Nigeria’s equity mutual fund market regained momentum in July 2026, with total net asset value (NAV) rising to N241.38 billion, a 2.78% increase from the N234.86 billion recorded in June. The recovery came after the category was hit by the broader market correction in June, while the number of equity mutual funds also increased from 20 to 21 following the entry of the Coronation Equity Fund.
The latest figures show that investors are still turning to equity mutual funds in search of stronger long-term returns, despite the volatility seen in the Nigerian stock market. According to data compiled from the Securities and Exchange Commission (SEC), the category attracted 121,316 unitholders in July, up from 112,674 in June, representing an increase of 7.67%. Together, the 10 best-performing funds managed N88.93 billion, equivalent to 36.84% of the entire equity mutual fund segment.
At the top of the July ranking was the Zedcrest Equity Fund, which delivered an impressive 88.58% year-to-date (YTD) return, maintaining its position as the best-performing equity mutual fund for the third consecutive month. Although its return eased from 91.11% in June, the fund continued to outperform its peers. An investor who put N5 million into the fund at the beginning of the year would have gained approximately N4.43 million, taking the investment to about N9.43 million by July 31.
The Futureview Equity Fund came in second with a 77.44% YTD return, while the Halo Equity Fund ranked third at 74%. Zrosk Magna Equity Fund followed with 66.09%, while CardinalStone Equity Fund recorded 58.99%. Other funds in the top 10 included Cowry Equity Fund at 56.70%, Paramount Equity Fund at 55.86%, Meristem Equity Market Fund at 50.11%, FCMBAM Equity Fund at 47.27% and AXA Mansard Equity Income Fund at 47.21%. The figures show that even the fund at the bottom of the top 10 delivered a return of more than 47% within the year.
The strong performance comes as investors continue to seek alternatives capable of delivering higher returns than traditional savings and lower-risk investment products. However, the July figures also highlight a moderation in returns compared with June, suggesting that the earlier surge in Nigerian equities is beginning to cool. With equity mutual funds still representing just 2.57% of total mutual fund assets, the growing number of investors and the recovery in NAV could signal increasing interest in professionally managed exposure to Nigeria’s stock market.
source: nairametrics
