Here are the top performing equity mutual funds for Q1 2026.
The Segment Outlook
Nigeria’s equity mutual fund segment turned in a strong first quarter in 2026, with the best-performing funds delivering returns that comfortably outpaced inflation and drew renewed attention from both retail and institutional investors. According to data from the Securities and Exchange Commission (SEC), 20 equity mutual funds were in operation as of 27th March 2026. They collectively managed a combined net asset value of ₦170.74 billion, equivalent to 2.02% of the total mutual fund industry.
While equity funds remain a relatively small slice of the broader mutual fund market, money market funds still dominate with a 64.90% share. Nonetheless, the segment is growing. Total unitholders across all equity funds rose to 88,096 by March, up from 79,757 in February, a signal that more Nigerians are warming to growth-oriented investment vehicles despite the higher risk they carry.
The top ten performing funds collectively managed ₦79.16 billion as of March 2026, up from ₦67.51 billion the previous month. This represented 46.36% of the entire equity fund category. Their year-to-date returns ranged from 31% to over 108%. This growth, however, trailed the more dramatic gains of some individual equities but offered the risk-spreading benefit of diversified portfolio exposure.
1. ARM Equity Fund — 108.83%
The ARM Equity Fund, managed by ARM Investment Managers Limited, led the entire category by a significant margin, posting a year-to-date return of 108.83% as of March 2026. The fund manages ₦13.10 billion in assets across 10,070 unitholders and trades at an offer price of ₦68.55. It is worth noting that the fund’s YTD yield moderated somewhat due to price corrections in equities held within the portfolio.
2. Zedcrest Equity Fund — 51.86%
Managed by Zedcrest Investment Managers Limited, the Zedcrest Equity Fund ranked second with a year-to-date return of 51.86%. The fund manages ₦3.31 billion in assets and serves 1,017 unitholders, with an offer price of ₦1.57.
3. Halo Equity Fund — 44.00%
The Halo Equity Fund, managed by Halo Asset Management Limited, came in third with a 44.00% year-to-date return. It is among the smaller funds in the top ten, managing ₦374.40 million in assets across just 107 unitholders, with an offer price of ₦37.99.
4. Chapel Hill Denham Nigeria Equity Fund — 38.70%
The Chapel Hill Denham Nigeria Equity Fund, managed by Chapel Hill Denham Management Limited, posted a 38.70% year-to-date return. With ₦16.25 billion in assets under management and 16,888 unitholders, it is among the most widely held funds in the top ten, with an offer price of ₦66.07.
5. Zrosk Equity Fund — 38.56%
Managed by Zrosk Investment Management Limited, the Zrosk Equity Fund delivered a 38.56% year-to-date return. It manages ₦15.82 billion in assets with an offer price of ₦297.46, though it serves a relatively concentrated base of just 118 unitholders.
6. PAC Asset Management Equity Fund — 38.19%
The PAC Asset Management Equity Fund, managed by PAC Asset Management Limited, recorded a 38.19% year-to-date return. The fund focuses on capital appreciation through investments in high-quality equities across key sectors of the economy. It manages ₦258.02 million in assets across 27 unitholders, with an offer price of ₦2.79.
7. Cowry Treasure Fund — 33.35%
The Cowry Treasure Fund, managed by Cowry Treasurers Limited, posted a 33.35% year-to-date return. It manages ₦575.96 million in assets and serves 170 unitholders, with an offer price of ₦287.87.
8. Guaranty Trust Equity Income Fund — 32.25%
Managed by Guaranty Trust Fund Managers, the Guaranty Trust Equity Income Fund delivered a 32.25% year-to-date return. At ₦15.60 billion in assets and 8,262 unitholders, it is one of the larger and more accessible funds in the ranking, with an offer price of ₦5.29.
9. CardinalStone Equity Fund — 31.99%
The CardinalStone Equity Fund, managed by CardinalStone Asset Management Limited, recorded a 31.99% year-to-date return. It manages ₦6.46 billion in assets across 1,817 unitholders, with an offer price of ₦2.47.
10. Meristem Equity Fund — 31.20%
Rounding out the top ten is the Meristem Equity Fund, managed by Meristem Wealth Management Limited, with a 31.20% year-to-date return. The fund manages ₦7.42 billion in assets and serves 1,624 unitholders, with an offer price of ₦42.87.
The performance of equity funds in Q1 2026 reflects a market that, despite some price corrections from the highs of 2025, continues to reward patient, diversified investors. The NGX All-Share Index delivered an extraordinary 51.19% return in 2025, making 2035 its best year since 2007. While momentum has moderated, equity fund managers have largely continued to generate meaningful returns for unitholders into the new year.
Industrial and oil and gas stocks have been notable drivers of fund performance, dominating portfolio allocations across the category. The top-performing funds range considerably in size, from the small but nimble Halo Equity Fund at ₦374.40 million to the larger Chapel Hill Denham and Zrosk funds managing upwards of ₦15 billion each, suggesting that scale alone does not determine returns in this segment.
For investors, equity mutual funds remain a practical entry point into Nigerian equities. They offer professional management, portfolio diversification, and regulated oversight through the SEC. That said, the gap between the best and most modest performers in the top ten (108.83% versus 31.20%) underscores the importance of fund selection and an honest assessment of one’s own risk tolerance before committing capital.
Disclaimer
This article is for informational purposes only and should not be construed as investment advice. Past performance is not indicative of future results. The stock market carries inherent risks, and investors can lose money. Before you make any investment decisions, conduct thorough research and consult with a licensed financial advisor or stockbroker who can assess your individual circumstances, risk tolerance, and investment objectives. Please, always ensure that you comply with Nigerian investment regulations and only invest capital you can afford to lose.
