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2019: the board for the year

This page ranks 65 funds by the return for calendar year 2019. The return compares the last filing of 2018 with the last filing of 2019. The list includes all funds that filed with the Commission in 2019, also the funds that closed after that year. First place: New Gold ETF, with +30.5%.

Return for calendar year 2019. 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	2019
1	New Gold ETFNew Gold Managers (Proprietary) Ltd · ETF	+30.5%
2	Vetiva S & P Nig. Sovereign Bond ETFVetiva Fund Managers Limited · ETF	+27.3%
3	Stanbic IBTC Dollar FundStanbic IBTC Asset Mgt. Limited · Fixed Income	+24.4%
4	United Capital Euro Bond Fund (now named United Capital Nigerian Eurobond Fund)United Capital Asset Mgt. Ltd · Fixed Income	+23.8%
5	ACAP Income Fund (now named GDL Income Fund)Alternative Capital Partners Limited · Fixed Income	+22.5%
6	Coronation Fixed Income FundCoronation Asset Management · Fixed Income	+16.4%
7	Kedari Investment Fund (KIF) (stopped filing)Investment One Funds Management Limited · Fixed Income	+15.1%
8	Stanbic IBTC Absolute Fund (Sub Fund) (stopped filing)Stanbic IBTC Asset Mgt. Limited · Fixed Income	+14.1%
9	Nigeria International Debt FundAfrinvest Asset Mgt Ltd. · Fixed Income	+13.4%
10	Legacy Debt Fund (now named FCMBAM Debt Fund)First City Asset Management Limited · Fixed Income	+13.0%
11	AIICO Balanced FundAIICO Capital Ltd · Balanced	+12.1%
12	Coral Income FundFSDH Asset Management Ltd · Fixed Income	+11.8%
13	Stanbic IBTC Conservative Fund (Sub Fund)Stanbic IBTC Asset Mgt. Limited · Fixed Income	+11.7%
14	Lead Fixed Income FundLead Asset Management Limited · Fixed Income	+11.6%
15	Frontier FundSCM Capital Limited · Equity	+11.3%
16	Stanbic IBTC Balanced FundStanbic IBTC Asset Mgt. Limited · Balanced	+11.2%
17	Stanbic IBTC Guaranteed Investment FundStanbic IBTC Asset Mgt. Limited · Fixed Income	+11.2%
18	Stanbic IBTC Bond FundStanbic IBTC Asset Mgt. Limited · Fixed Income	+10.9%
19	Zenith Income FundZenith Asset Management Ltd · Fixed Income	+10.5%
20	Coronation Balanced FundCoronation Asset Management · Balanced	+9.6%
21	Nigeria Entertainment Fund (now named Greenwich Balanced Fund)Greenwich Asset Management Limited · Balanced	+9.3%
22	CEAT Fixed Income FundCapital Express Asset and Trust Limited · Fixed Income	+9.2%
23	Women Investment Fund (stopped filing)Chapel Hill Denham Mgt. Limited · Balanced	+8.3%
24	Paramount Equity FundChapel Hill Denham Mgt. Limited · Equity	+7.4%
25	ACAP Canary Growth Fund (stopped filing)Alternative Cap. Partners Ltd · Balanced	+7.0%
26	United Capital Balanced FundUnited Capital Asset Mgt. Ltd · Balanced	+6.0%
27	Cordros Milestone Fund 2023 (stopped filing)Cordros Asset Management Limited · Balanced	+5.5%
28	EDC Fixed Income FundEDC Fund Management Limited · Fixed Income	+5.3%
29	FBN Fixed Income Fund (now named First Asset Bond Fund)FBN Capital Asset Mgt Limited · Fixed Income	+5.2%
30	Coral Growth Fund (now named Coral Balanced Fund)FSDH Asset Management Ltd · Balanced	+4.6%
31	UPDC Real Estate Investment Fund (now named UPDC Real Estate Investment Trust)FSDH Asset Management Ltd · Real Estate	+4.2%
32	Cordros Milestone Fund 2028 (stopped filing)Cordros Asset Management Limited · Balanced	+4.0%
33	Vantage Balanced Fund (now named Guaranty Trust Balanced Fund)Investment One Funds Management Limited · Balanced	+3.7%
34	FBN Nigeria Balanced Fund (now named First Asset Balanced Fund)FBN Capital Asset Mgt. Limited · Balanced	+3.5%
35	ARM Ethical Fund (now named ARM Halal Balanced Fund)Asset & Resources Mgt. Co. Ltd · Specialist	+3.2%
36	Lotus Capital Fixed Income Fund (now named Lotus Halal Fixed Income Fund)Lotus Capital Limited · Fixed Income	+3.1%
37	Chapel Hill Denham Nig. Infra Debt Fund (NIDF) (stopped filing)Chapel Hill Denham Management Limited · Real Estate	+1.2%
38	PACAM Balanced FundPAC Asset Management Limited · Balanced	+1.0%
39	PACAM Fixed Income FundPAC Asset Management Limited · Fixed Income	+1.0%
40	United Capital Wealth for Women FundUnited Capital Asset Mgt. Ltd · Balanced	+1.0%
41	United Capital Equity FundUnited Capital Asset Mgt. Ltd · Equity	+0.3%
42	Stanbic IBTC Aggressive Fund (Sub Fund)Stanbic IBTC Asset Mgt. Limited · Equity	−0.1%
43	Stanbic IBTC ETF 30 FundStanbic IBTC Asset Mgt.Limited · ETF	−2.0%
44	ARM Discovery Fund (now named ARM Discovery Balanced Fund)Asset & Resources Mgt. Co. Ltd · Balanced	−2.7%
45	Afrinvest Equity FundAfrinvest Asset Mgt Ltd · Balanced	−2.8%
46	Legacy USD Bond Fund (now named FCMBAM USD Bond Fund)First City Asset Management Limited · Fixed Income	−2.8%
47	AXA Mansard Equity Income FundAXA Mansard Investments Limited · Equity	−3.1%
48	Stanbic IBTC Imaan FundStanbic IBTC Asset Mgt. Limited · Specialist	−3.8%
49	Zenith Ethical Fund (now named ESG Impact Fund)Zenith Asset Management Ltd · Specialist	−5.2%
50	Stanbic IBTC Ethical FundStanbic IBTC Asset Mgt. Limited · Specialist	−5.3%
51	Zenith Equity Fund (now named Zenith Balanced Strategy Fund)Zenith Asset Management Ltd · Balanced	−5.8%
52	Stanbic IBTC Nigerian Equity FundStanbic IBTC Asset Mgt. Limited · Equity	−7.1%
53	ARM Aggressive Growth FundAsset & Resources Mgt. Co. Ltd · Equity	−7.2%
54	Legacy Equity Fund (now named FCMBAM Equity Fund)First City Asset Management Limited · Equity	−7.3%
55	VETBANK ETFVetiva Fund Managers Limited · ETF	−9.2%
56	Skye Shelter Fund (now named SFS Real Estate Investment Trust Fund)SFS Capital Nigeria Ltd · Real Estate	−10.0%
57	Union Homes REITSSFS Capital Nigeria Ltd · Real Estate	−10.0%
58	Meristem Equity Market FundMeristem Wealth Management Limited · Equity	−11.6%
59	VG 30 ETFVetiva Fund Managers Limited · ETF	−14.0%
60	VI ETFVetiva Fund Managers Limited · ETF	−15.3%
61	Lotus Capital Halal ETF (stopped filing)Lotus Capital Limited · ETF	−17.9%
62	FBN Nigeria Smart Beta Equity Fund (now named First Asset Nigeria Smart Beta Equity Fund)FBN Capital Asset Mgt · Equity	−18.8%
63	VCG ETFVetiva Fund Managers Limited · ETF	−20.1%
64	SIAML ETF 40Stanbic IBTC Asset Mgt.Limited · ETF	−23.1%
65	SFS Fixed Income FundSFS Capital Nigeria Ltd · Fixed Income	−41.5%

