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2020: the board for the year

71 funds ranked on the return made over calendar 2020 — the last filing of 2019 against the last filing of 2020. Every fund that filed with the Commission that year is here, including the ones that have since closed. Led by VI ETF at +90.6%.

Return over calendar 2020. 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	2020
1	VI ETFVetiva Fund Managers Limited · ETF	+90.6%
2	AIICO Balanced FundAIICO Capital Ltd · Balanced	+47.6%
3	Lotus Capital Halal ETF (no longer filing)Lotus Capital Limited · ETF	+46.2%
4	PACAM Equity FundPAC Asset Management Limited · Equity	+39.5%
5	Stanbic IBTC Imaan FundStanbic IBTC Asset Mgt. Limited · Specialist	+39.4%
6	VG 30 ETFVetiva Fund Managers Limited · ETF	+34.0%
7	Legacy Equity Fund (now FCMBAM Equity Fund)First City Asset Management Limited · Equity	+33.9%
8	Stanbic IBTC Nigerian Equity FundStanbic IBTC Asset Mgt. Limited · Equity	+33.2%
9	Lead Balanced FundLead Asset Management Limited · Balanced	+32.6%
10	Vantage Balanced Fund (now Guaranty Trust Balanced Fund)Investment One Funds Management Limited · Balanced	+31.7%
11	Stanbic IBTC Ethical FundStanbic IBTC Asset Mgt. Limited · Specialist	+31.1%
12	AXA Mansard Equity Income FundAXA Mansard Investments Limited · Equity	+30.0%
13	Stanbic IBTC Aggressive Fund (Sub Fund)Stanbic IBTC Asset Mgt. Limited · Equity	+29.4%
14	Paramount Equity FundChapel Hill Denham Mgt. Limited · Equity	+28.8%
15	Nigeria International Debt FundAfrinvest Asset Mgt Ltd. · Fixed Income	+27.9%
16	FBN Nigeria Balanced Fund (now First Asset Balanced Fund)FBN Capital Asset Mgt. Limited · Balanced	+27.7%
17	Vantage Dollar Fund (no longer filing)Investment One Funds Management Limited · Fixed Income	+25.4%
18	Stanbic IBTC Balanced FundStanbic IBTC Asset Mgt. Limited · Balanced	+25.3%
19	United Capital Equity FundUnited Capital Asset Mgt. Ltd · Equity	+24.3%
20	Legacy USD Bond Fund (now FCMBAM USD Bond Fund)First City Asset Management Limited · Fixed Income	+23.8%
21	Coral Growth Fund (now Coral Balanced Fund)FSDH Asset Management Ltd · Balanced	+23.3%
22	Vetiva S & P Nig. Sovereign Bond ETFVetiva Fund Managers Limited · ETF	+22.7%
23	Lotus Halal Investment FundLotus Capital Limited · Specialist	+21.8%
24	PACAM Balanced FundPAC Asset Management Limited · Balanced	+21.7%
25	Anchoria Equity FundAnchoria Asset Management Limited · Equity	+21.5%
26	Women Investment Fund (no longer filing)Chapel Hill Denham Mgt. Limited · Balanced	+20.1%
27	ARM Aggressive Growth FundAsset & Resources Mgt. Co. Ltd · Equity	+19.9%
28	Vantage Equity Income Fund (now Guaranty Trust Equity Income Fund)Investment One Funds Management Limited · Equity	+19.4%
29	Coronation Fixed Income FundCoronation Asset Management · Fixed Income	+18.3%
30	FBN Nigeria Smart Beta Equity Fund (now First Asset Nigeria Smart Beta Equity Fund)FBN Capital Asset Mgt · Equity	+18.1%
31	Zenith Equity Fund (now Zenith Balanced Strategy Fund)Zenith Asset Management Ltd · Balanced	+17.6%
32	ARM Ethical Fund (now ARM Halal Balanced Fund)Asset & Resources Mgt. Co. Ltd · Specialist	+16.9%
33	ARM Discovery Balanced FundAsset & Resources Mgt. Co. Ltd · Balanced	+16.6%
34	Zenith Ethical Fund (now ESG Impact Fund)Zenith Asset Management Ltd · Specialist	+15.8%
35	Lead Fixed Income FundLead Asset Management Limited · Fixed Income	+14.7%
36	Anchoria Fixed Income FundAnchoria Asset Management Limited · Fixed Income	+14.5%
37	Stanbic IBTC Dollar FundStanbic IBTC Asset Mgt. Limited · Fixed Income	+14.2%
38	Stanbic IBTC Conservative Fund (Sub Fund)Stanbic IBTC Asset Mgt. Limited · Fixed Income	+13.4%
39	United Capital Euro Bond Fund (now United Capital Nigerian Eurobond Fund)United Capital Asset Mgt. Ltd · Fixed Income	+13.2%
40	FBN Nigeria Eurobond USD Fund (Retail) (now First Asset Dollar Fund (Retail))FBN Capital Asset Mgt Limited · Fixed Income	+12.7%
41	CEAT Fixed Income FundCapital Express Asset and Trust Limited · Fixed Income	+11.7%
42	ValuAlliance Value FundValuAlliance Asset Management Limited · Balanced	+11.5%
43	ACAP Income Fund (now GDL Income Fund)Alternative Capital Partners Limited · Fixed Income	+11.1%
44	United Capital Fixed Income FundUnited Capital Asset Mgt. Ltd · Fixed Income	+10.8%
45	PACAM Eurobond FundPAC Asset Management Limited · Fixed Income	+10.5%
46	Kedari Investment Fund (KIF) (no longer filing)Investment One Funds Management Limited · Fixed Income	+10.0%
47	United Capital Balanced FundUnited Capital Asset Mgt. Ltd · Balanced	+9.3%
48	Nigeria Entertainment Fund (now Greenwich Balanced Fund)Greenwich Asset Management Limited · Balanced	+9.1%
49	Zenith Income FundZenith Asset Management Ltd · Fixed Income	+9.1%
50	Afrinvest Equity FundAfrinvest Asset Mgt Ltd · Equity	+9.0%
51	FBN Fixed Income Fund (now First Asset Bond Fund)FBN Capital Asset Mgt Limited · Fixed Income	+8.8%
52	VETBANK ETFVetiva Fund Managers Limited · ETF	+8.5%
53	Meristem Equity Market FundMeristem Wealth Management Limited · Equity	+7.7%
54	Coral Income FundFSDH Asset Management Ltd · Fixed Income	+7.3%
55	Stanbic IBTC Guaranteed Investment FundStanbic IBTC Asset Mgt. Limited · Fixed Income	+7.2%
56	Stanbic IBTC Bond FundStanbic IBTC Asset Mgt. Limited · Fixed Income	+6.5%
57	Stanbic IBTC Shariah Fixed Income FundStanbic IBTC Asset Mgt. Limited · Fixed Income	+6.5%
58	Stanbic IBTC Absolute Fund (Sub Fund) (no longer filing)Stanbic IBTC Asset Mgt. Limited · Fixed Income	+6.0%
59	Legacy Debt Fund (now FCMBAM Debt Fund)First City Asset Management Limited · Fixed Income	+5.7%
60	Lotus Capital Fixed Income Fund (now Lotus Halal Fixed Income Fund)Lotus Capital Limited · Fixed Income	+2.0%
61	EDC Fixed Income FundEDC Fund Management Limited · Fixed Income	+0.4%
62	SFS Fixed Income FundSFS Capital Nigeria Ltd · Fixed Income	0.0%
63	Union Homes REITSSFS Capital Nigeria Ltd · Real Estate	−0.1%
64	United Capital Wealth for Women FundUnited Capital Asset Mgt. Ltd · Balanced	−0.5%
65	Chapel Hill Denham Nig. Infra Debt Fund (NIDF) (now Nigeria Infrastructure Debt Fund (NIDF))Chapel Hill Denham Management Limited · Real Estate	−0.6%
66	Frontier FundSCM Capital Limited · Equity	−0.7%
67	PACAM Fixed Income FundPAC Asset Management Limited · Fixed Income	−0.7%
68	VCG ETFVetiva Fund Managers Limited · ETF	−1.9%
69	UPDC Real Estate Investment Fund (now UPDC Real Estate Investment Trust)FSDH Asset Management Ltd · Real Estate	−8.0%
70	Stanbic IBTC ETF 30 FundStanbic IBTC Asset Mgt.Limited · ETF	−10.0%
71	SFS Real Estate Investment Trust FundSFS Capital Nigeria Ltd · Real Estate	−18.9%

