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2018: the board for the year

62 funds ranked on the return made over calendar 2018 — the last filing of 2017 against the last filing of 2018. Every fund that filed with the Commission that year is here, including the ones that have since closed. Led by Nigeria International Debt Fund at +17.2%.

Return over calendar 2018. A fund that holds its unit price flat and files an annualised yield is measured by compounding that yield; every other fund by its unit price. The same arithmetic the board uses for its calendar-year column.
#	Fund	2018
1	Nigeria International Debt FundAfrinvest Asset Mgt Ltd. · Fixed Income	+17.2%
2	SIAML ETF 40Stanbic IBTC Asset Mgt.Limited · ETF	+16.4%
3	SFS Fixed Income FundSFS Capital Nigeria Ltd · Fixed Income	+15.5%
4	Stanbic IBTC Absolute Fund (Sub Fund) (no longer filing)Stanbic IBTC Asset Mgt. Limited · Fixed Income	+14.2%
5	Lead Fixed Income FundLead Asset Management Limited · Fixed Income	+13.5%
6	Stanbic IBTC Guaranteed Investment FundStanbic IBTC Asset Mgt. Limited · Fixed Income	+12.2%
7	Coral Income FundFSDH Asset Management Ltd · Fixed Income	+11.8%
8	PACAM Fixed Income FundPAC Asset Management Limited · Fixed Income	+10.6%
9	Coronation Fixed Income FundCoronation Asset Management · Fixed Income	+9.8%
10	Zenith Income FundZenith Asset Management Ltd · Fixed Income	+8.8%
11	Legacy Debt Fund (now FCMBAM Debt Fund)First City Asset Management Plc · Fixed Income	+8.7%
12	Kedari Investment Fund (KIF) (no longer filing)Investment One Funds Management Limited · Money Market	+8.2%
13	Stanbic IBTC Bond FundStanbic IBTC Asset Mgt. Limited · Fixed Income	+7.8%
14	Stanbic IBTC Conservative Fund (Sub Fund)Stanbic IBTC Asset Mgt. Limited · Fixed Income	+7.8%
15	CEAT Fixed Income FundCapital Express Asset and Trust Limited · Fixed Income	+7.2%
16	FBN Fixed Income Fund (now First Asset Bond Fund)FBN Capital Asset Mgt Limited · Fixed Income	+6.5%
17	PACAM Balanced FundPAC Asset Management Limited · Balanced	+6.4%
18	United Capital Euro Bond Fund (now United Capital Nigerian Eurobond Fund)United Capital Asset Mgt. Ltd · Fixed Income	+4.5%
19	Lotus Capital Fixed Income Fund (now Lotus Halal Fixed Income Fund)Lotus Capital Limited · Fixed Income	+4.2%
20	ARM Ethical Fund (now ARM Halal Balanced Fund)Asset & Resources Mgt. Co. Ltd · Specialist	+3.5%
21	Stanbic IBTC Balanced FundStanbic IBTC Asset Mgt. Limited · Balanced	+2.4%
22	ACAP Canary Growth Fund (no longer filing)Alternative Cap. Partners Ltd · Balanced	+2.1%
23	Stanbic IBTC ETF 30 FundStanbic IBTC Asset Mgt.Limited · ETF	+2.0%
24	FBN Heritage Fund (now First Asset Balanced Fund)FBN Capital Asset Mgt. Limited · Balanced	+1.8%
25	Stanbic IBTC Dollar FundStanbic IBTC Asset Mgt. Limited · Fixed Income	+1.8%
26	United Capital Bond Fund (now United Capital Fixed Income Fund)United Capital Asset Mgt. Ltd · Fixed Income	+1.7%
27	Vantage Balanced Fund (now Guaranty Trust Balanced Fund)Investment One Funds Management Limited · Balanced	+1.4%
28	Lotus Halal Inv. Fund (no longer filing)Lotus Capital Limited · Specialist	+0.8%
