Top 10 Equity Mutual Funds in Nigeria by YTD Returns (March 2026) – ARM Fund Leads with 108% Growth

Nigeria’s equity mutual funds are gaining renewed attention as investors increasingly look beyond low-risk instruments in search of higher returns. Despite their volatility, these funds are becoming more attractive, particularly during periods of market recovery when equities tend to outperform. For many investors, the promise of long-term capital appreciation is beginning to outweigh the fear of short-term fluctuations.

Fresh data compiled by the Nairametrics Research Team, using figures from the Securities and Exchange Commission (SEC), shows that as of March 27, 2026, Nigeria has 20 equity mutual funds with a combined net asset value of N170.74 billion. This represents just 2.02% of the total mutual fund industry, highlighting the still-limited exposure of investors to equities compared to safer options.

The contrast is even more striking when placed alongside money market funds, which dominate the industry with a 64.90% share. This imbalance reflects the generally low-risk appetite among Nigerian investors, many of whom continue to prioritize capital preservation over aggressive growth. However, equity funds—designed to invest in diversified portfolios of listed stocks—remain a critical vehicle for those willing to take calculated risks for higher rewards.

Performance-wise, the top equity mutual funds have delivered impressive year-to-date (YTD) returns ranging from 31% to over 100%, driven largely by gains in industrial and oil and gas stocks. Leading the pack is ARM Fund, which recorded a remarkable 108% return, underscoring the strong upside potential within Nigeria’s equities market when conditions are favorable.

Investor participation is also on the rise. The number of unitholders in equity mutual funds climbed to 88,096 in March 2026, up from 79,757 in February. At the same time, the top 10 performing funds now collectively manage N79.16 billion—nearly half (46.36%) of the entire equity mutual fund segment. Notably, the Meristem Equity Fund ranks tenth with a 31.20% return, managing N7.42 billion in assets and serving 1,624 investors, further illustrating the growing appeal of equity-based investment strategies in Nigeria.

source: nairametrics