Filed in 2020, not ranked

48 funds with no figure for the whole year. A dash needs a reason, so each one says why. 24 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 2020, and a flat price is not a return of zero.

ACAP Canary Growth Fund (no longer filing) a filing is missing at one edge of the year
ACAP CanaryGrowth Fund (now GDL Canary Growth 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
ALPHA ETF (now Greenwich ALPHA ETF) started filing during the year
ARM Eurobond Fund started filing during the year
ARM Fixed Income Fund started filing during the year
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
AVA GAM Fixed Income Dollar Fund started filing during the year
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 Dollar Fund started filing during the year
Afrinvest Plutus 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
Anchoria Money Market Fund started filing during the year
Capital Express Balanced Fund a filing is missing at one edge of 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
Cordros Dollar Fund started filing during the year
Cordros Milestone Fund started filing during the year
Cordros Milestone Fund 2023 (no longer filing) a filing is missing at one edge of the year
Cordros Milestone Fund 2028 (no longer filing) a filing is missing at one edge of 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 Balanced Fund a break in its filings spans the year
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
FAAM Money Market Fund (now First Ally Money Market Fund) started filing during the year
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 Halal Fund (now First Asset Halal Fund) started filing during the year
FSDH Dollar Fund started filing during the year
FSDH Treasury Bill Fund (now Coral 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
GDL 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
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 Money Market Fund (now FCMBAM 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
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
New Gold ETF a break in its filings spans the year
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
Nova Dollar Fixed Income Fund started filing during the year
Nova Hybrid Fund (now Nova Hybrid Balanced Fund) started filing during the year
Nova Prime Money Market 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
SIAML ETF 40 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
Trustbanc Money Market Fund started filing during the year
United Capital 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
ValuAlliance Money Market Fund started filing during 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
Vetiva 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
Zenith 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

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 2020.