29	EDC Fixed Income FundEDC Fund Management Limited · Fixed Income	+0.2%
30	Sim Capital Alliance Value Fund (now ValuAlliance Value Fund)ValuAlliance Asset Management Limited · Balanced	0.0%
31	Union Homes REITSSFS Capital Nigeria Ltd · Real Estate	0.0%
32	UPDC Real Estate Investment Fund (now UPDC Real Estate Investment Trust)FSDH Asset Management Ltd · Real Estate	−0.5%
33	Coral Growth Fund (now Coral Balanced Fund)FSDH Asset Management Ltd · Balanced	−1.1%
34	ACAP Income Fund (now GDL Income Fund)Alternative Capital Partners Limited · Fixed Income	−1.5%
35	Vetiva S & P Nig. Sovereign Bond ETFVetiva Fund Managers Limited · ETF	−3.1%
36	Stanbic IBTC Aggressive Fund (Sub Fund)Stanbic IBTC Asset Mgt. Limited · Equity	−4.6%
37	Skye Shelter Fund (now SFS Real Estate Investment Trust Fund)SFS Capital Nigeria Ltd · Real Estate	−5.0%
38	Stanbic IBTC Ethical FundStanbic IBTC Asset Mgt. Limited · Specialist	−6.9%
39	Paramount Equity FundChapel Hill Denham Mgt. Limited · Equity	−7.3%
40	FBN Nigeria Smart Beta Equity Fund (now First Asset Nigeria Smart Beta Equity Fund)FBN Capital Asset Mgt · Equity	−7.7%
41	Zenith Ethical Fund (now ESG Impact Fund)Zenith Asset Management Ltd · Specialist	−8.1%
42	Frontier FundSCM Capital Limited · Equity	−8.2%
43	ARM Discovery Fund (now ARM Discovery Balanced Fund)Asset & Resources Mgt. Co. Ltd · Balanced	−8.7%
44	United Capital Money Market FundUnited Capital Asset Mgt. Ltd · Money Market	−9.5%
45	Stanbic IBTC Imaan FundStanbic IBTC Asset Mgt. Limited · Specialist	−10.1%
46	United Capital Balanced FundUnited Capital Asset Mgt. Ltd · Balanced	−11.1%
47	Lotus Capital Halal ETF (no longer filing)Lotus Capital Limited · ETF	−11.4%
48	ARM Aggressive Growth FundAsset & Resources Mgt. Co. Ltd · Equity	−12.0%
49	Afrinvest Equity FundAfrinvest Asset Mgt Ltd · Balanced	−12.6%
50	Legacy Equity Fund (now FCMBAM Equity Fund)First City Asset Management Plc · Equity	−13.3%
51	Zenith Equity Fund (now Zenith Balanced Strategy Fund)Zenith Asset Management Ltd · Balanced	−13.6%
52	Stanbic IBTC Nigerian Equity FundStanbic IBTC Asset Mgt. Limited · Equity	−13.7%
53	VETBANK ETFVetiva Fund Managers Limited · ETF	−15.5%
54	VG 30 ETFVetiva Fund Managers Limited · ETF	−17.7%
55	DV Balanced Fund (no longer filing)Vetiva Fund Managers · Balanced	−18.7%
56	Coronation Balanced FundCoronation Asset Management · Balanced	−20.4%
57	Meristem Equity Market FundMeristem Wealth Management Limited · Equity	−20.7%
58	United Capital Equity FundUnited Capital Asset Mgt. Ltd · Equity	−23.5%
59	VCG ETFVetiva Fund Managers Limited · ETF	−23.8%
60	New Gold ETFNew Gold Managers (Proprietary) Ltd · ETF	−32.2%
61	AXA Mansard Equity Income FundAXA Mansard Investments Limited · Equity	−34.0%
62	VI ETFVetiva Fund Managers Limited · ETF	−37.5%

Filed in 2018, not ranked

29 funds with no figure for the whole year. A dash needs a reason, so each one says why. 16 of them are money market and other flat-price funds, whose return is the yield they file rather than a price move; the Commission’s return only began carrying a yield column in March 2023, so those funds have no honest figure for 2018, and a flat price is not a return of zero.

