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2018: the board for the year

This page ranks 62 funds by the return for calendar year 2018. The return compares the last filing of 2017 with the last filing of 2018. The list includes all funds that filed with the Commission in 2018, also the funds that closed after that year. First place: Nigeria International Debt Fund, with +17.2%.

Return for calendar year 2018. For a fund that keeps its unit price constant and files an annualised yield, we compound that yield. For all other funds, we use the unit price. The board uses the same calculation 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) (stopped 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 named FCMBAM Debt Fund)First City Asset Management Plc · Fixed Income	+8.7%
12	Kedari Investment Fund (KIF) (stopped 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 named 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 named United Capital Nigerian Eurobond Fund)United Capital Asset Mgt. Ltd · Fixed Income	+4.5%
19	Lotus Capital Fixed Income Fund (now named Lotus Halal Fixed Income Fund)Lotus Capital Limited · Fixed Income	+4.2%
20	ARM Ethical Fund (now named 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 (stopped 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 named 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 named United Capital Fixed Income Fund)United Capital Asset Mgt. Ltd · Fixed Income	+1.7%
27	Vantage Balanced Fund (now named Guaranty Trust Balanced Fund)Investment One Funds Management Limited · Balanced	+1.4%
28	Lotus Halal Inv. Fund (stopped 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 named 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 named UPDC Real Estate Investment Trust)FSDH Asset Management Ltd · Real Estate	−0.5%
33	Coral Growth Fund (now named Coral Balanced Fund)FSDH Asset Management Ltd · Balanced	−1.1%
34	ACAP Income Fund (now named 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 named 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 named First Asset Nigeria Smart Beta Equity Fund)FBN Capital Asset Mgt · Equity	−7.7%
41	Zenith Ethical Fund (now named ESG Impact Fund)Zenith Asset Management Ltd · Specialist	−8.1%
42	Frontier FundSCM Capital Limited · Equity	−8.2%
43	ARM Discovery Fund (now named 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 (stopped 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 named FCMBAM Equity Fund)First City Asset Management Plc · Equity	−13.3%
51	Zenith Equity Fund (now named 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 (stopped 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, no rank

29 funds have no figure for the full year. Each line gives the reason. 16 of these funds are money market funds or other flat-price funds. Their return is the yield that they file, not a change in price. The Commission’s return started to show a yield column only in March 2023. Thus, these funds have no valid figure for 2018. A flat price is not a return of zero.

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

We made this page from the weekly return that the SEC publishes, as at the 2026-10-16 filing. A fund that changed its name has one rank only, under the name that it used in 2018.