asset Management Limited, delivering a 37.00% YTD return.

The fund is part of Halo Nigeria’s suite of mutual fund offerings, which includes both naira‑denominated and USD‑denominated investment products.

Although relatively small with N362.7 million in assets, the fund has managed to generate strong performance, serving 115 investors. Units trade between N36.16 and N36.47.

Zedcrest Equity Fund – 44.57% YTD 

The Zedcrest Equity Fund, managed by Zedcrest Investment Managers Limited, ranks second with a 44.57% YTD yield.

The fund is a Naira-denominated mutual fund focused on capital appreciation by investing in a diversified portfolio of top-performing stocks on the Nigerian Exchange (NGX).

The fund manages N1.64 billion in net assets and has 574 unitholders, with units trading at about N1.47 on both the bid and offer side.

ARM Aggressive Growth Fund – 137.41% YTD

The ARM Aggressive Growth Fund, managed by ARM Investment Managers Limited, stands clearly at the top of the ranking with an impressive 137.41% year-to-date yield. Although the yield may appear unusually high, it is based on data reported by the Securities and Exchange Commission (SEC).

It is an open‑ended unit trust, designed for investors who seek long‑term capital growth and can tolerate significant market volatility.

The fund currently manages N11.47 billion in assets, representing 7.74% of the equity fund segment. With 9,277 unitholders, it reflects strong investor participation and confidence in its strategy.

Its bid price stands at N64.53 while the offer price is N66.47, reflecting strong underlying portfolio performance driven largely by equity market gains.

What you should know 

A closer look at the rankings reveals a few notable trends shaping Nigeria’s equity mutual fund landscape.

First, returns vary significantly across funds, with top-performing funds delivering over 137% YTD returns, while most of the others fall within the 28% to 45% range.

Second, asset size does not always determine performance. Some of the best-performing funds, such as the Halo Equity Fund and PACAM Equity Fund, manage relatively small portfolios but still generate strong returns.

Third, the largest funds in the segment, such as the Paramount Equity Fund and Zrosk Magna Equity Fund, remain among the key drivers of investor participation, supported by their sizable assets and broader investor bases.

Outlook for equity mutual funds  

Although equity-based mutual funds account for only N148.19 billion of total industry assets, they continue to play a vital role in providing investors with direct exposure to Nigeria’s equity market through professionally managed portfolios.

The fact that the top 10 funds alone manage N67.51 billion in assets also highlights the concentration of investor confidence in a relatively small group of strong-performing managers.

Going forward, the performance of equity funds will largely depend on stock market conditions, macroeconomic stability, and investor risk appetite.