AIICO Balanced Fund started filing during the year
AIICO Money Market Fund held its unit price flat all year, so its return is the yield it paid out, and the Commission’s return carried no yield column until March 2023
ARM Money Market Fund held its unit price flat all year, so its return is the yield it paid out, and the Commission’s return carried no yield column until March 2023
AXA Mansard Money Market Fund held its unit price flat all year, so its return is the yield it paid out, and the Commission’s return carried no yield column until March 2023
Abacus Money Market Fund (now Guaranty Trust Money Market Fund) held its unit price flat all year, so its return is the yield it paid out, and the Commission’s return carried no yield column until March 2023
Afrinvest Plutus Fund started filing during the year
Chapel Hill Denham Money Market Fund held its unit price flat all year, so its return is the yield it paid out, and the Commission’s return carried no yield column until March 2023
Chapel Hill Denham Nig. Infra Debt Fund (NIDF) (now Nigeria Infrastructure Debt Fund (NIDF)) started filing during the year
Cordros Milestone Fund 2023 (no longer filing) started filing during the year
Cordros Milestone Fund 2028 (no longer filing) started filing during the year
Cordros Money Market Fund held its unit price flat all year, so its return is the yield it paid out, and the Commission’s return carried no yield column until March 2023
Coronation Money Market Fund held its unit price flat all year, so its return is the yield it paid out, and the Commission’s return carried no yield column until March 2023
EDC Money Market Fund Class A held its unit price flat all year, so its return is the yield it paid out, and the Commission’s return carried no yield column until March 2023
EDC Money Market Fund Class B held its unit price flat all year, so its return is the yield it paid out, and the Commission’s return carried no yield column until March 2023
FBN Money Market Fund (now First Asset Money Market Fund) held its unit price flat all year, so its return is the yield it paid out, and the Commission’s return carried no yield column until March 2023
FBN Nigeria Eurobond USD Fund (Institutional) (no longer filing) a break in its filings spans the year
FBN Nigeria Eurobond USD Fund (Retail) (now First Asset Dollar Fund (Retail)) a break in its filings spans the year
Greenwich Plus Money Market Fund held its unit price flat all year, so its return is the yield it paid out, and the Commission’s return carried no yield column until March 2023
Legacy USD Bond Fund (now FCMBAM USD Bond Fund) started filing during the year
Meristem Money Market Fund held its unit price flat all year, so its return is the yield it paid out, and the Commission’s return carried no yield column until March 2023
Nigeria Energy Sector Fund held its unit price flat all year, so its return is the yield it paid out, and the Commission’s return carried no yield column until March 2023
Nigeria Entertainment Fund (now Greenwich Balanced Fund) started filing during the year
PACAM Money Market Fund held its unit price flat all year, so its return is the yield it paid out, and the Commission’s return carried no yield column until March 2023
Stanbic IBTC Money Market Fund held its unit price flat all year, so its return is the yield it paid out, and the Commission’s return carried no yield column until March 2023
Union Trustees Mixed Fund (now Capital Express Balanced Fund) a filing is missing at one edge of the year
United Capital Wealth for Women Fund a break in its filings spans the year
Vantage Guaranteed Income Fund (now Guaranty Trust Fixed Income Fund) held its unit price flat all year, so its return is the yield it paid out, and the Commission’s return carried no yield column until March 2023
Women Investment Fund (no longer filing) a break in its filings spans the year
Zenith Money Market Fund started filing during the year

Built from the weekly return the SEC publishes, as it stood at the 2026-08-14 filing. A fund that changed its name is ranked once, under the name it filed in 2018.