AFRICANMUTUALFUNDS
Net flow
Every Nigerian mutual fund, ranked weekly from public SEC NAV filings · Last update: 11 September 2026
Every return on this board is free, for everybody, with no account to make. Fund size and net flow are not in the SEC's filings — we estimate the flows — and those are arranged by email, priced against what you need.
We are asking the diaspora six questions about investing back home. Ninety seconds: could you name the best naira fund?
| Naira fundstop 20 of 178 · ranked on naira returns | ||||||
|---|---|---|---|---|---|---|
| UPDC Real Estate Investment Trust† SFS Capital Nigeria Ltd · Real Estate | 0.0% | +99.3% | +27.8% | +304.4% | ···· | ✉ on request |
| Zedcrest Equity Fund Zedcrest Investment Managers Limited · Equity | +6.4% | +94.1% | — | — | ···· | ✉ on request |
| Zrosk Magna Equity Fund Zrosk Investment Management Limited · Equity | +5.0% | +67.6% | — | — | ···· | ✉ on request |
| Halo Equity Fund Halo Asset Management Limited · Equity | −0.5% | +66.5% | +98.3% | — | ···· | ✉ on request |
| Cowry Equity Fund† Cowry Treasurers Limited · Equity | +1.9% | +59.1% | +23.7% | — | ···· | ✉ on request |
| CardinalStone Equity Fund CardinalStone Asset Mgt. Limited · Equity | +6.8% | +58.6% | +49.1% | — | ···· | ✉ on request |
| Futureview Equity Fund Futureview Asset Management Limited · Equity | −0.3% | +54.8% | +50.5% | +255.7% | ···· | ✉ on request |
| Stanbic IBTC Imaan Fund† Stanbic IBTC Asset Mgt. Limited · Shari'ah | −0.9% | +51.2% | +88.2% | +277.8% | ···· | ✉ on request |
| FCMBAM Equity Fund† FCMB Asset Management Limited · Equity | +3.2% | +49.2% | +52.9% | +216.0% | ···· | ✉ on request |
| Capital Express Balanced Fund† Capital Express Asset and Trust Limited · Balanced | −0.4% | +48.2% | +31.1% | +206.5% | ···· | ✉ on request |
| Stanbic IBTC Ethical Fund Stanbic IBTC Asset Mgt. Limited · Specialist | +1.4% | +48.1% | +57.3% | +245.9% | ···· | ✉ on request |
| Alpha Morgan Balanced Fund Alpha Morgan Capital Managers Limited · Balanced | +2.9% | +47.5% | +43.3% | — | ···· | ✉ on request |
| Paramount Equity Fund Chapel Hill Denham Mgt. Limited · Equity | +4.3% | +45.0% | +59.9% | +200.0% | ···· | ✉ on request |
| Nova Hybrid Balanced Fund† Novambl Asset Management · Balanced | +1.3% | +42.8% | +41.2% | +143.2% | ···· | ✉ on request |
| First Asset Balanced Fund† First Asset Management Limited · Balanced | +1.4% | +42.1% | +30.0% | — | ···· | ✉ on request |
| PACAM Equity Fund PAC Asset Management Limited · Equity | +0.9% | +41.7% | +47.1% | +49.7% | ···· | ✉ on request |
| Anchoria Equity Fund Anchoria Asset Management Limited · Equity | 0.0% | +41.3% | +57.0% | +200.1% | ···· | ✉ on request |
| CardinalStone Balanced Fund CardinalStone Asset Mgt. Limited · Balanced | +5.3% | +40.7% | — | — | ···· | ✉ on request |
| AXA Mansard Equity Income Fund AXA Mansard Investments Limited · Equity | +0.6% | +40.4% | +13.7% | +91.7% | ···· | ✉ on request |
| Stanbic IBTC Nigerian Equity Fund Stanbic IBTC Asset Mgt. Limited · Equity | −0.2% | +40.2% | +66.5% | +251.1% | ···· | ✉ on request |
| Dollar fundstop 12 of 38 · valued in naira by the SEC, so the return is largely the exchange rate | ||||||
| Futureview Dollar FundUSD Futureview Asset Management Limited · Dollar | −1.8% | +2.1% | +11.2% | +143.2% | ···· | ✉ on request |
| AIICO Eurobond FundUSD AIICO Capital Ltd · Dollar | −1.9% | +0.9% | −7.0% | — | ···· | ✉ on request |
| Cowry Eurobond FundUSD Cowry Treasurers Limited · Dollar | −2.9% | +0.4% | +9.6% | +132.3% | ···· | ✉ on request |
| CFG AM Fixed Income Dollar FundUSD CFG Asset Management Limited · Dollar | −1.8% | −0.7% | — | — | ···· | ✉ on request |
| First Asset Specialized Dollar FundUSD† First Asset Management Limited · Dollar | −1.9% | −1.8% | −2.2% | +109.7% | ···· | ✉ on request |
| First Asset Dollar Fund (Retail)USD† First Asset Management Limited · Dollar | −1.9% | −1.9% | −5.8% | +90.4% | ···· | ✉ on request |
| STL Dollar FundUSD STL Asset Management Limited · Dollar | −1.2% | −2.1% | +5.0% | — | ···· | ✉ on request |
| CardinalStone Dollar FundUSD CardinalStone Asset Mgt. Limited · Dollar | −3.2% | −2.2% | +6.5% | — | ···· | ✉ on request |
| Zedcrest Dollar FundUSD Zedcrest Investment Managers Limited · Dollar | −1.0% | −2.3% | +11.3% | — | ···· | ✉ on request |
| FSDH Dollar FundUSD FSDH Asset Management Ltd · Dollar | −1.7% | −2.8% | −1.7% | +105.8% | ···· | ✉ on request |
| FCMBAM USD Bond FundUSD† FCMB Asset Management Limited · Dollar | −2.9% | −2.9% | −1.0% | +171.6% | ···· | ✉ on request |
| RMBN Dollar Fixed Income FundUSD RMB Nigeria Asset Management Ltd. · Dollar | −2.4% | −3.5% | +0.4% | — | ···· | ✉ on request |
| Exchange-traded fundstop 6 of 12 · priced by the exchange, not the manager — thinly traded, so the swings are real | ||||||
| VI ETF | −4.9% | +76.2% | +59.0% | — | ···· | ✉ on request |
| Greenwich ALPHA ETF† | +1.1% | +65.4% | +53.3% | +270.1% | ···· | ✉ on request |
| Meristem Value ETF | +7.7% | +65.1% | +30.8% | +393.9% | ···· | ✉ on request |
| VETBANK ETF | −0.7% | +63.3% | +41.3% | +265.8% | ···· | ✉ on request |
| Lotus Halal ETF† Lotus Capital Limited · ETF | −0.7% | +59.4% | +91.8% | — | ···· | ✉ on request |
| VG 30 ETF | +0.5% | +56.6% | +48.8% | +257.7% | ···· | ✉ on request |
20 naira funds, 12 dollar funds and 6 ETFs shown of 228 ranked this week · ranked separately