Filed in 2019, no rank

37 funds have no figure for the full year. Each line gives the reason. 20 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 2019. A flat price is not a return of zero.

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 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 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.
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.
DV Balanced Fund (stopped filing) A filing is missing at the start or at the end of the year.
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.
FSDH Treasury Bill Fund (now named Coral Money Market Fund) The fund started to file during the year.
GDL Money Market Fund The fund started to file during 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.
Lead Balanced Fund The fund started to file during the year.
Legacy Money Market Fund (now named FCMBAM Money Market Fund) The fund started to file during the year.
Lotus Halal Inv. Fund (stopped filing) A filing is missing at the start or at the end of the year.
Lotus Halal Investment Fund A filing is missing at the start or at the end of 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.
PACAM Equity Fund The fund started to file during the year.
PACAM Eurobond 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.
Stanbic IBTC Shariah Fixed Income Fund The fund started to file during the year.
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 Bond Fund (now named United Capital Fixed Income Fund) The filings of the fund have a break in the year.
United Capital 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.
Valualliance Value 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.
Vantage Dollar Fund (stopped filing) The fund started to file during the year.
Vantage Equity Income Fund (now named Guaranty Trust Equity Income Fund) The fund started to file during 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.
Vetiva Money Market Fund The fund started to file during the year.
Zenith 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.

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 2019.