10 Mutual Funds Returned at Least 35% in the First Two Months of 2026

Nigeria’s top-performing mutual funds delivered returns of at least 35 percent in the first two months of 2026, according to the latest Weekly Net Asset Value data from the Securities and Exchange Commission (SEC).

With inflation currently at 15.10 percent, these funds have provided investors with strong positive real returns. Six of the funds posted gains ranging from 87 percent to 151 percent, highlighting the scale of the rally.

The best performers were dominated by funds with significant exposure to the Nigerian Exchange (NGX), including five balanced funds, four equity funds, and one Sharia-compliant balanced fund.

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

1. ARM Halal Balanced Fund – 151.23%

Managed by ARM Investment Managers Limited, the ARM Halal Balanced Fund emerged as the best performer, delivering a 151.23 percent return in the first two months of 2026. That marks a sharp rise from the 51.96 percent return recorded on January 2, 2026.

The fund invests in Shari’ah-compliant equities listed on the NGX, alongside investment-grade Shari’ah-compliant alternative instruments. Its strong equity exposure helped drive its exceptional performance.

Its assets more than doubled over the period, rising from N4.46 billion in January to N9.50 billion in February, while the number of unitholders increased from 3,710 to 4,497.

2. ARM Aggressive Growth Fund – 137.41%

ARM Investment Managers Limited also claimed second place with the ARM Aggressive Growth Fund, which returned 137.41 percent, up sharply from 49.28 percent at the start of the year.

The fund targets capital appreciation through high-risk equities investments across multiple sectors of Nigeria’s capital market.

Its net asset value rose from N7.56 billion in January to N11.47 billion in February, while unitholders increased from 8,560 to 9,277.

3. Lead Balanced Fund – 136.83%

Managed by Lead Asset Management Limited, the Lead Balanced Fund posted a 136.83 percent return, up from 44.63 percent on January 2.

The fund invests in a mix of NGX-listed equities and high-quality fixed-income securities. Although its number of unitholders remained unchanged at 158, it managed N1.35 billion in assets by February, up from N973 million in January.

That works out to an average of more than N8.5 million per investor, pointing to a concentrated base of high-net-worth participants.

4. Capital Express Balanced Fund – 127.52%

Capital Express Asset and Trust Limited’s Balanced Fund returned 127.52 percent, compared with 59.70 percent at the start of the year.

The actively managed open-ended unit trust invests across equities and fixed-income securities. Its net asset value climbed from N2.53 billion in January to N3.02 billion in February, while it maintained a broad retail base of 2,736 unitholders.

5. Coral Balanced Fund – 127.25%

FSDH Asset Management’s Coral Balanced Fund delivered a 127.25 percent yield, up slightly from 124.56 percent on January 2.

The fund allocates up to 65 percent of its portfolio to NGX-listed equities, with the balance in fixed-income securities. It also posted the highest weekly gain among the top 10 in the final week of February, rising 56.71 percent.

Its assets under management grew from N6.35 billion in January to N8.76 billion in February, while unitholders increased from 1,357 to 1,528.

6. ARM Discovery Balanced Fund – 87.02%

ARM Investment Managers Limited secured another place in the ranking with the ARM Discovery Balanced Fund, which returned 87.02 percent, up from 32.68 percent at the start of the year.

The fund invests in a diversified portfolio of NGX-listed companies and federal, state, and corporate bonds.

It is the largest fund in the top 10 by number of unitholders, growing slightly from 22,418 in January to 22,547 in February. Assets under management rose to N12.21 billion.

7. Zedcrest Equity Fund – 44.57%

Zedcrest Investment Managers Limited’s Zedcrest Equity Fund led the pure equity category, posting a 44.57 percent return in just eight weeks, up from only 0.85 percent on January 2.

The fund’s asset base surged from N99.7 million in January to N1.64 billion in February, while unitholders jumped from 82 to 574. That rapid growth suggests rising investor interest in its concentrated equity strategy focused on NGX opportunities.

8. Halo Equity Fund – 37.00%

Managed by Halo Asset Management Limited, the Halo Equity Fund delivered a 37 percent year-to-date return, building on its strong 2025 performance, when it returned 169 percent for the full year as of January 2, 2026.

The fund invests in equities across sectors of the Nigerian capital market, with the aim of delivering capital appreciation and income.

Its net asset value rose from N121.5 million in January to N362.70 million in February, while unitholders increased from 78 to 115.

9. Paramount Equity Fund – 35.71%

The Paramount Equity Fund, managed by Chapel Hill Denham Management Limited, returned 35.71 percent in the first eight weeks of 2026. That performance builds on its 63.89 percent full-year return in 2025 as of January 2, 2026.

As one of Nigeria’s oldest mutual funds, it invests across a broad mix of high-quality equities and fixed-income instruments for long-term capital appreciation and income generation.

Its net asset value rose from N7.50 billion in January to N14.24 billion in February, while unitholders climbed from 8,944 to 15,486.

10. Zrosk Magna Equity Fund – 35.32%

Rounding out the list is the Zrosk Magna Equity Fund from Zrosk Investment Management Limited, which returned 35.32 percent in the first two months of 2026. The fund had also posted a 74.70 percent full-year return in 2025 as of January 2, 2026.

The fund is built around a portfolio of high-conviction equities selected by the firm’s investment team.

Although it had just 101 unitholders in February, up from 78 in January, it managed N14.81 billion in assets. That translates to an average of more than N146 million per investor, indicating a highly concentrated base of wealthy investors. Its NAV has grown 55 percent since January.

The strong performance of these funds reflects investor appetite for equity-heavy strategies and the continued strength of the Nigerian stock market in early 2026.