† Ranked on the fund’s own history through a change of name: UPDC Real Estate Investment Trust, formerly UPDC Real Estate Investment Fund; Cowry Equity Fund, formerly UBA Nom-Cowry Equity Fund; Stanbic IBTC Imaan Fund, formerly Stanbic IBTC Iman Fund; FCMBAM Equity Fund, formerly Legacy Equity Fund; Capital Express Balanced Fund, formerly Union Trustees Mixed Fund; Nova Hybrid Balanced Fund, formerly Nova Hybrid Fund; First Asset Balanced Fund, formerly FBN Balanced Fund; First Asset Specialized Dollar Fund, formerly FBN Specialized Dollar Fund; First Asset Dollar Fund (Retail), formerly FBN Dollar Fund (Retail); FCMBAM USD Bond Fund, formerly Legacy USD Bond Fund; Greenwich ALPHA ETF, formerly ALPHA ETF; Lotus Halal ETF, formerly Lotus Hala ETF.
Every fund in the SEC's latest weekly return, ranked by the return so far this year, naira and dollar sheets apart. Dollar funds are valued in naira by the SEC. Every return here is free. Net flow, fund size and the years before this one at www.africanmutualfunds.com · This is data, not advice.
Every fund in the SEC's latest weekly return, ranked by the return so far this year — one fixed edge, the same 1 January for every fund, and a window that grows a week at a time, so the board moves with the market rather than sitting still on a closed year. Naira and dollar funds sit on separate sheets. Returns are net of fees, computed from the net asset value per unit each fund files. Money market funds hold their unit price flat and pay the return out as yield, so those are measured by compounding the weekly yield they file instead. Dollar funds are valued in naira by the SEC, so their return is largely the exchange rate. A fund that was not filing on 1 January shows a dash rather than a shorter run compared against everyone else's. Every return on this board is free — one month, this year, the completed 2025 year, twelve months and three — because every one of them is arithmetic on filings the SEC publishes, and you could recompute any of it yourself. Fund size and net flow are not in those filings: net flow is our estimate, from NAV and unit-count movement, and it is arranged by email.
The same filing, cut four ways and drawn to post. Week ending —. Open one for the full board of ten, or take the image. Past weeks →
This week's tables have not been drawn yet. The board above is live either way — it is the same data.
An address opens the search box, and brings you the week's ranking every Friday — the top of every sheet, naira, dollar and the ETFs, as plain text from the same filing this table is built on. The board itself is free to everyone either way; registering is how you stop scrolling for one fund. No card, one click to stop the emails whenever you like.
Registered as —.
You get this every week. To stop, use the one-click link at the foot of any of them — that is the only place it lives, so an accidental click here can never end it.
Registering sends one confirmation email and nothing else until you open the link inside it — so nobody can register your address by typing it, and nothing opens on this browser until you do. Weekly emails carry a one-click stop at the foot of every one; stopping them leaves search open. The address is used for this and nothing else — not sold, not rented, not passed to a fund manager.
The rankings are the easy half. The harder half is the flow: which funds Nigerians actually put money into this quarter, and which ones they quietly took it out of. We estimate it fund by fund, from the same public filings, every week.
Money moved in — 3 months
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✉ Which fund — on request
Money moved out — 3 months
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✉ Which fund — on request
Best return this year
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No charge, no account
These are net asset values the funds file with the Commission and the arithmetic anyone can do on them. Charging for that was a toll on long division, and it made the board's own ranking figure something you had to take on trust.
Priced per request
The part that isn't in the filings.
No fund reports its flows. We estimate them from NAV and unit-count movement, week by week, across the whole market. Fund size sits on this side of the line with them: put a weekly size next to a weekly unit price and the flow falls out of the difference.
Free, every year since 2018
64,079 fund-week observations since 2018.
If a figure here is wrong, we want to fix it, and we will not charge you to fix it. Send the correction on your letterhead, signed by an authorised officer, with the audited figure and the SEC filing reference it comes from, to help@africanmutualfunds.com.
A disputed figure is marked “under review” in the table within one business day of your letter reaching us. Accepted corrections are published in an open changelog, so the record shows what changed and when.
This year
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Rolling 1-year
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Fund size
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On request
3-month net flow
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On request
No fund reports its flows. We estimate them from NAV and unit-count movement, week by week, back to 2018 — for this fund or across the market. Scoped and priced against what you need.